Document:

sybx-ex102_326.htm

 

Exhibit 10.2

 

Synlogic, Inc

301 Binney Street

Suite 401

Cambridge, MA 02142

 

 

May 9, 2018

 

Jose-Carlos Gutiérrez-Ramos

Zero Masconomo Street

Manchester, MA 01944  

 

Dear Dr. Gutiérrez-Ramos:

 

This confirms that you have resigned from your position as President and Chief Executive Officer of Synlogic, Inc. (“Synlogic” or the “Company”) as well as from related positions including as a member of the Company’s Board of Directors (the “Board”) and any office or board membership you hold with any of the Company’s subsidiaries.  Your resignation shall become effective on May 10, 2018 (the “Resignation Date”).  On behalf of the Board, please accept our sincere appreciation for your contributions.  We also appreciate your willingness to assist with the transition as may be requested by the Company’s Interim CEO. 

 

 We would like to make this transition as smooth as possible for you and the Company.  Consistent with that, the Company will treat the ending of your employment consistent with a termination without Cause for purposes of that certain employment agreement dated March 20, 2015, as amended by the First Amendment to Offer Letter dated May 8, 2017 (the “Employment Agreement”) between you and the Company. You understand and agree that wherever the term “Company” is used in this Agreement it shall refer to Company, its divisions, affiliates, subsidiaries and related entities, and its and their respective officers, directors, employees, agents, representatives, successors and assigns. 

 

Severance Pay and Benefits. As more fully set forth below, Company desires to provide you with the following severance pay and benefits in exchange for certain agreements by you:

 

	
 
	
a)
	
Pay you salary continuing payments at your then Base Salary rate of ($486,000 per year) for a period thirteen (13) months (the “Severance Period”) following the termination of your employment, in accordance with the Company’s regularly established payroll procedure (the “Severance Payments”).   

 

	
 
	
b)
	
Provided you are eligible for and timely elect to continue receiving group medical insurance pursuant to the “COBRA” law continue to pay the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage until the earlier of (i) the last day of the Severance Period, or (ii) the date on which you become eligible for healthcare insurance with a subsequent employer, unless the Company's provision of such COBRA payments will violate the nondiscrimination  requirements of applicable law, in which case this benefit will not apply.

 

 

 

 

 

	
 
	
c)
	
Within sixty (60) days following the Resignation Date, the Company will pay you a lump-sum payment of ($83,592) which is equal to the prorated portion of the Target Bonus for the 2018 fiscal year (with such prorated portion determined by the number of days you were employed during such fiscal year). 

 

	
 
	
d)
	
Any of your equity awards that would have vested on or before June 9, 2018 shall accelerate and become vested as of the Resignation Date and, except as provided in subpart (e) of this section, all outstanding equity awards will cease vesting on the Resignation Date.  

 

	
 
	
e)
	
In consideration of you continuing to advise the Interim CEO and the Company on an as needed basis, if you enter into and comply with this Agreement you will continue to vest in the Granted Shares subject to the Restricted Stock Agreement between you and the Company dated May 14, 2015 (the “RSA”), from the Resignation Date through November 15, 2018, (the “Consultancy Period”), unless the Company terminates the Consultancy Period on an earlier date due to your breach of this Agreement or for Cause as defined in the Company’s 2017 Stock Incentive Plan (the “Plan”).  All remaining unvested Granted Shares (as defined in the RSA) will be forfeited on the last day of the Consultancy Period in accordance with the terms of the Plan and the RSA.  Notwithstanding anything to the contrary (whether herein, in the Plan or any predecessor plan, any award agreement or otherwise), you acknowledge and agree that, except as set forth in subparts (d) and (e) of this section, you shall not vest in any other outstanding equity award(s) after the Resignation Date.                  

 

To the extent applicable, the Severance Payments, "COBRA" payments and lump-sum payment will commence (or, in the case of the lump-sum payment, be paid) within sixty (60) days after your termination, and once they commence, will include any unpaid amounts accrued from the date of your termination.   

