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Exhibit 10.1

BELLICUM PHARMACEUTICALS, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

Each member of the Board of Directors (the “Board”) who is not also serving as an employee of Bellicum Pharmaceuticals, Inc. (“Bellicum”) or any of its subsidiaries (each such member, an “Eligible Director”) will receive the compensation described in this Non-Employee Director Compensation Policy for his or her Board service.  This policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

A.Annual Service Retainer

Each Eligible Director will be entitled to receive the following annual cash retainers for service on the Board. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal year, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year.  

1.    Annual Board Service Retainer: 

a.    All Eligible Directors: $40,000
b.    Chairman of the Board Service Retainer (in addition to Eligible Director Service Retainer): $30,000
c.    Lead Independent Director Service Retainer (in addition to Eligible Director Service Retainer): $15,000

2.    Annual Committee Member Service Retainer:

a.    Member of the Audit Committee: $7,500
b.    Member of the Compensation Committee: $5,000
c.    Member of the Nominating & Governance Committee: $3,500
d.    Member of the Science Committee: $5,000
e.    Member of the Finance Committee: $5,000

3.    Annual Committee Chair Service Retainer (in addition to Committee Member Service Retainer):

a.    Chairman of the Audit Committee: $7,500
b.    Chairman of the Compensation Committee: $5,000
c.    Chairman of the Nominating & Governance Committee: $4,000
d.    Chairman of the Science Committee: $5,000
e.    Chairman of the Finance Committee: $5,000

4.    Meeting Attendance Fee for Science Committee:

a.    In addition to the Science Committee Service Retainer, $1,000 per meeting of the Science Committee in excess of five meetings per year, not to exceed $7,000 per year.

The annual cash retainers above will be payable in equal quarterly installments in arrears on the last day of each fiscal quarter in which the service occurred.  All annual cash retainers will be vested upon payment.

Equity Grant in Lieu of Cash Service Retainer 
Commencing on January 1, 2021, in lieu of the cash compensation described in the foregoing provisions of Section A above (other than the Meeting Attendance Fee for Science Committee 
    1.

described in #4 above), each Eligible Director shall receive a restricted stock unit award (each a “Retainer Grant”).  The Retainer Grant shall be automatically granted to each Eligible Director on January 1 of each year (or if such date is not a market trading day, the first market trading day thereafter) or, if later, on the date of the Eligible Director’s initial election to the Board (or if such date is not a market trading day, the first market trading day thereafter), and will cover a number of shares of Company common stock equal to (1) the aggregate amount of annual cash compensation otherwise payable to such Eligible Director for the upcoming calendar year under Section A divided by (2) VWAP (as defined below) over a 30 calendar day period ending on the last trading day before the date of grant, rounded down to the nearest whole share.  The Retainer Grant will vest in full upon the one year anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan, as defined in Section B below) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

“VWAP” means, for any trading day, the per share volume-weighted average price of the Company’s common stock on Nasdaq, in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session of Nasdaq on such trading day (or if such volume-weighted average price is unavailable, the market value of one share of the Company’s common stock on such trading day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by us). The VWAP for any given trading day will be determined without regard to pre-market hours or after-hours trading or any other trading outside of the regular trading session trading hours.

B.Initial and Annual Equity Compensation

The equity compensation provided under this Policy, including the Retainer Grant described above, will be granted under the Bellicum, Inc. 2019 Equity Incentive Plan (the “Plan”).  All stock options granted under this policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Company common stock on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan, provided that upon a termination of service other than for death, disability or cause, the post-termination exercise period will be 12 months from the date of termination).

1.    Initial Grant: On the date of the Eligible Director’s initial election to the Board, for each Eligible Director who is first elected to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 30,000 shares (the “Initial Grant”).  The shares subject to each Initial Grant will vest with respect to one-third of the shares on the one-year anniversary of the date of grant, and in equal monthly installments over the following two-year period such that the option is fully vested on the third anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

2.    Annual Grant: On the date of each Bellicum annual stockholder meeting, for each Eligible Director who continues to serve as a non-employee member of the Board (or who is first elected to the Board at such annual stockholder meeting), the Eligible Director will be automatically, and without further action by the Board or Compensation Committee of the Board, granted a stock option for 15,000 shares (the “Annual Grant”). In addition, each Eligible Director who is first elected to the Board and other than at an annual stockholder meeting will be automatically, and without further action by the Board or Compensation Committee of the Board, granted an Annual Grant, pro rated for 
    2.

the number of months remaining until the next annual stockholder meeting.  The shares subject to the Annual Grant will vest in full on the one-year anniversary of the date of grant, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through such vesting date and will vest in full upon a Change in Control (as defined in the Plan).

As updated effective as of April 22, 2022

    3.EXHIBIT 10.2
Amendment No 1 to Securities Purchase Agreement
This Amendment No. 1 to the Securities Purchase Agreement (the “Amendment”) is dated as of August 9, 2022, between Synthetic Biologics, Inc., a Nevada corporation (the “Company”), and MSD Credit Opportunity Master Fund, L.P. (including its successors and assigns, the “Purchaser”) and amends the Securities Purchase Agreement (the “Agreement”) dated as of July 28, 2022 that was entered into between the Company and Purchaser.
RECITALS
A.The Company and the Purchaser entered the Agreement providing for the purchase by Purchaser from the Company of 275,000 shares of the Company’s Series C preferred stock, par value $0.001 per share (the “Series C Preferred Stock”) and 100,000 shares of the Company’s Series D preferred stock, par value $0.001 per share (the “Series D Preferred Stock” and together with the Series C Preferred Stock, the “Preferred Stock”), that are convertible into shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”).
B.The Company and the Purchaser desire to amend the terms of certain provisions of the Agreement relating to the voting of the Series C Preferred Stock in order to comply with Section 122 of the NYSE American Company Guide.
C.In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		1.
	In order to comply with Section 122 of the NYSE American Company Guide, the Purchaser irrevocably agrees to submit only 1,549,295 of the votes that it would otherwise be entitled to vote, despite owning and otherwise being entitled to vote an additional 253,983 shares of Series C Preferred Stock.

		2.
	 Section 4.9 (b) of the Agreement is hereby amended and restated in its entirety as follows:

“(b) Purchaser covenants to (i) vote, and, if applicable, shall cause its Affiliates to submit 1,549,295 votes in favor of any resolution presented to the shareholders of the Company for the purpose of obtaining the Stockholder Approvals, and (ii) promptly upon request by the Company, grant the Company (or its designee) an irrevocable proxy, in form and substance reasonably satisfactory to Purchaser, to submit 1,549,295 votes in accordance with clause (i) above, in each case, in accordance with the provisions of the Series C Certificate of Designations.”
D.Except as specifically amended by this Amendment No. 1, the Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect in accordance with the terms thereof and are hereby ratified and confirmed.
E. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Company or the Purchaser under the Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.
F.The substantive laws of the State of New York applicable to agreements made and to be performed entirely within such state shall govern the validity, construction, enforcement and interpretation of this Amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.
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	SYNTHETIC BIOLOGICS, INC.

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	By:
	/s/ Steven A. Shallcross
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	Name:
	Steven A. Shallcross

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	Title:
	Chief Executive Officer

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	MSD CREDIT OPPORTUNITY MASTER FUND, L.P.

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	By:
	/s/ Marcello Liguori
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	Name:
	Marcello Liguori

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	Title:
	Managing Director

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