Document:

ufs-ex107_550.htm

Exhibit 10.7

EMPLOYMENT AGREEMENT (the “Agreement”)

 

 

	
 
	
BETWEEN:
	
DOMTAR INC., a company duly incorporated, having an establishment at 395 De Maisonneuve Boulevard W, in Montreal, Province of Quebec H3A 1L6
	
 

 

(hereinafter, the “Company”)

 

	
 
	
AND:
	
DANIEL BURON, a person domiciled at 861 Boissy Street, in Saint-Lambert, Province of Quebec, J4R 1K1
	
 

(hereinafter, the “Executive”) (hereinafter collectively referred to as the "Parties")

 

WHEREAS the Executive has been employed by the Company since 1999;

 

WHEREAS the Executive held the position of Executive Vice President and Chief Financial Officer of the Company;

 

WHEREAS the Company, Karta Halten B.V., Pearl Merger Sub Inc, Paper Excellence B.V. and Hervey Investment

B.V. have entered into a certain Agreement and Plan of Merger, under which the Company would be acquired by Karta Halten B.V. (the “Transaction”);

 

WHEREAS the consummation of the Transaction (known as the “Closing”) occurred November 30, 2021;

 

WHEREAS the Executive has stated that he can end his employment and claim Good Reason for doing so following a Change in Control as such terms are defined in the Severance Program for Management Committee Members;

 

WHEREAS the Parties have agreed, now that the Closing has occurred, to terminate the Executive’s indefinite term employment contract on January 16, 2022 (the “Effective Date”), without any admission on either side and to settle any and all matters related to the period of employment and its termination, as appears from Appendix A;

 

WHEREAS the employment relationship between the Executive and the Company will therefore be effectively terminated on the Effective Date, and all sums that may have been due to the Executive by virtue of that employment relationship and in consideration of the applicable contracts, programs, plans, policies and laws will be paid as stated in Appendix A;

 

WHEREAS the Executive acknowledges that his employment will be effectively terminated on the Effective Date and that he will not be entitled to, under any circumstances, invoke that previous period of employment/continued service under the indefinite term employment contract to support any right, indemnity, damages under any law, regulation or contract whatsoever;

 

WHEREAS the Parties have agreed, now that the Closing has occurred, to enter into a fixed term employment contract, namely from the day after the Effective Date to March 1, 2024;

 

WHEREAS the terms and conditions of said fixed term contract are described below;

 

SECTION 1 – PURPOSE

 

	
 
	
1.1
	
The Company hereby engages the services of the Executive as Executive Vice President and Chief Financial Officer of the Company;
	
 

 

 

Exhibit 10.7

 

SECTION 2 – DUTIES

 

	
 
	
2.1
	
The Executive shall report directly to the President and Chief Executive Officer of the Company;

 

	
 
	
2.2
	
The Executive’s duties and responsibilities will be consistent with that of the senior-most financial executive of the Company;
	
 

 

	
 
	
2.3
	
The Executive agrees to work exclusively for the Company, to make every effort necessary to perform adequately the duties that are assigned to him and to act in the best interests of the Company at all times. Notwithstanding the previous sentence, Executive may continue to serve on no more than 3 boards of directors provided that such service does not impede the expected level of dedicated service to the Company and does not violate Sections 2.4 and 2.5 below;
	
 

 

	
 
	
2.4
	
The Executive shall refrain from engaging in any activity that could be prejudicial to the Company’s interests. In performing his duties with the Company, the Executive shall act faithfully and honestly at all times;
	
 

 

	
 
	
2.5
	
In all circumstances, the Executive shall avoid any situation that could be, directly or indirectly, interpreted as creating a conflict of interest;
	
 

 

	
 
	
2.6
	
The Executive agrees to comply with all rules and policies established from time to time, verbally or in writing, by the Company;
	
 

 

	
 
	
2.7
	
The Executive acknowledges that he has been informed of such rules and policies currently in force at the Company and more specifically, that he has read, understood and agrees to comply with the terms of the Company’s code of conduct;
	
 

 

	
 
	
2.8
	
The Executive acknowledges that the Company may, from time to time, alter its rules and policies or issue new ones. The Executive agrees to follow and to be bound by all amended or new rules and policies;
	
 

 

SECTION 3 – LOCATION OF WORK

 

3.1Location

 

Subject to business travel required from time to time in the performance of his duties, including international travel, the Executive will perform his duties and functions primarily from the facility located in Montréal, Québec;

 

SECTION 4 – DURATION AND TERMINATION

 

	
 
	
4.1
	
Duration

 

This Agreement is for a fixed term. It shall take effect on the day after the Effective Date and shall end definitively on March 1, 2024 (the “Term End Date”) without the Company being required to give any reasonable notice whatsoever to the Executive, and without the Company being required to pay any indemnity in lieu of reasonable notice whatsoever or any severance of any kind whatsoever. Accordingly and without limiting the generality of the foregoing, no indemnity in lieu of reasonable notice under the Civil Code of Québec or severance pay under the Act respecting labour standards nor any severance provided for under any contract, program, plan or policy shall be payable to the Executive upon the expiration of this Agreement;

 

2
 

Exhibit 10.7

 

	
 
	
4.2
	
Renewal

 

