Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 

REPORTING EXTENSION AGREEMENT 

This REPORTING EXTENSION AGREEMENT (this “Agreement”), is dated as of March 14, 2019 (the
“Effective Date”), by and among WAGEWORKS, INC., a Delaware corporation (the “Borrower”), the several financial institutions from time to time party to the Credit Agreement (as defined below), as lenders (the
“Lenders”), and MUFG UNION BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Agent”) and as Swing Line Lender and L/C Issuer. 

BACKGROUND 

A.    Borrower, Lenders and Agent are parties to the Second Amended and Restated Credit Agreement, dated as of
April 4, 2017, as amended, modified, supplemented, extended or restated from time to time (collectively, the “Credit Agreement”), pursuant to which the Lenders have agreed, subject to and on the terms and conditions set forth
therein, to make certain loans and other credit accommodations to or for the benefit of Borrower. 
 B.    Pursuant to
the Credit Agreement, after giving effect to the Reporting Extension Agreements, dated as of March 22, 2018 and June 28, 2018, each by and among Borrower, the Required Lenders and Agent (the “Existing Extension
Agreements”), on or before March 16, 2019, among other things: 
 i.    Borrower is required to deliver to
Agent and the Lenders, (a) Borrower’s restated audited consolidated financial statements (as described in Section 7.01(a) of the Credit Agreement) for the fiscal year ending December 31, 2016 (the
“FY2016 Audited Restated Financial Statements”) and (b) accompanying amended and restated Compliance Certificate (“FY2016 Restated Compliance Certificate”); 

ii.    Borrower is required to deliver to Agent and the Lenders, (a) Borrower’s audited consolidated financial
statements for the fiscal year ending December 31, 2017 (the “FY2017 Audited Financial Statements”) and (b) accompanying amended and restated Compliance Certificate (“FY2017 Compliance Certificate”); 

iii.    Borrower is required to have filed with the SEC, and delivered to Agent and the Lenders, Borrower’s Form 10-K Annual Report for the fiscal year ending December 31, 2017, which shall include presentation of the FY2016 Audited Restated Financial Statements (the
“FY2017 10-K”); 
 iv.    Borrower is required to deliver
to Agent and the Lenders, (a) Borrower’s restated consolidated financial statements (as described in Section 7.01(b) of the Credit Agreement) for the fiscal quarters ending March 31, 2016, June 30, 2016,
September 30, 2016, March 31, 2017, June 30, 2017 and September 30, 2017 (“FY2016 and FY2017 Quarterly Restated Financial Statements”) and (b) accompanying amended and restated Compliance Certificates
(“FY2016 and FY2017 Quarterly Restated Compliance Certificates”); 
 v.    Borrower is required to
deliver to Agent and the Lenders, (a) Borrower’s consolidated financial statements (as described in Section 7.01(b) of the Credit Agreement) for the fiscal quarters ending March 31, 2018, June 30, 2018
and September 30, 2018 (“FY2018 Quarterly Financial Statements”) and (b) accompanying amended and restated Compliance Certificates (“FY2018 Quarterly Compliance Certificates”); 

vi.    Borrower is required to have filed with the SEC, and delivered to Agent and the Lenders, Borrower’s Form 10-Q Quarterly Reports for the fiscal quarters ending March 31, 2018, June 30, 2018 and September 30, 2018 (the “FY 2018 10-Qs”); 

 vii.    Borrower is required to deliver to Agent and the Lenders,
(a) Borrower’s audited consolidated financial statements for the fiscal year ending December 31, 2018 (“FY2018 Audited Financial Statements”) and (b) accompanying Compliance Certificate (“FY2018
Compliance Certificate”); and 
 viii.    Borrower is required to have filed with the SEC, and delivered to
Agent and the Lenders, Borrower’s Form 10-K Annual Report for the fiscal year ending December 31, 2018 (the “FY2018 10-K”). 

C.    Borrower has delivered to Agent and the Lenders, Borrower’s unaudited consolidated balance sheet as of the end
of Borrower’s fiscal year ending December 31, 2018, and the related unaudited consolidated statements of income or operations, retained earnings, changes in stockholders’ equity and cash flows for such fiscal year, prepared in
accordance with GAAP, subject only to audit adjustments and the absence of footnotes (the “FY2018 Internally Prepared Financial Statements”). 