 

Confidentiality/Non-Disparagement.  You hereby expressly agree to and acknowledge the following:

 

(i)that you have returned to Company all Company documents (and any copies thereof) and property, that you shall abide by the Invention and Non-Disclosure Agreement and the Non-Compete and Non-Solicitation Agreement that you have previously executed (the “Employment Agreements,” the terms of which are hereby incorporated by reference and shall survive the signing of this Agreement), and that you otherwise shall abide by any and all common law and/or statutory obligations relating to protection and non-disclosure of Company’s trade secrets and/or confidential and proprietary documents and information;

 

(ii)that except to the extent required by law, all information relating in any way to the subject matters of this Agreement, including the terms and amounts, 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), business entity or government agency (except as mandated by state or federal law);

 

(iii)that except to the extent required by law, you will not make any statements that are professionally or personally disparaging about or adverse to the interests of Company (including its officers, directors and employees) 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 Company, and that you will not engage in any conduct that is intended to harm professionally or personally the reputation of Company (including its officers, directors and employees); and

 

(iv) that the breach of any of the foregoing covenants by you shall constitute a material breach of this Agreement and shall relieve Company of any further obligations hereunder and, in addition to any other legal or equitable remedy available to Company, shall entitle Company to recover any monies already paid to you pursuant to Section on Severance Pay and Benefits in this Agreement.

 

Release  of  Claims.  You hereby agree and acknowledge that by signing this Agreement and accepting the Severance Pay and Benefits set forth above to be provided to you, and other good and valuable consideration provided for in this Agreement, you are waiving your right to assert any form of legal claim against Company (as it is defined above) of any kind whatsoever from the beginning of time through the date you execute this Agreement. Your waiver and release herein is intended to bar any form of legal claim, charge,  complaint or any other form of action (jointly referred to as “Claims”) against the Company  seeking any form of relief  including,  without  limitation,   equitable   relief   (whether   declaratory, injunctive or otherwise), the recovery of any damages or any other form of  monetary  recovery  whatsoever (including, without  limitation, back pay, front pay,  compensatory  damages,  emotional  distress damages,  punitive  damages,  attorneys’  fees  and  any  other  costs)  against  the  Company, up through the date you sign this Agreement.

 

Without limiting the foregoing general waiver and release of claims, you  specifically waive and release the Company from any Claim arising from or related to your employment relationship with the Company or the termination thereof, including, without limitation:

 

(i)Claims under any state or federal discrimination, fair employment practices or other employment related statute, regulation or executive order (as they may have been amended through the execution date of this Agreement) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, national origin, age, gender, marital status,  disability,  veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Americans With Disabilities Act and any similar Massachusetts or other state statute.

 

(ii)Claims under any other state or federal employment related statute, regulation or executive order (as they may have been amended through the execution 

 

 

 

 

date of this Agreement) relating to wages, hours or any  other terms and conditions of employment. Without limitation, specifically included in this paragraph are any Claims arising under the Fair Labor Standards Act, the Family and Medical Leave Act of 1993, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), the Massachusetts Wage Act and any similar Massachusetts or other state statute.

 

(iii)Claims under any state or federal common law theory including, without limitation, wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence.

 

(iv)Any other Claim arising under state or federal law.

 

Notwithstanding the foregoing, this Section shall not release the Company from any obligation expressly set forth in this Agreement.  In addition, the Company hereby acknowledges that you are not releasing: (i) claims that you may not release as a matter of law; (ii) expenses to be reimbursed by the Company’s applicable reimbursement policy or program; (iii) any rights that you may have under a Director & Officer insurance policy; (iv) indemnification rights that you may be entitled to receive under the Company’s or any affiliate’s organizational and/or governance documents; or (v) any remaining rights you have with respect to Granted Shares that are vested or will become vested pursuant to the terms of this Agreement.   You acknowledge and agree that, but for providing this waiver and release of claims, you would not be receiving the Severance Pay and Benefits being provided to you under the terms of this Agreement.