The Parties shall have the option of renewing this Agreement for a maximum period of twenty four (24) months within one month prior to the expiry of the present Agreement. Such renewal must be in writing signed by the Parties. At the expiration of this additional twenty four 24 months (which would then become the Term End Date for the purpose of this Agreement), no other renewal shall be possible and this Agreement shall end definitively without the Company being required to give any reasonable notice whatsoever to the Executive, and without the Company being required to pay any indemnity in lieu of reasonable notice whatsoever or any severance of any kind whatsoever. Accordingly and without limiting the generality of the foregoing, no indemnity in lieu of reasonable notice under the Civil Code of Québec or severance pay under the Act respecting labour standards nor any severance provided for under any contract, program, plan or policy shall be payable to the Executive upon the expiration of this Agreement;

 

	
 
	
4.3
	
Payment on the Term End Date

 

Upon a termination of Executive’s employment on the Term End Date, which shall be deemed a retirement under the Company’s plans, policies and programs, the Executive (or his estate) will receive the following payments and benefits:

 

	
 
	
4.3.1
	
Base salary: any unpaid base salary and any other earned but unpaid compensation with respect to the period prior to the effective date of termination;
	
 

 

	
 
	
4.3.2
	
STIP: (A) the bonus the Executive would have received pursuant to the Annual Incentive Plan for the year in which the Term End Date occurs if the Executive had continued in employment based on achievement of the applicable performance criteria for such year, multiplied by a fraction, the numerator of which is the number of days in such calendar year prior to the Term End Date and the denominator of which is the total number of days in such calendar year, and (B) if the Term End Date occurs after the end of a calendar year, any bonus the Executive otherwise would have received pursuant to the Annual Incentive Plan for such calendar year that has not been paid as of the date of termination, with any payment to which the Executive becomes entitled to under clause (A) or (B) to be made on the date in the following calendar year that bonuses for the relevant calendar year are paid to the members of the Management Committee but in no event later than March 15 of such following calendar year;
	
 

 

	
 
	
4.3.3
	
LTIP: if the Executive has any unvested Restricted Stock Units (RSUs) upon the Term End Date, they will be prorated based on the number of days elapsed from the respective grant date through the Term End Date. For US taxpayers, prorated RSUs are settled as of January
	
 

31 following the year of Termination. For non-US taxpayers, RSUs are settled upon termination (subject to an administrative delay). Any remaining RSUs shall be forfeited and cancelled as of the Term End Date;

 

	
 
	
4.3.4
	
If the Executive has any unvested Performance Share Units (PSUs), they will be prorated based on the number of days elapsed from the commencement of the respective performance period through the Term End Date. The prorated PSUs are subject to the achievement of the performance goals and will be payable once the Human Resources Committee of the Board of Directors determines that the goals have been satisfied for each respective grant. Any remaining PSUs will be forfeited and cancelled upon the Term End Date;
	
 

 

	
 
	
4.3.5
	
Executive’s coverage under the Company’s medical and dental insurance policies will remain in effect for 24 months after the Term End Date at no cost to Executive. In the event that Executive obtains equivalent or better coverage elsewhere during the 24 month period, this coverage will terminate. Upon the conclusion of this 24 months of coverage, Executive will be eligible to seek coverage under the Company’s post retirement benefits plan.
	
 

 

3
 

Exhibit 10.7

 

	
 
	
4.4
	
Automatic Termination

 

The Executive’s employment shall terminate automatically upon the death of the Executive without the Company being bound to pay any compensation whatsoever except as otherwise required herein or under the text of the Company’s plans, policies and programs in the case of the death of an employee;

 

The Executive’s employment may also be terminated by the Company, in writing transmitted to the Executive, without the Company being bound to pay any compensation whatsoever in the following cases (unless otherwise required under the text of the Company’s plans, policies and programs in the event of such terminations):

 

	
 
	
4.4.1
	
if the Executive breaches the terms of this Agreement;

 

	
 
	
4.4.2
	
if the Executive commits any fraud, theft, embezzlement or other criminal act, or is guilty of serious misconduct or wilful negligence in the performance of his duties;
	
 

 

	
 
	
4.4.3
	
if the Executive willfully causes harm to the public image of the Company or its affiliates;

 

	
 
	
4.4.4
	
for any other just and sufficient cause and/or serious reason within the meaning of Article 2094 of the Civil Code of Québec;
	
 

 

Upon such termination, the Executive shall be entitled to any unpaid base salary and any other earned but unpaid compensation with respect to the period prior to the effective date of termination.

 

SECTION 5 – COMPENSATION

 

	
 
	
5.1
	
Base Salary

 

The Company shall pay the Executive on the basis of an annual salary of US$661,670.00 payable in accordance with the standard payroll practices of the Company with regard to members of the Management Committee and subject to all legally required withholdings and deductions. This salary is subject to review in accordance with the Company’s policies and at the sole discretion of the Company on January 1st of each year starting January 1, 2022;

 

	
 
	
5.2
	
Annual Incentive Plan

 

Throughout the duration of this Agreement, the Executive shall be eligible to participate in the Company’s Annual Incentive Plan, as amended from time to time by the Company;

 

	
 
	
5.2.1
	
The Executive’s target annual bonus under the Annual Incentive Plan will be equal to 89% of his base salary, his maximum annual bonus being equal to 200% of his base salary;
	
 

 

	
 
	
5.2.2
	
The applicable performance objectives shall be established annually by the Company in consultation with the Management Committee;
	
