Document:

Exhibit 10.1

 

 

AMENDMENT
TO AMENDED EMPLOYMENT AGREEMENT

 

This
Amendment to Amended Employment Agreement (the “Amendment”) is made effective as of the date described in Section 1 below,
by and between Biofrontera, Inc, a Delaware corporation (the “Company”) having its registered office at 120 Presidential
Way, Suite 330, Woburn, MA 01801 and Prof. Dr. Hermann Luebbert (the “Executive”) of Hoehenstrasse 59, 51381 Leverkusen,
Germany.

 

Recitals

 

Whereas,
the Parties have entered into a certain Employment Agreement on August 11, 2021, which was amended by the Parties on October 1, 2021
(collectively, the “Employment Agreement”);

 

Whereas,
the Employment Agreement contemplated a scenario in which the Executive may increase the percentage his working capacity that he devotes
to the performance of his duties under the Employment Agreement, subject to the approval and consent of the Company’s board of
directors;

 

Whereas,
the Employment Agreement states that upon the Effective Date of the Employment Agreement, Executive’s salary shall be determined
and approved by Company’s board of directors, which will be commensurate with the scope of his responsibilities and appropriate
with the respect to the Company’s financial situation; and

 

Whereas,
Executive has ended his employment with Biofrontera AG, with his last date of employment being December 14, 2021;

 

Now,
therefore, in consideration of the foregoing and the agreements contained here, the Parties hereto, intending to be legally bound hereby
agree as follows:

 

Agreement

 

		1.	Effective
                                            Date. The Effective Date of this Amendment shall be the same as the Effective Date of
                                            the Employment Agreement. For the avoidance of doubt, this date shall be December 15, 2021,
                                            as reflected in Section 2(a) below.

 

		2.	Amendment
                                            to Employment Agreement. As of the effective date of this Amendment:

 

		a.	Section
                                            1 of the Employment Agreement shall be amended to read in its entirety as follows (added
                                            language appears in italics, deleted language appears in strikethrough):

 

“EFFECTIVE
DATE, EMPLOYMENT, AND TERM

 

This
Agreement shall become effective upon: as of December 15, 2021.

 

		-	The
                                            Company’s successful completion of an initial public offering pursuant to an effective
                                            Registration Statement on Form S-1, and 

 

    	1

     

    

 

 

		-	The
                                            earlier of either of the following occurrences:

 

		o	Biofrontera
                                            AG is first deemed not to control the Company under German law, or

 

		o	The
                                            day after Executive’s last day of employment with Biofrontera AG 

 

(the
“Effective Date”). It is agreed that Executive will devote 100% of his working capacity to the performance of his duties
hereunder. This Agreement shall remain in full force and effect for an indefinite period of time and is subject to termination pursuant
to Section 9 of the Agreement.

 

Upon
execution of this Agreement, Executive is employed as the Chief Executive Officer of Biofrontera AG. While Executive remains so employed
and the contract with Biofrontera AG remains valid in all aspects (with the exception that Executive’s base salary may be decreased
to 70% of its full value), he shall devote approximately 30% of his working capacity to his duties hereunder. However, if Executive’s
employment with Biofrontera AG terminates, Executive may devote a larger percent of his working capacity (up to 100%) to the performance
of his duties hereunder, subject to the approval and consent of the Board of Directors.”

 

		b.	Section
                                            4 of the Employment Agreement shall be amended to read in its entirety as follows (added
                                            language appears in italics, deleted language appears in strikethrough):

 

“COMPENSATION

 

