Document:

EX-10.1

 Exhibit 10.1 

GALECTO, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

The purpose of this Non-Employee Director Compensation Policy of Galecto, Inc. (the “Company”), is to
provide a total compensation package that enables the Company to attract and retain, on a long- term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries. In furtherance of the purpose stated above, all
non-employee directors shall be paid compensation for services provided to the Company as set forth below: 
 Cash Retainers 

Annual Retainer for Board Membership: $40,000 for general availability and participation in meetings and conference calls of our Board of Directors, to
be paid quarterly in arrears, pro-rated based on the number of actual days served by the director during such calendar quarter. 

Additional Annual Retainer for Non-Executive Chair of the Board: $35,000 

Additional Retainers for Committee Membership: 
  

					
	 Audit Committee Chair:
	  	$	10,000	 
	 Audit Committee member:
	  	$	10,000	 
	 Compensation Committee Chair:
	  	$	7,500	 
	 Compensation Committee member:
	  	$	7,500	 
	 Nomination and Corporate Governance Committee Chair:
	  	$	5,000	 
	 Nomination and Corporate Governance Committee member:
	  	$	5,000	 

 Note: Chair and committee member retainers are in addition to the annual retainer for Board membership. 

Equity Retainers 
 Initial Award: An
initial, one-time equity award (the “Initial Award”) of an option to purchase 18,000 shares of our common stock to each new non-employee director upon his or
her election to the Board of Directors, which shall vest in 36 equal monthly installment from the date of vesting commencement, provided, however, that all vesting shall cease upon the cessation of the director’s service relationship with the
Company; provided, however, that the Initial Award shall immediately vest upon a Sale Event (as defined in the 2020 Incentive Plan). This Initial Award applies only to non-employee directors who are first
elected to the Board of Directors subsequent to the Company’s initial public offering. Such stock option shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2020 Incentive Plan) of the
Company’s common stock on the date of grant. 

  
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 Annual Award: On each date of the Company’s Annual Meeting of Stockholders (the “Annual
Meeting”), each new and continuing non-employee member of the Board of Directors will receive an annual equity award (the “Annual Award”) of an option to purchase 18,000 shares of our common
stock, which shall vest in 12 equal monthly installments commencing on the date of grant such that the Annual Award shall be fully vested upon the first anniversary of the date of grant; provided, however, that the Annual Award shall immediately
vest upon a Sale Event (as defined in the 2020 Incentive Plan); provided, further, that all vesting shall cease if the director resigns from the Board of Directors or otherwise ceases to serve as a director, unless the Board of Directors determines
that the circumstances warrant continuation or acceleration of vesting. New directors who join the Board of Directors on a date that is not the date of the Annual Meeting shall be granted an Annual Award prorated for the number of full months of
expected service until the next Annual Meeting; such options shall vest in 12 equal monthly installments commencing on the date of grant. Notwithstanding the above and for the avoidance of doubt, a
non-employee director who was a non-employee director of the Company and who received an equity grant in 2020 prior to the effectiveness of the Company’s
Registration Statement on Form S-1 shall not be eligible for an Annual Award in 2021. The Annual Award shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s
2020 Incentive Plan) of the Company’s common stock on the date of grant. 
 Expenses 

The Company will reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board or any Committee. 

Adopted October 20, 2020, subject to effectiveness of the Company’s Registration Statement on Form S-1, and
revised November 19, 2020. 

  
 2EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT 

This Second Amendment to Employment Agreement (this “Amendment”), is made effective as of November 17, 2020 (the
“Effective Date”) by and between GEOSPACE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”), and Michael J. Sheen (“Employee”). 

RECITALS 
 WHEREAS, the
parties entered into that certain Employment Agreement (the “Agreement”) dated as of August 1, 1997, as amended; and 

WHEREAS, the parties wish to further amend the Agreement as provided below. 

AGREEMENT 
 NOW THEREFORE,
in consideration of the premises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

 

	 	1.	 Amendments. Section 3.3.4 of the Agreement is hereby amended and restated in its entirety to
provide as follows effective as of the Effective Date: 

 “3.3.4 Notwithstanding the above provisions to the contrary,
in the event that the Employee is subject to the Excise Tax the amounts payable under this Section 3.3 will be determined under this Section 3.3.4 as provided below: 

3.3.4.1    Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit by or from the
Company or any of its affiliates to or for the benefit of the Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise would be subject to the Excise Tax (as hereinafter defined) (all
such payments and benefits being collectively referred to herein as the “Payments”), then except as otherwise provided in Section 3.3.4.2, the Payments shall be reduced (but not below zero) or eliminated (as further provided for in
Section 3.3.4.3) to the extent the Independent Tax Advisor (as hereinafter defined) shall reasonably determine is necessary so that no portion of the Payments shall be subject to the Excise Tax. 