 

 

	
 
	
5.2.3
	
Any annual bonus with respect to a particular year shall be payable within two and half months following the end of such year;
	
 

 

	
 
	
5.3
	
Long-Term Incentive Plan

 

Throughout the duration of this Agreement, the Executive shall be eligible to participate in the Company’s Long-Term Incentive Plan at 165% of base salary in accordance with the Company’s criteria, which will include both a service-based component and a performance-based component. At the expiration of this

 

4
 

Exhibit 10.7

 

Agreement, the Executive will be eligible to receive a prorated payment under this plan, according to the provisions applicable to retirement;

 

	
 
	
5.4
	
Retention Bonus

 

By way of this Agreement, Executive is eligible to receive a retention bonus equal to 50% of base salary, subject to all legally required withholdings and deductions, for each of the next two years. Specifically, Executive is eligible for a lump sum cash payment on the first anniversary of the Closing provided that he is employed by the Company as of such date in an amount equal to 50% of annual base salary in effect as of the first anniversary of the Closing (such sum, the “First Year Retention Bonus”). Executive is eligible for a lump sum cash payment on the second anniversary of the Closing provided that he is employed by the Company as of such date in an amount equal to 50% of his annual base salary in effect as of the second anniversary of the Closing (such sum, the “Second Year Retention Bonus”). Each retention bonus will fully vest upon completion of the applicable anniversary year (i.e., no longer subject to forfeiture) and will be paid to Executive in a lump sum within 45 days of each completed anniversary. Executive will not be eligible for the retention bonuses as set forth above if he is terminated for cause or he resigns prior to such applicable anniversary.

 

If the Company terminates Executive’s employment without cause before the second anniversary of the Closing, then Executive will be eligible to receive each of the retention bonuses set forth above minus any such retention bonus that has already been paid. The payment of such retention bonus(es) would be made at the regular dates of payment as if Executive was still actively employed (i.e., there would be no acceleration of payment).

 

If Executive retires, becomes disabled or dies (i) during the first twelve month period following the Closing, Executive will be eligible for a pro rata portion of the First Year Retention Bonus, calculated based on the number of days that have elapsed from the Closing through such termination, divided by 365 days, or (ii) during the second twelve month period following the Closing, Executive will be eligible for a pro rata portion of the Second Year Retention Bonus, calculated based on the number of days that have elapsed from the first anniversary of the Closing through such termination, divided by 365 days. Any prorated payment pursuant to the preceding sentence shall be made within 45 days of such termination.

 

	
 
	
5.5
	
Expenses

 

The Company shall reimburse the Executive for any reasonable business-related expenses in accordance with the Company’s policies, practices and procedures;

 

SECTION 6 – BENEFITS

 

	
 
	
6.1
	
General Benefits

 

Throughout the duration of this Agreement, the Executive shall be entitled to continue to participate in all employee benefit plans, practices and programs available to the Company’s senior Canadian-based employees maintained by the Company and consistent with applicable law and the applicable terms of such plans and programs, to the understanding that the relevant information on these plans and programs has been provided to the Executive;

 

The Executive shall also receive additional financial planning and medical benefits such as they are provided to the members of the Management Committee;

 

	
 
	
6.2
	
Supplemental Retirement Savings Plan (SERP)

 

Throughout the duration of this Agreement, the Executive shall be eligible to accrue benefits in the Supplementary Pension Plan for Designated Managers of Domtar, the DB SERP for Management

 

5
 

Exhibit 10.7

 

Committee Members of Domtar and the DC SERP for Designated Executives of the Company in accordance with the terms of the programs as established by the Company;

 

	
 
	
6.3
	
Vacation

 

Throughout the duration of this Agreement, the Executive shall be entitled to 32 days paid vacation per year. Without admission regarding Executive’s entitlement to previous unused vacation, the Parties agree that the Executive shall be entitled to use and must take an additional 56 days of previous unused paid vacation prior to the Term End Date;

 

SECTION 7 – CONFIDENTIALITY

 

	
 
	
7.1
	
The Executive acknowledges that he has received and will receive or conceive, in carrying on or in the course of his work during his employment with the Company, confidential information pertaining to the activities, technologies, operations and business, past, present and future, of the Company or its subsidiaries or related or associated  companies,  which  information  is  not  in  the  public  domain.  The Executive acknowledges that such confidential information belongs to the Company and that its disclosure or unauthorized use could be prejudicial to the Company and contrary to its interests;
	
 

 

Accordingly, the Executive agrees to respect the confidentiality of such information and not to make use of it, disclose it to, or discuss it with any person, other than in the course of his duties with the Company, without the explicit prior written authorization of the Company;

 

This undertaking to respect the confidentiality of such information and not to make use of it, disclose it to, or discuss it with any person shall continue to have full effect after the termination of his employment with the Company;

 

	
 
	
7.2
	
The term “confidential information” includes among other things:

 

	
 
	
7.2.1
	
products, formulae, processes and composition of products, as well as raw materials and ingredients, of whatever kind, that are used in their manufacture, including all tools, tooling, dies, jigs, patterns, moulds, samples, prototypes, models, test equipment or other equipment or fixtures;
	
 

 

	
 
	
7.2.2
	
technical knowledge and methods, quality control processes, inspection methods, laboratory and testing methods, information processing programs and systems, manufacturing processes, plans, drawings, tests, test reports and software;
	
