Document:

Document

Exhibit 10.16

June 21, 2022
Mahesh Karanth
128 Boyer Lane
Los Gatos, CA 95030
Dear Mahesh:
This letter sets forth the substance of the separation agreement (the “Agreement”) that Rockley Photonics, Inc. (the “Company”) and Rockley Photonics Holding Limited (“Holdings”) (jointly referred to as “Employer”) is offering to you to aid in your employment transition.
1.Separation.  Your last day of work with the Employer and your employment termination date will be June 17, 2022 (the “Separation Date”).  You acknowledge and agree that as of June 13, 2022, you resigned from your position as Chief Financial Officer (“CFO”) of Holdings (and any other officer, trustee or fiduciary role you served for Holdings, the Company and any of their subsidiaries or other affiliates).
2.Accrued Salary and Paid Time Off.  On the Separation Date, the Company will pay you all accrued salary and all accrued and unused vacation/PTO earned through the Separation Date, subject to standard payroll deductions and withholdings.  You are entitled to this payment by law.
3.Severance Payment.  In accordance with your Employment Agreement effective August 11, 2021, if you timely sign this Agreement, allow it to become effective, and comply with your obligations under it (collectively, the “Severance Preconditions”), then the Company will pay you, as severance, the equivalent of $360,000.00 which is comprised of (1) six months of your base salary in effect as of the Separation Date ($225,000.00) and (2) 50% of your target bonus for 2022 ($135,000.00), subject to standard payroll deductions and withholdings.  The severance payment shall be made by direct deposit in equal installments over the six (6) month-period following the Separation Date in accordance with Company’s customary payroll practices commencing on the first regularly scheduled payroll date falling at least five (5) business days after the later to occur of the Separation Date and the Effective Date of this Agreement.  Any installments not paid pending the Effective Date of the release shall be paid in a lump sum when the first installment is paid.
4.Health Insurance.  As an additional severance benefit under this Agreement, provided that you satisfy the Severance Preconditions set forth above and timely elect continued coverage under COBRA, then the Company shall pay the COBRA premiums to continue your health insurance coverage (including coverage for eligible dependents, if applicable) through the period (the “COBRA Premium Period”) starting on the Separation Date and ending on the earliest to occur of: (i) December 2022; (ii) the date you become eligible for group health insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA coverage for any reason. In the event you become covered under another employer’s group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the Company in writing.
5.Stock Options and RSUS.  Under the terms of your stock option agreements, RSU agreements and the applicable plan documents, vesting of your stock options and RSUs will cease as of the Separation Date.  Your right to exercise any vested stock options, and all other rights and obligations with respect to your stock options and RSUs, will be as set forth in your stock option or RSU agreement, grant notice and applicable plan documents; provided, however, 

that subject to your compliance with the Severance Preconditions, the post-termination exercise period of your outstanding stock options originally granted under the Rockley Photonics Limited 2013 Equity Incentive Plan (“2013 Plan”) shall be extended through the earliest of (i) June 13, 2024, (ii) the breach of any agreement between you and the Employer or its affiliates, or (iii) termination upon a change in control event pursuant to the terms of the 2013 Plan.
6.Other Compensation or Benefits.  You acknowledge that, except as expressly provided in this Agreement, you have not earned and will not receive from the Company any additional compensation (including base salary, bonus, incentive compensation, or equity), severance, or benefits before or after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account) or any vested stock options.
7.Expense Reimbursements.  You agree that, within thirty (30) days after the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement.  The Company will reimburse you for these expenses pursuant to its regular business practice.
8.Mutual Release of Claims.
(a)Your General Release of Claims.  In exchange for the consideration provided to you under this Agreement to which you would not otherwise be entitled, you hereby generally and completely release the Employer, and its affiliated, related, parent and subsidiary entities, and its and their current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, insurers, affiliates, and assigns from any and all claims, liabilities, demands, causes of action, and obligations, both known and unknown, arising from or in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date you sign this Agreement.
(b)Scope of Release.  This general release includes, but is not limited to: (i) all claims arising from or in any way related to your employment with the Employer or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the Age Discrimination in Employment Act (“ADEA”) the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the Equal Pay, the Employee Retirement Income Security Act, 29 U.S.C. §§ 1001, et seq., the Family Medical Leave Act, 29 USC §§ 2601, et seq., the Fair Labor Standards Act, 29 U.S.C.§§201, et seq., (as amended), the Fair Credit Reporting Act, the Worker Adjustment and Retraining Notification Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act the California Labor Code (as amended), the California Family Rights Act, and the California Fair Employment and Housing Act (as amended) the California Fair Employment and Housing Act, Government Code §§ 12940, et seq., the California Labor Code, and the California Private Attorney General Act.  You acknowledge that you have been advised that you have the right to consult an attorney regarding this Agreement and that you were given a reasonable time period of not less than twenty-one days in which to do so.  You further acknowledge and agree that, in the event you sign this Agreement prior to the end of the reasonable time period provided by the Employer, your decision to accept such shortening of time is knowing and voluntary and is not induced by the 

Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the reasonable time period, or by providing different terms to employees who sign such an agreement prior to the expiration of the time period.
(c)ADEA Release.  You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you have under the ADEA, and that the consideration given for the waiver and releases you have given in this Agreement is in addition to anything of value to which you were already entitled.  You further acknowledge that you have been advised, as required by the ADEA, that: (i) your waiver and release does not apply to any rights or claims arising after the date you sign this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it sooner); (iv) you have seven (7) days following the date you sign this Agreement to revoke this Agreement (in a written revocation sent to the Company); and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after you sign this Agreement provided that you do not revoke it (the “Effective Date”).
(d)Employer’s General Release of Claims.  In exchange for the promises made by you under this Agreement, the Employer hereby generally and completely releases you, and your heirs, successors, and assigns, from any and all claims, liabilities, demands, causes of action, and obligations, both known and unknown, arising from or in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date you sign this Agreement; provided, however, that the Employer’s release shall not extend to any claims, known or unknown, suspected or unsuspected, against you which arise out of facts which constitute a breach of fiduciary duty or a crime under any federal, state, or local statute, law, ordinance or regulation, or which are based upon facts which give rise to a recovery by the Employer under any applicable policies of insurance solely as a result of actions or omissions by you and as to which any insurer has a right to subrogation against you; and provided further, however, that the Employer’s release is subject to your execution of this Agreement, and has no force or effect if you revoke this Agreement.
(e)Section 1542 Waiver.  In giving the releases herein, which include claims which may be unknown at present, each party acknowledges that it has read and understands Section 1542 of the California Civil Code, which reads as follows:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”
Each party hereby expressly waives and relinquishes all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to the release of claims herein, including but not limited to the release of unknown claims.
(f)Exceptions.  Notwithstanding the foregoing, you are not releasing the Company hereby from: (i) any obligation to indemnify you pursuant to the Articles and Bylaws of the Company or Holdings, any valid fully executed indemnification agreement with the Company or Holdings, applicable law, or applicable directors’ and officers’ liability insurance; (ii) any claims that cannot be waived by law; or (iii) any claims for breach of this Agreement, and the Employer is not releasing you hereby from (i) any claims that cannot be waived by law; or (ii) any claims for breach of this Agreement.

(g)Protected Rights.  You understand that nothing in this Agreement limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the California Department of Fair Employment and Housing, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  You further understand this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, to maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement.  Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.
9.Return of Company Property.  You agree that you have returned to the Company all Employer documents (and all copies thereof) and other Employer property in your possession or control, including, but not limited to, Company files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, drafts, financial and operational information, research and development information, sales and marketing information, customer lists, prospect information, pipeline reports, sales reports, personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computing and electronic devices, mobile telephones, servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions or embodiments thereof in whole or in part).  You agree that you will make a diligent search to locate any such documents, property and information by the close of business on the Separation Date or as soon as possible thereafter.  If you have used any personally owned computer or other electronic device, server, or e-mail system to receive, store, review, prepare or transmit any Employer confidential or proprietary data, materials or information, within five (5) days after the Separation Date, you shall provide the Company with a computer-useable copy of such information and then permanently delete and expunge such Company confidential or proprietary information from those systems; and you agree to provide the Company access to your system as requested to verify that the necessary copying and/or deletion is completed.  Your timely compliance with this paragraph is a condition to your receipt of the severance benefits provided under this Agreement.
10.Confidential Information Obligations.  You acknowledge and reaffirm your continuing obligations under your Employee Confidential Information and Inventions Assignment Agreement, a copy of which is attached hereto as Exhibit A and incorporated herein by reference.
11.Confidentiality.  The provisions of this Agreement will be held in strictest confidence by you and will not be publicized or disclosed by you in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement in confidence to your immediate family and to your attorneys, accountants, tax preparers and financial advisors; (b) you may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law; and (c) you may make such statements and disclosures as set forth in the section of this Agreement entitled “Protected Rights.” In particular, and without limitation, you agree not to disclose the terms of this Agreement to any current or former Company employee or independent contractor.