D.    Borrower has delivered to Agent and the Lenders notice that Borrower is not able to comply with, and intends not to
comply with, the foregoing reporting requirements of Sections 7.01 and 7.02 of the Credit Agreement and the Existing Extension Agreements with respect to the FY2016 Audited Restated Financial Statements, the FY2017 Audited
Financial Statements, the FY2016 and FY2017 Quarterly Restated Financial Statements, the FY2018 Quarterly Financial Statements, the FY2018 Audited Financial Statements, the FY2016 Restated Compliance Certificate, the FY2017 Compliance Certificate,
the FY2016 and FY2017 Quarterly Restated Compliance Certificates, the FY2018 Quarterly Compliance Certificates, the FY2018 Compliance Certificate, the FY2017 10-K, the FY2018
10-Qs and the FY2018 10-K, and Borrower has requested that Agent and Lenders extend the dates by which delivery of the foregoing is required under the Credit Agreement
and the Existing Extension Agreements, as set forth herein. 
 E.    While they under no obligation to do so, the
Required Lenders party hereto and Agent, are willing to extend such reporting deadlines under the Credit Agreement on and subject to the terms and conditions set forth herein. 

AGREEMENT 
 NOW
THEREFORE, in consideration of the mutual covenants and agreements herein contained and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows: 
 1.    Incorporation of Recitals: Definitions. Each of the above recitals is incorporated
herein as true and correct and is relied upon by Agent and each Lender in agreeing to the terms of this Agreement. Any capitalized term used but not defined herein shall have the meaning ascribed thereto in the Credit Agreement. 

2.    Limited Extensions. 

a.    Subject to the satisfaction of each of the conditions set forth herein, Agent and Lenders hereby extend the date by
which Borrower must deliver to Agent and the Lenders (and file with the SEC, as applicable): 

i.    FY2016 Audited Restated Financial Statements, the FY2017 Audited Financial Statements, the FY2016
and FY2017 Quarterly Restated Financial Statements, the FY2018 Quarterly Financial Statements, FY2016 Restated Compliance Certificate, the FY2017 Compliance Certificate, the FY2016 and FY2017 Quarterly Restated

  
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Compliance Certificates, the FY2018 Quarterly Compliance Certificates, the FY2017 10-K, and the FY2018 10-Qs (which
annual and quarterly financial statements and reports may be provided as part of a multi-year comprehensive Form 10-K, and delivery to Agent and the Lenders (and filing with the SEC) of such comprehensive Form
10-K shall satisfy the requirement to deliver and file the FY2016 Audited Restated Financial Statements, the FY2017 Audited Financial Statements, the FY2016 and FY2017 Quarterly Restated Financial Statements,
the FY2018 Quarterly Financial Statements, the FY2017 10-K, and the FY2018 10-Qs, to the extent such periods are covered thereby) to March 19, 2019 (the
“March Extended Delivery Date”); and 
 ii.    the FY2018 Audited Financial Statements,
the FY2018 Compliance Certificate, and the FY2018 10-K, to May 10, 2019 (or if earlier, five (5) Business Days after the date filed with the SEC) (“Outside Extended Delivery Date”).

 b.    Without limiting the conditions set forth in Section 5 below, the extensions set
forth above are subject to compliance by Borrower with the following covenants, and Borrower hereby covenants and agrees that it shall comply with each of the following: 

i.    by no later than the March Extended Delivery Date, Borrower shall deliver to Agent and the Lenders,
and file with the SEC, as applicable, the items listed in Section 2.a.i. above; 
 ii.    by no
later than the Outside Extended Delivery Date, Borrower shall deliver to Agent and the Lenders, and file with the SEC, as applicable, the items listed in Section 2.a.ii. above; 

iii.    Borrower shall promptly report to Agent any findings in the preparation of the FY2018 Audited
Financial Statements which are materially different than as reported in the FY2018 Internally Prepared Financial Statements; 

iv.    there shall be no material difference, as determined by Agent in its good faith business judgment,
between (A) the FY2018 Internally Prepared Financial Statements and the FY2018 Audited Financial Statements, (B) Borrower’s internally-prepared quarterly financial statements for the fiscal quarters ending March 31, 2018,
June 30, 2018, September 30, 2018 and December 31, 2018 delivered to Agent and the Lenders prior to the date hereof and the financial statements included in Borrower’s FY2018 10-Qs; and

