Document:

EX-10.18

   

   

  340 Woodpecker Ridge ○ Santa Cruz, CA 95060 ○ 831-426-3733 ○ 831-426-5666 FAX

   

  Dear Matt Field,

  2/1/2021

   

  Joby Aero Inc (the “Company”) is pleased to offer you employment on the following terms:

  1.Position. Your role will be Chief Financial Officer and you will report to JoeBen Bevirt. This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.

   

  2.Cash Compensation. The Company will pay you an annual salary of $375,000, payable in accordance with the Company’s standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at the Company’s discretion. Additionally, the Company will pay you two signing bonuses of $200,000, the first of which will be paid on your first pay day of your employment (the “First Installment”), the second of which will be paid on the first pay period following your first anniversary date (the “Second Installment”). The Company will also pay you a one-time relocation bonus in the amount of $100,000, upon completion of successful relocation to a residence within 50 miles of your primary place of employment (the “Relocation Bonus”). In addition, the Company will reimburse you up to $10,000 for your first year of travel expenses to and from your primary residence. All amounts will be subject to any withholding requirements and authorized deductions.

   

  3.Bonus repayment. In the event you voluntarily resign your employment with, or you are terminated for Cause from, the Company before the one-year anniversary of your start date, you agree to repay the full amount of the First Installment, less 8.33% for each full month of work completed after your start date. In the event you voluntarily resign your employment, or you are terminated for Cause from the Company after the one-year anniversary of your start date but before the two-year anniversary of your start date, you agree to repay the full amount of the Second Installment, less 8.33% for each full month of work completed after the one-year anniversary of your start date. In the event you voluntarily resign your employment with, or you are terminated for Cause from, the Company before the one-year anniversary of the date of your Relocation Bonus, you agree to repay the full amount of the Relocation Bonus, less 8.33% for each full month of work completed after the payment of the Relocation Bonus. Nothing herein should be construed as a modification of your at-will employment relationship with Joby. For this Agreement, “Cause” means the Company’s reasonable good faith belief that you (i) committed a felony, or any crime against or involving the Company or any related subsidiary or affiliate; (ii) failed to perform your job duties to the Company’s reasonable good faith satisfaction, (iii) engaged in acts or omissions constituting fraud, dishonesty, or misappropriation with respect to the Company or any related subsidiary or affiliate, (iv) violated a material agreement with the Company or any related subsidiary or affiliate,

  (v) violated any confidentiality obligation to the Company or any related subsidiary or affiliate, or (vi) materially breached any applicable written employment policy, or lawful directive of the Company or any related subsidiary or affiliates.

   

  4.Equity Award. As soon as reasonably practicable after the date you commence full-time employment, and subject to the approval of the Company’s Board of Directors, you will be granted 160,000 restricted stock units (RSUs) of the Company’s common stock (“The Award”). The Award will be subject to the terms and conditions of the Company’s equity incentive plan and an award agreement to be entered into between you and the Company. The Award will vest as to 16.67% of the shares underlying the Award after 12 months of your continuous service, and the balance will vest in equal quarterly installments over the next 20 quarters of your continuous service, as described in the applicable award agreement. In addition, if a long-term equity incentive plan for Company executives is approved by the Board at a future date, you will be you will be eligible to participate in that plan as determined by the Company.

  5.Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company- sponsored benefits. Additionally, the Company will provide you with three months of temporary housing in the Santa Cruz area.

   

  6.Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A.

   

  7.Employment Relationship. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company 

   

  

   

  on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

   

   

  8.Tax Matters.

   

  A.Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

  B.Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

   

  9.Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in Santa Cruz, California, in connection with any Dispute or any claim related to any Dispute.

   

  We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States, along with the satisfactory completion of a background investigation.

   

  If you have any questions, please reach out to offers@jobyaviation.com.

