Document:

Document

[Form of]
2020 Equity Incentive Plan
Performance Share Unit Agreement

1.    Grant of Award.  This Agreement evidences the grant by Cimpress plc, an Irish public limited company (the “Company”), on [date] to [name] (the “Participant”) of [number] performance share units (the “PSUs”) on the terms of this Agreement and the Company’s 2020 Equity Incentive Plan (the “Plan”). Each PSU represents a right to receive between 0 and 2.5 ordinary shares of the Company, €0.01 nominal value per share (the “Shares”), upon the satisfaction of both (A) service-based vesting as described in Section 2 below and (B) performance conditions relating to the compound annual growth rate (“CAGR”) of the three-year moving average daily price per Share (“3YMA”) as described in Section 3 below. The issuance of Shares to the Participant pursuant to a PSU upon satisfaction of both the service-based condition and the performance condition described in this Agreement is a “Performance Dependent Issuance.”

Except as otherwise indicated by the context, the term “Participant,” as used in this award, is deemed to include any person who acquires rights under this award validly under its terms, and references to the “Company” throughout this Agreement include Cimpress plc and all current and future parents and subsidiaries of Cimpress plc.

2.    Service-Based Vesting.

(a)    Vesting Schedule.  Throughout this Agreement, the term “vest” refers only to the satisfaction of the service-based condition described in this Section 2 and does not refer to the performance condition, the satisfaction of which is necessary for a Performance Dependent Issuance. Subject to the terms and conditions of this award, the PSUs vest as to [vesting schedule], so long as, at the time any PSUs vest, the Participant is, and has been at all times since the date in Section 1 above on which the PSUs were granted, an “Eligible Participant,” which is defined as an employee, officer or director of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as defined in Section 424(e) or (f) of the United States Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”).

(b)    Forfeiture of Unvested PSUs.  If for any reason the Participant ceases to be an Eligible Participant, then the vesting of PSUs ceases and the Participant has no further rights with respect to any unvested PSUs, but except as set forth in Section 2(c) below, the Participant retains the PSUs that have vested as of the last day on which they were an Eligible Participant. The Participant expressly accepts and agrees that any termination of their relationship with the Company for any reason whatsoever (including without limitation unfair or objective dismissal, permanent disability, death, resignation or desistance) automatically means the forfeiture of all of their unvested PSUs, with no compensation whatsoever. The Participant acknowledges and accepts that this is an essential condition of this Agreement and expressly agrees to this condition. 

(c)    Forfeiture of Vested PSUs.  The Participant expressly accepts and agrees that if the Participant’s status as an Eligible Participant is terminated for Cause, then all of the Participant’s PSUs, whether vested or unvested, are automatically forfeited with no compensation whatsoever, and the Participant has no further rights with respect to any PSUs hereunder. The Participant acknowledges and accepts that this is an essential condition of this Agreement and expressly agrees to this condition. For purposes of this Agreement and to the extent permitted under applicable law, “Cause” means the Participant’s (i) willful failure to substantially perform their duties (other than any such failure resulting from incapacity due to physical or mental illness), (ii) willful misconduct or gross negligence related to their relationship with the Company, (iii) commission of any crime involving harassment, moral 
Non-employee director PSU agreement

turpitude, fraud, misappropriation or embezzlement, (iv) breach of this Agreement or any confidentiality or restrictive covenant agreement with the Company, (v) failure to comply with any material provision of any written policy or rule of the Company, as may be in effect from time to time, or (vi) engagement in any act or failure to act that is so serious in its nature or extent that it breaks the purpose of the Participant’s relationship with the Company, as determined by the members of the Company’s Board of Directors who have no interests in such matter.

3.    Performance Conditions. 

(a)    Baseline and Measurements.  The “Baseline Share Price” for this award is [share price], which is [calculation methodology] on [date] (the “Baseline Date”). At each of the [___] through [___] anniversaries of the Baseline Date (each such date a “Measurement Date”) until such time as a Performance Dependent Issuance is triggered for this PSU award, the Company shall measure the 3YMA as of such Measurement Date and calculate the CAGR relative to the Baseline Share Price as set forth in this Section 3.

(b)    Performance Condition for Years [___].  If on a Measurement Date the CAGR of the 3YMA as of such Measurement Date, relative to the Baseline Share Price, equals or exceeds the minimum CAGR for such Measurement Date set forth in Table 1 on Schedule A hereto, then a Performance Dependent Issuance is triggered, and the Company shall issue to the Participant in accordance with Section 4 below the number of Shares determined by multiplying the number of vested PSUs in this award by the percentage set forth in Table 1 that corresponds to the CAGR of the 3YMA from the Baseline Date to the Measurement Date, rounded down to the nearest whole Share.

(c)    Performance Condition for a Change in Control.  If a Change in Control (as defined below) occurs, regardless of whether such event also constitutes a Reorganization Event (as defined in the Plan), at any time between the date in Section 1 above on which the PSUs were granted and the [___] anniversary of the Baseline Date, then the date of such Change in Control is deemed to be the applicable Measurement Date. If the price paid per Share to holders of the Company’s Shares in connection with the Change in Control (as reasonably determined by the Board), relative to the Baseline Share Price, equals or exceeds the minimum CAGR set forth in Table 1 on Schedule A hereto, then a Performance Dependent Issuance is triggered at such Measurement Date, and the Company shall issue to the Participant in accordance with Section 4 below the number of Shares determined by multiplying the number of vested PSUs in this award by the percentage set forth in Table 1 that corresponds to the CAGR of the 3YMA from the Baseline Date to the price paid per Share to the holders of the Company’s Shares in connection with the Change in Control, rounded down to the nearest whole Share. A “Change in Control” means an event or occurrence set forth in any one or more of subsections (i) or (ii) below, provided, however, that the event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership in a substantial portion of the assets of the Company, as defined in United States Treasury Regulations Section 1.409A-3(i)(5):