 v.    Borrower shall pay to Agent for the account of each Lender providing its consent to this
Agreement, a fee equal to twenty-five one thousandths of one percent (0.025%) of the Commitment of each such Lender (the “Third Extension Fee”), which shall be fully-earned and non-refundable
as of the date of this Agreement, and shall be payable on the Effective Date of this Agreement. 
 3.    Event of
Default; Updated Compliance Certificates. Failure to deliver the items noted in Section 2 above by the deadlines noted therein, and/or any failure to comply with, or any violation of, any of the covenants in Section 2 hereof shall
result in an immediate Event of Default without the benefit of any cure or grace period. The updated quarterly and annual Compliance Certificates covering periods during Borrower’s 2016, 2017 and 2018 fiscal years shall include certifications
regarding any changes to the financial covenants and ratios under Section 7.13 of the Credit Agreement that were previously reported by Borrower. Borrower acknowledges and agrees that any change to a previously reported

  
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Consolidated Leverage Ratio that results in a higher Applicable Rate for the relevant period, will result in additional interest and/or fees owing by Borrower under
Section 2.10(b) of the Credit Agreement, and Borrower agrees to pay such amounts upon demand by Agent. 

4.    Representations and Warranties. Borrower represents and warrants to, and covenants and agrees for the benefit
of, Agent and each Lender that: 
 a.    All of the representations and warranties of Borrower set forth in the Credit
Agreement and each other Loan Document to which Borrower is a party were true and correct as of the date originally made, and are true and correct in all material respects as of the date hereof (except to the extent such representations and
warranties expressly refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date); provided that the foregoing materiality qualifications shall not apply to any representations or
warranties that are qualified by materiality in the text thereof, which representations and warranties shall be true in all respects; 

b.    Borrower has the power and authority to execute this Agreement, and the execution, delivery, and performance by
Borrower of this Agreement and the other documents, instruments and agreements to which Borrower is a party delivered or to be delivered in connection herewith (i) are within the corporate powers of Borrower and have been duly authorized by all
necessary corporate action on the part of Borrower, (ii) do not require any approval or consent of any Governmental Authority or any other third party consent, except those which have been duly obtained and are in full force and effect and
those the failure of which to obtain could not be reasonably expected to have a Material Adverse Effect, (iii) do not and will not conflict with or violate any applicable Law or Borrower’s Organization Documents, (iv) do not result in
any breach of or constitute a default under any Contractual Obligation to which Borrower is a party, and (v) do not result in or require the creation or imposition of any Lien upon any of the assets or properties of Borrower or any of its
Subsidiaries; 
 c.    This Agreement and the other certificates, instruments, documents and agreements delivered or to
be delivered by Borrower in connection herewith have been duly executed and delivered by Borrower and constitute the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with their respective terms, except to
the extent that (i) enforcement may be limited by Debtor Relief Law, (ii) enforcement may be subject to general principles of equity, and (iii) the availability of the remedies of specific performance and injunctive relief may be
subject to the discretion of the court before which any proceedings for such remedies may be brought; 
 d.    No event
has occurred or failed to occur, and after and as a result of giving effect to this Agreement will occur, that is, or, with notice or lapse of time or both would constitute, a Default, an Event of Default, or a breach or failure of any condition
under any Loan Document; 
 e.    As of the date hereof, Borrower has no Material Subsidiaries, or Subsidiaries that are
required to be designated as Material Subsidiaries under the Loan Documents; 
 f.    After and as a result of giving
effect to this Agreement, Borrower has no offset, defense, claim, counterclaim, dispute or disagreement of any kind or nature whatsoever with respect to Agent or any Lender or with respect to its liabilities, obligations and indebtedness arising
under or in connection with the Credit Agreement or any of the other Loan Documents; and 
 g.    In connection with the
preparation of the FY2018 Audited Financial Statements Borrower has not become aware of any items that are materially different than as reported in the FY2018 Internally Prepared Financial Statements. 