 

You explicitly acknowledge that because you are over forty (40) years of age, you have specific rights under the Age Discrimination in Employment Act and the Older Workers Benefits Protection Act (“OWBPA”), which prohibit discrimination on the basis of age, and that the releases set forth in this section are intended to release any right that you may have to file a claim against Demos alleging discrimination on the basis of age.

 

Consistent with the provisions of OWBPA, the Company is providing you with twenty-one (21) days (until May 28, 2018) in which to consider and accept the terms of this Agreement by signing below and returning it to Maiken Keson-Brookes at Synlogic, 200 Sidney Street, Suite 320, Cambridge, MA 02139. Of course, you may choose to sign and return this Agreement sooner than May 28, 2018 if you wish. In addition, you may rescind your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver a notice of rescission to Ms. Keson-Brookes. To be effective, such rescission must be hand delivered or postmarked within the seven (7) day period and sent by certified mail, return receipt requested, to Ms. Keson Brookes at the Company’s address listed above. 

 

Also, consistent with the provisions of the ADEA and other Federal Discrimination Laws, nothing in this release shall be deemed to prohibit you from challenging the validity of this release under the federal age or other discrimination laws  (the  “Federal Discrimination Laws”) or from filing a charge or complaint of age or other employment related discrimination  with  the Equal  Employment  

 

 

 

 

Opportunity  Commission  (“EEOC”), or from participating in any investigation or proceeding conducted by the EEOC. Further, nothing in this release or Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under the Federal Discrimination Laws, or to seek restitution to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under the Federal Discrimination Laws.

 

You are advised to consult with counsel before entering into this Agreement.

 

 

 

Sincerely,

 

SYNLOGIC, INC

 

 

 

	
/s/ Peter barrett                                                  
	
May 10, 2018                                       

	
Peter Barrett
	
Date

	
Chairman, Board of Directors

 

 

 

ACCEPTED AND AGREED BY:

 

 

	
/s/ Jose Carlos Gutiérrez-Ramos
	
May 10, 2018                                       

	
Jose Carlos Gutiérrez-Ramos
	
DateINTIVA
BIOPHARMA INC.

 

2017
STOCK INCENTIVE PLAN

 

Section
1. Purpose. The purpose of this 2017 Stock Incentive Plan (the “Plan”) is to promote the interests of Intiva
BioPharma Inc., a Colorado corporation (the “Company”), and the interests of the Company’s shareholders by attracting
and retaining Employees, Non-Employee Directors and Consultants, and giving such persons the opportunity to acquire shares of
common stock of the Company. By encouraging such ownership of common stock, the Company seeks to attract, retain and motivate
such Employees, Non-Employee Directors and Consultants, and to encourage them to devote their best efforts to the business and
financial success of the Company and its Affiliates.

 

Section
2. Definitions. As used herein the following terms have the following meanings:

 

(a)
“Affiliate” means, except as provided in Section 9(a), any person with whom the Company would be considered a single
employer under Section 414(b) of the Code (controlled group of corporations) or Section 414(c) of the Code (partnerships, proprietorships,
etc., under common control).

 

(b)
“Award” means Restricted Shares granted under the Plan.

 

(c)
“Award Agreement” means a written agreement between the Company and a Participant that sets forth the terms, conditions,
restrictions and/or limitations applicable to an Award granted under the Plan.

 

(d)
“Board” means the Board of Directors of the Company.

 

(e)
“Code” means the Internal Revenue Code of 1986, as amended.

 

(f)
“Committee” means the Compensation Committee of the Board or such other committee of the Board as may be designated
by the Board to administer the Plan. To the extent that no Committee exists that has the authority to administer the Plan, the
functions of the Committee shall be exercised by the Board.

 

(g)
“Common Stock” means the common stock of the Company.

