Document:

Document

Exhibit 10.1
July 19, 2022

Ken Exner

Dear Ken, 

Elasticsearch, Inc. (the “Company”), is pleased to offer you employment with the Company on the terms described below.

1.Position. Your position will be Chief Product Officer, reporting to the Chief Executive Officer, Ashutosh Kulkarni. As this offer is for a position that will be an “executive officer” position (as such term is defined in Rule 3b-7 under the Securities and Exchange Act of 1934 (the “’34 Act”)) and an “officer” position (as such term is defined in Section 16 of the ’34 Act), the terms of this offer letter and your appointment to the position contemplated hereby are subject to the approval of the board of directors of Elastic N.V. (the “Board”) and the Compensation Committee of the Board (the “Compensation Committee”). By signing this offer letter you will confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company.

2.Compensation.  

a.Base Salary. You will be paid a starting salary at the rate of $450,000 per year, which will be paid in accordance with the Company’s standard payroll policies and subject to applicable withholdings and other required deductions. 
b.Annual Incentive Compensation. Your annual target incentive compensation will be equal to 60% of your annual base salary, less applicable withholding, and will remain in effect until explicitly changed and will be subject to the terms and conditions of the Company’s Executive Incentive Compensation Plan or any successor plan or arrangement adopted and implemented by the Company. 

You should note that the Company reserves the right to modify salaries and/or incentive compensation opportunities from time to time as it deems necessary. 

3.Equity Award.  Subject to the approval of the Board or the Compensation Committee, you will be granted awards covering ordinary shares of Elastic N.V. with an aggregate approximate value of $10,000,000 (each an “Equity Award”, and together, the “Equity Awards”). 75% of the value of the Equity Awards will be in the form of a restricted stock unit award, and 25% of the value of the Equity Awards will be in the form of a stock option grant to purchase shares of Elastic N.V. The dollar value of each Equity Award will be converted into a number of shares subject to the Equity Award at the time the award is granted in accordance with our equity grant practices in effect at that time. Each Equity Award will vest over a 4-year period ratably on designated vesting dates following the vesting commencement date in accordance with our equity grant practices, subject to your continuous service with the Company or its affiliates through each vesting date. Each Equity Award will be subject to the terms and conditions set forth in the Elastic N.V. Amended and Restated 2012 Stock Option Plan or a future equity plan, a standard form of either a restricted stock unit award agreement or an option award agreement adopted under such plan, as applicable, and our equity grant practices in effect from time to time.

4.Vacation and Holidays.  During your employment with the Company, you will be entitled to 4 weeks of paid vacation during each calendar year, which shall accrue ratably over the calendar year and be pro-rated for the remainder of this calendar year.  Such vacation shall be subject to and taken in accordance with the vacation policies of the Company.  We strongly encourage you to take the vacation that you accrue in a calendar year in the same calendar year.  Vacation must be taken by you at such time or times as mutually agreed between you and the Company.  You will also be entitled to the paid holidays as set forth in the Company’s policies.  Upon termination of your employment with the Company, you will be paid for any unused vacation accrued by you as of the termination date.

5.Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in the employee benefit plans, if any, currently and hereafter maintained by the Company, subject in each case to the terms and conditions of the plan in question, including any eligibility requirements set forth therein, and the determination of any person or committee administering the plan.  You should note that the Company may modify or terminate benefits from time to time as it deems necessary or appropriate.

6.Severance & Change of Control Benefits. As an executive of the Company, you will be eligible to receive severance and change of control benefits under certain circumstances pursuant to a Change in Control and Severance Agreement to be entered into between you and the Company, in substantially the form of the Company’s standard agreements with its executives (the “Severance Agreement”).  Accordingly, your potential severance and change of control benefits and the terms and conditions thereof shall be set forth in the Severance Agreement.

7.Confidential Information and Invention Assignment Agreement.  Like all Company employees, you will be required as a condition of your employment with the Company, to sign the Company’s standard Confidential Information and Invention Assignment Agreement. 

8.Employment Relationship.  Employment with the Company is for no specific period of time. 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 or notice. Any contrary representations which may have been made to you are superseded by this offer. 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 the Company’s Chief Executive Officer.

9.Location: You will work from your home office. 

10.Outside Activities.  Except for pre-existing engagements previously disclosed to the Company in writing, while you render services to the Company, you agree that you will not engage in any other employment, consulting, or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company, or in hiring any employees or consultants of the Company.

11.Withholding and Required Deductions.  All forms of compensation referred to in this letter are subject to all withholding and any other deductions required by applicable law.

12.Entire Agreement and Governing Law.  This letter supersedes and replaces any prior or contemporaneous understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter.  This letter will be interpreted in accordance with the laws of the State of Washington without giving effect to provisions governing the choice of law.