  
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 5.    Conditions Precedent. Borrower understands that this
Agreement shall not be effective and shall have no force or effect until each of the following conditions precedent has been satisfied, or waived in writing by Agent (in Agent’s sole discretion): 

a.    Borrower shall have duly executed and delivered to Agent and each Lender this Agreement; 

b.    Borrower shall have paid to Agent for the account of each Lender providing its consent to this Agreement, the Third
Extension Fee; 
 c.    The representations and warranties of Borrower under the Credit Agreement, the other Loan
Documents and this Agreement, as applicable, shall be true and correct in all material respects as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in which case they are true and
correct in all material respects as of such earlier date); provided that the foregoing materiality qualifications shall not apply to any representations or warranties that are qualified by materiality in the text thereof, which
representations and warranties shall be true in all respects; 
 d.    Agent shall have received, in immediately
available funds, all out-of-pocket costs and expenses (including reasonable attorneys’ fees and costs) incurred by Agent in connection with this Agreement and the
transactions contemplated hereby and invoiced to Borrower prior to the date on which this Agreement is otherwise to become effective; provided that the failure to invoice any such amounts to Borrower prior to such date shall not preclude
Agent from seeking reimbursement of such amounts, or excuse any Loan Party from paying or reimbursing such amounts, following the effective date of this Agreement; and 

e.    Agent shall have received such other documents, and completion of such other matters, as Agent may reasonably deem
necessary or appropriate in connection with this Agreement. 
 6.    Ratification and Confirmation of Loan
Documents. Except as expressly set forth in Section 2 hereof, the execution, delivery, and performance of this Agreement shall not alter, modify, amend, or in any way affect any of the terms, conditions, obligations,
covenants, or agreements contained in the Credit Agreement or any other Loan Document, and shall not operate as a waiver of any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document. The Credit
Agreement, all promissory notes, guaranties, security agreements, and all other instruments, documents and agreements entered into in connection with the Credit Agreement and each other Loan Document shall be and remain in full force and effect in
accordance with their respective terms and hereby are ratified, reaffirmed and confirmed by Borrower in all respects. 

7.    No Waivers. The extension and agreements set forth herein shall be limited precisely as written and shall not
be deemed to be an extension or an agreement to any other act by Borrower which is prohibited by the Credit Agreement. This Agreement: (a) except as specifically provided in Section 2 above, in no way shall be deemed
to be a consent or an agreement on the part of Agent or any Lender to waive any covenant, liability or obligation of Borrower, any Guarantor or any third party or to waive any right, power, or remedy of Agent or any Lender; (b) in no way shall
be deemed to imply a willingness on the part of Agent or any Lender to grant any similar or other future waivers or to agree to any future consents, amendments or modifications to any of the terms and conditions of the Credit Agreement or the other
Loan Documents; (c) shall not in any way, prejudice, limit, impair or otherwise affect any rights or remedies of Agent or any Lender under the Credit Agreement or any of the other Loan Documents, including, without limitation, Agent’s or
any Lender’s right to demand strict performance of each Loan Party’s liabilities and obligations to Agent and the Lenders and the Obligations under the Loan 

  
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Documents at all times; (d) in no way shall obligate Agent or any Lender to make any future amendments, waivers, consents or modifications to the Credit Agreement or any other Loan Document;
and (e) is not a continuing waiver with respect to any failure to perform any Obligation. Borrower acknowledges and agrees that: (i) except as expressly set forth herein, the Credit Agreement has not been amended or modified in any way by
this Agreement, (ii) neither Agent nor any Lender waives any failure by Borrower to perform its Obligations under the Credit Agreement or any of the other Loan Documents after giving effect to the extension provided herein, and (iii) Agent
and each Lender is relying upon Borrower’s representations, warranties and agreements, as set forth herein and in the Loan Documents in entering into this Agreement. Nothing in this Agreement shall constitute a satisfaction of Borrower’s
Obligations. This Agreement shall be deemed to be one of the Loan Documents. 
 8.    Release. Borrower hereby,
for itself, its successors, heirs, executors, administrators and assigns (each a “Releasing Party” and collectively, the “Releasing Parties”), releases, acquits and forever discharges Agent and each Lender, and
their respective directors, officers, employees, agents, attorneys, affiliates, successors, administrators and assigns (“Released Parties”) of and from any and all claims, actions, causes of action, demands, rights, damages, costs,
loss of service, expenses and compensation whatsoever which any Releasing Party might have because of anything done, omitted to be done, or allowed to be done by any of the Released Parties and in any way arising out of or connected with the Credit
Agreement or the other Loan Documents as of the date of execution of this Agreement, WHETHER KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, including, without limitation, any specific claim raised by any Releasing Party, (the “Released
Matters”). Releasing Parties each further agrees never to commence, aid or participate in (except to the extent required by order or legal process issued by a court or governmental agency of competent jurisdiction) any legal action or other
proceeding based in whole or in part upon the Released Matters. In furtherance of this general release, Releasing Parties each acknowledges and waives the benefits of California Civil Code Section 1542 (and all similar ordinances and statutory,
regulatory, or judicially created laws or rules of any other jurisdiction), which provides: 
 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.