 

 

	
 
	
7.2.3
	
equipment, machinery, devices, tools, instruments and accessories;

 

	
 
	
7.2.4
	
financial information, production cost data, marketing strategies, raw materials supplies, suppliers, staff and client lists and related information, marketing plans, sales techniques and policies, including pricing policies, sales and distribution data and present and future expansion plans; and
	
 

 

	
 
	
7.2.5
	
research, experiments, inventions, discoveries, developments, improvements, ideas, industrial secrets and “know-how”;
	
 

 

	
 
	
7.3
	
The Executive also undertakes to keep the terms of this Agreement confidential, provided that the Executive may disclose the terms of Agreement to his financial and legal advisors who are bound by confidentiality obligations at least as restrictive as those contained herein;
	
 

 

6
 

Exhibit 10.7

 

SECTION 8 – OWNERSHIP OF INTELLECTUAL PROPERTY

 

	
 
	
8.1
	
The Executive hereby assigns and agrees to assign to the Company all (i) patents, applications for patents and reissues, renewals, extensions and continuations-in-part of patents or patent applications;
	
 

(ii) proprietary and non-public business information, including all discoveries, inventions (whether patentable or not), improvements, innovations, processes, topographies, codes, software, know-how, recipes, technology, formulas, drawings, designs, specifications for products, communication plans, materials and equipment, process development and ideas, disclosures, trade secrets, confidential information and customer lists, and documentation on whatever support it is relating to any of the foregoing; (iii) copyrights, copyright registrations and applications for copyright registration; (iv) trade names, business names, corporate names, domain names, world wide web addresses, common law trade-marks, trade-mark registrations, trade-mark applications, trade dress and logos, and the goodwill associated with any of the foregoing; (v) software, including computer software and programs (both source code and object code form); and (vi) any other intellectual property and industrial property (collectively, “Work Product”), which relate to the Company and which are authored, conceived, developed, reduced to practice, contributed to or made by the Executive during the period of his employment, and agrees to make full and prompt disclosure to the Company of all information relating to anything made or designed by him or that may be made or designed by him during such period;

 

	
 
	
8.2
	
In the event that the Company is not automatically regarded as the owner of the Work Product, the Executive agrees to assign and hereby assigns to the Company any right, title and interest that the Executive may possess in and to the Work Product, and the Executive agrees to waive and hereby waives any and all other rights that are non-assignable, including common law rights (but not limited to moral rights), in all Work Product or any non-economic right, free and clear of any claims for compensation or restrictions on the use or ownership thereof. The Executive acknowledges that the Company has the right to use, modify or reproduce any document or work realized by the Executive, at its entire discretion, without the Executive’s authorization and without his name being mentioned;
	
 

 

	
 
	
8.3
	
At any time during the period of his employment or after the termination of his employment, the Executive shall sign, acknowledge and deliver, at the Company’s expense, but without compensation other than a reasonable sum for his time devoted thereto if his employment has then terminated, any document required by the Company to give effect to section 8.1, including patent applications and documents evidencing the assignment of ownership, or to establish, record, perfect and otherwise confirm, protect or maintain such rights. The Executive shall also provide such other assistance as the Company may require with respect to any proceedings or litigation relating to the protection or defence of intellectual property rights belonging to the Company;
	
 

 

	
 
	
8.4
	
This section shall be binding on the Executive’s heirs, assigns and legal representatives;

 

SECTION 9 – OWNERSHIP OF FILES AND OTHER PROPERTY

 

9.1 Any file, sketch, drawing, letter, report, memo or other document, any equipment, machinery, tool,  instrument or other device, any compact disc or software or any other property which comes into the Executive’s possession during his employment with the Company, in the performance or in the course of his duties, regardless of whether he has participated in its preparation or design, how it may have come into his possession and whether or not it is an original or a copy, shall at all times remain the property of the Company and, upon the termination of the Executive’s employment, shall be returned to the Company or its designated representative before the Executive leaves his place of work. The Executive may not keep a copy or give one to a third party;

 

SECTION 10 – GENERAL PROVISIONS

 

	
 
	
10.1
	
As of the effective date hereof, this Agreement supersedes and cancels any prior agreement, verbal or written, with respect to the Executive’s employment with the Company;
	
 

 

7
 

Exhibit 10.7

 

	
 
	
10.2
	
No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof, have been made by either party, other than as set forth expressly in this Agreement;
	
 

 

	
 
	
10.3
	
No provisions of this Agreement may be amended, modified, waived or discharged unless such amendment, modification, waiver or discharge is approved by the Human Resources Committee of the Board and is agreed to in a written document signed by the Executive and such Company officer as may be specifically designated by the Human Resources Committee to the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time;
	
 

 

	
 
	
10.4
	
The Executive agrees that he shall abide by and adhere to all laws and rules and regulations of the various regulatory and/or self-regulatory organizations of which the Company or any of its affiliates or related entities are members, as well as all internal rules, regulations, policies and codes of conduct that the Company has established;
	
 

 

	
 
	
10.5
	
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument;
	
 

 

SECTION 11 – NOTICES

 

11.1 Any notice given hereunder shall be given in writing and sent by registered or certified mail or hand delivered. If such notice is sent by registered or certified mail, it shall be deemed to have been received five (5) business days following the date of its mailing if the postal services are working normally. If such is not the case, the notice must be hand-delivered or served by bailiff, at the discretion of the sender. In the case of hand delivery or service, the notice shall be deemed to have been received the same day. It is agreed that if the delivery date is a non-business day, the notice shall be deemed to have been received on the following business day;

 

SECTION 12 – INTERPRETATION

 

12.1 This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Québec;

 

SECTION 13 – SEVERABILITY

 

13.1   If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall  be held by a court of competent jurisdiction to be invalid, unenforceable, or void, the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall remain in full force and effect;

 

SECTION 14 – LANGUAGE

 

14.1 The parties have expressly requested that this Agreement be drafted in the English language. Les parties ont expressément requis que cette convention d’emploi soit rédigée en anglais.