   

  Very truly yours, Joby Aero Inc

   

   

  		
	 
	/s/ JoeBen Bevirt

	 
	JoeBen Bevirt CEO

   

  I have read and accept this employment offer:

   

   

  Signature of Employee

  			
	/s/ Matthew Field
	 
	Chief Financial Officer

	Matthew Field
	 
	(Principal Financial Officer and Principal Accounting Officer)

   

  Dated: 2/5/2021

   

   

  Attachment

  Exhibit A: Proprietary Information and Inventions AgreementEX-10.1

 Exhibit 10.1 
  

			
	

	  	

 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of the
1st day of March, 2022 (the “Effective Date”), between iCAD, Inc., a corporation with a principal place of business at 98 Spit Brook Road Suite 100, Nashua, NH 03062 (which hereinafter
includes any parent, subsidiary and affiliate, and is collectively referred to as the “Company”), and Stacey Stevens (hereinafter referred to as “Executive” or “you”). In consideration of the promises and the mutual
covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually agree as follows: 

1. Eligibility For Employment. The Immigration Reform and Control Act requires all employees of U.S. companies to have evidence of
identity and authorization to work in the U.S. Executive represents and warrants that Executive has such authorization and will provide the Company with evidence thereof on or before the Effective Date of this Agreement. Executive further
acknowledges that the Company may perform a background check on Executive for purposes relating to Executive’s Company employment, after providing written notice to and obtaining written consent from Executive. At all times Company shall comply
with the Fair Credit Reporting Act and any other applicable laws regarding background checks, and Executive agrees that if the results of said background check are unsatisfactory to the Company, the Company may terminate this Agreement immediately
upon written notice, and Executive shall have no further rights or obligations hereunder. 
 2. Employment Period.
Executive’s employment hereunder shall be effective on the Effective Date and shall continue until terminated by either party in accordance with Section 7. The period during which Executive is employed under this Agreement shall be
referred to herein as the “Employment Period.” The date on which this Agreement terminates pursuant to Section 7 shall be referred to herein as the “Termination Date.” 

3. Employment Period Duties. During the Employment Period, the Executive shall be employed by and serve as Chief Executive Officer
and President of the Company on a full-time basis reporting directly to the Company’s Board of Directors (“Board”). As CEO, and subject to Board approval and election by the shareholders of Company, Executive will also serve as a
member of the Board. The Executive shall perform such duties as are normally associated with the position of Chief Executive Officer and President of the Company and Chief Executive Officer and President of a public company and such duties as are
assigned to Executive from time to time and are consistent with those performed by the position of Chief Executive Officer and President of a public company. Executive hereby agrees and understands that the primary place of work is the Company
office in Nashua, NH, and that Executive may also be required to travel, including travel overseas, in furtherance of the duties of the position. 

4. Exclusive Service. Executive hereby agrees to devote all of his/her reasonable efforts and business time, attention, and energies to
the performance of his/her duties under this Agreement and to the Company; provided that Executive may serve on the board of directors of purely philanthropic or civic organizations or on the board of directors of one other company that is not
competitive with the business of the Company (“Corporate Boards”), in each case only to the extent that such service or participation does not interfere with 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 
Executive’s employment with the Company or duties under this Agreement. Executive may serve on the board of directors of additional companies that are not competitive with the business of
the Company to the extent that such service or participation does not interfere with Executive’s employment with the Company or duties under this Agreement and Executive has advised the Company prior to commencing, and the Company has consented
(which consent shall not be unreasonably withheld) to, such additional Corporate Board service. 
 5. Restrictive Covenants. Executive
understands and acknowledges that Executive will have direct and indirect responsibility for managing and overseeing analysis throughout the Company, working directly with the executive team, and overseeing special projects. Executive understands
and agrees that her duties extend to all geographic regions in which the Company operates and all other jurisdictions where the Company conducts business during the Employment Period in furtherance of the Company’s business and relationships.
Executive further understands and agrees that Executive will have and be given access to, solely for the purpose of furthering the Company’s business, all of the Company’s trade secrets, and proprietary and confidential information,
Executive will become familiar with such trade secrets and information, and Executive’s services will be special, unique and extraordinary to the Company in this regard. Consequently, the Executive agrees as follows: 