 Releasing Parties each agree that this waiver and release is an essential and material term of this Agreement and that the agreements in this paragraph
are intended to be in full satisfaction of any alleged injuries or damages in connection with the Released Matters. Each of the Releasing Parties represents and warrants that it has not purported to convey, transfer or assign any right, title or
interest in any Released Matter to any other person or entity and that the foregoing constitutes a full and complete release of the Released Matters. Releasing Parties each also understands that this release shall apply to all unknown or
unanticipated results of the transactions and occurrences described above, as well as those known and anticipated. Releasing Parties each has consulted with legal counsel prior to signing this release, or had an opportunity to obtain such counsel
and knowingly chose not to do so, and executes such release voluntarily, with the intention of fully and finally extinguishing all Released Matters. Notwithstanding anything in this Agreement, Borrower does not waive any of Agent’s or any
Lender’s obligations under the terms of the Credit Agreement as amended by this Agreement. 

9.    Miscellaneous. Borrower acknowledges and agrees that the representations and warranties set forth herein are
material inducements to Agent and the Lenders to deliver this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, and their respective permitted successors and assigns. This Agreement
and the Credit Agreement shall be 

  
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read together as one document. No course of dealing on the part of Agent, the Lenders or any of their respective officers, nor any failure or delay in the exercise of any right by Agent or the
Lenders, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. The failure at any time to require strict performance by Borrower of any provision of the Loan
Documents shall not affect any right of Agent or the Lenders thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Agent and/or the Lenders, as applicable. No other
Person shall be entitled to claim any right or benefit hereunder, including, without limitation, the status of a third party beneficiary hereunder other than Secured Parties. This Agreement shall be governed by and construed in accordance with the
laws of the State of California without reference to conflicts of law rules. If any provision of this Agreement or any of the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that
portion shall be deemed severed herefrom or therefrom, as applicable, and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been a part hereof or thereof, as applicable. This Agreement
shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Agreement or any part hereof to be drafted. The headings used in this Agreement are for convenience only and shall be
disregarded in interpreting the substantive provisions of this Agreement. This Agreement may be executed in any number of counterparts, including by electronic or facsimile transmission, each of which when so delivered shall be deemed an original,
but all such counterparts taken together shall constitute but one and the same instrument. 
 [Remainder of Page Left Blank] 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	BORROWER:	 		 	WAGEWORKS, INC.
				
		 		 	By:	 	 /s/ Ismail Dawood

		 		 	Name:	 	Ismail Dawood
		 		 	Its:	 	Chief Financial Officer

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	AGENT:	 		 	MUFG UNION BANK, N.A., as Agent
				
		 		 	By:	 	 /s/ Kenneth J. Beck

		 		 	Name:	 	Kenneth J. Beck
		 		 	Title:	 	Director
			
	LENDER:	 		 	MUFG UNION BANK, N.A., as Lender, Swing Line Lender and L/C Issuer
				
		 		 	By:	 	 /s/ Kenneth J. Beck

		 		 	Name:	 	Kenneth J. Beck
		 		 	Title:	 	Director

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	LENDER:	 		 	WELLS FARGO BANK, N.A., as Lender
				
		 		 	By:	 	 /s/ Henry L. Li

		 		 	Name:	 	Henry L. Li
		 		 	Title:	 	Director

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	LENDER:	 		 	SUNTRUST BANK, as Lender
				