For
the services to be rendered by the Executive under the Agreement, the Company shall pay him a salary while he is rendering such services
and performing his duties hereunder, and the Executive shall accept such salary as full payment for such service. Executive’s
annual base salary shall be $468,500.00, At all times, and regardless of what percentage of Executive’s working capacity
is dedicated to his duties hereunder, Executive’s salary shall be i) subject to the approval and consent of the Board of Directors
of the Company, ii) commensurate with the scope of Executive’s duties and responsibilities (as determined by objective criteria),
and iii) consistent with and appropriate under Company’s then current financial situation. Executive’s salary shall be
reduced by (i) Federal income tax withholding, (ii) FICA; and (iii) such other reductions as may be agreed upon by the parties or required
by law, and shall be paid in bi-weekly installments and in accordance with the Company’s customary payroll procedure. For each
fiscal year in effect during the active life of this Agreement, the Executive shall be eligible to receive a cash bonus of up to 100
65% of his base salary (the “Target Bonus”) upon the attainment of performance goals set in advance by the
Board of Directors. All such bonuses shall be paid after the completion of the Company’s financial statements for the applicable
fiscal year as and when bonuses are paid to members of senior management generally. The actual amount of Executive’s bonus shall
depend upon the level of achievement of set targets, however no bonus shall be paid if the level of target achievement is below 70%.

 

    	2

     

    

 

 

Upon
the Executive’s termination of employment, regardless of the reason for such termination and regardless of the party by whom such
termination is initiated, the Executive shall be entitled to immediate payment of all accrued but unpaid base salary and expenses owed.
In addition, upon the Executive’s termination of employment by the Company other than termination for “Cause” under
Section 9(d) of the Agreement, the Executive shall be entitled to a severance payment equal to one twelfth the Executive’s then-current
annual base salary for each full year the Executive has been employed by the Company (including Biofrontera AG, as a past affiliate of
the Company); provided, however, that such payment shall not exceed two full years of Executive’s then-current base salary.

 

Further,
the Executive shall participate in Company’s stock option plan. The number of options rewarded to him shall be at the discretion
of the Board of Directors.”

 

		3.	Continuing
                                            Effect of Original Agreement.

 

		a.	This
                                            Amendment shall only serve to amend and modify the Employment Agreement to the extent specifically
                                            provided herein. All terms, conditions, provisions, exhibits and references of and to the
                                            Employment Agreement that are not specifically modified and/or amended herein shall remain
                                            in full force and effect and shall not be altered by any provisions herein contained. On
                                            and after the date of this Amendment, each reference in the Employment Agreement to “this
                                            Agreement,” “hereunder,” “hereof,” “herein” or
                                            words of like import, and each reference to the Employment Agreement, including the exhibits
                                            relating thereto, in any other agreements, documents or instruments executed and delivered
                                            pursuant to the Employment Agreement, shall mean and be a reference to the Employment Agreement
                                            as amended by this Amendment.

 

		b.	For
                                            the avoidance of doubt, the Parties agree that the first payment made to Executive under
                                            the Agreement shall include a “catch up” payment to account for all sums owed
                                            to Executive that were accrued between the Effective Date and the date on which this Amendment
                                            was executed.

 

[Remainder
of page intentionally left blank; Signature page follows.]

 

    	3

     

    

 

 

IN
WITNESS WHEREOF, the parties have executed the Agreement,

 

	Biofrontera Inc.	 	 
	 	 	 
	/s/
    Erica Monaco	 	3/02/2022
	Erica Monaco	 	Date
	Chief Executive Officer	 	 
	President of the Board of Directors	 	 
	 	 	 
	Executive	 	 
	/s/
    Hermann Luebbert	 	3/02/2022
	Prof. Dr. Hermann Luebbert	 	Date

 

    	4EX-10.1

 Exhibit 10.1 
  

 
 Quanta Services, Inc. 

Term Sheet 
 2022 Annual
Incentive Plan – Corporate Employees 
 Participants 

Employees will be selected to participate in the Plan at the discretion of the CEO, provided that executive officers will be selected with the approval of the
Compensation Committee after consultation with the CEO. 
 Target Incentive 

A target incentive amount, representing a specified percentage of annual base salary, has been established for each participant in the Plan. 