5.1 During the Employment Period and during the one (1) year period following the Termination Date (the “Covenant
Period”), Executive will not, directly or indirectly, individually or jointly, own any interest in, operate, join, control, promote, participate, engage or have any other interest (whether Executive is acting as owner, partner, stockholder,
employee, broker, agent, principal, trustee, board member, corporate officer, director, advisor, consultant or in any other capacity), or enter into the employment of or perform any other services for any person or entity (other than the Company)
that engages in any business activities that are competitive with the business in which the Company is engaged during the Employment Period, anywhere in the United States (the “Covenant Area”). Executive agrees and understands that the
provisions described in this Section 5.1 are necessary to protect the good will and the confidential, proprietary and trade secret information belonging to the Company. Notwithstanding anything herein to the contrary, this Agreement will not
prevent Executive from holding for investment up to 5%, or any amount provided by law, whichever is greater, of any class of stock or other securities of a publicly held company, if such stock is publicly traded and listed on any national or
regional stock exchange. 
 5.2 Executive understands that the Company has spent considerable time, effort and expense developing
proprietary information and has taken reasonable measures to protect its secrecy. Therefore, as a condition of employment with the Company, Executive shall execute the Non-Solicitation, Non- Disclosure and Inventions Assignment Agreement (the “NDA”), which is attached hereto as Exhibit A and incorporated by reference herein. The NDA is intended to survive and does survive the termination
or expiration of this Agreement. The obligations, duties and liabilities of the Executive pursuant to this Section 5 and Exhibit A of this Agreement are continuing, absolute and unconditional, and shall remain in full force and effect, despite
any termination of this Agreement for any reason whatsoever, with or without Cause. 
 6. Compensation and Benefits. As
compensation for the services to be performed by the Executive under this Agreement, the Company agrees to pay the Executive, and the Executive agrees to accept the following: 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 6.1 Salary. The Company shall pay to the Executive an annual base
salary of Four Hundred Thousand US Dollars ($400,000) (the “Base Salary”) commencing on the Effective Date of this Agreement, which shall be payable in equal installments, not less frequently than
bi-weekly, in accordance with the Company’s payroll practices; shall be subject to customary and required deductions and withholdings; and shall be reviewed by the Company in its sole discretion based
upon the Executive’s and the Company’s performance and may be increased (but not decreased). 
 6.2 Discretionary
Bonus. Executive will be eligible to participate in Company’s annual discretionary bonus plan for executives (“Bonus Plan”), subject to its terms and conditions, with the potential to earn a cash and/or equity-based
bonus up to 75 percent of Executive’s Base Salary, based upon achievement of corporate and individual goals under the Bonus Plan (“Discretionary Bonus”) for the given calendar year to which such Discretionary Bonus relates
(“Bonus Year”). The Discretionary Bonus shall be payable to Executive in two installments. The Company shall pay Executive a first installment of up to 67.5 percent of Executive’s Base Salary in Bonus Year, if at all, on or after
January 1st, but no later than March 15th, of the year following the Bonus Year (“First Installment”), and, except as provided in
Section 7, Executive must be employed by the Company on the payment date, and in good standing, in order to earn the First Installment. The Company shall pay a second installment of up to 7.5 percent of Executive’s Base Salary in
Bonus Year, if at all, on or after January 1st, but no later than March 15th, of the second year following the Bonus Year (“Second
Installment”), and, except as provided in Section 7, Executive must be employed by the Company on the payment date, and be in good standing, in order to earn the Second Installment. 

For the avoidance of doubt, if Executive meets the requirements to earn Executive’s full Discretionary Bonus under the Company’s 2022 Bonus Plan,
Executive shall be paid a First Installment totaling 67.5 percent of her 2022 Base Salary by between January 1, 2023 and March 15, 2023 and shall be paid a Second Installment of 7.5 percent of her 2022 Base Salary between
January 1, 2024 and March 15, 2024. Please reference the current year Bonus Plan for details. No annual Discretionary Bonus is guaranteed, and its payment rests in the sole discretion of the Company. 

6.3 Benefits. The Executive shall be entitled to participate in the Company’s benefit plans, including but
not limited to, medical, dental, vision, life and disability insurance plans, and 401k plan for its employees, subject to the eligibility and contribution requirements, enrollment criteria and the other terms and conditions of such plans. The
Company reserves the right to modify, amend and eliminate any such plans, in its sole and absolute discretion. 
 6.4 Paid Time
Off. Executive shall be entitled to paid time off (“PTO”) and holidays pursuant to the terms of the Company’s paid time off policy as may exist and be amended from time to time. Initially, Executive shall accrue up to
five weeks of PTO per calendar year. 
 6.5 Expense Reimbursement. The Company shall reimburse the Executive for
any reasonable out-of-pocket business expense, including for travel, marketing, entertaining or other similar business expenses incurred by the Executive during the
Employment Period in the discharge of the position duties under this Agreement (“Expense”); provided that for each Expense, such Expense was incurred and the related reimbursement request was made, in compliance with the Company’s
expense reimbursement policy in effect and supported by relevant documentation. 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 6.6 Stock Options. Subject to approval by the Company’s Board of
Directors, you will be granted 200,000 iCAD incentive stock options, subject to a 3-year vesting schedule and a 10-year expiration period. The exercise price is
determined by the fair market value of the Company’s stock on the grant date. In addition, you will be eligible to receive an additional grant of stock options or other form of equity on each anniversary of the Effective Date. 

