Document:

EX-10.33

 Exhibit 10.33 
  

 
 May 4, 2017 

STRICTLY CONFIDENTIAL 
 Mateon Therapeutics, Inc. 

701 Gateway Boulevard, Suite 210 
 South San Francisco, CA 94080

 Attn: William D. Schwieterman, M.D., President and Chief Executive Officer 

Dear Dr. Schwieterman: 
 This letter
agreement (this “Agreement”) constitutes the agreement between Mateon Therapeutics, Inc. (the “Company”) and Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC (“Rodman”), that
Rodman shall serve as the exclusive agent, advisor or underwriter in any offering (each, an “Offering”) of securities of the Company (the “Securities”) during the Term (as hereinafter defined) of this Agreement. The
terms of each Offering and the Securities issued in connection therewith shall be mutually agreed upon by the Company and Rodman and nothing herein implies that Rodman would have the power or authority to bind the Company and nothing herein implies
that the Company shall have an obligation to issue any Securities. It is understood that Rodman’s assistance in an Offering will be subject to the satisfactory completion of such investigation and inquiry into the affairs of the Company as
Rodman deems appropriate under the circumstances and to the receipt of all internal approvals of Rodman in connection with the transaction. The Company expressly acknowledges and agrees that Rodman’s involvement in an Offering is strictly on a
reasonable best efforts basis and that the consummation of an Offering will be subject to, among other things, market conditions. The execution of this Agreement does not constitute a commitment by Rodman to purchase the Securities and does not
ensure a successful Offering of the Securities or the success of Rodman with respect to securing any other financing on behalf of the Company. Following consultation with the Company, Rodman may retain other brokers, dealers, agents or underwriters
on its behalf in connection with an Offering. 
 A. Compensation; Reimbursement. At the closing of each Offering (each, a
“Closing”), the Company shall compensate Rodman as follows: 
 1. Cash Fee. The Company shall pay to
Rodman a cash fee, or as to an underwritten Offering an underwriter discount, equal to 6.5% of the aggregate gross proceeds raised in each Offering. The cash fee, or underwriter discount, shall be reduced to 4.0% of the aggregate gross proceeds of
up to $4.0 million raised from the investors who are listed on Exhibit A hereto and to 2.0% of the aggregate gross proceeds raised in the Offering from the Company’s management and directors (“Company’s
Insiders”). 

 2. Warrant Coverage. The Company shall issue to Rodman or its designees at
each Closing, warrants (the “Rodman Warrants”) to purchase that number of shares of common stock of the Company equal to 4.0% of the aggregate number of shares of common stock placed in each Offering (and if an Offering includes a
“greenshoe” or “additional investment” option component, such number of shares of common stock underlying such additional option component, with the Rodman Warrants issuable upon the closing of the shares issuable pursuant to
such option). The warrant coverage shall be reduced to 2.0% for investors who are listed on Exhibit A hereto and 1.0% for Company’s Insiders. If the Securities included in an Offering are convertible, the Rodman Warrants shall be
determined by dividing the gross proceeds raised in such Offering by the Offering Price (as defined hereunder). The Rodman Warrants shall have the same terms as the warrants issued to investors in the applicable Offering, except that such Rodman
Warrants shall have an exercise price equal to 125% of the offering price per share (or unit, if applicable) in the applicable Offering and if such offering price is not available, the closing market price of the common stock on the date immediately
preceding the public announcement of the pricing of an Offering (such price, the “Offering Price”). If no warrants are issued to investors in an Offering, the Rodman Warrants shall be in a customary form reasonably acceptable to
Rodman, have a term of five (5) years from the effective date of the Registration Statement relating to the Offering and an exercise price equal to 125% of the Offering Price. 

