Document:

rpay-ex1014_47.htm

Exhibit 10.14

 

Repay Holdings Corporation (the “Company”)

 

Summary of Non-Employee Director Compensation 

(as of September 20, 2019)

 

 

 

		
	
Annual Cash Retainer 
	
$30,000

	
[Paid quarterly in arrears on October 1, January 1, April 1 and July 1 of each year]
	
 

	
 
	
 

	
Annual Equity Award
	
$170,000

	
Awarded to incumbent directors who are nominated for re-election at the next shareholders’ meeting in the form of restricted stock units, calculated based on the closing price on the date of grant (or the most recent trading day if such date is not a trading day) and rounded down to the nearest whole unit.  Restricted stock units vest on the earlier of (x) the first anniversary of the date of grant and (y) the next regularly scheduled annual shareholder meeting occurring in the year following the year of the date of grant.  Vesting also accelerates upon a change of control or termination from service as a result of the director’s death or disability.  Vested restricted stock units are settled on the earlier of (x) the date the director undergoes a “separation from service” as defined in Section 409A of the Internal Revenue Code and (y) a change of control.
	
 

	
 
	
 

	
Committee Chair Fees 
	
 

	
[Paid quarterly in arrears on October 1, January 1, April 1 and July 1 of each year]
	
 

	
Audit Committee Chairperson 
	
$20,000

	
Compensation Committee Chairperson 
	
$15,000

	
Committee Chairperson (other than Audit and Compensation)
	
$10,000

	
 
	
 

	
Committee Fees 
	
 

	
[Paid quarterly in arrears on October 1, January 1, April 1 and July 1 of each year]
	
 

	
Audit Committee Member  
	
$7,500

	
Committee Member (other than Audit)
	
$5,000

 

***

In addition, the Company will reimburse directors for their reasonable out-of-pocket expenses incurred in connection with attending board and committee meetings.Exhibit 10.1

 

EQUITY COMPENSATION AGREEMENT

 

EQUITY
COMPENSATION AGREEMENT (this “Agreement”), dated October 29, 2019 but effective as of the 26th
day of July 2019 (the “Grant Date”), between BIONlK LABORATORIES CORP., a
corporation incorporated under the laws of the state of Delaware (hereinafter referred to as the “Issuer”) and [_____]
(hereinafter referred to as the “Recipient”, the Issuer and the Recipient being hereinafter referred to as the “Parties”).

 

WHEREAS,
the Recipient is a member of the Board of Directors of the Company; and

 

WHEREAS
the Issuer desires to compensate the Recipient in connection with being a director through certain equity grants made
by the Issuer, to be issued under the terms of this Agreement.

 

NOW,
THEREFORE, THIS AGREEMENT witnesses that the Parties have agreed to the terms and conditions of the equity compensation
to be provided by the Issuer to the Recipient, as set forth below:

 

1.                 
Grant of Stock Option. The Issuer hereby grants stock options with an exercise price per share equal to $3.59 (the
 “Exercise Price”), the fair market value of the underlying shares determined on the Grant Date (the “Options”),
representing the right to acquire [___] shares of the common stock of the Issuer. The Options shall terminate on the seven-year
anniversary of the Grant Date and vest and become exercisable in full on the one-year anniversary of the Grant Date.

 

2.                 
Miscellaneous Provisions.

 

(a)               
Headings. The division of this Agreement into articles and sections and the insertion of headings are for the convenience
of reference only and shall not affect the construction or interpretation of this Agreement.

 

(b)              
Assignment. This Agreement shall be personal as to the Recipient and shall not be assignable by the Recipient subject
to the terms herein. This Agreement shall ensure to the benefit of and be binding upon the heirs, executors, administrators and
legal personal representatives of the Recipient, as applicable, and the successors and permitted assigns of the Issuer.

 

(c)              
Entire Agreement. This Agreement and the documents and agreements referenced herein constitute the entire agreement
between the parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements
between the parties hereto with respect thereto, whether verbal or in writing. There are no other written or verbal representations,
warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory between the parties.

 

(d)               
Amendments. No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed
by both of the parties hereto. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach by any party.

 

     

     

    

 

(e)               
Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part,
such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision
and all other provisions hereof shall continue in full force and effect.

 

(f)                 
Further Acts. The parties shall do all such further acts and things and provide all such assurances and deliver all
such documents in writing as may be required, from time to time in order to fully carry out the terms, provisions and intent of
this Agreement.