7. Termination. Notwithstanding any other provision of this Agreement, the employment relationship between the Company and
Executive shall be an at-will employment relationship. Either party may terminate Executive’s employment under this Agreement at any time for any reason. For purposes of this Agreement, the
“Termination Date” shall mean (a) if Executive’s employment is terminated by death, the date of death; (b) if Executive’s employment is terminated by Disability, the fifteenth (15th) day after Notice is given; and
(c) If Executive’s employment is terminated with Cause, without Cause, or for Good Reason (as defined below), the later of the date specified in the Notice or after expiration of any applicable cure periods, if any. No matter the reason
for termination, on or prior to the Termination Date, Executive shall return to the Company any and all Proprietary Information (as defined Exhibit A) in the Executive’s possession, together with any and all other property of the Company. 

7.1 Notice of Termination. In the event this Agreement is terminated by Executive for any reason other than for
Good Reason (as defined below), Executive shall provide the Company with a written notice (“Notice”) of Executive’s intent to terminate this Agreement at least thirty (30) days prior to the Termination Date. In the event that the
Agreement is terminated by the Executive for Good Reason, Executive must satisfy the Good Reason Process and Good Reason Cure Period as defined below. In the event that this Agreement is terminated by the Company without Cause (as defined below),
the Company shall provide the Executive with Notice of its intent to terminate this Agreement at least thirty (30) days prior to the Termination Date. For purposes of this Agreement, Notice shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated. For the purpose of this Section 7,
“Cause” shall mean Executive: (i) fails or refuses to substantially perform Executive’s obligations under this Agreement or to the Company (other than such failure directly resulting from a legally protected illness, condition or
disability); provided, however, that the Company shall have provided Executive with written notice that such actions are occurring and the Executive has been afforded at least thirty (30) days to cure same; (ii) engaging in illegal
conduct, gross negligence or willful misconduct (including but not limited to, theft, fraud, embezzlement and securities law violations) that is, or is reasonably likely to be, injurious to the Company or its affiliates; (iii) violating a
federal or state law or regulation applicable to the Company’s business which violation is, or is reasonably likely to be, injurious to the Company; (iv) breaching the terms of any restrictive covenant agreement, confidentiality agreement
or invention assignment agreement between Executive and the Company; (v) being convicted of, or entering a plea of nolo contendere to, a felony, or committing any act of moral turpitude, dishonesty or fraud, or the misappropriation of property
belonging to the Company or its affiliates; (vi) engaging in any act that constitutes misconduct, theft, fraud, misrepresentation, conflict of interest, or breach of fiduciary obligations or duty of loyalty to the Company; (vii) possessing
or use of illegal drugs, a prohibited substance and/or alcohol, to such extent that it impairs Executive’s ability to perform the duties or responsibilities or compromises the safety of Executive or others, subject to applicable law; or
(viii) violating or failing to comply with any securities law, rule or regulation, or stock exchange regulation or rule relating to or affecting the Company, including, but not limited to, 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 
Executive’s failure or refusal to honestly provide a certificate in support of the Company or officer or employee of the Company as required under and in compliance with the Sarbanes-Oxley
Act of 2002. In the event that Executive terminates this Agreement for any reason other than Good Reason, or the Company terminates this Agreement for Cause (as defined herein), the Agreement shall automatically terminate on the Termination Date and
Executive shall only receive payment of any accrued but unpaid Base Salary and Non-Bonus Eligible Base Salary through the Termination Date, reimbursement for any unpaid and approved expenses incurred pursuant
to Section 6.6 through the Termination Date, and any accrued but unpaid vacation (collectively, the “Accrued Amounts”). “Good Reason” means that Executive has complied with the “Good Reason Process” (as defined
below) following the occurrence of any of the following events: (a) the Company changing the Executive’s position such that she is no longer the Chief Executive Officer and President of the Company, or materially diminishing the
Executive’s authority, duties and/or responsibilities such that his/her authority, duties and/or responsibilities are no longer commensurate with those customarily associated with the title of Chief Executive Officer and President; (b) the
Company reducing the Executive’s compensation below the Base Salary; (c) the Company requiring the Executive, without his/her consent, to relocate more than fifty (50) miles from the Company’s principal office to which she
reports as of the Effective Date; or (d) any material breach by the Company of any of its obligations under this Agreement; or (e) the Company demonstrably demanding that Executive perform her duties in a manner that violates any
applicable laws, the Company Code of Business Conduct and Ethics, or any Company policies. “Good Reason Process” means that (a) the Executive reasonably determines in good faith that a Good Reason condition has occurred; (b) the
Executive notifies the Company in writing of the occurrence of the Good Reason condition within forty-five (45) days of the occurrence of such condition; (c) the Executive cooperates in good faith with the Company’s efforts, for a
period not less than thirty (30) days following such notice (the “Good Reason Cure Period”), to remedy the condition; (d) notwithstanding such efforts, the Good Reason condition continues to exist; and (e) the Executive
terminates his/her employment within thirty (30) days after the end of the Good Reason Cure Period. 
 7.2 Termination