3. Expense Allowance. Out of the proceeds of each Closing, the Company also agrees to pay Rodman (a) $25,000 for non-accountable expenses; (b) up to $50,000 for fees and expenses of legal counsel (to be increased to $100,000 in the case of an Offering that is broadly marketed to investors including a broadly marketed
retail component); plus the additional reimbursable amount payable by the Company pursuant to Paragraph D.3 hereunder; provided, however, that such reimbursement amount in no way limits or impairs the indemnification and contribution provisions of
this Agreement. 
 4. Tail. Rodman shall be entitled to compensation under clauses (1) and (2) hereunder,
calculated in the manner set forth therein, with respect to any public or private equity offering (“Tail Financing”) to the extent that such financing or capital is provided to the Company by investors whom Rodman had contacted
during the Term and with which the Company had direct discussions via teleconference, in-person meeting or similar means during the Term, if such Tail Financing is consummated at any time within the 6-month period following the expiration or termination of this Agreement. A list of such investors shall be provided to the Company upon request and shall be agreed upon by the Company, with the Company’s
agreement not to be unreasonably withheld. 
 5. Right of First Refusal. If Rodman consummates an Offering hereunder,
from the date hereof until the 6-month anniversary of consummation of such Offering, the Company or any of its subsidiaries decides to raise funds by means of a public offering or a private placement of equity
securities using an underwriter or placement agent, Rodman (or any affiliate designated by Rodman) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. If

  
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Rodman or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of
similar size and nature and the provisions of this Agreement, including indemnification, which are appropriate to such a transaction. 
 B.
Term and Termination of Engagement Exclusivity. The term of Rodman’s exclusive engagement will begin on the date hereof and end on the earlier of (i) consummation of an Offering, and (ii) four (4) months from the date hereof
(the “Term”). Notwithstanding anything to the contrary contained herein, the Company agrees that the provisions relating to the payment of fees, reimbursement of expenses, right of first refusal, tail, indemnification and
contribution, confidentiality, conflicts, independent contractor and waiver of the right to trial by jury will survive any termination of this Agreement. Notwithstanding anything to the contrary contained in this Agreement, in the event that an
Offering contemplated by this Agreement shall not be carried out for any reason whatsoever during the Term, the Company shall be obligated to pay to Rodman its actual and accountable
out-of-pocket expenses related to an Offering (including the fees and disbursements of Rodman’s legal counsel, up to the limit set forth in Paragraph A.3). During
the Term: (i) the Company will not, and will not permit its representatives to, other than in coordination with Rodman, contact or solicit institutions, corporations or other entities or individuals as potential purchasers of the Securities and
(ii) the Company will not pursue any financing transaction which would be in lieu of an Offering. Furthermore, the Company agrees that during the Term, all inquiries, whether direct or indirect, from prospective investors will be referred to
Rodman and will be deemed to have been contacted by Rodman in connection with an Offering. Additionally, except as set forth hereunder, the Company represents, warrants and covenants that no brokerage or finder’s fees or commissions are or will
be payable by the Company or any subsidiary of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other third-party with respect to any Offering. 

C. Information; Reliance. The Company shall furnish, or cause to be furnished, to Rodman all information reasonably requested by Rodman
for the purpose of rendering services hereunder and conducting due diligence (all such information being the “Information”). In addition, the Company agrees to make available to Rodman upon request from time to time the officers,
directors, accountants, counsel and other advisors of the Company. The Company recognizes and confirms that Rodman (a) will use and rely on the Information, including any documents provided to investors in each Offering (the “Offering
Documents,” which shall include any Purchase Agreement (as defined hereunder), and on information available from generally recognized public sources in performing the services contemplated by this Agreement without having independently
verified the same; (b) does not assume responsibility for the accuracy or completeness of the Offering Documents or the Information and such other information; and (c) will not make an appraisal of any of the assets or liabilities of the
Company. Upon reasonable request, the Company will meet with Rodman or its representatives to discuss all information relevant for disclosure in the Offering Documents and will cooperate in any investigation undertaken by Rodman thereof, including
any document included or incorporated by reference therein. At the Closing of each Offering, at the request of Rodman, the Company shall deliver such legal letters (including, without limitation, negative assurance letters), opinions, comfort
letters, officers’ and secretary certificates and good standing certificates, all in 

  
 3 

 
form and substance satisfactory to Rodman and its counsel as is customary for such Offering. Rodman shall be a third party beneficiary of any representations, warranties, covenants and closing
conditions made by the Company in any Offering Documents, including representations, warranties, covenants and closing conditions made to any investor in an Offering. 