3.3.4.2    Notwithstanding the provisions of Section 3.3.4.1, if the Independent Tax Advisor reasonably determines
that the Employee would receive, in the aggregate, a greater amount of the Payments on an after-tax basis (including all applicable federal, state, and local income, employment and other applicable taxes and
the Excise Tax) if the Payments were not reduced or eliminated pursuant to Section 3.3.4.1, then no such reduction shall be made notwithstanding that all or any portion of the Payments may be subject to the Excise Tax. 

  
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 3.3.4.3    For purposes of determining which of Section 3.3.4.1
and Section 3.3.4.2 shall be given effect, the determination of which Payments shall be reduced or eliminated to avoid the Excise Tax shall be made by the Independent Tax Advisor, provided that the Independent Tax Advisor shall reduce or
eliminate, as the case may be, the Payments in the following order (and within the category described in each of the following Sections 3.3.4.3.1 through 3.3.4.3.5, in reverse order beginning with the Payments which are to be paid farthest in time
except as otherwise provided in Section 3.3.4.3.4): 
 3.3.4.3.1    by first reducing or
eliminating the portion of the Payments otherwise due which are not payable in cash (other than that portion of the Payments subject to Sections 3.3.4.3.4 and 3.3.4.3.5); 

3.3.4.3.2    then by reducing or eliminating the portion of the Payments otherwise due and which are
payable in cash (other than that portion of the Payments subject to Sections 3.3.4.3.3, 3.3.4.3.4 and 3.3.4.3.5); 

3.3.4.3.3    then by reducing or eliminating the portion of the Payments otherwise due under
Section 3.3.2; 
 3.3.4.3.4    then by reducing or eliminating the portion of the Payments
otherwise due that represent equity-based compensation, such reduction or elimination to be made in reverse chronological order with the most recent equity-based compensation awards reduced first; and 

3.3.4.3.5    then by reducing or eliminating the portion of the Payments otherwise due under
Section 3.3.3. 
 3.3.4.4    The Independent Tax Advisor shall provide its determinations, together with detailed
supporting calculations and documentation, to the Company and the Employee for their review no later than ten (10) days after the Date of Termination. The determinations of the Independent Tax Advisor under this Section 3.3.4 shall, after
due consideration of the Company’s and the Employee’s comments with respect to such determinations and the interpretation and application of this Section 3.3.4, be final and binding on all parties hereto absent manifest error. The
Company and the Employee shall furnish to the Independent Tax Advisor such information and documents as the Independent Tax Advisor may reasonably request in order to make the determinations required under this Section 3.3.4. 

3.3.4.5    For purposes of this Section 3.3.4, “Independent Tax Advisor” shall mean a lawyer with a
nationally recognized law firm, a certified public accountant with a nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm, in each case with expertise in the area of
executive compensation tax law, who shall be selected by the Company and shall be acceptable to the Employee (the Employee’s acceptance not to be unreasonably withheld), and all of whose fees and disbursements shall be paid by the Company. 

  
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 3.3.4.6    As used in this Agreement, the term “Excise Tax”
means, collectively, the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), together with any interest thereon, any penalties, additions to tax, or additional amounts
with respect to such excise tax, and any interest in respect of such penalties, additions to tax or additional amounts. 
  

	 	2.	 Entire Agreement; No Further Amendment. This Amendment constitutes the entire agreement among the
parties with respect to the subject matter hereof. Except as modified hereby, the Agreement, as amended, remains in full force and effect. 

  

	 	3.	 Governing Law. THIS AMENDMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS (WITH THE EXCEPTION OF
ITS CONFLICT OF LAWS PROVISIONS). 

  

	 	4.	 Binding Effect. Except as herein otherwise specifically provided, this Amendment shall be binding upon
and inure to the benefit of the parties and their legal representatives, heirs, administrators, executors, successors and assigns. 

  

	 	5.	 Construction of Amendment. The language used in this Amendment will be deemed to be the language chosen
by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 

  

	 	6.	 Capitalized Terms. Unless expressly stated otherwise, capitalized terms appearing in this Amendment
shall have the same meaning as set forth in the Agreement. 

  

	 	7.	 Captions. Captions contained in this Amendment are inserted only as a matter of convenience and in no
way define, limit or extend the scope or intent of this Amendment or any provision hereof. 

  

	 	8.	 Effect of Invalid Provision. If any provision of this Amendment, or the application of such provision to
any person or circumstance, shall be held invalid, the remainder of this Amendment, or the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 

 

	 	9.	 Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall be deemed to constitute one instrument. 

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LEFT BLANK] 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Amendment, in the case of the
Company by its duly authorized officer, effective as of the date first above written. 
  

			
	“COMPANY”
	
	GEOSPACE TECHNOLOGIES CORPORATION
		
	By:	 	 /s/ Walter R. Wheeler

	Name:	 	Walter R. Wheeler
	Title:	 	President and Chief Executive Officer
	
	Address:
	7007 Pinemont Drive
	Houston, Texas 77040-6601
	Fax: 713-986-4445
	
	“EMPLOYEE”
	
	 /s/ Michael J. Sheen

	Michael J. Sheen
	
	Address:
	  

	  

	  

 SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT 

SIGNATURE PAGE

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