Upon Death or Disability. In the event of Executive’s death or the Executive’s incapacity due to Disability (as defined herein) during the Employment Period (as defined herein), the Agreement shall automatically terminate on
the Termination Date and Executive shall only receive payment of the Accrued Amounts. In the event of Executive’s death, those payments will be made to the estate, legal representative or beneficiary, as applicable, of Executive and any death
benefits payable and due to the death of Executive under Company benefit plans or programs will also be paid. For the purpose of this Section 7.2, Disability shall be defined as the Executive being absent and unable to perform the essential
functions of her position under this Agreement, with or without a reasonable accommodation, for either ninety (90) consecutive days or a total of 90 days out of any period of one hundred and eighty consecutive days, all as determined in good
faith by the Company. 
 7.3 Severance Upon Termination Of Employment Without Cause or for Good Reason. In the
event that the Company terminates this Agreement or Executive’s employment without Cause (as defined in Section 7.1), or Executive terminates this Agreement for Good Reason (as defined in Section 7.1 and subject to the satisfaction of
the Good Reason Process and Good Reason Cure Period), then subject to the conditions set forth in this Section 7.3, the Executive shall receive the Accrued Amounts, as well as an amount equal to the pro rata share of the Discretionary Bonus for
the employment year in which the Termination Date occurs, payable at such time the Discretionary Bonus, if any, would otherwise have been payable in 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 
accordance with Section 6.3 hereof. The Executive shall also receive an amount equal to fifteen (15) months of Executive’s then current Base Salary, less all applicable
withholdings and deductions, paid over such 15-month period in installments on the Company’s regular payroll schedule following the Termination Date; and the Company shall pay its share of the COBRA
premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents (as of the Termination Date) for fifteen (15) months beyond the Termination Date, provided that Executive
timely elects continued coverage under COBRA following the Termination Date. Executive’s receipt of payments and benefits in this Section 7.3 is conditioned on and subject to (i) Executive signing and not rescinding this Agreement and
the NDA attached hereto as Exhibit A (and incorporated herein), and (ii) Executive signing and not rescinding an effective, general release of all claims in favor of the Company and in a form acceptable to the Company within no greater than 60
days following Executive’s Termination Date. 
 7.4 Termination Following Change in Control. Anything
contained herein to the contrary notwithstanding, in the event the Executive’s employment hereunder is terminated within nine (9) months following a Change in Control (as defined below) by the Company without Cause or by the Executive for
Good Reason, then the Company shall pay to the Executive in complete satisfaction of its obligations under this Agreement, the Accrued Amounts, as well as an amount equal to (i) (a) her Base Salary as then in effect for a period of twenty-four
months (24) months from the Termination Date, payable in equal installments on the Company’s normal payroll dates for the twenty-hour (24) month period following the Termination Date; and (b) an amount equal to the Discretionary
Bonus which would otherwise been payable in accordance with Section 6.3 hereof for the employment year in which the Termination Date occurs, payable at such time the Discretionary Bonus, if any, would otherwise have been payable in accordance
with Section 6.3 hereof; and (c) the Company shall pay its share of the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents (as of the Termination
Date) for eighteen (18) months beyond the Termination Date, provided that Executive timely elects continued coverage under COBRA following the Termination Date.; or (ii) except with regard to the payment of any amount that is a
Section 409A Amount, the Company, in its sole discretion, may elect to make a lump sum cash payment equal to the present value of the payments otherwise due under clause (i); provided that if any severance payment payable after a “Change
in Control” as defined in Section 280G of the Internal Revenue Code of 1986 (the “Code”), either alone or together with other payments or benefits, either cash or non-cash, that the
Executive has the right to receive from the Company, including, but not limited to, accelerated vesting or payment of any deferred compensation, options, stock appreciation rights or any benefits payable to the Executive under any plan for the
benefit of employees, which would constitute an “excess parachute payment” (as defined in Code Section 280G), then such severance payment or other benefit shall be reduced to the largest amount that will not result in receipt by the
Executive of a parachute payment. The determination of the amount of the payment described in this subsection shall be made by the Company’s independent auditors at the sole expense of the Company. For purposes of clarification the value of any
options described above will be determined by the Company’s independent auditors using a Black-Scholes valuation methodology. 
 For purposes of this
Agreement, a “Change in Control” shall be deemed to occur (i) when any “person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as used in
Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act, but excluding the Executive, the Company or any subsidiary or any affiliate of the Company or any employee benefit plan
sponsored or maintained by the Company or any subsidiary of the Company (including any trustee 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 
of such plan acting as trustee), becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act) of securities of the Company representing 50% or more of the
combined voting power of the Company’s then outstanding securities; or (ii) the sale of all or substantially all of the assets of the Company, or (iii) the occurrence of a transaction requiring stockholder approval for the acquisition
of the Company by an entity other than the Company or a subsidiary or an affiliated company of the Company through purchase of assets, or by merger, or otherwise. 