(i)    the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the United States Securities Exchange Act of 1934 (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under such Act) 50% or more of either (x) the Company’s then-outstanding ordinary shares (the “Outstanding Company Ordinary Shares”) or (y) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (c)(i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any 
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security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company); (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company; or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (1) and (2) of subsection (ii) of this Section 3(c); or 

(ii)    the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business Combination”), unless, immediately after such Business Combination, each of the following two conditions is satisfied: (1) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities immediately before such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership, immediately before such Business Combination, of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, respectively; and (2) no Person (excluding the Acquiring Corporation or any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed before the Business Combination).

(d)    Expiration.  If no Performance Dependent Issuance is triggered pursuant to this Section 3 on or before the earlier of (i) the date of a Change in Control and (ii) the Measurement Date corresponding to the [___] anniversary of the Baseline Date, then this award expires in its entirety, and no Shares are issued or issuable with respect to this award.

4.    Timing and Form of Distribution.  If a Performance Dependent Issuance is triggered, the Company shall distribute to the Participant the number of Shares calculated pursuant to Section 3 above as soon as practicable after the applicable Measurement Date but in no event later than 45 days after such Measurement Date, except that (a) if the Participant is not subject to U.S. income taxes on this award, the Distribution Date may be a later date if required by applicable law, and (b) if the Participant is not an Eligible Participant, the Company may, in its sole discretion, delay the Distribution Date and the issuance of Shares upon a Performance Dependent Issuance until such time as the Company has all of the necessary information about the Participant to issue Shares to the Participant and to calculate, withhold, and account for Tax-Related Items. It is the Participant’s responsibility to ensure that the Company has all such necessary information. Each date of distribution of Shares is referred to as the “Distribution Date.” Once any Shares have been distributed pursuant to this award, the award expires in its entirety, and the Participant has no further rights with respect to any PSUs hereunder. 

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Non-employee director PSU agreement

5.    Responsibility for Taxes.  

(a)    The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company. The Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including but not limited to the grant, vesting or settlement of the PSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends; and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Furthermore, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. 

(b)    In this regard, Participant authorizes the Company to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding in Shares to be issued upon settlement of the PSUs. If such withholding in Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, then by the Participant’s acceptance of the PSUs, the Participant authorizes and directs the Company and any brokerage firm acceptable to the Company to sell on the Participant’s behalf a whole number of Shares from those Shares issued to the Participant as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy any withholding obligation for Tax-Related Items. The Participant agrees to execute and deliver such documents as may be reasonably required in connection with the sale of any Shares pursuant to this Section 5(b).

(c)    Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in the Participant’s jurisdiction(s), in which case the Participant may receive a refund of any over-withheld amount and will have no entitlement to the equivalent in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the Performance Dependent Issuance, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

(d)    Finally, the Participant agrees to pay to the Company, including through withholding from Participant’s salary or other cash compensation paid to the Participant by the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items (including the obligations set forth in Section 4 above).

6.    Nontransferability of Award.  The Participant shall not sell, assign, transfer, pledge or otherwise encumber this award, either voluntarily or by operation of law, except by will, the laws of descent and distribution, or pursuant to a qualified domestic relations order. However, the Participant shall not transfer this award to any proposed transferee if, with respect to such proposed transferee, the Company would not be eligible to use a Form S-8 for the registration of the issuance and sale of the Shares subject to this award under the United States Securities Act of 1933, as amended.
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Non-employee director PSU agreement

7.    No Right to Employment or Other Status.  This award shall not be construed as giving the Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right to dismiss or otherwise terminate its relationship with the Participant free from any liability or claim under the Plan or this award, except as expressly provided in this award.

8.    No Rights as Shareholder.  The Participant has no rights as a shareholder with respect to any Shares distributable under this award until such Shares are issued to the Participant.

9.    Provisions of the Plan.  This award is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this award.

10.    Nature of the Grant.  By accepting this Agreement, the Participant acknowledges as follows: 

(a)    The Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan.

(b)    The Participant is voluntarily participating in the Plan. 

(c)    The PSUs, the Shares, and the income and value of the PSUs and Shares are not part of normal or expected compensation or salary for any purpose (including but not limited to the calculation of any severance, resignation, termination, redundancy, dismissal or end of service payments; bonuses; long-service awards; pension, retirement or welfare benefits; or similar payments) and in no event should be considered as compensation for, or relating in any way to, past services for the Company. 

(d)    Unless the parties otherwise agree, the PSUs, the Shares subject to the PSUs, and the income and value of the same are not consideration for, or granted in connection with, any service the Participant may provide as a director of a subsidiary of the Company.

(e)    The future value of the Shares underlying the PSUs is unknown and cannot be predicted with certainty. If the Participant receives Shares upon a Performance Dependent Issuance, the value of such Shares may increase or decrease in value. 

(f)    In consideration of the grant of the PSUs, no claim or entitlement to compensation or damages arises from termination of the PSUs or Shares, diminution in value of the Shares or termination of the Participant’s relationship with the Company for any reason whatsoever and whether or not in breach of applicable laws. The Participant irrevocably releases the Company from any such claim that may arise. If, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting this Agreement, the Participant is deemed irrevocably to have waived their entitlement to pursue such claim.