 

 

[Signature page follows]

 

8
 

Exhibit 10.7

 

IN WITNESS WHEREOF the parties hereto have duly signed this contract of employment in duplicate on the dates and at the places hereinafter set forth.

 

 

 

 

			
	
In Montreal, January 18 , 2022
	
 
	
In Montreal, January 14, 2022

	
 

 

 

DOMTAR INC.
	
 
	
 

	
 

By:
	
 
	
 

	
Name: John D. Williams
	
 
	
DANIEL BURON

	
Title:President and CEO
	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9Exhibit 10.1

 

TRANSITION SERVICES AGREEMENT

 

This TRANSITION SERVICES AGREEMENT (this
 “Agreement”) dated March 10, 2022, is by and between William Shaw (“Consultant”) and Ekso Bionics
Holdings, Inc., a Nevada corporation (the “Company”). Consultant and the Company are sometimes referred to herein collectively
as the “Parties”.

 

WHEREAS, Consultant and the Company are
Parties to that certain offer letter, dated April 17, 2019 (the “Employment Agreement”);

 

WHEREAS, Consultant has indicated his intention
to transition from his position as Chief Commercial Officer of the Company, effective March 11, 2022 (the “Transition Date”),
in connection with his retention of other employment;

 

WHEREAS, in order to provide for the transition
of Consultant’s current responsibilities, the Company and Consultant have entered into this Agreement, pursuant to which Consultant
has agreed to remain with the Company as an employee during a transition period;

 

WHEREAS, the Parties to this Agreement wish
to set forth clearly the terms and conditions of Consultant’s transition from his current role and his separation from the Company,
including the terms and benefits that the Company will provide; and

 

WHEREAS, effective on the Transition Date,
this Agreement shall partially supersede and replace the Employment Agreement as expressly set forth herein.

 

NOW, THEREFORE, in consideration of the
mutual agreements hereinafter set forth, the Parties have agreed and do hereby agree as follows:

 

1.   Definitions. Capitalized terms not defined herein shall have the meanings ascribed to them in the Employment Agreement.

 

2.   Transition Date. 

 

(a)       Transition Period. Consultant’s employment with the Company shall terminate as of the Transition Date. From the Transition
Date and until June 30, 2022 (the “Transition Period”), Consultant shall serve with the Company as an independent contractor
as set forth herein unless earlier terminated as set forth in Section 2(b) below. During the Transition Period, Consultant shall provide
the services set forth in Exhibit A in a diligent and professional manner.

 

(b)       Termination. The Company may terminate this Agreement and the Transition Period at any time, with or without Cause. Consultant’s
service with the Company and the Transition Period will also end due to Consultant’s death or Disability. Consultant may not terminate
this Agreement during the Transition Period. At the conclusion of the Transition Period, Consultant’s service as an independent
contractor with the Company shall automatically terminate.

 

(c)       Compensation and Benefits. During the Transition Period, Consultant shall be entitled to receive (i) payment of the Consultant’s
bonus for the first quarter ended March 31, 2022 without proration in accordance with the bonus program established by the Company’s
board of directors (the “Pro Rata Bonus”), which will be paid on the Company’s first regular payroll period following
the date of this Agreement, subject to (A) his entering into, not revoking and fully complying with this Agreement, including the provisions
that are incorporated by reference herein, and (B) his execution and non-revocation of a full release of claims, a copy of which is attached
hereto as Exhibit B; (ii) continued vesting of his equity incentive awards, and (iii) compensation at an rate of $225.00
per hour or $1,800.00 per day, plus reasonable expenses (including expenses for travel requested by the Company), which payment will be
made on monthly basis no later than the tenth day following the receipt by the Company of an invoice detailing hours worked and services
performed for a calendar month during which Consultant performed the services hereunder. Unless expressly agreed to by Consultant in writing,
the Company shall not require Consultant to provide more than 80 hours of assistance during any calendar month during the Consulting Period.
Additionally, for assistance provided in new recruitment over the term of this agreement, Consultant shall be eligible to receive $2,500
for each (up to two) directly sourced candidates should they be selected and hired by the Company.

 

     

     

    

 

3.   Covenants.

 

(a)    Employment-Related Covenants. After the Transition Date, Consultant will not hold himself out as an employee or representative
of the Company, nor negotiate or enter into any agreements on behalf of the Company. Consultant will not be entitled to any benefits under
Section 4 of the Employment Agreement or otherwise, and without limiting the foregoing, during the Transition Period, Consultant shall
not be eligible for insurance coverage or benefits under the Company’s employee benefit plans, programs and policies, and Consultant
will not be entitled to vacation or paid time off. Except as expressly provided herein, Consultant’s right to any and all Company
benefits will terminate on the Transition Date. Consultant agrees that during the term of the Transition Period, Executive shall continue
to be subject to Section 6 of the Employment Agreement (regarding confidentiality) and the terms of Consultant’s Employee Invention
Assignment and Confidentiality Agreement, as if he were an employee thereunder.