 

(g)               
Notice. Any demand, notice or other communication to be given in connection with this Agreement shall be given in
writing by personal delivery, electronic delivery or by registered mail addressed to the Parties as follows:

 

Leslie Markow - CFO Bionik
Laboratories Inc. 483 Bay Street, Office Nl05 Toronto, Ontario MSG 2C9

Telephone: (416) 640-7887
x 508 Email:lm@bioniklabs.com

and

 

[_____]

[_____]

Telephone: [___]

Email: [_____]

 

or such other address,
individual or telecopy number, or by email as may be designated by either party to the other in accordance herewith. Any notice
given by personal delivery will be conclusively deemed to have been given on the day of actual delivery of the notice and, if given
by registered mail, on the third day, other than a Saturday, Sunday or statutory holiday in Ontario, following the deposit of the
notice in the mail. If the party giving any notice knows or ought reasonably to know of any difficulties with the postal system
that might affect the delivery of mail, any such notice may not be mailed but must be given by personal delivery. In the case of
electronic delivery, on the same day that it was sent if sent on a business day and the acknowledgement of receipt is received
by the sender before 5:00 p.m. (in the place of receipt) on such day, and otherwise on the first business day thereafter.

 

(h)              
Jurisdiction. This Agreement shall be governed by and construed m accordance with the laws of the State of
Delaware, without regard to its conflict of law rules.

 

(i)                
Securities, Regulatory Authority Requirement. The Issuer and the Recipient acknowledge that this Agreement
shall be subject to compliance with any applicable rules, regulations and policies of any stock exchange or exchanges on which
any securities of the Issuer may from time to time be listed and any other securities authority having jurisdiction.

 

(j)                
Adjustments. In the event of any stock split or other adjustment with respect
to the common stock of the Issuer, the shares of common stock underlying the Options shall be appropriately adjusted without any
further action on the part of the Recipient, with a corresponding adjustment (if appropriate) to the Exercise Price, in all cases
as if the Options were granted under and are subject to the Issuer’s 2014 Equity Incentive Plan, as amended. Any such determination,
adjustment, interpretation and/or application shall be made by the Board of Directors of the Issuer, which shall control absent
manifest error.

 

[Remainder of Page
Intentionally Left Blank; Signature Page Follows]

 

     

     

    

 

 

IN WITNESS WHEREOF
this Agreement has been executed by the parties hereto as of the date first written above.

 

 

		BIONIK LABORATORIES CORP
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	Name:Exhibit 10.2

 

EQUITY COMPENSATION AGREEMENT

 

EQUITY
COMPENSATION AGREEMENT (this "Agreement"), dated October 15, 2019 but effective as of the 26th day of July,
2019 (the “Grant Date”), between BIONlK LABORATORIES CORP., a corporation
incorporated under the laws of the state of Delaware (hereinafter referred to as the "Issuer”), and Eric Dusseux (hereinafter
referred to as the "Recipient"; the Issuer and the Recipient sometimes being hereinafter referred to as the ”Parties").

WHEREAS,
the Recipient is the CEO and a Director of the Company; and

 

WHEREAS,
the Issuer desires to supplement the compensation of the Recipient in connection with being the CEO and Director of
the Company through certain equity grants to be made by Issuer, to be issued under the terms of this Agreement.

 

NOW,
THEREFORE, THIS AGREEMENT witnesses that the Parties have agreed to the terms and conditions of the equity compensation
to be provided by the Issuer to the Recipient, as set forth below:

 

1.                 
Grant of Initial Stock Option. The Company hereby grants stock options with an exercise price per share equal to
$3.59, the fair market value of the underlying shares determined on the Grant Date) (the " Options"), representing the
right to acquire 115,759 shares of the common stock of the Issuer as soon as practicable following the effective date of this Agreement.
The Options shall terminate on the seven-year anniversary of the Grant Date and vest and become exercisable as follows: (i) 19,293
shares on each of September 1, 2019, September 1, 2020 and September 1, 2021; and (ii) 19,293 shares on September 1, 2019, 19,293
shares on September 1, 2020, and 19,294 shares on September 1, 2021 based on the Recipient’s achievement of annual performance
goals to be established by the Compensation Committee of the Board of Directors of the Issuer in consultation with the Recipient.

 

 

The
extent to which each separate tranche becomes vested shall be determined by reference to the Recipients annual performance as measured
by reference to the performance targets set for that performance period. In the event a specific tranche is not fully vested, that
tranche shall not be forfeited, but shall remain outstanding , and may become vested as a result of the Recipients future performance
at an above target level or as a result of accelerated vesting on the occurrence of any other event that triggers accelerated vesting
under this Agreement.

