Document:

Exhibit 10.1

 

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation Agreement
(this “Agreement”), dated as of January 26, 2022 (the “Agreement Date”) is entered into by and between HARVARD
BIOSCIENCE, INC. (the “Company”) and KEN OLSON (“Employee,” and, together with the Company, the “Parties”).
All capitalized terms not defined herein shall be given the definition as provided in the Parties’ September 18, 2019 letter agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises and obligations contained herein and intending to be legally bound hereby, the Parties agree as follows:

 

1.          The
Parties acknowledge and agree that Employee’s last day as Chief Operating Officer (“COO”) of the Company shall be January
31, 2022 (the “COO Termination Date”). As of the COO Termination Date, Employee’s authority to act on behalf of the
Company will end and he shall no longer report to the office, unless, upon reasonable notice, requested by the Chief Executive Officer
or another senior executive. However, Employee shall be required to provide remote assistance on projects and transition of duties through
December 31, 2022, unless earlier terminated by the Company under Paragraph 2(a)(i) or 2(a)(ii) or by Employee (the “Termination
Date”). From the COO Termination Date until the Termination Date, Employee shall continue to receive the Base Salary that he received
as of the COO Termination Date. Employee shall remain employed and a participant in all benefits plans until the Termination Date. The
Parties further acknowledge and agree that the removal of Employee’s COO title shall be a Good Reason event for purposes of any
outstanding equity awards and that such termination for Good Reason shall be deemed to take effect on the Termination Date.

 

2.          In
consideration of Employee executing this Agreement within a twenty-one day period immediately following receipt of this Agreement (and
not revoking acceptance prior to the Release Effective Date, defined below) and Employee’s continued compliance with this Agreement,
the Company agrees:

 

(a)      
To continue to employ and pay Employee’s Base Salary in effect at the COO Termination Date, in regular payroll installments,
through the Termination Date, notwithstanding the removal of Employee’s regular duties; provided that the Company may immediately
terminate Employee and cease paying the Base Salary if (i) Employee breaches this Agreement, including by failing to provide the remote
assistance and cooperation to the Company described in Paragraph 1 herein, or (ii) Employee breaches either of Confidentiality and Noncompetition
Agreement between Employee and the Company dated October 7, 2019 (the “Confidentiality Agreement”) or the Inventions and Intellectual
Property Agreement between the Company dated October 7, 2019 (the “Inventions Agreement”).

 

3.          Employee agrees and acknowledges that the payments provided for in Paragraph 2 exceed any payments to which he would
otherwise be entitled under any policy, plan, and/or procedure of the Company or any agreement with the Company absent signing this Agreement.
Employee agrees and acknowledges that he has received all payments and compensation to which he is entitled, and he is not owed any other
money or compensation for work performed. Employee agrees and acknowledges that he shall not receive any bonus for 2022 or further equity
not granted as of the Agreement Date. Employee agrees and acknowledges that no equity awards shall vest after the Termination Date.

 

     

     

    

 

4.         
Employee shall have up to twenty-one (21) days from the date of his receipt of this Agreement to consider the terms and
conditions of this Agreement. Employee may accept this Agreement at any time within the twenty-one (21) day period by executing it and
returning it to Lori Packer (lpacker@harvardbioscience.com) by email .pdf. Thereafter, Employee will have seven (7) days to revoke this
Agreement by stating his desire to do so in writing (which may be by email) to Lori Packer (lpacker@harvardbioscience.com) no later than
5:00 p.m. on the seventh (7th) day following the date Employee signs this Agreement (as set forth below his signature). The
effective date of this Agreement shall be the eighth (8th) day following Employee’s signing of this Agreement (the “Release
Effective Date”), provided the Employee does not revoke the Agreement during the revocation period. In the event Employee does not
accept this Agreement as set forth above, or in the event Employee revokes this Agreement during the revocation period, this Agreement,
including but not limited to the obligation of the Company and its subsidiaries and affiliates to provide the payments referred to in
Section 2 above, shall automatically be deemed null and void.