If within nine (9) months after the occurrence of a Change in Control, the Company shall terminate the Executive’s employment without Cause or
Executive shall resign for Good Reason, then notwithstanding the vesting and exercisability schedule in any stock option or other equity award agreement between the Company and the Executive, all unvested stock options and other equity awards
granted by the Company to the Executive pursuant to such agreement shall immediately vest and become exercisable and shall remain exercisable for not less than one year thereafter. 

8. Injunctive Relief. Executive and the Company: (i) intend that the provisions of Section 5 and Exhibit A be and become
valid and enforceable; (ii) acknowledge and agree that the provisions of Section 5 and Exhibit A are reasonably necessary to protect the legitimate interests of the Company; and (iii) that any violation of Section 5 or Exhibit A
will result in immediate and irreparable injury to the business and good will of the Company for which there exists no adequate remedy at law. Accordingly, Executive agrees that if she violates any of the provisions of Section 5 or Exhibit A
then, in addition to any other remedy available at law or in equity, the Company shall be entitled to specific performance or injunctive relief without posting a bond, or other security, and without notice to Executive or the necessity of proving
actual damages. 
 9. Warranties and Covenants. As an inducement to the Company to enter into this Agreement, Executive
represents and warrants as follows: (i) there exist no impediments or restraints, contractual or otherwise on Executive’s power, right or ability to enter into this Agreement and to perform her duties and obligations hereunder; and
(ii) the performance of her obligations under this Agreement do not and will not violate or conflict with any agreement relating to confidentiality, non-competition or exclusive employment to which
Executive is or was subject. 
 10. Indemnification. In the event that Executive is made a party or threatened to be made a
party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, (collectively, a “Proceeding”) by reason of the fact that Executive is or was an employee, officer or director of the Company, or is or was
serving at the request of the Company as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, Executive shall be indemnified and held harmless by the Company to the fullest
extent permitted by, and except as prohibited under, applicable law from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees). Costs and
expenses incurred by Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment;
(ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on Executive’s behalf to repay
the amounts so paid if it shall ultimately be determined by a court of competent jurisdiction that Executive is not entitled to be indemnified by the Company under this Agreement. This indemnification provision shall not apply to any Proceeding
initiated by Executive or the Company relating to a dispute between Executive and the Company with respect to this Agreement or Executive’s employment under this Agreement. 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 11. Directors’ and Officers’ Insurance. The Company represents that it
will maintain directors’ and officers’ liability insurance during the term of Executive’s employment providing coverage to Executive on terms that are no less favorable than the coverage provided to the directors and senior most
executives of the Company, subject to the terms and exclusions of the applicable policy. 
 12. Withholding. All sums payable to
Executive shall be reduced by all federal, state, local and other withholding and similar taxes and payments required by applicable law. 
 13.
Code Section 409A; Six Month Holdback. It is intended that all of the payments and benefits payable under this Agreement satisfy, to the greatest extent possible, the exemptions from 409A, and all
provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. To the extent (i) any payments to which Executive becomes entitled under this
agreement, or any agreement or plan referenced herein, in connection with Executive’s separation of service from the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed by the