 

(h)
“Consultant” means any natural person who is an individual consultant or advisor of the Company or an Affiliate who
is not an Employee or Non-Employee Director, provided that bona fide services are rendered by the consultant or advisor and such
services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly
promote or maintain a market for the issuer’s securities.

 

(i)
“Employee” means any officer or employee of the Company or an Affiliate.

 

    	 

     

    

 

(j)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(k)
“Fair Market Value” means fair market value of a share of Common Stock on the date of grant or other date in question,
as determined by the Committee in accordance with Section 409A of the Code and the regulations thereunder.

 

(l)
“Non-Employee Director” means an individual duly elected or chosen as a member of the Board of Directors of the Company
or an Affiliate who is not also an Employee of the Company or an Affiliate.

 

(m)
“Participant” means an Employee, Non-Employee Directors or Consultant granted an Award under the Plan.

 

(n)
“Plan Date” means the date of adoption and approval of the Plan by the Company’s shareholders.

 

(o)
“Restricted Shares” means shares of Common Stock subject to certain forfeiture restrictions that is granted to a Participant
pursuant to Section 7.

 

(p)
“Securities Act” means the Securities Act of 1933, as amended.

 

Section
3. Number of Shares of Common Stock. The total number of shares of Common Stock for which Awards may be granted by the
Company from time to time under the Plan shall not exceed __% of the outstanding shares of Common Stock on a fully diluted basis,
subject to adjustment as provided herein. If any Award granted under the Plan is canceled or forfeited, or terminates, expires
or lapses, for any reason, the shares of Common Stock then subject to such Award shall again be available for grant of any Awards
under the Plan.

 

Section
4. Administration; Indemnification. The following provisions shall apply to the administration of the Plan by the Committee:

 

(a)
Administration. The Plan shall be administered by the Committee. The Committee shall have total and exclusive responsibility
to control, operate, manage and administer the Plan in accordance with its terms, the Company’s Articles of Incorporation,
Bylaws and applicable law. The Committee shall have all the authority that may be necessary or helpful to enable it to discharge
its responsibilities with respect to the Plan. Without limiting the generality of the preceding sentence, the Committee shall
have the exclusive right to: (i) interpret the Plan and the Awards granted hereunder, including the Award Agreements; (ii) determine
eligibility for participation in the Plan; (iii) decide all questions concerning eligibility for, and the amount of, Awards granted
under the Plan; (iv) construe any ambiguous provision of the Plan or any Award Agreement; (v) prescribe the form of the Award
Agreements (which need not be identical); (vi) correct any defect, supply any omission or reconcile any inconsistency in the Plan
or any Award Agreement; (vii) issue administrative guidelines as an aid to administer the Plan and make changes in such guidelines
as it from time to time deems proper; (viii) make regulations for carrying out the Plan and make changes in such regulations as
it from time to time deems proper; (ix) determine whether Awards should be granted singly, in combination or in tandem; (x) to
the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions and limitations; (xi) accelerate the
vesting of an Award when such action or actions would be in the best interests of the Company; (xii) grant Awards in replacement
of Awards previously granted under the Plan or any other employee benefit plan of the Company; and (xiii) take any and all other
actions it deems necessary or advisable for the proper operation or administration of the Plan. Any action or determination by
the Committee shall be final and binding.

 

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(b)
Indemnification. Neither the members of the Board nor the Committee shall be liable for any act, omission or determination
taken or made in good faith with respect to the Plan or any Awards granted under it, and members of the Board or the Committee
shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including
attorneys’ fees, the costs of settling any suit (provided such settlement is approved by independent legal counsel selected
by the Company), and amounts paid in satisfaction of a judgment, except a judgment based on a finding of bad faith) arising therefrom
to the fullest extent permitted by law.