 

(b)    Non-Disparagement. Consultant shall, at all times during the Transition Period and thereafter, refrain from making statements,
written or oral, that denigrate, disparage or defame the goodwill or reputation of the Company, the Company’s Board of Directors
or the officers, directors or employees of the Company, except as required by legal process. Consultant further agrees not to make any
negative statement to third parties relating to his employment or any aspect of the businesses of the Company and not to make any statements
to third parties about the circumstances of his separation from the Company, or about the Company or its trustees, directors, officer,
security holders, partners, agents or former or current employees and directors, except as required by legal process.

 

4.   Release. 

 

(a)    Consultant’s Release of Claims. In return for the Pro Rata Bonus and in consideration given to Consultant by the Company
as described in this Agreement, and subject to Section 4(c) below, Consultant and his representatives, heirs, successors, and assigns
do hereby completely release and forever discharge the Company, any affiliate of the Company, and its and their present and former shareholders,
officers, directors, agents, employees, attorneys, successors, and assigns (collectively, “Released Parties”) from
all claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character, known or unknown, which
Consultant may have now or in the future arising from any act or omission or condition occurring on or prior to the date this Agreement
is signed (including, without limitation, the future effects of such acts, omissions, or conditions), whether based on tort, contract
(express or implied), or any federal, state, or local law, statute, or regulation (collectively, the “Released Claims”).
By way of example and not in limitation of the foregoing, Released Claims shall include any claims arising under the Fair Labor Standards
Act, the National Labor Relations Act, the Family and Medical Leave Act, the Consultant Retirement Income Security Act of 1974, the Americans
with Disabilities Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act (“ADEA”),
the California Fair Employment and Housing Act, and the California Family Rights Act, as well as any claims asserting wrongful termination,
breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress,
negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, defamation,
invasion of privacy, and claims related to disability. Released Claims shall also include, but not be limited to, any claims for severance
pay, bonuses, sick leave, vacation pay, life or health insurance, or any other benefit. Consultant likewise releases the Released Parties
from any and all obligations for attorneys’ fees incurred in regard to the above claims or otherwise. Notwithstanding the foregoing,
Released Claims shall not include (i) any claims based on obligations created by or reaffirmed in this Agreement; (ii) any vested retirement
benefits or vested equity, (iii) any claims which by law cannot be released, including without limitation unemployment compensation claims
and workers’ compensation claims (the settlement of which would require approval by the California Workers’ Compensation Appeals
Board), (iv) any claim for indemnification under the Employment Agreement, the Company’s bylaws or certificate of incorporation,
or any agreement providing for indemnification of the Consultant, (v) any claims for coverage under any D&O or other similar insurance
policy or (vi) any claims related to Consultant’s employment or termination of employment arising after the execution date of this
Agreement.

 

    	 	2	 

     

    

 

(b)   Section 1542 Waiver. Consultant understands and agrees that the Released Claims include not only claims presently known to the
Consultant, but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action
of every kind and character that would otherwise come within the scope of the Released Claims as described in Section 4(a), above. Consultant
understands that he may hereafter discover facts different from what he now believes to be true, which if known, could have materially
affected this Agreement, but he nevertheless waives any claims or rights based on different or additional facts. Consultant knowingly
and voluntarily waives any and all rights or benefits that he may now have, or in the future may have, under the terms of Section 1542
of the California Civil Code, which provides 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. 

 

(c)   Covenant Not to Sue. Consultant hereby represents that he has not filed or commenced any proceeding against the Released Parties,
and hereby covenants and agrees not to file or commence any proceeding against the Released Parties with respect to any claims subject
to this release and waiver of claims. Consultant also agrees that if he breaches this covenant, then he authorizes the Released Parties
to, and each shall have the right to, cause any such proceeding to be dismissed on the grounds that Consultant has completely released
and waived such proceeding.

 

5.    Protected Rights. 

 

(a)  Notwithstanding anything to the contrary in this Agreement, Consultant understands that nothing in this Agreement is intended to prohibit
Consultant and Consultant is not prohibited from reporting possible violations of law to, filing charges with, making disclosures protected
under the whistleblower provisions of U.S. federal law or regulation, or participating in investigations of U.S. federal law or regulation
by the U.S. Securities and Exchange Commission, National Labor Relations Board, Equal Employment Opportunity Commission, the Occupational
Safety and Health Administration, the U.S. Department of Justice, the U.S. Congress, any U.S. agency Inspector General or any other self-regulatory
agencies or federal, state or local governmental agencies (collectively, “Government Agencies,” and each a “Government
Agency”). Accordingly, Consultant does not need the prior authorization of the Company to make any such reports or disclosures
or otherwise communicate with Government Agencies and is not required to notify the Company that Consultant has engaged in any such communications
or made any such reports or disclosures. Consultant agrees, however, to waive any right to receive any monetary award resulting from such
a report, charge, disclosure, investigation or proceeding, except that Consultant may receive and fully retain any award from a whistleblower
award program administered by a Government Agency.