D. Related Agreements. At each Offering, the Company shall enter into the following additional agreements: 

1. Underwritten Offering. If an Offering is an underwritten Offering, the Company and Rodman shall enter into a
customary underwriting agreement in form and substance satisfactory to Rodman and its counsel. 
 2. Best Efforts
Offering. If an Offering is on a best efforts basis, the sale of Securities to the investors in the Offering will be evidenced by a purchase agreement (“Purchase Agreement”) between the Company and such investors in a form
reasonably satisfactory to the Company and Rodman. Rodman shall be a third party beneficiary with respect to the representations and warranties included in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the
Company with responsibility for financial affairs will be available to answer inquiries from prospective investors. 
 3.
Escrow and Settlement. In respect of each Offering, the Company and Rodman shall enter into an escrow agreement with a third party escrow agent, which may also be Rodman’s clearing agent, pursuant to which Rodman’s compensation and
expenses shall be paid from the gross proceeds of the Securities sold. If the Offering is settled in whole or in part via delivery versus payment (“DVP”), Rodman shall arrange for its clearing agent to provide the funds to
facilitate such settlement. The Company shall bear the cost of the escrow agent and shall reimburse Rodman for the actual out-of-pocket cost of such clearing agent
settlement and financing, if any, which cost shall not exceed $10,000. 
 4. FINRA Amendments. Notwithstanding
anything herein to the contrary, in the event that Rodman determines that any of the terms provided for hereunder shall not comply with a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement
(or include such revisions in the final underwriting agreement) in writing upon the request of Rodman to comply with any such rules; provided that any such amendments shall not provide for terms that are less favorable to the Company than are
reflected in this Agreement. 
 E. Confidentiality. In the event of the consummation or public announcement of any Offering, Rodman
shall have the right to disclose its participation in such Offering, including, without limitation, disclosing the Offering at its cost in “tombstone” advertisements in financial and other newspapers and journals. 

  
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 F. Indemnity. 

1. In connection with the Company’s engagement of Rodman as Offering agent, the Company hereby agrees to indemnify and
hold harmless Rodman and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any
and all claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the reasonable fees and expenses of counsel), as incurred (collectively a “Claim”),
that (A) are related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any
Indemnified Person in connection with the Company’s engagement of Rodman, or (B) otherwise relate to or arise out of Rodman’s activities on the Company’s behalf under Rodman’s engagement, and the Company shall reimburse any
Indemnified Person for all expenses (including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action, suit or proceeding, whether or not in
connection with pending or threatened litigation in which any Indemnified Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted from the gross negligence or willful
misconduct of any person seeking indemnification for such Claim. The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection with the Company’s engagement of Rodman except for any Claim
incurred by the Company as a result of such Indemnified Person’s gross negligence or willful misconduct. 
 2. The
Company further agrees that it will not, without the prior written consent of Rodman, settle, compromise or consent to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether
or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such
Claim. 
 3. Promptly upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any
Claim with respect to which indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or institution but failure to so notify the Company shall not relieve the
Company from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is requested by such Indemnified Person, the
Company will assume the defense of such Claim, including the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal counsel to such
Indemnified Person reasonably determines that having common counsel would present such counsel with a conflict of interest or if the defendant in, or target of, 

  
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any such Claim, includes an Indemnified Person and the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other
Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable
fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not
the obligation, to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including without limitation, for the reasonable fees and
expenses of its counsel and all amounts paid as a result of such Claim or the compromise or settlement thereof. In addition, with respect to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to
participate in such Claim and to retain his, her or its own counsel therefor at his, her or its own expense. 
 4. The
Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not Rodman is the Indemnified Person), the Company and Rodman shall contribute to the Claim for which
such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and Rodman on the other, in connection with Rodman’s engagement referred to above, subject to the
limitation that in no event shall the amount of Rodman’s contribution to such Claim exceed the amount of fees actually received by Rodman from the Company pursuant to Rodman’s engagement. The Company hereby agrees that the relative
benefits to the Company, on the one hand, and Rodman on the other, with respect to Rodman’s engagement shall be deemed to be in the same proportion as (a) the total value paid or proposed to be paid or received by the Company pursuant to
the applicable Offering (whether or not consummated) for which Rodman is engaged to render services bears to (b) the fee paid or proposed to be paid to Rodman in connection with such engagement. 