 

Section
5. Eligibility. The Committee shall select Participants from those Employees, Non-Employee Directors and Consultants that,
in the opinion of the Committee, are in a position to make a significant contribution to the success of the Company. Once a Participant
has been selected for an Award by the Committee, the Committee shall determine the type and size of Award to be granted to the
Participant and shall establish in the related Award Agreement the terms, conditions, restrictions and limitations applicable
to the Award, in addition to (and not in contravention of) those set forth in the Plan and the administrative guidelines and regulations,
if any, established by the Committee.

 

Section
6. Form of Awards. Awards may be granted under the Plan, in the Committee’s sole discretion, in the form of Restricted
Shares pursuant to Section 7. All Awards shall be subject to the terms, conditions, restrictions and limitations of the Plan.
The Committee may, in its sole discretion, subject any Award to such other terms, conditions, restrictions and/or limitations
(including without limitation the time and conditions of vesting or settlement of an Award and restrictions on transferability
of any shares of Common Stock issued or delivered pursuant to an Award), provided they are not inconsistent with the terms of
the Plan.

 

Section
7. Restricted Shares.

 

(a)
Grant of Restricted Shares. Awards may be granted in the form of Restricted Shares in such numbers and at such times as
the Committee shall determine. The Committee shall impose such terms, conditions and restrictions on Restricted Shares as it may
deem advisable, including without limitation the purchase price for such Restricted Shares (if any) and the period over which
and the conditions upon which the Restricted Shares may become vested or be forfeited.

 

(b)
Restricted Period. At the time an Award of Restricted Shares is granted, the Committee shall establish a period during
which such Restricted Shares remain subject to forfeiture (the “Restricted Period”) and the conditions upon which
such Restricted Shares will become vested or forfeited. Each Award of Restricted Shares may have a different Restricted Period
in the sole discretion of the Committee.

 

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(c)
Other Terms and Conditions. Except as otherwise provided herein, Restricted Shares shall constitute issued and outstanding
shares of Common Stock. Restricted Shares awarded to a Participant under the Plan shall be registered in the name of the Participant
or, at the option of the Committee, in the name of a nominee of the Company, and shall be issued in book-entry form or represented
by a stock certificate. Subject to the terms and conditions of the Award Agreement, a Participant to whom Restricted Shares have
been awarded shall have the right to receive dividends thereon during the Restricted Period and to enjoy all other shareholder
rights with respect thereto. A breach of the terms and conditions established by the Committee pursuant to the Award of the Restricted
Shares may result in a forfeiture of the Restricted Shares. At the time of an Award of Restricted Shares, the Committee may, in
its sole discretion, prescribe additional terms, conditions, restrictions and limitations applicable to the Restricted Shares,
including without limitation rules pertaining to the termination of employment or service (by reason of death, permanent and total
disability, retirement, cause or otherwise) of a Participant prior to expiration of the Restricted Period.

 

(d)
Miscellaneous. Nothing in this Section shall prohibit the exchange of Restricted Shares pursuant to a plan of merger or
reorganization for shares of Common Stock or other securities of the Company or another entity that is a party to the reorganization,
provided that the shares or securities so received in exchange for Restricted Shares shall, except as provided in Section 13,
become subject to the restrictions applicable to such Restricted Shares. Any shares of Common Stock received as a result of a
stock split or stock dividend with respect to Restricted Shares shall also become subject to the restrictions applicable to such
Restricted Shares.

 

(e)
Withholding Tax. Except as otherwise provided in an Award Agreement, the following withholding tax provisions shall apply
to an Award of Restricted Shares:

 

(i)
A Participant may elect, within 30 days of the date of grant of an Award of Restricted Shares and on notice to the Company, to
realize income for federal income tax purposes equal to the fair market value of the Restricted Shares on the date of grant by
making an election under Section 83(b) of the Code. In such event, the Participant shall make arrangements satisfactory to the
Company to pay at the time required by applicable law any federal, state or local taxes required to be withheld with respect to
such Restricted Shares. In accordance with any applicable administrative guidelines it establishes, the Committee may allow a
Participant to satisfy the tax withholding requirements of this subsection by permitting the Participant to deliver to the Company
previously acquired fully vested shares of Common Stock held for the minimum amount of time necessary to avoid adverse accounting
treatment and having an aggregate Fair Market Value (determined as of the date of delivery of the shares) equal to the minimum
amount of such required withholding taxes.