Company at the time of such separation of service to be a “specified employee” under Section 409A of the Code, as determined by Company, by which determination Executive agrees to be bound, then such payment shall not be made or
commence until the earliest of (i) the expiration of the six (6)-month period measured from the date of Executive’s “separation from service” (as such term is defined below); (ii) the date Executive becomes “disabled”
(as defined in Section 409A of the Code); or (iii) the date of Executive’s death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax
treatment to Executive, including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)( 1 )(B) of the Code in the absence of such deferral. Upon the expiration of the
applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive in one lump sum. With respect to any
determination that the payments or benefits provided for in this Agreement are subject to Section 409A, then each payment or installment is a separate and distinct payment and, to the extent any payment under this Agreement may be classified as
a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short- term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Each
other payment that is not a “short-term deferral” is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section 1.409A- 1(b)(9)(iii), et. seq., to the maximum extent
permitted by that regulation. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind
benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause
(ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and
(iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. For purposes of this Agreement, separation or termination of Executive’s
employment with the Company shall mean “separation from service” within the meaning of Section 409A of the Code and Section 1.409A-l(h) of the regulations promulgated under the Code or any
successor regulations. In any event, Company makes no representations or warranty and shall have no liability to Executive or any other person if any benefits or payments under this Agreement are determined to be deferred compensation subject to
Code Section 409A and/or to not to satisfy the conditions of that section. No interest shall be due on amounts deferred. 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 14. Notices. Any notice or other communication required or permitted under this
Agreement shall be in writing and shall be deemed to have been given: (i) when hand-delivered if delivered by personal delivery or by Federal Express or similar courier service; (ii) on the date of receipt, refusal or non-delivery indicated on the return receipt if deposited in the United States mail, registered or certified, return receipt requested and with proper postage prepaid; or (iii) when received, if sent by
facsimile with a copy sent via regular U.S. mail. All notices shall be addressed to the Company or Executive at their respective addresses set forth below, or to such other address as either party may designate for itself or himself/herself by
written notice to the other given from time to time in accordance with the provisions of this Agreement: 
  

			
	To Executive:	  	Stacey Stevens
		  	98 Spit Brook Road, Suite 100
		  	Nashua, NH 03062
		
	To Company:	  	iCAD, Inc.
		  	98 Spit Brook Road- Suite 100
		  	Nashua, NH 03062
		  	Attn: Chairman of the Board

 15. Executive’s Cooperation. During the Employment Period and thereafter, the Executive shall
cooperate with the Company in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company (including, without limitation, the Executive being available to the Company upon reasonable notice
for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the
Company all relevant documents which are or may come into the Executive’s possession, all at times and on schedules that are reasonably consistent with the Executive’s other permitted activities and commitments). In the event the Company
requires the Executive’s cooperation in accordance with this section after the termination of the term of this Agreement, the Company shall reimburse the Executive for all of her reasonable costs and expenses incurred, in connection therewith,
plus pay the Executive a reasonable amount per day for her time spent. 
  