13.Counterparts.  This letter may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Execution of a facsimile, electronic, or scanned image will have the same force and effect as execution of an original, and a facsimile signature, electronic, or scanned image will be deemed an original and valid signature.  If you wish to accept this offer, please sign electronically as presented. 

As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States.  If visa sponsorship is needed, employment may not commence until an approval notice is received by the Company from USCIS. Employment may be contingent upon successfully obtaining an export license, if one is required for you to perform the duties you are being hired to perform.  In addition, the Company may conduct a background verification and/or reference check, not to exceed the limitations of the law, and you acknowledge that this offer is contingent upon our receipt of satisfactory results of any and all performed 

checks.  You acknowledge and agree that by signing this offer and returning it to the Company, you are consenting to the Company's performance of such background verification and/or reference checks. 

[Signature page follows.]

This offer, if not accepted, will expire at the close of business on July 25, 2022.

We look forward to your favorable reply and to working with you at Elastic.

Very truly yours,
ELASTICSEARCH, Inc 

Leah Sutton, SVP Global HR
                                                                                            /s/ Leah Sutton        
                                                                                            Date: 7/19/2022
ACCEPTED AND AGREED: 
                                                                                                
/s/ Ken Exner                                
Ken Exner

7/20/2022    
Date
Anticipated Start Date: August 29th, 2022Exhibit 4.1

 

FIRST AMENDMENT

TO

TAX BENEFITS PRESERVATION RIGHTS AGREEMENT

 

This FIRST AMENDMENT TO TAX
BENEFITS PRESERVATION RIGHTS AGREEMENT is dated as of August 26, 2022 (the “First Amendment”), by and between
Impac Mortgage Holdings, Inc., a Maryland corporation (the “Company”), and American Stock Transfer &
Trust Company, LLC, a New York limited liability trust company (the “Rights Agent” which term shall include any successor
Rights Agent hereunder). Capitalized terms contained herein and not otherwise defined shall have the meanings ascribed to them in the
Rights Agreement.

 

RECITALS

 

WHEREAS, the Company
and the Rights Agent entered into a Tax Benefits Preservation Rights Agreement dated as of October 23, 2019 (as it may be amended
from time to time as provided herein, the “Rights Agreement”);

 

WHEREAS, pursuant to
Section 28 of the Rights Agreement, prior to the occurrence of a Distribution Date (as defined in the Rights Agreement), the Company
may in its sole discretion and the Rights Agent shall, if the Board of Directors so directs, supplement or amend any provision of the
Rights Agreement as the Board may deem necessary or advisable without the approval of any holders of certificates representing shares
of Common Stock of the Company;

 

WHEREAS, Section 28
of the Rights Agreement also provides that any supplement or amendment that does not amend Sections 18, 19, 20, 21 or 28 or any other
section of the Rights Agreement in a manner that is adverse to the Rights Agent will become effective immediately upon execution by the
Company, whether or not also executed by the Rights Agent;

 

WHEREAS, as of the
date hereof, no Distribution Date has occurred;

 

WHEREAS, the Board
deems it advisable and in the best interests of the Company and its stockholders to amend the terms of the Rights Agreement as set forth
herein; and

 

WHEREAS, the Board
has authorized and approved this First Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and mutual agreements set forth in the Rights Agreement and this First Amendment, and for other good and
valuable consideration, the parties hereto agree as follows:

 

1.              Amendments
to Section 1. The definition of “Purchase Price” set forth in Section 1 of the Rights Agreement is hereby deleted
in its entirety and replaced with the following:

 

“Purchase Price”
means, as of any date, the price at which a holder may purchase securities issuable upon exercise of one whole Right. Until adjustment
thereof in accordance with the terms hereof, the Purchase Price shall equal $2.30.”

 

    	 	1	 

     

    

 

	2.	Amendments of Section 7.
Section 7 of the Rights Agreement is hereby amended as follows:

 

		(a)	Clause (a)(i) shall be removed
and replaced with the following:

 

“(i) the Close
of Business on October 22, 2025 (the “Final Expiration Date”),”

 

		(b)	Clause (a)(iv) shall be removed
and replaced with the following:

 

“(iv) the final adjournment
of the Company’s 2023 Annual Meeting of Stockholders if the stockholders fail to approve the amendment to this Agreement dated as
of August 26, 2022 at such meeting with an affirmative vote of a majority of the votes cast by holders of shares of Common Stock
at the 2023 annual meeting of stockholders (or any adjournment or postponement thereof),”

 

		(c)	The fourth sentence of clause (a) shall be removed and replaced with the following:

 

“Until such notice is received
by the Rights Agent, the Rights Agent may presume conclusively for all purposes, prior to the Close of Business on October 22, 2025,
that the Expiration Date has not occurred.”