 

5.          (a)       In
consideration of the payments referred to in Section 2 above, Employee for himself and for his heirs, executors, and assigns (hereinafter
collectively referred to as the “Releasors”), forever releases and discharges the Company and any and all of its parent corporations,
subsidiaries, divisions, affiliated entities, predecessors, successors and assigns, and any and all of its and their employee benefit
and/or pension plans and funds, and any and all of its and their past or present officers, directors, stockholders, partners, managers,
members, agents, trustees, administrators, employees and assigns (whether acting as agents for such entities or in their individual capacities)
(hereinafter collectively referred to as the “Releasees”), from any and all claims, demands, causes of action, fees and liabilities
of any kind whatsoever (based upon any legal or equitable theory, whether contractual, common-law, statutory, decisional, federal, state,
local or otherwise), whether known or unknown, which Releasors ever had, now have or may have against the Releasees or any of them by
reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter from the beginning of the
world to the date Employee signs this Agreement (as set forth below his signature).

 

(b)       Without
limiting the generality of the foregoing subsection (a), this Agreement is intended to and shall release the Releasees from any and all
claims arising out of Employee’s employment with Releasees and/or the termination of Employee’s employment, including but
not limited to: (i) any claims of discrimination or harassment in employment on the basis of age, religion, gender, sexual orientation,
race, national origin, disability or any other legally protected characteristic, and of retaliation, under, without limitation, Title
VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment
Act, the Equal Pay Act, and all other federal, state and local equal employment opportunity and fair employment practice laws (all as
amended); (ii) any claims under the Employee Retirement Income Security Act of 1974 (except as set forth below), the Family and Medical
Leave Act and state and local laws of similar effect, the National Labor Relations Act, Workers Adjustment and Retraining Notification
Act, and other state and local laws of similar effect (all as amended); and (iii) any other claim (whether based on federal, state, or
local law, statutory or decisional) relating to or arising out of Employee’s employment, the terms and conditions of such employment,
and/or the termination or separation of such employment, and/or any of the events and decisions relating directly or indirectly to or
surrounding the termination of that employment, including but not limited to claims for breach of contract (express or implied), wrongful
discharge, detrimental reliance, defamation, whistleblowing, harassment, retaliation, mental distress, emotional distress, physical injury,
humiliation or compensatory or punitive damages.

 

    2 

     

    

 

(c)       Notwithstanding
the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing a charge with or participating in an investigation
conducted by any governmental agency, including, without limitation, the United States Equal Employment Opportunity Commission (“EEOC”)
or applicable state or city fair employment practices agency or the Securities and Exchange Commission (“SEC”), to the extent
required or permitted by law. Nevertheless, Employee understands and agrees that he is waiving any relief available (including, for example,
monetary damages or reinstatement), under any of the claims and/or causes of action waived in Sections 5(a) and (b), including but not
limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by the EEOC with respect to any claims
released and waived in this Agreement.

 

(d)      
Nothing in this Agreement shall be construed to waive, release or discharge any rights that Employee has to corporate indemnification
or insurance coverage by the Company or its insurers.

 

6.          (a)       Employee
agrees that, upon the execution of this Agreement by the parties and upon the Release Effective Date of this Agreement, he has no claims
against the Company and is not aware of any unlawful conduct by the Company. Employee agrees that he will not disparage (or induce or
encourage others to disparage) the Company or the Releasees. The Company agrees that it will not publicly disparage (or induce or encourage
others to publicly disparage) Employee. For purposes of the preceding sentence only, the Company shall mean Employee officers or directors
of the Company. The Parties further agree that all reference inquiries regarding Employee and his employment shall be referred to Human
Resources, who shall provide only dates of employment.