 

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(ii)
If no election is made by the Participant pursuant to subsection (e)(i) hereof, then upon vesting of the Restricted Shares, the
Participant (or in the event of the Participant’s death, the administrator or executor of the Participant’s estate)
shall pay to the Company or its Affiliate, or make arrangements satisfactory to the Company regarding payment of, any federal,
state or local taxes of any kind required by law to be withheld with respect to the Restricted Shares. In accordance with any
applicable administrative guidelines it establishes, the Committee may allow a Participant to pay the amount of taxes required
by this subsection by (i) withholding shares of Common Stock from the Restricted Shares that are vesting, or (ii) permitting the
Participant to deliver to the Company previously acquired fully vested shares of Common Stock held for the minimum amount of time
necessary to avoid adverse accounting treatment, in each case having an aggregate Fair Market Value (determined as of the date
of delivery of the shares) equal to the minimum amount of such required withholding taxes.

 

(iii)
If the Participant does not satisfy his obligations under subsections (e)(i) or (e)(ii) hereof, the Company or its Affiliate shall,
to the extent permitted by law, have the right to deduct from any compensation payable to the Participant, whether or not pursuant
to the Plan or an Award Agreement, and regardless of the form of payment, any federal, state or local taxes of any kind required
by law to be withheld with respect to the Restricted Shares.

 

Section
8. Transferability; Divorce.

 

(a)
Transferability. An Award granted under the Plan shall be transferable by the Participant only by will or by the laws of
descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant, or if the Participant
is legally incompetent, by the Participant’s legal representative. When a Participant dies, the personal representative,
beneficiary, or other person entitled to succeed to the rights of the Participant may acquire the rights under an Award. Any such
successor must furnish proof satisfactory to the Committee of the successor’s entitlement to receive the rights under the
Award under the Participant’s will or under the laws of descent and distribution.

 

(b)
Divorce. Incident to a Participant’s divorce, the Participant may request that the Company agree to observe the terms
of a domestic relations order which may or may not be part of a qualified domestic relations order (as defined in Code Section
414(p)) with respect to all or part of one or more Awards made to the Participant under the Plan. The Company’s decision
regarding such a request shall be made by the Committee, in its sole and absolute discretion, based upon the best interests of
the Company. The Committee’s decisions need not be uniform among the Participants. As a condition of participation, a Participant
agrees to hold the Company harmless from any claim that may arise out of the Company’s observance of the terms of any such
domestic relations order.

 

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Section
9. Termination.

 

(a)
Termination of Employment. Transfers of employment by an Employee between the Company and any of its Affiliates shall not
be considered to be a termination of employment for the purposes of this Plan. Nothing in the Plan or in any Award Agreement evidencing
an Award granted under the Plan shall confer upon any Participant any right to continue in the employ of the Company or any Affiliate
or in any way interfere with the right of the Company or any Affiliate to terminate the employment of the Participant at any time,
with or without cause. For purposes of this subsection and subsection (b) of this Section, “Affiliate” shall mean
any person with whom the Company would be considered a single employer under Section 414(b) of the Code (controlled group of corporations)
or Section 414(c) of the Code (partnerships, proprietorships, etc., under common control), provided that in applying Section 1563(a)(1),
(2) and (3) for purposes of determining a controlled group of corporations under Section 414(b) of the Code, the language “at
least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Section 1563(a)(1),
(2) and (3), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether
or not incorporated) that are under common control for purposes of Section 414(c) of the Code, the language “at least 50
percent” shall be used instead of “at least 80 percent” each place it appears in Treasury Regulation Section
1.414(c)-2.