		 		 	By:	 	 /s/ Christian Sumulong

		 		 	Name:	 	Christian Sumulong
		 		 	Title:	 	Vice President

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	LENDER:	 		 	UMB BANK N.A., as Lender
				
		 		 	By:	 	 /s/ Cory Miller

		 		 	Name:	 	Cory Miller
		 		 	Title:	 	Senior Vice President

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	LENDER:	 		 	KEYBANK NATIONAL ASSOCIATION, as Lender
				
		 		 	By:	 	 /s/ Marc Evans

		 		 	Name:	 	Marc Evans
		 		 	Title:	 	Vice President

 [Signature Page to Reporting Extension Agreement] 

 IN WITNESS WHEREOF, Borrower, Agent and the Required Lenders have caused this Agreement to
be executed as of the date first written above. 
  

							
	LENDER:	 		 	COMERICA BANK, as Lender
				
		 		 	By:	 	 /s/ Bradley J. Bell

		 		 	Name:	 	Bradley J. Bell
		 		 	Title:	 	Senior Vice President

 [Signature Page to Reporting Extension Agreement]Exhibit 10.20

 

Dr. Philippe Calais

2040 Alta Meadows Lane #1609

Del Ray Beach, Florida 33333

 

December 7, 2018

 

Re: Interim Chief Executive Officer
Agreement 

 

Dear Philippe:

 

On behalf of Cohbar,
Inc. (the “Company”), I am pleased to offer you the position of Interim Chief Executive Officer of the Company on the
terms and conditions set forth in this letter agreement (this “Agreement”). You have agreed to accept this role while
we engage in a search for a permanent Chief Executive Officer, for which you will be a considered a candidate should you choose.
You may accept this Agreement by signing and returning a copy of this Agreement to the Company as provided below.

 

1. Term of Employment.
Your employment under this Agreement will commence as of December 7, 2018 (the “Start Date”) and will continue until
the earliest to occur of: (i) the date that is four (4) months after the Start Date, unless extended by the parties through mutual
agreement, (ii) the date on which a permanent Chief Executive Officer commences employment with the Company and any transition
services you agree to provide thereafter have been completed (if you are selected as the permanent Chief Executive Officer you
will sign a different agreement), or (iii) your resignation or the termination of your employment by the Company (each of the foregoing,
the “Separation Date”). Your employment is terminable by you or the Company at any time (for any reason or for no reason)
in accordance with Section 6 of this Agreement.

 

2. Position and
Duties.

 

(a) General.
You will initially serve as Interim Chief Executive Officer of the Company. Your duties and authority as Interim Chief Executive
Officer will be prescribed by the Board of Directors of the Company (the “Board”) and will be commensurate with those
of a chief executive officer of a company of comparable size and with a similar business as the Company. During the term of your
employment under this Agreement, you will report directly to the Board and will devote such time as is necessary to the business
of the Company in order to fulfill the expectations of the Board as provided above.

 

(b) Continued Board
Membership; Resignation from Audit Committee. During the term of your employment under this Agreement, you will continue to
serve as a member of the Board. Effective on the Start Date, you hereby resign from your membership on the Audit Committee of the
Board.

 

     

     

    

 

3. Withholding.
The Company will be entitled to withhold from any amounts payable under this Agreement any federal, state, or local withholding
or other taxes, deductions or charges which the Company is required to withhold.

 

4. Compensation
and Benefits. In consideration for your services to the Company under this Agreement, you will receive the following compensation
and benefits from the Company during your term of employment:

 

(a) Base Salary.
Until the Separation Date, the Company will pay you a prorated salary at the annualized rate of Three Hundred and Forty Thousand
Dollars ($340,000), to be paid in accordance with the Company’s regular payroll practices (“Base Salary”).

 

(b) Performance
Bonus. You may also be eligible for a yearly target bonus of forty percent (40%) of your Base Salary, prorated for the term
of your employment. Whether you receive a bonus shall depend on personal and/or Company performance determined by the Board in
its discretion. Decisions on the grant of bonuses, the criteria under which the bonus shall be awarded, the achievement of such
criteria, the amount of any bonus earned, and the timing of the bonus payment are solely within the discretion of the Company’s
Board of Directors. Any bonus payment made to you will be subject to the normal and/or authorized deductions and withholdings.