(g)    Further, if the Participant ceases to be an Eligible Participant for any reason whatsoever and whether or not in breach of applicable laws, the Participant’s right to vesting of the PSUs under this Agreement and the Plan, if any, terminates effective as of the date that the Participant is longer an Eligible Participant, and will not be extended by any notice period mandated under applicable law. The Company has the exclusive discretion to determine when the Participant is no longer an Eligible Participant for purposes of this Agreement and the Plan. 

(h)    The Participant acknowledges and agrees that neither the Company nor any of its affiliates or agents is liable for any foreign exchange rate fluctuation between Participant’s local currency 
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and the United States Dollar that may affect the value of the PSUs or of any amounts due to Participant pursuant to the settlement of the PSUs or the subsequent sale of any Shares acquired upon settlement. 

11.    Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the PSUs and on any Shares acquired under the Plan to the extent that the Company determines are necessary or advisable for legal or administrative reasons, except that with respect to awards that are subject to Section 409A of the Code and the guidance thereunder (“Section 409A”), to the extent so permitted under Section 409A. Furthermore, the parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement and the Plan.

12.    Data Privacy. 

(a)    The Participant is hereby informed that Cimpress plc will collect from the Participant certain personal information about the Participant, including the Participant’s personal data, such as their name, home address and telephone number, email address, date of birth, social security/insurance number, passport or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all PSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”).

(b)    The Participant is hereby informed and aware that Cimpress plc will collect and process the Data described above to perform (i) its contractual obligations and activities pursuant to this Agreement and the Plan, as well as (ii) those activities in conformity with applicable law and regulations that Cimpress plc as a publicly traded company at the NASDAQ Global Select Market must adhere to. Such data processing activities of the Participant ́s Data by Cimpress plc will therefore be for purposes including but not limited to implementing, administering and managing the Plan. Cimpress plc will process the Participant ́s Data as described in this Section 12 for the term of this Agreement and after its termination for a period as required by the Plan, by law or as necessary for the protection of the Company ́s legitimate interests. 

(c)    The Participant will, in connection with the PSUs and the acquisition, holding and/or transfer of Shares or cash resulting from participation in the Plan, be provided with a brokerage account set up and managed by E*TRADE Financial Services, Inc. (including E*TRADE Securities LLC and any other involved affiliates or successors), a stock plan service provider located in the United States or such other stock plan service provider as the Company may select in the future (the “Service Provider”). As such, the Participant is hereby informed and aware that Cimpress plc will use and transfer (with assistance of its subsidiary Cimpress USA Incorporated as described below under Section 12(d)), in electronic or other form, the Participant ́s Data to the Service Provider insofar such use and transfer to the Service Provider of the Participant ́s Data is necessary for the set up and management of the individual stock brokerage accounts and further related contractual obligations that apply to Cimpress plc under this Agreement and the Plan.

(d)    Cimpress plc is, with regard to the implementation, administration and management of the Plan, assisted within the Cimpress group of companies by its subsidiary Cimpress USA Incorporated. The Participant is hereby informed and aware that their Data, including their personal data, can therefore be transferred by Cimpress plc/Company to Cimpress USA Incorporated (or any other affiliated company in the Cimpress-group providing global-equity related services to Cimpress plc/Company) if the transfer of the Participant ́s Data is necessary because the legitimate interests of Cimpress plc/Company require that the Data be handled by a US-entity for purposes including but not limited to the global administration and management of the Plan and related Cimpress equity strategy, as well as for global human resources, finance and/or reporting purposes. Besides the foregoing processing purposes of its legitimate interests, 
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Non-employee director PSU agreement

any transfer by Cimpress plc/Company to Cimpress USA Incorporated (and/or any other involved affiliated company in the Cimpress-group) or any employee with responsibilities relating to securities, compliance or legal may also be necessary in order to ensure Cimpress plc’s compliance with applicable legal obligations (including, without limitation, disclosures required to be made to courts or governmental authorities and agencies, with respect to tax requirements and in response to subpoenas and other legal process or orders).

(e)     Cimpress plc will ensure, in accordance with Article 46 of the Regulation 2016/679 of the European Parliament and of the Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (“GDPR”), that any transfer of personal data from Participants in the European Economic Area (“EEA”) or Switzerland to data controllers or data processors – such as the Service Provider or Cimpress USA Incorporated – located outside the borders of the EEA or Switzerland in a country that is viewed as not having an adequate level of protection (e.g., the United States) is subject to a prior agreement of those recipients with the EU standard contractual clauses for the transfer of personal data as included in the Commission Decisions of 27 December 2004 (2004/915/EC) and 5 February 2010 (2010/87/EC).

(f)    Cimpress plc will ensure in accordance with Article 9 of the GDPR that any sensitive data of the Participant (e.g., a passport or social security number) in the EEA or Switzerland will only be collected and further processed in accordance with the purposes as set out in this Agreement and the Plan, after obtaining the Participant ́s prior explicit consent.

(g)    The Participant may, when entitled thereto under the GDPR, exercise their data subject rights by requesting the Company for access to their personal data (including a copy of the personal data that Company holds about the Participant) or exercise their right to rectification, erasure, restriction, data portability and objection. The Participant can submit such a  ́data subject right ́ request to Cimpress ́ LTI Plan Administrator. 

13.    Section 409A.

(a)    This award is intended to comply with or be exempt from the requirements of Section 409A and shall be construed consistently therewith. Subject to Sections 10(f) and 11(d) of the Plan, the Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend the Plan or this Agreement to prevent this award from becoming subject to the requirements of Section 409A. However, the Company makes no representations or warranties and has no liability to the Participant or to any other person if any of the provisions of or payments under this award are determined to constitute nonqualified deferred compensation subject to Section 409A but do not satisfy the requirements of Section 409A.