 

(b)
Termination of Consulting Services. Transfers of consulting services by a Consultant between the Company or any of its
Affiliates shall not be considered to be a termination of consulting services for the purposes of this Plan. Nothing in the Plan
or in any Award Agreement evidencing an Award granted under the Plan to a Consultant shall confer upon any Consultant any right
to continue as a Consultant of the Company, or any Affiliate or in any way interfere with the right of the Company or any Affiliate
to terminate the services of the Consultant at any time, with or without cause.

 

(c)
Termination of Membership on the Board. Nothing in the Plan or in any Award Agreement evidencing an Award granted under
the Plan to a Non-Employee Director shall confer upon any Non-Employee Director any right to continue as a Non-Employee Director
of the Company or any Affiliate.

 

Section
10. Adjustments Upon Changes in Shares of Common Stock. In the event that, after the Plan Date, the outstanding shares
of Common Stock shall be changed into or exchanged for a different number or kind of shares of capital stock or other securities
of the Company or of another corporation through reorganization, merger or consolidation, recapitalization, reclassification,
stock split, split-up, combination or exchange of shares or increase because of any distributions paid in shares of Common Stock,
the Committee shall appropriately adjust (i) the number and kind of shares of Common Stock subject to any outstanding Award, and
(ii) the number and kind of shares of Common Stock for which Awards may be granted under the Plan, as set forth in Section 3 hereof,
and such adjustments shall be effective and binding for all purposes of the Plan. All such adjustments shall be made or authorized
in a manner intended to comply with requirements of Section 409A of the Code.

 

Section
11. Amendment and Termination of the Plan. Subject to the right of the Board to terminate the Plan prior thereto, the Plan
shall terminate at the expiration of 10 years from the Plan Date. No Awards may be granted after termination of the Plan. The
Board may alter or amend the Plan and may make an alteration or amendment thereof which operates to increase the total number
of shares of Common Stock as to which Awards may be granted under the Plan. No termination or amendment of the Plan shall adversely
affect the rights of a Participant under an outstanding Award, except with the consent of such Participant.

 

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Section
12. Award Amendment and Cancellation. The Committee may amend the terms of any outstanding Award granted pursuant to the
Plan, but except as otherwise provided herein, no such amendment shall adversely affect in any material way the Participant’s
rights under an outstanding Award without the consent of the Participant.

 

Section
13. Company Changes. Upon (a) the dissolution or liquidation of the Company; (b) a reorganization, merger or consolidation
(other than a merger or consolidation effecting a reincorporation of the Company in another state or any other merger or consolidation
in which the equityholders of the surviving entity and their proportionate interests therein immediately after the merger or consolidation
are substantially identical to the shareholders of the Company and their proportionate interests therein immediately prior to
the merger or consolidation) of the Company with one or more entities, following which the Company is not the surviving entity
(or survives only as a subsidiary of another corporation in a transaction in which the equityholders of the parent of the Company
and their proportionate interests therein immediately after the transaction are not substantially identical to the shareholders
of the Company and their proportionate interests therein immediately prior to the transaction); (c) the sale of all or substantially
all the assets of the Company; or (d) any person or entity, including a “group” as contemplated by section 13(d)(3)
of the Exchange Act, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of
the outstanding shares of Common Stock or other equity interests of the Company (based upon voting power) but excluding an initial
public offering of the Company’s equity, subject to the terms of any applicable Award Agreement, the Board serving prior
to the date of the applicable event shall accelerate the vesting dates of all outstanding Awards such that all such Awards are
vested in full immediately prior to the applicable event. The foregoing sentence shall not apply to any company event described
in this Section 13 to the extent that provision is made in writing for the assumption or continuation of the Awards theretofore
granted, or for the substitution for such Awards for new awards relating to the equity of a successor or acquiring entity, or
an Affiliate thereof, with appropriate adjustments as to the number of shares, in which event the Plan and Awards theretofore
granted shall continue in the manner and under the terms so provided.