5. The Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition
to, and shall in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company is at fault in any way. 

G. Limitation of Engagement to the Company. The Company acknowledges that Rodman has been retained only by the Company, that Rodman is
providing services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement of Rodman is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder,
owner or partner of the Company or any other person not a party hereto as against Rodman or any of its affiliates, or any of its or their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities
Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), employees or agents. Unless otherwise expressly agreed in writing by Rodman, no one other than the Company is authorized to rely upon
this Agreement or any other statements or conduct of Rodman, and no 

  
 6 

 
one other than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that any recommendation or advice, written or oral, given by Rodman to the Company in
connection with Rodman’s engagement is intended solely for the benefit and use of the Company’s management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf of, and shall not confer
any rights or remedies upon, any other person or be used or relied upon for any other purpose. Rodman shall not have the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have the right to reject any
investor introduced to it by Rodman. 
 H. Limitation of Rodman’s Liability to the Company. Rodman and the Company further agree
that neither Rodman nor any of its affiliates or any of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents shall
have any liability to the Company, its security holders or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act of negligence or otherwise) for any losses,
fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise out of or are based on any
action of or failure to act by Rodman and that are finally judicially determined to have resulted solely from the gross negligence or willful misconduct of Rodman. 

I. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only in the state or federal courts located in the City of New York, State of New York. The
parties hereto expressly agree to submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority
of any court sitting in the City and State of New York. In the event Rodman or any Indemnified Person is successful in any action, or suit against the Company, arising out of or relating to this Agreement, the final judgment or award entered shall
be entitled to have and recover from the Company the costs and expenses incurred in connection therewith, including its reasonable attorneys’ fees. Any rights to trial by jury with respect to any such action, proceeding or suit are hereby
waived by Rodman and the Company. 
 J. Notices. All notices hereunder will be in writing and sent by certified mail, hand delivery,
overnight delivery or fax, if sent to Rodman, at the address set forth on the first page hereof, e-mail: notices@rodm.com, Attention: Head of Investment Banking, and if sent to the Company, to the
address set forth on the first page hereof, e-mail: wschwieterman@mateon.com Attention: Chief Executive Officer with copies to mloar@mateon.com and ap@mateon.com. Notices sent by certified
mail shall be deemed received five days thereafter, notices sent by hand delivery or overnight delivery shall be deemed received on the date of the relevant written record of receipt, notices delivered by fax shall be deemed received as of the date
and time printed thereon by the fax machine and notices sent by e-mail shall be deemed received as of the date and time they were sent. 

  
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 K. Conflicts. The Company acknowledges that Rodman and its affiliates may have and may
continue to have investment banking and other relationships with parties other than the Company pursuant to which Rodman may acquire information of interest to the Company. Rodman shall have no obligation to disclose such information to the Company
or to use such information in connection with any contemplated transaction. 
 L. Anti-Money Laundering. To help the United States
government fight the funding of terrorism and money laundering, the federal laws of the United States require all financial institutions to obtain, verify and record information that identifies each person with whom they do business. This means we
must ask you for certain identifying information, including a government-issued identification number (e.g., a U.S. taxpayer identification number) and such other information or documents that we consider appropriate to verify your identity, such as
certified articles of incorporation, a government-issued business license, a partnership agreement or a trust instrument. 
 M.
Miscellaneous. The Company represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions of this Agreement and the execution, delivery and performance of this Agreement does not
breach or conflict with any agreement, document or instrument to which it is a party or bound. This Agreement shall not be modified or amended except in writing signed by Rodman and the Company. This Agreement shall be binding upon and inure to the
benefit of both Rodman and the Company and their respective assigns, successors, and legal representatives. This Agreement constitutes the entire agreement of Rodman and the Company with respect to the subject matter hereof and supersedes any prior
agreements with respect to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect, and the remainder of the
Agreement shall remain in full force and effect. This Agreement may be executed in counterparts (including facsimile or electronic counterparts), each of which shall be deemed an original but all of which together shall constitute one and the same
instrument. 
 ********************* 