(b)    If the PSUs are considered to be “nonqualified deferred compensation” within the meaning of Section 409A, and the Participant is considered a “specified employee” within the meaning of Section 409A, then notwithstanding anything to the contrary in this Agreement, the Company shall not deliver to the Participant any Shares required to be delivered upon a Performance Dependent Issuance that occurs upon a termination of employment until the earlier of (i) the six-month and one-day anniversary of the Participant’s termination of employment and (ii) the Participant’s death. In addition, solely to the extent that the PSUs are considered to be “nonqualified deferred compensation” and solely to the extent that another agreement between the Participant and the Company provides for a Performance Dependent Issuance and delivery of the Shares upon a “change in control,” such event must constitute a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i) in order for the Shares to be delivered.

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(c)    For purposes of Section 13(b) of this Agreement, “termination of employment” and similar terms mean “separation from service” within the meaning of Section 409A. The determination of whether and when Participant’s separation from service from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 13(c), “Company” includes all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

14.    Exemption from Section 457A of the Code.  The Plan and this award are not intended to be subject to Section 457A of the Code, and the Company shall administer the Plan and this award agreement in accordance with such intent. Notwithstanding Section 10(f) of the Plan, if the Plan or this award is subject to Section 457A of the Code, the Company may amend the Plan or this award agreement or adopt other policies or procedures or take other actions, including amendments or actions that would result in a reduction to the benefits payable under this award, that the Company deems necessary or appropriate to exempt the award from Section 457A of the Code, to preserve the intended tax treatment of the benefits provided with respect to the award, or to mitigate any additional tax, interest or penalties or other adverse tax consequences that may apply under Section 457A of the Code if an exemption is not available. However, the Company makes no representations or warranties and has no liability to the Participant or to any other person if this award is not exempt from or otherwise results in adverse tax consequences under Section 457A of the Code.

15.    Obligation to Update Contact Information.  Because a Performance Dependent Issuance, if any, may occur after the Participant’s relationship with the Company has terminated, the Participant is responsible for notifying the Company in writing of each change in the Participant’s contact information and residence. 

16.    Severability.  If any provision of this Agreement or the Plan or the application of any provision hereof to any person or circumstance is held to be invalid or unenforceable, the remainder of this Agreement and the Plan and the application of such provision to any other person or circumstance is not affected, and the provisions so held to be unenforceable shall be reformed to the extent (and only to the extent) necessary to make it enforceable and valid.

17.    Language.  If the Participant receives this Agreement or any other document related to the Plan translated into a language other than English, the English version controls.

18.    Electronic Delivery.  The Company may, in its sole discretion, deliver any documents related to current or future participation in the Plan by electronic means. The Participant consents to receive such documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company.

19.    Addendum.  The PSUs and the Shares acquired under the Plan are subject to any country-specific terms and conditions set forth in any addendum to this Agreement or the Plan, and in the event of a conflict between this Agreement and any such addendum, the addendum governs. If the Participant may be considered to be a citizen of or residing or working in more than one country or relocates their residence or transfers their employment to one of the countries included in any such addendum, the Company may determine in its discretion the country-specific terms and conditions that apply to the Participant to the extent that such application is necessary or advisable in order to comply with applicable law or facilitate the administration of the Plan. Each such addendum, if any, constitutes part of this Agreement.

20.    Entire Agreement and Waiver.  This Agreement, the Plan, and any applicable country-specific addendum set forth the entire agreement of the parties hereto with respect to the subject matter contained 
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herein and supersede all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, with respect to the subject matter contained herein. The Participant acknowledges that a waiver by the Company of the breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other Participant.

21.    Foreign Asset/Account Reporting Requirements.  Depending on the Participant’s country, the Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements in connection with the PSUs, the acquisition, holding and/or transfer of Shares or cash (including dividends and the proceeds arising from the sale of Shares) resulting from participation in the Plan and/or the opening and maintaining of a brokerage or bank account in connection with the Plan. The Participant may be required to report such assets, accounts, account balances and values, and/or related transactions to the applicable authorities in their country. The Participant may also be required to repatriate any funds received in connection with the PSUs to their country and may be required to use a specific account for doing so and/or to convert the funds to local currency. The Participant acknowledges that they are responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements. The Participant further understands that they should consult their personal legal advisor on these matters.

22.    Insider Trading Restrictions/Market Abuse Laws.  Depending on the Participant’s country, the Participant may be subject to insider trading restrictions or market abuse laws, which may affect the Participant’s ability to accept, acquire, sell or otherwise dispose of Shares or rights to Shares (including PSUs) during such times as the Participant is considered to have “inside information” regarding the Company as defined by applicable laws. Any restrictions under these laws are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Company is not responsible for such restrictions or liable for the failure on the Participant’s part to know and abide by such restrictions. The Participant should consult with their own personal legal advisers to ensure compliance with applicable insider-trading and market-abuse laws in the Participant’s country, and the Participant acknowledges that they are responsible for complying with any applicable restrictions.

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SCHEDULE A

Table 1
						
	3YMA CAGR as of the Measurement Date	Multiplier to the 
Number of Vested PSUs
Subject to the Award

		
		
		

The first row of Table 1 above applies a limit (the “10X Limit”) to the 3YMA value of the Performance Dependent Issuance (defined as the number of Shares to be issued multiplied by the 3YMA at the Measurement Date on which the Performance Dependent Issuance is triggered) of a maximum of ten times the grant value of this PSU award (defined as the number of PSUs granted multiplied by the Baseline Share Price). The actual closing price of the Shares issued upon the Performance Dependent Issuance may be higher or lower than the 3YMA used to calculate the number of Shares issued at such time.