 

Section
14. Securities Act Compliance.

 

(a)
Nothing herein, in any Award Agreement entered into hereunder, or in any Awards granted hereunder, shall require the Company to
sell or issue any shares of Common Stock pursuant to an Award if such sale or issuance would, in the opinion of counsel for the
Company, constitute a violation of the Securities Act or any similar or superseding statute or statutes, or any applicable state
“blue sky” law, in any case as then in effect.

 

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(b)
At the time of any grant of any Awards, or sale or issuance of any shares of Common Stock pursuant thereto, the Company may, as
a condition precedent to the grant of such Awards or the sale or issuance of such shares of Common Stock, require from the holder
of such Award (or in the event of his death, his representatives, legatees, or distributees) such written representations, if
any, concerning his/her (or the transferee’s) status as a sophisticated and/or “accredited” investor under applicable
federal and state securities laws and his (or the transferee’s) intentions with regard to the retention or disposition of
the Awards or the shares of Common Stock being acquired pursuant to such Awards, and such written covenants and agreements, if
any, as to the manner of acquisition of such Awards and/or the disposal of such shares of Common Stock as, in the opinion of counsel
to the Company, may be necessary to ensure that any acquisition or disposition by such holder (or in the event of his death, his
legal representatives, legatees, or distributees) will not involve a violation of the Securities Act or any similar or superseding
statute or statutes, or any other applicable federal or state statute, rule, or regulation, as then in effect.

 

(c)
Certificates for shares of Common Stock, if issued, shall have appropriate legends, or statements of other applicable restrictions,
endorsed thereon, that the Committee deems appropriate to reflect any restrictions on transfer.

 

Section
15. Restrictions on Transfer of Shares of Common Stock. The shares of Common Stock acquired pursuant to Awards shall be
subject to such restrictions and agreements regarding sale, assignment, encumbrances or other transfer as are in effect among
the shareholders of the Company at the time such shares of Common Stock are acquired, as well as to such other restrictions as
the Committee shall deem advisable.

 

Section
16. No Fractional Shares of Common Stock. No fractional shares of Common Stock
shall be issued or delivered pursuant to the Plan or any Award granted hereunder, provided that the Committee in its sole discretion
may round fractional shares to the nearest whole share or settle fractional shares in cash.

 

Section
17. Gender. Words of any gender used in the Plan shall be construed to include any other gender, unless the context requires
otherwise.

 

Section
18. Governing Law. All questions arising with respect to the provisions of the Plan or any Award Agreement entered into
hereunder or any Award shall be determined by application of the internal laws of the State of Colorado (without regard to principles
of conflicts of law), except to the extent Colorado law is preempted by federal law.

 

Section
19. Government and Stock Exchange Regulations. The Plan, and the granting of Awards thereunder, and the obligation of the
Company to sell and deliver shares of Common Stock upon the issuance of Awards, shall be subject to all applicable governmental
laws, rules and regulations, and to such approvals by any governmental agencies as may then be required, and shall also be subject
to all applicable rules and regulations of any stock exchange upon which the securities of the Company may then be listed. The
Committee is expressly authorized to impose such restrictions and limitations as it may deem advisable upon Awards in order to
satisfy any such regulatory requirements.

 

Section
20. Effective Date of the Plan. The Plan shall become effective as of the Plan Date.

 

Section
21. Section 409A. The Plan and all Awards issued hereunder are intended to be exempt from or comply with the requirements
of Section 409A of the Code, and shall be interpreted in accordance with such intent.

 

[Signature
Page Follows.]

 

    	8

     

    

 

To
record adoption and approval of the Plan by the Board of Directors of the Company as of the Plan Date of August 10, 2017, the
Company has caused its authorized officer to execute the Plan.

 

	 	INTIVA
    BIOPHARMA INC.
	 	 	 
	 	By:
    	             
	 	Name:
    	 
	 	Title:
    	 

 

    	9

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