  
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 In acknowledgment that the foregoing correctly sets forth the understanding reached by Rodman and
the Company, please sign in the space provided below, whereupon this letter shall constitute a binding Agreement as of the date indicated above. 
  

			
	Very truly yours,
	
	RODMAN & RENSHAW, A UNIT OF H.C. WAINWRIGHT & CO., LLC
		
	By:	 	 /s/ Edward D. Silvera

		 	Name: Edward D. Silvera
		 	Title: COO

  

			
	 Accepted and Agreed:
  

MATEON THERAPEUTICS, INC.

		
	By:	 	 /s/ William D. Schwieterman, M.D.

		 	 Name: William D. Schwieterman
 Title: Chief
Executive Officer

  
 9EXHIBIT 10.1

 

Sent Via Email:

May 22, 2017

Mr. James E. Galeese

10170 Northridge Court

Bonita Springs, Florida 34135

Re: Employment Offer

Dear Mr. Galeese:

We are very pleased to extend to you an offer of employment with LSI Industries as Executive Vice President, Chief Financial Officer.  The position will report to the President and Chief Executive Officer.  The following is a brief description of the compensation, health and welfare benefits, and other Company plans and programs offered in connection with your employment.

	
1.

	
Base Salary.  The annual base salary for this position is $320,000.  As you know, the position is a full-time, exempt salaried position for purposes of federal wage-hour laws, which means that you will not be eligible for overtime pay for hours actually worked in excess of forty hours in a given workweek.

	
2.

	
Short-Term Incentive Compensation.  The position will be eligible to participate in the LSI Industries Inc. Short Term Incentive Plan for fiscal year 2018, which covers the period of July 1, 2017 through June 30, 2018.  The 2018 Plan and its applicable targets are subject to review and approval by the Compensation Committee of the LSI Board of Directors.  As a reference, the 2017 Plan is based on the achievement of net sales and operating income targets approved by the Compensation Committee.  It is anticipated that the 2018 Plan will be structured similarly with a range of payout based on the percentage achievement of the 2018 Plan targets.  The position will be eligible to participate in the 2018 Plan at the "Named Executive Officer" level.  As a point of reference, at the "Named Executive Officer" level, the 2017 Plan provides for a cash payout of 30% of base salary for 100% Plan achievement and up to a maximum cash payout of 60% of base salary for 130% Plan achievement.

	
3.

	
Long-Term Incentive Compensation.  The position will be eligible to participate in the LSI Industries Inc. Long Term Incentive Plan for fiscal year 2018.  The Plan generally contemplates the issuance of service-based stock option grants, restricted stock units and performance-based stock option grants.  The service-based stock option grants and restricted stock units awarded under the 2017 Plain have a four year ratable vesting period.  The performance-based stock option grants awarded under the 2017 Plan vest on a three-year basis subject to achievement of the 2017 adjusted operating income target established in the 2017 Plan.  The 2018 Plan and its targets are subject to review and approval by the Compensation Committee.

	
4.

	
Stock Option Award.  In connection with the commencement of your employment, the Company will award a service-based stock option to purchase 60,000 shares of LSI Common Stock with a four year ratable vesting period.  The grant will be made effective on your first day of employment with LSI and the option price per share will be equal to the closing price for a share of LSI Common Stock on such date.

	
5.

	
The LSI Health Benefits Plan.  LSI offers a full coverage preferred provider network health plan with three plan choices to select from.

	
6.

	
The LSI Dental Plan.  LSI offers a full coverage plan, including preventative care benefits, for all covered family members.