 

		(d)	Clause (b) shall be removed and replaced with the following:

 

“(b) Price. The
Purchase Price for each one one-thousandth of a share of Preferred Stock issuable pursuant to the exercise of a Right is initially $2.30
and is subject to adjustment from time to time as provided in Section 11 or Section 13, and payable in accordance with Section 7(c).”

 

	3.	Amendments to Exhibit B. Exhibit B to the Agreement is hereby amended as follows:

 

		(a)	The reference to “October 22, 2022” in the
legend on page B-1 shall be removed and replaced with “October 22, 2025.”

 

		(b)	The first sentence on page B-1
shall be removed and replaced with the following:

 

“This certifies that           ,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject
to the terms, provisions and conditions of the Tax Benefits Preservation Rights Agreement dated as of October 23, 2019, as amended
(the “Rights Agreement”) between Impac Mortgage Holdings, Inc., a Maryland corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as Rights Agent (the “Rights
Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement)
and prior to the close of business on October 22, 2025 at the office or offices of the Rights Agent designated for such purpose,
or its successors as Rights Agent, one one-thousandth of a fully paid, non-assessable share of the Series A-1 Junior Participating
Preferred Stock (the “Preferred Stock”) of the Company, at a purchase price of $2.30 per one one-thousandth of a share
(the “Purchase Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to
Purchase and the related Certificate duly executed.”

 

    	 	2	 

     

    

 

	4.	Amendments to Exhibit C. Exhibit C to the Agreement is hereby amended as follows:

 

		(a)	The second sentence on page C-1
shall be removed and replaced with the following:

 

“Each Right entitles the registered
holder to purchase from the Company one one-thousandth of a share of Series A-1 Participating Preferred Stock, par value $0.01 per
share (the “Preferred Stock”), of the Company at an exercise price of $2.30 per one on-thousandth of a Preferred Share,
subject to adjustment (the “Purchase Price”).”

 

		(b)	The first sentence on page C-3 under the section entitled
 “Preferred Shares Purchasable Upon Exercise of Right” of Exhibit C shall be removed and replaced with the following:

 

“After the Distribution Date,
each Right will entitle the holder to purchase, for $2.30 (the “Purchase Price”), one one-thousandth of a Preferred
Share having economic and other terms similar to that of one Share of Common Stock.”

 

		(c)	The first bullet point on page C-5 under the section entitled
 “Expiration Date of the Rights” of Exhibit C shall be removed and replaced with the following:

 

“
 ●     the close of business on October 22, 2025;”

 

		(d)	The third bullet point on page C-5 under the section entitled “Expiration Date of the Rights”
of Exhibit C shall be removed and replaced with the following:

 

“●      the
final adjournment of the Company’s 2023 Annual Meeting of Stockholders, if the stockholders fail to approve the amendment, dated
as of August 26, 2022, with a majority of the votes cast by holders of shares of common stock at such meeting (or any adjournment
or postponement thereof);”

 

5.              Effectiveness.
This First Amendment shall be deemed effective as of the date first written above, as if executed on such date. Except as amended hereby,
the Rights Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

 

6.              Miscellaneous.
This First Amendment shall be deemed to be a contract made under the laws of the State of Maryland and for all purposes shall be governed
by and construed in accordance with the laws of such state applicable to contracts to be made and performed entirely within such state.
This First Amendment may be executed in any number of counterparts, each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this First Amendment executed
and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature. If any provision,
covenant or restriction of this First Amendment is held by a court of competent jurisdiction or other authority to be invalid, illegal
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this First Amendment shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

[Signature Page to Follow]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this First Amendment to be duly executed as an instrument under seal and attested, all as of the day and year first
above written.

 

	ATTEST:  	 	IMPAC MORTGAGE HOLDINGS, INC.  
	 	 	 
	By:	/s/ Joseph Joffrion	 	By:	/s/ George Mangiaracina
	 	Name: Joseph Joffrion	 	 	Name:  George Mangiaracina
	 	Title:  General Counsel	 	 	Title: Chief Executive Officer

 

CERTIFICATION AND INSTRUCTION TO RIGHTS AGENT:
The officer of the Company whose duly authorized signature appears above certifies that this First Amendment is in compliance with the
terms of Section 28 of the Rights Agreement and, on behalf of the Company, instructs the Rights Agent to enter into this First Amendment.

 

[Signature Page to First Amendment to
Rights Agreement]

 

     

     

    

 

	ATTEST:  	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Rights Agent  
	 	 	 
	By:	/s/ Joseph Dooley	 	By:	/s/ Barbara J. Robbins
	 	Name:  Joseph Dooley	 	 	Name:  Barbara J. Robbins
	 	Title  SVP	 	 	Title  SVP

 

[Signature Page to First Amendment to
Rights Agreement]

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