 

2.                  
Accelerated Vesting. Notwithstanding anything herein to the contrary, the Option, including any portion that is subject
to vesting based on the period of the Recipient' s

 

service
and any portion that is subject to vesting on the basis of performance, shall be fully vested on the occurrence of any of the following
conditions:

 

(a)               
A Change in Control (as defined in the 2014 Equity Incentive Plan, as amended); provided, however, that a Change in Control
shall also include a transaction affecting Bionik Laboratories Inc., a Canada corporation and indirect subsidiary of the Issuer
(“Bionik Canada”), that would constitute a Change in Control by applying that definition as though Bionik Canada were
the Issuer);

 

     

     

    

 

(b)              
Termination of the Recipient’s Employment Agreement (the “Employment Agreement”) or any other similar
change that would constitute or be tantamount to a separation from service (as that phrase is used for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the "Code"), other than where such termination is by the Issuer for
Cause (as defined in the Employment Agreement) or where such termination is by reason of the Recipient's voluntary resignation
other than for Good Reason'' (as defined in the Employment Agreement).

 

		3.	Miscellaneous Provisions.

 

(a)                
Headings. The division of this Agreement into articles and sections and the insertion of headings are for the convenience
of reference only and shall not affect the construction or interpretation of this Agreement.

 

(b)               
Assignment. This Agreement shall be personal as to the Recipient and shall not be assignable by the Recipient subject
to the terms herein. This Agreement shall inure to the benefit of and be binding upon the heirs, executors, administrators and
legal personal representatives of the Recipient, and the successors and permitted assigns of the Issuer.

 

(c)               
Entire Agreement. This Agreement and the documents and agreements referenced herein constitute the entire agreement
between the parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements
between the parties hereto with respect thereto, whether verbal or in writing. There are no other written or verbal representations,
warranties, terms, conditions, unde1takings or collateral agreements, express, implied or statutory between the parties.

 

(d)               
Amendments. No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed
by both of the parties hereto. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach by any party.

 

(e)               
Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part,
such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision
and all other provisions hereof shall continue in full force and effect.

 

(f)                 
Further Acts. The parties shall do all such further acts and things and provide all such assurances and deliver all
such documents in writing as may be required, from time to time in order to fully carry out the terms, provisions and intent of
this Agreement.

 

(g)               
Notice. Any demand, notice or other communication to be given in connection with this Agreement shall be given in
writing by personal delivery, electronic delivery or by registered mail addressed to the Parties as follows:

 

Leslie Markow - CFO

Bionik
Laboratories Inc.

483 Bay Street, Office Nl05

Toronto, Ontario MSG 2C9

Telephone: (416) 640-7887
x 508

Email:lm@bioniklabs.com

and

 

Eric Dusseux

c/o Bionik Laboratories Inc.

483 Bay St N105, Toronto, ON Canada M5G 2C9

 

     

     

    

 

or
such other address, individual or telecopy number, or by email as may be designated by either party to the other in accordance
herewith. Any notice given by personal delivery will be conclusively deemed to have been given on the day of actual delivery of
the notice and, if given by registered mail, on the third day, other than a Saturday, Sunday or statutory holiday in Ontario, following
the deposit of the notice in the mail. If the party giving any notice knows or ought reasonably to know of any difficulties with
the postal system that might affect the delivery of mail, any such notice may not be mailed but must be given by personal delivery.
In the case of electronic delivery, on the same day that it was sent if sent on a business day and the acknowledgement of receipt
is received by the sender before 5:00 p.m. (in the place of receipt) on such day, and otherwise on the first business day thereafter.

 

(h)               
Jurisdiction. This Agreement shall be governed by and construed m accordance with the laws of the State of Delaware,
without regard to its conflict of law rules.

 

(i)                
Securities Regulatory. Authority Requirement. The Issuer and the Recipient acknowledge that this Agreement
shall be subject to compliance with any applicable rules, regulations and policies of any stock exchange or exchanges on which
any securities of the Issuer may from time to time be listed and any other securities authority having jurisdiction.

 

(j)                
Time of the Essence. Time shall be of the essence in this Agreement.

 

[Remainder of Page Intentionally
Left Blank; Signature Page Follows]

 

     

     

    

 

 

IN
WITNESS WHEREOF this Agreement has been executed by the Parties hereto as of the date first written above.

 

		BIONIK LABORATORIES CORP
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	ERIC DUSSEUX

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