 

(c) Benefits.
During your employment with the Company, you will be eligible to participate in the Company’s employee benefit plans, policies
and arrangements (currently medical/vision/dental care and 401(k)), as may now or hereafter be adopted by the Company, in accordance
with the terms of such plans, policies and arrangements, and on the same basis as other members of the senior management team.
Given that you already have healthcare coverage, we understand that you will not participate in the Company’s healthcare
plan.

 

(d) Expenses.
The Company will reimburse you for business expenses that are reasonable and necessary for you to perform, and were incurred by
you in the course of the performance of, your duties pursuant to this Agreement and in accordance with the Company’s expense
reimbursement policies. In addition, the Company will reimburse you for your reasonable expenses for accommodations in Menlo Park,
air travel expenses for commuting to and from your principal residence and Menlo Park, and a rental car, in each case during the
period of your employment under this Agreement.

 

(e) Transition Payment.
In consideration of your efforts in preparing for a transition into the role of Interim Chief Executive Officer, you shall also
receive the equivalent of one month’s Base Salary on the first regular payroll date after the Start Date.

 

    2

     

    

 

(f) Stock
Options. Pursuant to the Company’s Amended and Restated 2011 Equity Incentive Plan or a successor plan (the
“Plan”), the Company shall grant you options to purchase up to 96,000 shares of the Company’s common stock
at an exercise price to be determined by the Board of Directors at the time of the grant in accordance with applicable law
(the “Options”). The Options will be subject to the terms of the Plan and will become exercisable over a vesting
term of four (4) months, subject to your continuous employment during such period. Vesting of the Options will commence on
the Start Date will vest in equal monthly installments of 24,000 shares on the same day of each month following the Start
Date such that all shares subject to the award shall be vested and exercisable as of the date that is four (4) months after
the Start Date. The terms of the Options shall be governed by the Plan and a Stock Option Agreement (the “Option
Agreement”). You acknowledge that the Options do not, and will not, constitute wages or compensation. Unless otherwise
provided in the Plan or required by law, the Board of Directors of the Company shall have sole discretion regarding the,
exercise price of the Options and other terms and conditions of the Options grant.

 

5. Covenants.
By accepting the terms of this Agreement, you hereby agree to the following covenants (in addition to any obligations you may have
by law):

 

(a) Nondisclosure;
Inventions. During your employment with the Company and at all times thereafter, (i) you will not divulge, transmit or otherwise
disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Board of
any such order), directly or indirectly, other than in the regular and proper course of business of the Company, any customer lists,
trade secrets or other confidential knowledge or information with respect to the operations or finances of the Company or with
respect to confidential or secret processes, services, techniques, customers or plans with respect to the Company, including, without
limitation, any know-how, research and development, software, databases, inventions, processes, formulae, peptides, drug targets,
technology, designs and other intellectual property, information concerning finances, investments, pricing, costs, products, services,
vendors, partners, investors, personnel, compensation, recruiting, training, government and regulatory activities and approvals
concerning the past, current or future business, activities and operations of the Company (all of the foregoing collectively hereinafter
referred to as “Confidential Information”), and (ii) you will not use, directly or indirectly, any Confidential Information
for the benefit of anyone other than the Company; provided, that you have no obligation, express or implied, to refrain from using
or disclosing to others any such knowledge or information which is or hereafter will become available to the general public other
than through disclosure by you. All Confidential Information, new processes, techniques, know-how, methods, inventions, plans,
products, and patents developed, made or invented by you, alone or with others, while an employee of the Company which are related
to the business of the Company will be and become the sole property of the Company, unless released in writing by the Board, and
you hereby assign any and all rights therein or thereto to the Company.

 

(b) Specific Performance.
In the event of a breach or threatened breach of any provision of this Section 5, in addition to any remedies at law, either party
hereto will be entitled to seek equitable relief in the form of specific performance, temporary restraining order, temporary or
permanent injunction or any other equitable remedy which may then be available.