12.Non-disparagement.  You agree not to disparage the Employer, its officers, directors, employees, shareholders, parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to its or their business, business reputation, or personal reputation; provided that you may respond accurately and fully to any request for information if required by legal process or in connection with a government investigation.  Nothing in this Agreement prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.  In addition, nothing in this provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures protected under the whistleblower provisions of federal or state law or regulation or other applicable law or regulation or as set forth in the section of this Agreement entitled “Protected Rights.” In response to any reference request from a prospective employer, the Company will only confirm your dates of employment and positions held.  The Employer agrees to instruct its executive officers and directors not to make any statements that disparage you in any manner likely to be harmful to your business reputation or personal reputation; provided that they may respond accurately and fully to any request for information if required by legal process or in connection with a government investigation.
13.No Voluntary Adverse Action.  You agree that you will not voluntarily (except in response to legal compulsion or as permitted under the section of this Agreement entitled “Protected Rights”) assist any person in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other formal proceeding against the Company or Holdings, their parent or subsidiary entities, affiliates, officers, directors, employees or agents.
14.Cooperation.  You agree to cooperate fully with the Employer in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of your employment by the Employer.  Such cooperation includes, without limitation, making yourself available to the Employer upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and trial testimony.  The Company will reimburse you for reasonable out-of-pocket expenses you incur in connection with any such cooperation (excluding foregone wages), will pay you at a rate of $500 per hour for your cooperation (except as mutually agreed) following the expiration of six months from the Separation Date, and will make reasonable efforts to accommodate your scheduling needs.
15.No Admissions.  You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Employer to you or to any other person, and that the Employer makes no such admission.
16.Representations.  You hereby represent that you have: been paid all compensation owed and for all hours worked; received all leave and leave benefits and protections for which you are eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and not suffered any on-the-job injury for which you have not already filed a workers’ compensation claim.
17.Dispute Resolution.  You and the Employer agree that any and all disputes, claims, or controversies of any nature whatsoever arising from, or relating to, this Agreement or its interpretation, enforcement, breach, performance or execution, your employment or the termination of such employment (including, but not limited to, any statutory claims) (collectively, “Claims”, each a “Claim”), shall be resolved, pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration in a mutually acceptable location conducted before a single neutral arbitrator by JAMS, Inc. (“JAMS”) or its successor, under the then applicable JAMS Arbitration Rules and 

Procedures for Employment Disputes (available at http://www.jamsadr.com/rules-employmentarbitration/).  By agreeing to this arbitration procedure, both you and the Company waive the right to have any Claim resolved through a trial by jury or judge or an administrative proceeding.  You will have the right to be represented by legal counsel at any arbitration proceeding, at your own expense.  This paragraph shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, to the extent such claims are not permitted by applicable law to be submitted to mandatory arbitration and the applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”).  In the event you intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be publicly filed with a court, while any other claims will remain subject to mandatory arbitration.  The arbitrator shall have sole authority for determining if a Claim is subject to arbitration, and any other procedural questions related to the dispute and bearing on the final disposition.  In addition, the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based.  The Company shall pay all JAMS arbitration fees.  Nothing in this Agreement shall prevent you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any arbitration.  Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.
18.Miscellaneous.  This Agreement, including Exhibit A, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Employer with regard to its subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Employers.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Employer, and inure to the benefit of both you and the Employer, their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable to the fullest extent permitted by law, consistent with the intent of the parties.  This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California without regard to conflict of laws principles.  Any ambiguity in this Agreement shall not be construed against either party as the drafter.  Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach.  This Agreement may be executed in counterparts and electronic or facsimile signatures will suffice as original signatures.
If this Agreement is acceptable to you, please sign below and return the original to me no earlier than the Separation Date.  You have twenty-one (21) calendar days to decide whether to accept this Agreement, and the Employer’s offer contained herein will automatically expire if you do not sign and return it within that timeframe.