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PARTICIPANT’S ACCEPTANCE
By signing or electronically accepting this Agreement, the Participant agrees to the terms and conditions hereof. The Participant hereby acknowledges receipt of a copy of the Plan.

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Non-employee director PSU agreementDocument

EXHIBIT 10.1

January 25, 2021

Confidential

RYAN K. ZEIDAN

Re: Separation from Employment
Dear RYAN:   
    
    The purpose of this letter agreement (“Agreement”) is to confirm the terms of your separation of employment from Millendo Therapeutics US, Inc. (“Millendo” or “the Company”).  Except for the obligations set forth in Section 2 which shall be solely the obligations of Millendo Therapeutics US, Inc., the term “Millendo” or the “Company” as otherwise used in this Agreement shall be deemed to include Millendo Therapeutics, Inc., and any and all of its divisions, franchisees, licensees, affiliates, parents, subsidiaries, and all related entities, and its and their directors, officers, employees, partners, members, representatives, trustees, agents, successors, predecessors, and assigns.  The Severance Pay and Benefits described below are contingent on your agreement to and compliance with the provisions of this Agreement, as set forth below. This Agreement shall be effective on the eighth (8th) day after you sign and do not revoke it (the “Effective Date”).

1.Separation of Employment.  Your employment with Millendo shall terminate effective January 29, 2021 (the “Separation Date”), or earlier if agreed to by you and Millendo or as per Section 5(a). You acknowledge that from and after the Separation Date, you have no authority to, and shall not, represent yourself as an employee or agent of the Company. 
a.Wages.  On the Separation Date, you will be paid all wages earned but unpaid through the Separation Date and any earned bonus for 2020.  

b.Group Medical, Dental, and Vision Plans.  If you are enrolled in Company-sponsored medical, dental and/or vision plans, coverage for you and any enrolled dependents will end on your Separation Date. Subject to Section 2(c) below, under the Federal Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), following your Separation Date, you and your dependents may be eligible to continue your group health plan benefits. You will receive COBRA continuation information by separate correspondence.  

c.Stock Options.   You will be entitled to exercise only those stock options granted to you under the “Stock Plans” (specifically, the 2012 Stock Incentive Plan – Millendo, the 2012 Stock Incentive Plan – OvaScience, and the 

2019 Equity Incentive Plan) that are vested through the Separation Date, and only in accordance with the terms and conditions of the Stock Plans, including (without limitation) those provisions regarding the time in which you have to exercise vested options. The vesting of your stock options will cease as of the Separation Date.  Except for those vested options, if any, you acknowledge and agree that you do not now have, and will not in the future have, rights to vest in any other equity plans (of whatever name or kind, including, without limitation, any stock option or restricted stock plan) that you participated in or were eligible to participate in during your employment with Millendo.  

2.Severance Pay and Benefits.  Pursuant to your Amended and Restated Employment Terms dated August 16, 2019, if you comply with the terms of, execute and do not revoke this Agreement, the Company will provide you with the following Severance Pay and Benefits: 
a.Bonus.  The Company will pay an additional amount equivalent to 12 months of your annual bonus, which is calculated using the applicable full target amount and multiplied by 1.0 for the performance year 2021 in which your termination occurs. This bonus in the amount of One Hundred Thirty-Eight Thousand dollars and zero cents ($138,000) will be paid no later than March 15, 2022 subject to standard federal and state withholding requirements and will be made in accordance with the Company’s normal payroll practices.

b.Severance Pay.  Lump sum payment in the gross amount of Three Hundred Forty-Five Thousand dollars and zero cents ($345,000), less all tax withholding and any other authorized deductions and will be issued after the parties have signed this Agreement and the seven (7) day revocation period has expired without your revoking this Agreement. The payment shall be made on the first payroll period following the Effective Date of this Agreement and be made in accordance with the Company’s normal payroll practices. 1 

c.Additional Payments.  If you are enrolled in Company-sponsored medical, dental and/or vision plans as of the Separation Date, coverage for you and any enrolled dependents will end on your Separation Date.  If you timely elect continued coverage under COBRA for yourself and/or your covered dependents under the Company’s group health plans, Millendo will pay the entire COBRA premium until the date that is the earliest of: (i) twelve (12) months following the Separation Date; (ii) the date on which you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (iii) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the 

1   Amounts that would have been due under this Agreement from the Separation date through the Effective Date will be included in the first payment.

Separation Date through the earlier of (i)-(iii), the “COBRA Payment Period”).  If you fail to notify Millendo within seven (7) business days after you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment, Millendo reserves the right to deduct from any remaining Severance Payment the amount it paid in COBRA premiums after you became so eligible.  Notwithstanding the foregoing, if (a) the Company determines that its payment of COBRA premiums on your behalf would result in a violation of law, or (b) if the COBRA Payment Period terminates after less than twelve months as a result of plan termination under clause (iii) of the definition thereof, then in the case of (a) or (b), in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay you a lump sum amount equal to the premiums that would be payable for each of the remaining months of the COBRA Payment Period, which amount will be fully taxable.   Nothing in this Agreement shall deprive you of your rights under COBRA or ERISA for benefits under plans and policies arising under your employment with Millendo, whether or not you execute this Agreement.