 

(b)       Employee acknowledges that he has returned to the Company, or at the Company’s election destroyed, any and all originals
and copies of documents, materials, records, credit cards, keys, building passes, computers, cell phones and other electronic devices
or other items in his possession or control belonging to the Company or containing confidential information relating to the Company. Employee
acknowledges that he has received all personal property from the Company and no such property contains confidential information.

 

7.          The
terms and conditions of this Agreement are and shall be deemed to be confidential and shall not be disclosed by Employee to any person
or entity without the prior written consent of the Company, and to Employee’s accountants or tax preparers, attorneys, and licensed
financial advisors provided that they agree to maintain the confidentiality of this Agreement. Employee further represents that he has
not disclosed the terms and conditions of this Agreement to anyone other than to the aforementioned persons. Employees acknowledges and
agrees that the Confidentiality Agreement and the Inventions Agreement remain in full force and effect on their terms.

 

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8.         
The making of this Agreement is not intended, and shall not be construed, as an admission that the Releasees have violated
any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract, or committed any wrong whatsoever
against Employee. The parties agree that this Agreement may not be used as evidence in a subsequent proceeding except in a proceeding
to enforce the terms of this Agreement.

 

9.         
Employee acknowledges that: (a) he has carefully read this Agreement in its entirety; (b) he has had an opportunity to consider
fully the terms of this Agreement and been given twenty-one (21) days to consider its terms; (c) he has been advised by the Company
in writing to consult with an attorney of his choosing in connection with this Agreement; (d) he fully understands the significance of
all of the terms and conditions of this Agreement and he has discussed it with his independent legal counsel, or has had a reasonable
opportunity to do so; (e) he has had answered to his satisfaction any questions he has asked with regard to the meaning and significance
of any of the provisions of this Agreement; and (f) he is signing this Agreement voluntarily and of his own free will and assents to all
the terms and conditions contained herein.

 

10.      
  This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators,
successors and assigns.

 

11.       
If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, void, or unenforceable,
such provision shall be of no force and effect. However, the illegality or unenforceability of such provision shall have no effect upon,
and shall not impair the enforceability of, any other provision of this Agreement; provided, however, that, upon any finding by a court
of competent jurisdiction that any of the release or covenants provided for by Section 5, 6, and/or 7 above is illegal, void, or unenforceable,
Employee agrees to execute a release, waiver and/or covenant with substantially similar provisions that is legal and enforceable. Any
breach of Sections 5, 6, and/or 7 above by Employee shall constitute a material breach of this Agreement as to which the Company may seek
appropriate relief and shall entitle Company to cease continuing payments under Section 2.

 

12.       
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota,
without regard to the conflict of laws provisions thereof. Actions to enforce the terms of this Agreement, or that relate to Employee’s
employment with the Company shall be submitted to the exclusive jurisdiction of any state or federal court sitting in Minnesota.

 

13.        
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together
shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other party. Facsimile or .pdf signatures shall have the same force and effect as original signatures.

 

14.       
This Agreement constitutes the complete understanding between the parties with respect to the separation of Employee’s
employment at the Company and supersedes any and all agreements, understandings, and discussions, whether written or oral, between the
parties. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by each of the
parties hereto.

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the 26th day of January, 2022.

 

	Ken Olson	 	Harvard Bioscience, Inc.	 
	 	 	 	 
	/s/ Ken Olson	 	/s/ Michael A. Rossi	 
	Signature of Employee	 	Signature of Authorized Representative	 
	 	 	 	 
	January 27, 2022	 	January 26, 2022	 
	Date	 	DateExhibit 10.1
​
BELLEROPHON THERAPEUTICS, INC.
Restricted Stock Unit Grant Notice
Restricted Stock Unit Award Grant under the Company’s
2015 Equity Incentive Plan
	Name of recipient (the “Participant”):
	​

	Grant Date of this restricted stock unit award (the “Grant Date”):
	​

	Number of shares of the Company’s Common Stock subject to this restricted stock unit award (the “Restricted Shares”):
	​