We wish you the best in your future endeavors.
Sincerely,

/s/ Andrew Rickman     
Dr Andrew G Rickman OBE
CEO
Rockley Photonics, Inc.
I have read,  understand and agree fully to the foregoing Agreement:
/s/ Mahesh Karanth    
Mahesh Karanth
6/21/2022    
DateDocument

Exhibit 10.17

January 20, 2022

Amit Nagra
965 Wapello Street
Altadena, CA 91001

Re: Amendment to Employment Agreement

Dear Amit:

As you know, you currently perform services for Rockley Photonics Inc. (the “Company”) and Rockley Photonics Holdings Limited (“Holdings”) pursuant to an employment agreement signed by you and the Company and Holdings with an effective date of August 11, 2021 (the “Employment Agreement”).  You and the Company hereby agree to amend the Employment Agreement as set forth below (the “Amendment”). 

1.Title

Your title will remain Chief Operating Officer (“COO”). 

2. Compensation

Your base salary will remain $17,307.69 bi-weekly, annualized to $450,000 (less applicable taxes, deductions and withholdings). 

3. 2021 Target Performance Bonus

You will remain eligible to receive your 2021 annual performance bonus at the target rate of 60% of your Base Salary. The Company will pay any such bonus in accordance with the Company’s established Compensation and Bonus Policy, and as determined by the board of Rockley Photonics Holdings Limited (the “Board”), and shall be based upon achievement of individual and corporate performance objectives and such other criteria to be determined by the Board.  Any annual bonus shall be paid within 30 days after the Board’s determination that a bonus shall be awarded.  Notwithstanding the foregoing and anything in the Compensation and Bonus Policy, if your employment is terminated without Cause by the Company or you resign for Good Reason prior to the payment date for the 2021 bonus, the Company shall pay you your 2021 bonus when it is paid generally.  If your employment terminates for any other reason prior to any bonus being paid, then you will not have earned a bonus and will not receive any portion of it.

4. Data Communications Transaction

The Company is also pleased to inform you that if the Company or one of its affiliates (the “Group”) completes a sale of certain assets related to data communications no later than June 30, 2022 but ideally prior to March 31, 2022 (the “Proposed Transaction”), subject to the approval of the Board and provided: (i) you remain in Employment up to and including the date of completion of the Proposed Transaction (the “Relevant Date”); and (ii) you have used your best endeavours to pursue the Proposed Transaction on behalf of the Group prior to the Relevant Date, you will be eligible to earn a cash bonus (“Transaction Bonus”). The terms of this Transaction Bonus are set out below.

a.Amount of Transaction Bonus

You and the Group agree to negotiate the quantum of the Transaction Bonus and, subject to the approval of the Board, if such Transaction Bonus is payable to you if a Proposed Transaction is consummated. It being agreed between you and the Group that, in no event shall any Transaction Bonus 

be greater than an amount equal to 3% of the net amount of cash, cash equivalent, or other consideration received by the Group pursuant to the Proposed Transaction.

b.Payment

If the consideration payable to the Group pursuant to the Proposed Transaction is subject to earn-out payments in tranches, in which case the Transaction Bonus shall be payable in tranches in accordance with the net payments received by the Group in accordance with the terms of the relevant transaction documents, except that the parties will work in good faith to make such payments in compliance with IRC Section 409A.  For any proceeds received at or shortly after the closing of the Proposed Transaction, the Transaction Bonus will be paid in a single lump sum cash payment through payroll in the next available payroll following the closing of the Proposed Transaction from the net proceeds received by the Company or one of its affiliates Group from the closing of the Proposed Transaction. The Transaction Bonus whether paid in tranches or one lump sum, will be subject to reduction to reflect all applicable federal and state income and employment withholding taxes and other deductions required by law.

5. Options Arrangements

You will have no rights nor entitlement to acceleration of vesting of your 2021 Equity Incentive Plan options nor RSUs in connection with the Proposed Transaction (as defined above) nor termination of your Employment (as set out below).   The parties acknowledge that your 2013 Equity Incentive Plan options are fully vested and have an exercise period that was extended from 3 months post termination until May 19, 2025 as set forth in Section 19 of the Employment Agreement.