3.Acknowledgements.  You acknowledge and agree that the Severance Pay and Benefits provided for herein are not otherwise due or owing to you under any employment agreement (oral or written) or any Company policy or practice.  You also acknowledge and agree that the Severance Pay and Benefits to be provided to you are not intended to, and shall not constitute a severance plan and shall confer no benefit on anyone other than the Company and you.  You further acknowledge that except for (i) any unpaid regular wages earned through the Separation Date, which shall be paid on or about the Separation Date, and (ii) any vested monies due to you pursuant to the Company’s 401(k) savings plan, you have been paid and provided all wages, holiday pay, commissions, bonuses, stock options, restricted stock or any other form of equity, business expenses, and any other form of compensation or benefit that may be due to you now or which would have become due in the future in connection with your employment or separation of employment with the Company.    
4.Return of Property, Confidentiality, Non-Disparagement. You expressly acknowledge and agree to the following:
a.That you will abide by any and all obligations set forth in the document entitled “Employee Confidential Information and Inventions, Non-Solicitation and Non-Competition Agreement  - Michigan (“CIIA”)” previously signed by you, the terms of which are hereby incorporated by reference and shall survive the signing of this Agreement), and that you otherwise will keep all confidential information and trade secrets of the Company confidential, and that you will abide by any and all common law and/or statutory obligations relating to protection and non-disclosure of the Company’s trade secrets and/or confidential and proprietary documents and information.  Consistent with applicable law, the Company is providing you with the notice of immunity set forth in Exhibit A, 

which is a part of this Agreement and each other agreement referenced in this subsection.

b.Without limiting the foregoing obligations, that no later than the Separation Date (or another date specified by the Company), you will return to the Company all Company documents (and any copies) and property (including all electronically stored information) regardless of where such documents, information or property is maintained.  You acknowledge and agree that you shall not maintain any copies or duplicates of such documents or information.  You further acknowledge that if you were to use or disclose any of the information reflected in such items, that this would cause immediate, substantial and irreparable harm to the Company.  
    
c.That all information relating in any way to the negotiation and terms of this Agreement (except for your obligations under Section 4(a) above), including the amount of financial consideration provided for in this Agreement, shall be held confidential by you and shall not be publicized or disclosed to any person (other than an immediate family member, legal counsel, or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations) or business entity, except as otherwise mandated by state or federal law.  Notwithstanding the foregoing, nothing in this Agreement prohibits you from initiating communications directly with, responding to an inquiry from, or providing testimony before the Securities and Exchange Commission, or any other federal or state regulatory authority or government agency regarding this Agreement or its underlying facts or circumstances or a possible securities law violation or from discussing the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.

d.That you will not make any statements that are professionally or personally disparaging about, or adverse to, the interests of the Company (including its officers, directors, employees and consultants) including, but not limited to, any statements that disparage any person, product, service, finances, financial condition, capability or any other aspect of the business of the Company, and that you will not engage in any conduct which could reasonably be expected to harm professionally or personally the reputation of the Company (including its officers, directors, employees and consultants). Notwithstanding the foregoing, nothing in this Agreement prohibits you from initiating communications directly with, responding to an inquiry from, or providing testimony before the Securities and Exchange Commission, or any other federal or state regulatory authority or government agency regarding this Agreement or its underlying facts or circumstances or a possible securities law violation or from discussing the terms and conditions of your 

employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.
e.That the Severance Pay and Benefits are being offered based on your representations that you have not engaged in any fraudulent or unlawful conduct, and that you have fully disclosed to the Company all material information relating to your job duties for the Company.
     
f.You agree that in the event of your breach of any of your agreements set forth in this Section 4 the Company would suffer substantial irreparable harm and that the Company would not have an adequate remedy at law for such breach.  In recognition of the foregoing, you agree that in the event of a breach or threatened breach of any of these covenants, in addition to such other remedies as the Company may have at law, without posting any bond or security, the Company shall be entitled to seek and obtain equitable relief, in the form of specific performance, or temporary, preliminary or permanent injunctive relief, or any other equitable remedy which then may be available.  The seeking of such injunction or order shall not affect the Company’s right to seek and obtain damages or other equitable relief on account of any such actual or threatened breach.  You further agree that the Company shall be entitled to its costs and fees, including attorneys’ fees, incurred by it should it prevail in enforcing any provision of this Agreement, including but not limited to this Section 4.
5.Cooperation.  
a.Between the date of this Agreement and the Separation Date, you will continue to perform your regular duties and responsibilities, and/or those responsibilities that may be assigned to you by your supervisor or his or her designee at his or her reasonable discretion, in a diligent, competent and professional manner.  Millendo retains the right to terminate your employment for cause if you fail to comply with this provision, without further obligation including the obligations set forth in Section 2 relating to Severance Pay and Benefits.
b.During the six (6) month period following  the Separation Date (the “Cooperation Period”), you will make yourself available to Millendo (including its attorneys), for up to 5 hours per week, either by telephone or, if Millendo believes necessary, in person to assist the Company in any matter relating to the services performed by you during your employment with Millendo including, but not limited to, transitioning your duties to others at Millendo, and ensuring that all documentation is recorded fully and completely.  You further agree that following the Cooperation Period, you will cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought or threatened in the future against or on behalf of the Company, including any claim or action against its directors, officers and employees.  Your cooperation in 