	16.	 General Provisions. 

16.1 Amendment. The provisions of this Agreement may be amended, modified, supplemented, or otherwise altered only
if the Company’s Chairman of the Board (or Compensation Committee Chairman) and the Executive have each duly executed and delivered to the other party a written instrument which states that it constitutes an amendment or modification (as
applicable) to this Agreement and specifies the provision(s) that are being modified or amended (as applicable). 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 16.2 Representation by Counsel and Mutual Negotiation. Each party
has had the opportunity to be represented by counsel of her or its choice in negotiating this Agreement. This Agreement shall therefore be deemed to have been negotiated, drafted and prepared at the joint request and direction of the parties, at
arm’s length, with the advice and participation of counsel, and shall be interpreted in accordance with its terms and without favor to any party. In furtherance thereof, the Company shall reimburse Executive up to $5,000 for the legal fees
incurred by her in connection with the review and negotiation of this Agreement. 
 16.3. Binding Effect and
Assignment. The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Executive, his/her heirs, executors, and administrators, and the Company, its successors and assigns, except that the Executive
may not assign any of his/her rights or duties hereunder without the prior written consent of the Company, which consent may be withheld by the Company in its sole discretion. Company may assign its rights, together with its obligations hereunder,
to any parent, subsidiary or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets; provided, however, that any such assignee assumes Company’s obligations hereunder.

 16.4. Waivers. The failure by either party at any time to require performance or compliance by the other of
any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of any
preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced. 

16.5. Entire Agreement. This Agreement, the documents referenced herein, and its Exhibit sets forth the entire
Agreement between the Company and the Executive relating to its subject matter and supersedes all such prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement including but
not limited to the Change of Control and Bonus Agreement entered into by the Company and the Executive in October 2015, which is terminated hereby. 

16.6. Headings and Interchangeability. The headings of sections and subsections in this Agreement are merely for
convenience of reference and shall not affect the interpretation of any of the provisions of this Agreement. Whenever appropriate, the singular form of a word shall be interpreted in the plural and vice versa. All words and phrases shall be
construed as masculine, feminine or neuter gender, according to the context. 
 16.7. Further Assurances. Each
party agrees to cooperate with the other, and to execute and deliver, or cause to be executed and delivered, all such other instruments and documents, and to take all such other actions as may be reasonably requested of him or it from time to time,
in order to effectuate the provisions and purposes of this Agreement. 
 16.8. Severability. Whenever possible,
each provision of this Agreement shall be construed and interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application thereof to any party or circumstance shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition without invalidating the remainder of such provision or any other provision of this Agreement or the application of such provision
to 

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com 

			
	

	  	

  

 
other parties or circumstances. Without limitation of the foregoing, the parties agree and acknowledge that the duration, scope and geographic area of the covenants described in Sections 5 and
Exhibit A hereof are fair, reasonable and necessary in order to protect the goodwill and other legitimate interests of the Company, that adequate consideration has been received by the Executive for such obligations, and these obligations do not and
will not prevent the Executive from earning a livelihood. If, however, for any reason any court of competent jurisdiction determines that such restrictions are not reasonable, that consideration is inadequate or that the Executive has been prevented
unlawfully from earning a livelihood, such restrictions shall be interpreted, modified or rewritten to include as much of the duration, scope and geographic area identified in such provisions as will render such restrictions valid and enforceable.

 16.9. Governing Law. This Agreement, the performance of the parties hereunder and any dispute arising out of
or in connection with this Agreement shall be governed by the internal laws (and not the law of conflicts) of the State of Delaware. Any claim or controversy arising out of or in connection with this Agreement, or the breach thereof, shall be
adjudicated exclusively by the state courts for the State of New Hampshire, or by a federal court sitting in New Hampshire. The parties hereto agree to the personal jurisdiction of such courts and agree to accept process by regular mail in
connection with any such dispute. 
 17. Enforcement. In the event that any proceedings are brought to enforce this Agreement or
remedy any breach hereof, then in addition to any and all damages resulting from any breach hereof, the prevailing party shall be entitled to recover its or his costs and expenses, including reasonable attorneys’ fees, incurred in the
proceedings relating to the terms and conditions of this Agreement. 
 18. Counterparts. This Agreement may be executed in any
one or more counterparts, each of which shall constitute an original, no other counterpart needing to be produced, and all of which, when taken together, shall constitute but one and the same instrument. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. 

 

									
	EXECUTIVE:	 		 	COMPANY:
					
	By:	 	 /s/ Stacey Stevens
	 		 	By:	 	 /s/ Michael Klein

  

  
  

98 Spit Brook Road, Suite 100 Nashua, NH 03062 

phone: 603.882.5200 toll free: 866.280.2239 fax: 603.218.6658 

www.icadmed.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]