  

    3

     

    

 

6. Termination.
Your employment with the Company is “at-will.” Accordingly, both you and the Company remain free at all times to
terminate the employment relationship for any reason, upon fourteen (14) days’ written notice to the other party, or
immediately upon written notice in the case of termination for Cause (as defined below). Upon any termination of your
employment the Company shall pay you any earned but unpaid portion of your Base Salary, bonus, benefits and unreimbursed
business expenses, in each case with respect to the period ending on the Separation Date.

 

If, prior to the date
that is four (4) months after the Start Date, your employment is terminated by the Company without Cause or as a result of the
hiring of a permanent Chief Executive Officer, then, in addition to payments earned through the Separation Date: (i) the Company
will pay you the amount of your Base Salary as would have been earned had your employment continued until the date that is four
(4) months after the Start Date and (ii) the Options shall become fully vested and exercisable. Payments due to you after the Separation
Date shall be paid in accordance with the Company’s regular payroll practices.

 

For purposes
hereof, “Cause” means (i) your conviction of, or plea of nolo contendere to, a felony or crime involving moral
turpitude (other than traffic violations); (ii) material dishonesty or fraudulent conduct by you against the Company; (iii)
your material breach of a key Company policy including, but not limited to, acts of harassment, discrimination, or violence;
use of unlawful drugs or drunkenness during normal work hours (and otherwise provided such policy has been provided to you in
advance of such alleged breach), or your material breach of this Agreement, provided that if such violation or breach is
curable, such violation or breach may be cured by you within ten (10) days after you receive written notice from the Board of
such violation or breach; (iv) the willful failure by you to perform your duties for the Company if such failure to perform
is not cured by you within ten (10) days after you receive written notice from the Board of such failure; (v) competing with
the Company, diversion of any corporate opportunity or other similar conflict of interest or self-dealing incurring to your
material direct or indirect benefit; (vi) the existence of any past or future conviction, order, decree, judgment, event,
circumstance or fact that would disqualify the Company from relying on Rule 506 of Regulation D or would require disclosure
under Rule 506(e) thereof, or would reasonably be expected to prevent or interfere with the Company’s ability to retain
audit services or (vii) gross negligence or intentional misconduct that results in significant injury to the Company or its
affiliates. Provided, however, that prior to the determination that “Cause” under this paragraph has occurred,
the Company shall (A) provide to you in writing, in reasonable detail, the reasons for the determination that such
“Cause” exists, (B) allow the expiration of any cure period specified above without your cure, (C) provide you an
opportunity to be heard by the Board prior to the final decision to terminate your employment hereunder for such
“Cause” and (D) make any decision that such “Cause” exists in good faith.

 

    4

     

    

 

7. Miscellaneous.

 

(a) Entire
Agreement. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you
and the Company with regard to the terms and conditions of your employment as Interim Chief Executive Officer. It is entered
into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it
supersedes any other such promises, warranties or representations and any other written or oral statements concerning your
rights to any compensation, equity or benefits from the Company, its predecessors or successors in interest.

 

(b) Assignment/Binding
Effect. You acknowledge that the services to be performed by you pursuant to this Agreement are unique and personal. You
may not assign any of your rights or delegate any of your duties or obligations under this Agreement without the prior
written consent of the Company. The Company, however, may assign its rights and obligations. The rights and obligations of
the parties under this Agreement shall inure to the benefit of and shall be binding upon their respective legal
representatives, successors and permitted assigns.

 

(b) Amendments.
This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

 

(c) Counterparts.
This Agreement may be signed in counterparts and the counterparts taken together will constitute one agreement.

 

(d) Governing Law
and Venue. This Agreement will be governed by and construed in accordance with the laws of the State of California, without
giving effect to any choice of law or conflicting provision or rule. For all disputes under this Agreement or related to your employment,
the parties agree that any suit or action between them shall be instituted and commenced exclusively in the local state or federal
courts in San Mateo County, California. Both parties waive the right to change such venue and hereby consent to the jurisdiction
of such courts for all potential claims under this Agreement or related to your employment.

 

If this Agreement is
acceptable to you, please sign below and return the original, fully executed Agreement to the Company.

 

	 	Sincerely,
	 	 
	 	/s/ Albion Fitzgerald
	 	Albion Fitzgerald

   

	ACCEPTED AND AGREED:	 
	 	 
	/s/ Phillipe Calais	 
	Phillipe Calais	 

 

    5

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