 

    	 	3	 

     

    

 

(b)    In addition, Consultant is advised that 18 U.S.C. § 1833(b) states:

 

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

 

Accordingly, Consultant has
the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose
of reporting or investigating a suspected violation of law. Consultant also has the right to disclose trade secrets in a document filed
in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement
is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed
by 18 U.S.C. § 1833(b).

 

6.     Section 409A.

 

(a)   Each payment and benefit payable under the
Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(b)    To the extent that the reimbursement of any expenses or the provision of any in-kind benefits pursuant to this Agreement is subject to
Section 409A, (i) the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided hereunder during
any one calendar year shall not affect the amount of such expenses eligible for reimbursement or in-kind benefits to be provided hereunder
in any other calendar year; (ii) all such expenses eligible for reimbursement hereunder shall be paid to Consultant as soon as administratively
practicable after any documentation required for reimbursement for such expenses has been submitted, but in any event by no later than
December 31st of the calendar year following the calendar year in which such expenses were incurred; and (iii) Consultant’s
right to receive any such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for any other benefit.

 

(c)    The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will
be interpreted to so comply. Employer and Consultant agree to work together in good faith to consider amendments to this Agreement and
to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to Consultant under Section 409A.

 

7.    Miscellaneous.

 

(a)    Governing Law. This Agreement and any disputes or controversies arising hereunder shall be construed and enforced in accordance
with and governed by the internal laws of the State of California, without reference to principles of law that would apply the law of
another jurisdiction.

 

    	 	4	 

     

    

 

(b)    Severability.  If any term or provision of this Agreement, or the application thereof to any person or under any circumstance,
shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under
circumstances other than those as to which it is invalid or unenforceable, shall be considered severable and shall not be affected thereby,
and each term of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

(c)    Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.

 

 

 

*End of
Agreement*

 

 

 

Signature
page follows

 

    	 	5	 

     

    

 

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the Transition Date.

 

	 	EKSO BIONICS HOLDINGS, INC.,
	 	a Nevada company
	 	 	 
	 	By: 	 /s/ Scott Davis
	 	Name: 	 Scott Davis
	 	Title: 	 President and COO
	 	 	 
	 	 	 
	 	CONSULTANT:
	 	Name: William Shaw
	 	 
	 	 /s/ William Shaw

 

 

 

    SIGNATURE PAGE TO TRANSITION SERVICES AGREEMENT

     

    

 

Exhibit A

 

Services

 

General transition services at the request of the Company’s CEO
or President, including:

 

• Leadership transitions

 

• Employee retention and training

 

• Key customer projects

 

• Key customer relationships transitioned

 

• Milestone achievements

 

• Strategic projects

 

 

     

     

    

 

Exhibit B

 

Supplement Release Agreement

  

This Supplement Release Agreement (the “Agreement”)
is entered into by and between Ekso Bionics Holdings, Inc. (the “Company”) and William Shaw (“Consultant”)
(collectively, “Parties”).

 

RECITALS

 

WHEREAS, the Company and Consultant have determined
that Consultant’s last day of employment with the Company will be March 11, 2022 (the “Date of Termination”)
in accordance with the terms of the Transition Services Agreement by and between Consultant and the Company, dated March 10, 2022 (the
 “Transition Agreement”); and

 

WHEREAS, capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Transition Agreement.

 

ACCORDINGLY, the Parties agree as follows:

 

1.    Resignation. Consultant hereby resigns from employment with the Company and any other position held with the Company or any Affiliate,
effective as of the Date of Termination. “Affiliate” means any entity that directly or indirectly controls, is controlled
by, or is under common control with the Company.

 

2.    General Release. Consultant and Consultant’s representatives, heirs, successors, and assigns do hereby completely release
and forever discharge the Company, any Affiliate, and its and their present and former shareholders, officers, directors, agents, employees,
attorneys, successors, and assigns (collectively, “Released Parties”) from all claims, rights, demands, actions, obligations,
liabilities, and causes of action of every kind and character, known or unknown, which Consultant may have now or in the future arising
from any act or omission or condition occurring on or prior to the Effective Date (as defined below) (including, without limitation, the
future effects of such acts, omissions, or conditions), whether based on tort, contract (express or implied), or any federal, state, or
local law, statute, or regulation (collectively, the “Released Claims”). By way of example and not in limitation of
the foregoing, Released Claims shall include any claims arising under the Fair Labor Standards Act, the National Labor Relations Act,
the Family and Medical Leave Act, Consultant Retirement Income Security Act of 1974, the Americans with Disabilities Act, Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act, and the California
Family Rights Act, the California Labor Code, all as amended, along with their implementing regulations, as well as any claims asserting
wrongful termination, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of
emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic
advantage, defamation, invasion of privacy, and claims related to disability. Released Claims shall also include, but not be limited to,
any claims for severance pay, bonuses, sick leave, vacation pay, life or health insurance, or any other benefit. Consultant likewise releases
the Released Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims or otherwise. Notwithstanding
the foregoing, Released Claims shall not include (i) any claims based on obligations created by or reaffirmed in this Agreement;
(ii) any vested retirement benefits or vested equity, or (iii) any claims which by law cannot be released, including without
limitation unemployment compensation claims and workers’ compensation claims (the settlement of which would require approval by
the California Workers’ Compensation Appeals Board), (iv) any claim for indemnification under California Labor Code §
2802, the Employment Agreement, the Company’s bylaws or certificate of incorporation, or any agreement providing for indemnification
of Consultant, (v) any claims for coverage under any D&O or other similar insurance policy or (vi) as set forth in Section 5 below.