	
7.

	
Prescription Benefits.  Employee co-payment for prescriptions is based upon the health benefits plan option selected.

	
8.

	
Flexible Spending Accounts.  Health Care and Dependent Care Flexible Spending Accounts are available.

	
9.

	
Disability Insurance.  The Company covers the cost of both short term disability insurance and long-term disability insurance.

	
10.

	
Accidental Death and Dismemberment Insurance.  LSI covers the cost of accidental death and dismemberment insurance.

	
11.

	
Term Life Insurance.  The Company covers the cost of term life insurance up to a maximum specified benefit level.

	
12.

	
Dependent Life Insurance.  LSI covers the cost of dependent life insurance, under which your spouse is covered for $10,000 and your dependent children (6 months to 19 years) are covered for $5,000 each.

The items noted in paragraph 5 through paragraph 12 above become effective on the first day of the month following 30 days of continuous employment with the Company.  Information relevant to each of these items is set forth in the attached benefits summary.

	
13.

	
Relocation; Temporary Living Arrangements.  If you choose to relocate, the Company will provide financial assistance in accordance with its standard relocation assistance program, a copy of which is attached.  The Company will cover the cost of three round trips for your spouse, Janet, to travel from your Florida residence to Cincinnati to join you in searching for longer term housing.  In the interim, the Company will extend the month to month rental of the Bishop's Gate apartment through August 2017 for your use and the Company will cover the cost of rent, utilities, cable and internet for the apartment.  If you determine that you want to continue to rent a residence following the termination of the Bishop's Gate apartment lease, then the Company will reimburse your rental expense in the amount of $2,000 per month for up to twelve (12) months thereafter.

	
14.

	
Signing Bonus.  The Company will pay you a signing bonus of $50,000, of which $20,000 will be paid as soon as possible after you begin your employment with LSI.  The remaining $30,000 will be paid on March 31, 2018.  In the event that you voluntarily leave the employment of LSI within one year of your start date, then you agree to repay the total $50,000 signing bonus, prorated to reflect the actual amount of time spent in the employment of LSI in such year.

	
15.

	
LSI Retirement Plan.  The position is eligible to participate in the LSI Retirement Plan effective on the first date to occur of January 1, April 1, July 1 or October 1 following three months of service with the Company.

	
16.

	
LSI 401(K) Savings Plan.  Employees may contribute up to 75% of salary, subject to all applicable IRS annual limits.  All contributions are made by the employee.

	
17.

	
LSI Non-Qualified Deferred Compensation Plan.  The position is eligible to participate in the LSI Deferred Compensation Plan.  A summary description of the Plan is attached.

	
18.

	
Paid vacation time.  The Company offers three weeks of paid vacation time per year.

	
19.

	
Holidays.  The Company offers ten paid designated holidays per calendar year, which includes one floating personal holiday (renewed each January 1).

This offer is contingent upon successful completion of a post-offer employment drug test and a background check.  You will also be required to sign an Employee Confidentiality/Non-Compete Agreement, which I am enclosing for your review.

We look forward to your joining us as a member of the LSI team.  However, we recognize that you retain the option, as does the Company, of ending your employment with the Company at any time, with or without notice and with or without cause.  As such, your employment with the Company is at-will and neither this letter nor any other oral or written representations constitutes a contract for any specific period of time.  In addition, LSI Industries reserves the right to change its compensation arrangements, benefit plans and other programs at any time.  If you have any questions, please contact me at 513-372-3042.

Sincerely,

/s/ Dennis Wells

Dennis Wells

Chief Executive Officer

LSI Industries Inc.

	
Please sign below to confirm that you are accepting this offer of employment and agree to the terms of employment set forth above.  Your signature also confirms that your employment and duties with LSI Industries will not violate any contractual or other legal obligation with any prior employer.  You further confirm that you have not misappropriated and will not use any prior employer's proprietary information or trade secrets in connection with your LSI Industries employment.

	 	 
	
/s/ James E. Galeese

	
5/31/17

	
Employee

	
Date

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