connection with such claims or actions shall include your being available, within reason given the constraints of future employment or job search activities, to meet with the Company to prepare for any proceeding, to provide truthful affidavits and/or testimony, to assist with any audit, inspection, proceeding or other inquiry, and to act as a witness in connection with any litigation or other legal proceeding affecting the Company. You further agree that should an individual representing a party adverse to the business or legal interests of the Company (including, without limitation, anyone threatening any form of legal action against the Company) contact you (directly or indirectly), you will promptly (within 48 hours) inform the Company of that fact.  Nothing herein shall be construed to prohibit or prevent you from cooperating with any government investigation (including maintaining the confidentiality of such investigation if required by the government), nor shall any such cooperation be deemed to be a violation of your obligations of non-disparagement set forth in Section 4(d) above.  Notwithstanding the foregoing, in the event of a Change in Control of Millendo (as defined in your Amended and Restated Employment Terms dated August 16, 2019) during the Cooperation Period, your obligations under this Section 5 shall cease.
6.Release of Claims.  You hereby acknowledge and agree that by signing this Agreement, you are waiving your right to assert any Claim (as defined below) against Millendo arising from acts or omissions that occurred on or before the date on which you sign this Agreement.  

          Your waiver and release is intended to bar any form of legal claim, lawsuit, charge, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking money or any other form of relief, including but not limited to equitable relief (whether declaratory, injunctive or otherwise), damages or any other form of monetary recovery (including but not limited to back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees and any other costs). You understand that there could be unknown or unanticipated Claims resulting from your employment with the Company and the termination of your employment, and you agree that such Claims are included in this waiver and release.  You specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the termination of your employment, including without limitation Claims under any statute, ordinance, regulation, executive order, common law, constitution and/or other source of law of any state, country and/or locality (collectively and individually referred to as “Law”), including but not limited to the United States, the State of Michigan, the Commonwealth of Massachusetts, and/or any other state or locality where you worked for the Company.   

          Without limiting the foregoing general waiver and release, except for Claims resulting from the failure of the Company to perform its obligations under this 

Agreement, you specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the termination thereof, including without limitation: 

a.Claims under any Law concerning discrimination, harassment, retaliation, or other fair employment practices, including, but not limited to, the Elliott-Larsen Civil Rights Act (Mich. Comp. Laws § 37.2101 et seq.), the Persons with Disabilities Civil Rights Act (Mich. Comp. Laws § 37.1101 et seq.), the Michigan compensation discrimination law (Mich. Comp. Laws § 408.423), the Massachusetts Anti-Discrimination and Anti-Harassment Law (Mass. Gen. L. ch. 151B), the Massachusetts Sexual Harassment Law (Mass. Gen. L. ch. 214, § 1C), the Massachusetts Equal Pay Act (Mass. Gen. L. ch. 149, § 105A), the Massachusetts Civil Rights Act (Mass. Gen. L. ch. 12, §§ 11H, 11I), the Massachusetts Equal Rights Act (Mass. Gen. L. ch. 93, §§ 102, 103, Title VII of the Civil Rights Act of 1964 (42 U.S.C. § 2000e et seq.), 42 U.S.C. § 1981, and the Americans with Disabilities Act (42 U.S.C. § 12101 et seq.), each as they may have been amended through the date you sign this Agreement. 

b.Claims under any Law relating to wages, hours, whistleblowing, leaves of absence or any other terms and conditions of employment including, but not limited to,  the Michigan Workforce Opportunity Wage Act (Mich. Comp. Laws § 408.411 et seq.), the Michigan Payment of Wages and Fringe Benefits Act (Mich. Comp. Laws § 408.471 et seq.), the Michigan Whistleblowers’ Protection Act (Mich. Comp. Laws § 15.361 et seq.), the Massachusetts Payment of Wages Law (Mass. Gen. L. ch. 149, §§ 148, 150), Massachusetts General Laws Chapter 149 in its entirety, Massachusetts General Laws Chapter 151 in its entirety (including but not limited to the minimum wage and overtime provisions), and the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601 et seq.), each as they may have been amended through the date you sign this Agreement. You specifically acknowledge that you are waiving any Claims for unpaid wages under these and other Laws.  

c.Claims under any local, state or federal common law theory including, without limitation, any Claim for breach of contract, implied contract, promissory estoppel, quantum meruit, or any Claim sounding in tort.  

d.Claims arising under the Company’s policies or benefit plans. 

e.Claims arising under any other Law or constitution.

    Notwithstanding the foregoing, nothing in this Section 6, or in this Agreement generally, shall waive, release, or discharge: (A) any right to file an administrative charge or complaint with, or testify, assist, or participate in an investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission, Michigan's Department of Civil Rights, the Massachusetts Commission Against Discrimination, the 

Securities and Exchange Commission, or other similar federal or state administrative or regulatory agencies, although you waive any right to monetary relief related to any filed charge or complaint; (B) claims that cannot be waived by law, such as claims for unemployment benefit rights and workers' compensation; (C) indemnification rights you have or may have against the Company; (D) any right to file an unfair labor practice charge under the National Labor Relations Act; any; and (E) any rights to vested benefits, such as pension or retirement benefits, the rights to which are governed by the terms of the applicable plan documents and award agreements.  You also acknowledge and agree that, but for providing this waiver and release, you would not be receiving the Severance Pay and Benefits provided for in this Agreement.