6. Termination

The following termination provisions are in accordance with and will carry over from the Employment Agreement:

a.You have agreed to resign from your employment at the Company and all relevant positions and roles with the Group effective March 31, 2022, which may be extended upon mutual agreement by you and the Company.   In the event that the Proposed Transaction has not been consummated prior to March 31, 2022, you and the Company shall negotiate in good faith to mutually determine whether you should continue in your employment until the consummation of the Proposed Transaction.  If you and the Company mutually agree to do so, your employment will terminate immediately following the closing of the Proposed Transaction.  Any termination described in this Section 6a shall be deemed a termination by the Company without Cause for the purposes of the termination payment set out in Section 6c below.
b.Without regard to the reason for, or the timing of your termination of employment, the Company shall pay you any unpaid wages due for periods prior to the termination date promptly upon termination and within the period of time mandated by law, and provide any other benefits or rights you have accrued or earned through the termination date in accordance with the terms of the applicable employee benefit plans and programs of the Company.
c.In the event of any termination of the Term of Employment by the Company without Cause or by you for Good Reason, you will be entitled to receive the following severance benefits from the Company, provided you execute a Severance Agreement and Release of All Claims, in a form provided by the Company, no later than sixty (60) days after your last day of employment:
a.severance payments equal to the sum of six (6) months of your Base Salary as then in effect plus 50% of your target bonus for the year in which the termination occurs, payable in equal installments on the Company’s regular payroll schedule over the six-month period following your final day of employment);
b.if you elect COBRA continuation coverage and the Company (or a member of the Group) continues to maintain a group health plan, payment by the Company of the full premium cost to continue the then-applicable medical, dental and vision coverage for 
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you (and your eligible dependents) under COBRA for six (6) months following the termination date but not beyond the date that you (or your dependent(s)) become COBRA ineligible (the “Coverage Period”). Notwithstanding the foregoing, in the event that the Company determines that such COBRA premium payments could result in adverse tax treatment to the Company or you under applicable law, the Company may instead provide you with payments during the Coverage Period equivalent in value to the COBRA premiums otherwise payable by the Company hereunder, but without regard to whether you (or your eligible dependents) continue group health coverage under the Company’s group health plan; and
c.Limitation on Payments. In the event that the severance and other payments and benefits provided for in this Agreement or otherwise payable to you (i) constitute “parachute payments” within the meaning of Section 280G of the Code (“280G Payments”), and (ii) but for this Section d, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the 280G Payments will be either: 
(x) delivered in full, or 

(y) delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by you on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in the 280G Payments is necessary so that no portion of such benefits are subject to the Excise Tax, reduction will occur in the following order: (i) cancellation of equity awards granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G); (ii) a pro rata reduction of (A) cash payments that are subject to Section 409A as deferred compensation and (B) cash payments not subject to Section 409A; (iii) a pro rata reduction of (A) employee benefits that are subject to Section 409A as deferred compensation and (B) employee benefits not subject to Section 409A; and (iv) a pro rata cancellation of (A) accelerated vesting of equity awards that are subject to Section 409A as deferred compensation and (B) equity awards not subject to Section 409A. In the event that acceleration of vesting of equity awards is to be cancelled, such acceleration of vesting will be cancelled in the reverse order of the date of grant of your equity awards. 

A nationally recognized professional services firm selected by the Company, the Company’s legal counsel or such other person or entity to which the parties mutually agree (the “Firm”) will make any determination required under this Section 10. Such determinations will be made in writing by the Firm and any good faith determinations of the Firm will be conclusive and binding upon you and the Company. For purposes of making the calculations required by this Section d, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. You and the Company will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section d. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section d.
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Other than the amendments made above, all other terms and conditions of your employment remain unchanged and unaffected by this letter. This letter does not change your “at will” employment status, and the Company reserves the right to make decisions regarding your employment, including but not limited to decisions regarding any transfers or other changes in duties or assignments, changes in salary and other compensation, changes in benefits and changes in Company policies or procedures.
Please sign below to confirm your understanding and acceptance of the terms of this letter. On behalf of the Company, I would like to thank you for your ongoing dedication to the continuing development and growth of the company.  

Yours sincerely,
/s/ Andrew Rickman            
Dr Andrew G Rickman OBE
CEO
Rockley Photonics, Inc. 

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January 20, 2022

Amit Nagra
965 Wapello Street
Altadena, CA 91001

Re: Amendment to Employment Agreement – Signature Page

ACCEPTED AND AGREED TO

Rockley Photonics Holdings Limited

By: /s/ Andrew Rickman            
      Dr Andrew G Rickman OBE
      Director
 Date: 1/21/2022

Signature: /s/ Amit Nagra        
Name: Amit Nagra

Date: 1/21/2022

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