	Number, if any, of shares of Common Stock that vest immediately on the Grant Date:
	​

	Shares of Common Stock that are subject to vesting schedule:
	​

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		Vesting of Award:    
	This Restricted Stock Unit Award shall vest as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:

Vesting Schedule
	Vesting Date:
	Number of Shares of Common Stock Vesting: 

	​
	​

 ​
The Company and the Participant acknowledge receipt of this Restricted Stock Unit Award Grant Notice and agree to the terms of the Restricted Stock Unit Agreement attached hereto and incorporated by reference herein, the Company’s 2015 Equity Incentive Plan and the terms of this Restricted Stock Unit Award as set forth above.
​
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	​
	BELLEROPHON THERAPEUTICS, INC.

		​
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	Signature of Participant
	​
	
	​
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	By:
	
	Street Address
	​
	Name of Officer: 

	​
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	​
	Title: 

	City/State/Zip Code
	​
	​

​

BELLEROPHON THERAPEUTICS, INC.
RESTRICTED STOCK UNIT AGREEMENT
INCORPORATED TERMS AND CONDITIONS
​
AGREEMENT (this “Agreement”) made as of the date of grant set forth in the Restricted Stock Unit Award Grant Notice between Bellerophon Therapeutics, Inc. (the “Company”), a Delaware corporation, and the individual whose name appears on the Restricted Stock Unit Award Grant Notice (the “Participant”).
WHEREAS, the Company has adopted the 2015 Equity Incentive Plan (the “Plan”), to promote the interests of the Company by providing an incentive for Employees, directors and Consultants of the Company and its Affiliates;
WHEREAS, pursuant to the provisions of the Plan, the Company desires to grant to the Participant restricted stock units (“RSUs”) related to the Company’s common stock, $0.01 par value per share (“Common Stock”), in accordance with the provisions of the Plan, all on the terms and conditions hereinafter set forth; and
WHEREAS, the Company and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms in the Plan.
NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Grant of Award.
The Company hereby grants to the Participant an award for the number of RSUs set forth in the Restricted Stock Unit Award Grant Notice (the “Award”).  Each RSU represents a contingent entitlement of the Participant to receive one share of Common Stock, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference.  The Participant acknowledges receipt of a copy of the Plan.
2.Vesting of Award.
(a)Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Restricted Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan.  On each vesting date set forth in the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive such number of shares of Common Stock equivalent to the number of RSUs as set forth in the Restricted Stock Unit Award Grant Notice provided that the Participant is employed or providing service to the Company or an Affiliate on such vesting date.  Such shares of Common Stock shall thereafter be delivered by the Company to the Participant within five business days of the applicable vesting date and in accordance with this Agreement and the Plan.
(b)Except as otherwise set forth in this Agreement, if the Participant ceases to be employed or providing services for any reason to the Company or an Affiliate (the “Termination”) prior to a vesting date set forth in the Restricted Stock Unit Award Grant Notice, then as of the date on which the Participant’s employment or service terminates, all unvested RSUs shall immediately be forfeited to the Company and this Agreement shall terminate and be of no further force or effect.
3.Prohibitions on Transfer and Sale.
This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock splits or any other similar transaction affecting the Company’s securities without receipt of consideration) shall not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder.  Except as provided in the previous sentence, the shares of Common Stock to be issued pursuant to this 