 

    	 	8	 

     

    

 

3.     Section 1542 Waiver. Consultant understands and agrees that the Released Claims include not only claims presently known to
Consultant, but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action
of every kind and character that would otherwise come within the scope of the Released Claims as described in Section 2, above. Consultant
understands that Consultant may hereafter discover facts different from what Consultant now believes to be true, which if known, could
have materially affected this Agreement, but Consultant nevertheless waives any claims or rights based on different or additional facts.
Consultant knowingly and voluntarily waives any and all rights or benefits that Consultant may now have, or in the future may have, under
the terms of Section 1542 of the California Civil Code, which provides 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. 

 

4.     Covenant Not to Sue. Consultant shall not bring a civil action in any court (or file an arbitration claim) against the Company
or any other Released Party asserting claims pertaining in any manner to the Released Claims. Consultant understands that this Section 4
does not prevent Consultant from filing a charge with or participating in an investigation by a governmental administrative agency; provided,
that, except for awards made pursuant to a government-administered whistleblower award program as set forth in Section 6 below, Consultant
hereby waives any right to receive any monetary award resulting from such a charge or investigation.

 

5.     Protected Rights; Defend Trade Secrets Act Notification.

 

(a)    Consultant is advised and understands
that nothing in this Agreement prevents Consultant from filing a charge with, or participating in an investigation, by or reporting an
alleged violation of law to a governmental administrative agency such as the U.S. Equal Employment Opportunity Commission, the U.S. National
Labor Relations Board, or the U.S. Securities and Exchange Commission; provided, that Consultant waives any right to receive any
monetary award resulting from such a report, charge or investigation, except pursuant to a government administered whistleblower award
program.

 

(b)    The Company hereby provides
Consultant with notice that 18 U.S.C. § 1833(b) states as follows:

 

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

 

Accordingly, notwithstanding anything to the contrary
in this Agreement or in the Company’s Proprietary Information Agreement, Consultant understands that Consultant has the right to
disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting
or investigating a suspected violation of law. Consultant understands that Consultant also has the right to disclose trade secrets in
a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Consultant
understands and acknowledges that nothing in this Agreement nor in the Company’s Proprietary Information Agreement is intended to
conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. §
1833(b).

 

    	 	9	 

     

    

 

6.      Non-admission. The Parties understand and agree that the furnishing of the consideration for this Agreement shall not be deemed
or construed at any time or for any purpose as an admission of liability by the Company. The liability for any and all claims is expressly
denied by the Company.

 

7.      Entire Agreement. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement among the Parties
hereto with regard to the subject matter hereof and thereof. This Agreement is entered into without reliance on any promise or representation,
written or oral, other than those expressly contained or referenced herein.

 

8.      Amendments; Waivers. This Agreement may not be amended except by an instrument in writing, signed by each of the Parties. No failure
to exercise and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the
exercise of any other right, remedy, or power provided herein or by law or in equity.

 

9.      Successors and Assigns. Consultant represents that Consultant has not previously assigned or transferred any claims or rights released
by Consultant pursuant to this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their
respective heirs, successors, attorneys, and permitted assigns. This Agreement shall also inure to the benefit of any Released Party.

 

10.    Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of California, without
regard to conflict of laws provisions. Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement
shall be commenced only in a court of the County of Contra Costa, State of California (or, if appropriate, a federal court located within
California and having jurisdiction of the area including Contra Costa Country), and the Company and Consultant each consents to the jurisdiction
of such a court. The Company and Consultant each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal
proceeding arising under or relating to any provision of this Agreement.

 

11.    Interpretation. This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any
Party. By way of example and not in limitation, this Agreement shall not be construed in favor of the Party receiving a benefit nor against
the Party responsible for any particular language in this Agreement. Captions are used for reference purposes only and should be ignored
in the interpretation of the Agreement.

 

12.    Representation by Counsel. The Parties acknowledge that (i) they have had the opportunity to consult counsel in regard to
this Agreement; (ii) they have read and understand the Agreement and they are fully aware of its legal effect; and (iii) they
are entering into this Agreement freely and voluntarily, and based on each Party’s own judgment and not on any representations or
promises made by the other Party, other than those contained in this Agreement.

 

    	 	10	 

     

    

 

13.    Counterparts. This Agreement may be executed in counterparts. True copies of such executed counterparts may be used in lieu of
an original for any purpose.

 

14.    Effective Date. This Agreement shall become effective as of date of the last signature below (the “Effective Date”).

 

The Parties have duly executed this Agreement
as of the dates noted below.

  

	 	 	 	Date:	 March 10, 2022
	 /s/ William Shaw	 	 	 
	William Shaw	 	 	 
	 	 	 	 	 
	Ekso Bionics Holdings, Inc.	 	 	 
	 	 	 	 	 
	By:	 /s/ Scott Davis	 	Date:	 March 10, 2022
	 	 	 	 	 
	Its:	 President and COO	 	 	 

 

 

 

    	 	11

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