7.OWBPA.  Because you are at least forty (40) years of age, you have specific rights under the federal Age Discrimination in Employment Act (“ADEA”) and Older Workers Benefit Protection Act (“OWBPA”), which prohibit discrimination on the basis of age.  The release in Section 6 is intended to release any Claim you may have against Millendo alleging discrimination on the basis of age under the ADEA, OWBPA, and other Laws and, by signing this Agreement, you acknowledge and confirm that:
a.You have read this Agreement in its entirety and understand all of its terms;
b.By this Agreement, you have been advised in writing to consult with legal counsel prior to signing this Agreement for the purpose of reviewing the terms of this Agreement;
c.You knowingly, freely, and voluntarily agree to all of the terms and conditions set out in this Agreement including, without limitation, the waiver, release, and covenants contained in it; 
d.You are signing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which you are otherwise entitled;   
e.You have been given at least forty-five (45) days from the date you are provided this Agreement until March 11, 2021 to consider and accept the terms of this Agreement by signing below and returning it to Millendo, Denise Dorigo Jones or to ddorigojones@millendo.com; in addition you have seven (7) days after signing to revoke this Agreement by emailing your notice of revocation to Millendo, Denise Dorigo Jones at ddorigojones@millendo.com.
f.Consistent with the provisions of the OWBPA, Millendo is providing you with the Disclosure attached to this Agreement as Exhibit B, in accordance with 29 U.S.C. § 626(f)(1)(H); and

g.You understand that this release does not apply to rights or claims that may arise after you sign this Agreement.
8.Consequences of Breach.  In addition to any other remedies set forth in this Agreement, a breach by you of any of your obligations set forth in this Agreement shall constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available to Millendo, shall entitle Millendo to cease any further payment of the Severance Pay and Benefits, and to recover any Severance Pay and Benefits already provided to you.  Regardless of any such breach, your release set forth in Section 6 above shall remain in full force and effect.  
9.Entire Agreement/Choice of Law/Enforceability/Jury Waiver/Successors and Assigns. 
a.Except as otherwise expressly provided in this Agreement (including the agreement referenced in Section 4(a)), this Agreement supersedes any and all other prior oral and/or written agreements (including without limitation the Amended and Restated Employment Terms dated August 16, 2019 between you and the Company or any similar agreement), and sets forth the entire agreement between you and Millendo.  No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by the parties hereto. 
b.This Agreement shall be governed by the law of the state where you reside on the date you sign this Agreement, without giving effect to conflict of law principles.
c.Both parties further agree that any action, demand, claim or counterclaim relating to this Agreement shall be resolved by a judge alone, and both parties hereby waive and forever renounce the right to a trial before a civil jury.  
d.The terms of this Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining terms and conditions shall be enforced in full.
e.This Agreement shall inure to the benefit of Millendo and any of its successors and assigns.  
    It is Millendo’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement.  By executing this Agreement, you are acknowledging (a) that you have been afforded sufficient time to understand the terms and effects of this Agreement and to consult with legal counsel, (b) that your agreements and obligations hereunder are made voluntarily, knowingly and without duress, and (c) that neither Millendo nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement.      

    If you agree to the terms of this Agreement, please sign and return the enclosed copy of this Agreement no later than March 11, 2021.  

Very truly yours,

Millendo Therapeutics US, Inc.                Accepted and Agreed To:

By:    /s/ Julia C. Owens__________________        /s/ Ryan K. Zeidan_______
Julia C. Owens                    Ryan K. Zeidan
    President and CEO                

Dated:    January 25, 2021___________________        Dated: January 25, 2021___

Exhibit A

NOTICE OF IMMUNITY

As required by law, the Company hereby notifies you of the following provisions of the Defend Trade Secrets Act of 2016. 

Immunity from Liability for Confidential Disclosure of a Trade Secret to the Government or in a Court Filing—

(1)    Immunity—An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—
(A)    is made –
(i)    in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii)    solely for the purpose of reporting or investigating a suspected violation of law; or
(B)    is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

(2)    Use of Trade Secret Information in Anti-Retaliation Lawsuit—An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—
(A)    files any document containing the trade secret under seal; and
(B)    does not disclose the trade secret, except pursuant to court order.

Exhibit B
DISCLOSURE UNDER TITLE 29 U.S. CODE SECTION 626(f)(1)(H)
Confidentiality Provision:    The information contained in this document is private and confidential.  You may not disclose this information to anyone except your professional advisors.
1.    The entire company was considered for an enhanced severance package program.
2.    Employees whose job positions will be eliminated in or about January 2021 are eligible to participate in the enhanced severance package program.
3.    Employees were chosen for participation in this enhanced severance package program based on the following criteria:
a.     Restructuring due to the decision to cease development activity.
b.    Decisions were made after considering the need for remaining employees to take on additional and/or different responsibilities in order to wind-down operations.
c.    Position Elimination.
4.    These data are subject to change and may be affected by future employment decisions.  
5.    An eligible employee will have up to forty-five (45) days to review the terms and conditions of the severance package, and in addition you have seven (7) days after signing to revoke this Agreement.
						
	Employees Eligible For The Severance Package Program
	Job Title	Age
	VP, CMC	##
	VP, Clinical Operations	##
	VP, Clinical Development	##
	Director, Clinical Operations	##
	Sr. Manager, Clinical Operations	##
	Sr. Administrative Assistant	##
	President and CEO	##
	Chief Medical Officer	##
	Chief Development Officer	##

						
	Employees Not Eligible For The Severance Package Program
	Job Title	Age
	Chief Business Officer	##
	Chief Financial Officer	##
	Accounting Director	##
	VP, Corporate Affairs	##
	VP, Human Resources	##
	Interim General Counsel	##
	Senior Accountant	##
	Legal and Administrative Affairs Manager	##
	Scientist, Preclinical R&D	##
	Executive Assistant	##
	VP, Finance	##
	Director, Financial Reporting	##
	IT and HR Analyst	##

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