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Agreement shall be issued, during the Participant’s lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant’s guardian or representative).  This Award shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Award or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon this Award shall be null and void.
4.Adjustments.
The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies such as stock splits.  Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference.
5.Securities Law Compliance.
The Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made in accordance with the requirements of the Securities Act of 1933, as amended.  The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder.  The Company intends to maintain this registration statement but has no obligation to do so.  If the registration statement ceases to be effective for any reason, Participant will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available.  Furthermore, despite registration, applicable securities laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant’s affiliation with the Company.  The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation.
6.Rights as a Stockholder.
The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to the RSUs subject to this Agreement.
7.Incorporation of the Plan.
The Participant specifically understands and agrees that the RSUs and the shares of Common Stock to be issued under the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she agrees to be bound.  The provisions of the Plan are incorporated herein by reference.
8.Tax Liability of the Participant and Payment of Taxes.
The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall be the Participant’s responsibility.  Without limiting the foregoing, the Participant agrees that if under applicable law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from the Participant of the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation. Any taxes or other amounts due shall be paid, at the option of the Administrator as follows:
(a)through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date in an amount equal to the statutory minimum of the Participant’s total tax and other withholding obligations due and payable by the Company.  Fractional shares will not be retained to satisfy any portion of the Company’s withholding obligation.  Accordingly, the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share being owed, that amount will be satisfied by withholding the fractional amount from the Participant’s paycheck;

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(b)requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required to be withheld with respect to the statutory minimum amount of the Participant’s total tax and other withholding obligations due and payable by the Company or otherwise withholding from the Participant’s paycheck an amount equal to such amounts due and payable by the Company; or
(c)if the Company believes that the sale of shares can be made in compliance with applicable securities laws, authorizing, at a time when the Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable vesting date of such number of shares of Common Stock as the Company instructs a registered broker to sell to satisfy the Company’s withholding obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company to satisfy its withholding obligation.  To the extent the proceeds of such sale exceed the Company’s withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable.  In addition, if such sale is not sufficient to pay the Company’s withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of shares of Common Stock.  The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale.  The Participant acknowledges that the Company and the broker are under no obligation to arrange for such sale at any particular price.  In connection with such sale of shares of Common Stock, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock and payment of the withholding obligation to the Company.  The Participant acknowledges that this paragraph is intended to comply with Section 10b5-1(c)(1)(i)(B) under the Exchange Act.
It is the Company’s intention that the Participant’s tax obligations under this Section 8 shall be satisfied through the procedure of Subsection (c) above, unless the Company provides notice of an alternate procedure under this Section, in its discretion.  The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been made.
9.Participant Acknowledgements and Authorizations.
The Participant acknowledges the following:
(a)The Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate.
(b)The Plan is discretionary in nature and may be suspended or terminated by the Company at any time.
(c)The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of awards or any other benefits in the future.
(d)The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any.
(e)The value of this Award is an extraordinary item of compensation outside of the scope of the Participant’s employment or consulting contract, if any.  As such the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.  The future value of the shares of Common Stock is unknown and cannot be predicted with certainty.
(f)The Participant (i) authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of the Award and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

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10.Notices.
Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:
If to the Company:
Bellerophon Therapeutics, Inc.
184 Liberty Corner Road, Suite 302
Warren, New Jersey 07059
​
If to the Participant at the address set forth on the Restricted Stock Unit Award Grant Notice or to such other address or addresses of which notice in the same manner has previously been given.  Any such notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender to a recognized courier service, or three business days following mailing by registered or certified mail.
11.Assignment and Successors.
(a)This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives.
(b)This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
12.Governing Law.
This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles thereof.  For the purpose of litigating any dispute that arises under this Agreement, whether at law or in equity, the parties hereby consent to exclusive jurisdiction in the state of Delaware and agree that such litigation shall be conducted in the state courts of the state of Delaware or the federal courts of the United States for the District of Delaware.
13.Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this Agreement shall not be affected thereby.
14.Entire Agreement.
This Agreement, together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject to and governed by the Plan.
15.Modifications and Amendments; Waivers and Consents.
The terms and provisions of this Agreement may be modified or amended as provided in the Plan.  Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent 

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shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
16.Section 409A.
The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules of Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance issued under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.
17.Data Privacy.
120904799v.1​

By entering into this Agreement, the Participant:  (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information, and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

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