Performance Period 
 One year beginning on
January 1, 2022 through December 31, 2022. 
 Company Performance Metrics and Weighting 

Metrics and Weighting, which are determined by Compensation Committee annually, are as follows for 2022: 

 

			
	 •   EBITDA
	  	60%
	 •   EBITDA Margin
	  	20%
	 •   Safety
	  	20%

 The payout on each metric will be determined based on the level of achievement as determined by the Compensation Committee
relative to pre-established goals, according to the following table: 
  

			
	 Percent of Achievement
	  	 Payout Percentage

	Less than Minimum Threshold	  	0%
	25%	  	25%
	50%	  	50%
	100%	  	100%
	150%	  	150%
	200%	  	200%

 Administration and Limitations 
  

	 	•	 	 When performance falls between the designated points in the table, the incentive will be determined by
interpolation. 

  

	 	•	 	 Any incentive will be subject to (i) assessment of overall company performance to ensure that payout of
incentives will not jeopardize the financial stability of the company, and (ii) discretion of Quanta management regarding individual performance. 

  

	 	•	 	 A participant must be employed by the company on the date incentive compensation under the Plan is paid. Any
participant not employed by the company on the payment date 

	 	 
forfeits any and all rights to such incentive compensation. It is the company’s intention to pay incentive compensation earned under the plan in March following the end of the calculation
period. 

  

	 	•	 	 A new participant added to this Plan during the Plan year will be
pro-rated from their date of hire unless otherwise determined by the CEO or, in the case of any executive officer, the Compensation Committee. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.
 Incentive Payout 

Any incentive earned under the Annual Incentive Plan is intended to be paid in cash. 

  
 2 

 

 
 Quanta Services, Inc. 

Term Sheet 
 2022 Sr.
Leadership Long-Term Incentive Plan 
 Participants 

Employees will be selected to participate in the Plan with the approval of the Compensation Committee after consultation with the CEO. 

Target Incentive 
 A target incentive amount,
representing a specified percentage of annual base salary, has been established for each participant in the Plan. 
 Performance Period 

Three years beginning on January 1, 2022 through December 31, 2024.  

Company Performance Component 
 A specified
percentage (namely, 70% with respect to the CEO, 60% with respect to senior leadership personnel whose annual base salary rate is expected to exceed $350,000 as of December 31, 2022 or works in an Operations position, and 50% with respect to
other senior leadership personnel) of a participant’s long-term incentive target value will be awarded in performance stock units that, subject to the terms of the applicable award agreement, cliff vest following the end of the three-year
performance period at the rate determined by the Committee based on the achievement of company financial performance metrics. 
 Company Performance
Metrics and Weighting 
 Metrics and Weighting, which are determined by Compensation Committee shortly following commencement of the performance
period, are as follows for 2022-2024: 
  

			
	 •   ROIC with Total Shareholder Return Modifier
	  	65%
	 •   Capital Efficiency
	  	15%
	 •   Composite Driving Safety
	  	10%
	 •   Sustainability: Idle Time Reduction and Other Fleet/Equipment
Metrics
	  	10%

 The vesting rate or payout percentage on each metric will be determined following conclusion of the three-year performance
period based on the level of achievement relative to pre-established goals as certified by the Compensation Committee. 

Individual Component 
 The remaining percentage (or
30% with respect to the CEO, 40% with respect to senior leadership personnel whose annual base salary rate is expected to exceed $350,000 as of December 31, 2022 or works in an Operations position, and 50% with respect to other senior
leadership personnel) of a participant’s long-term incentive target value will be awarded in time-vested restricted stock units that, subject to the terms of the applicable award agreement, vest ratably over a three-year period following the
date of grant. 

 Administration and Limitations 

 

	•	 	 Any incentive will be subject to (i) assessment of overall company performance to ensure that payout of
incentives will not jeopardize the financial stability of the company and (ii) discretion of Quanta management regarding individual performance, and (iii) approval by the Compensation Committee. 

 

	•	 	 It is intended that incentives pursuant to the Long-Term Incentive Plan be granted in equity-based awards, such
as performance stock units and restricted stock units described above, that may be settled solely in common stock. However, with the approval of the Compensation Committee after consultation with the CEO, incentives pursuant to this plan may be
granted in (or substituted with) equity-based awards that may be settled in cash. 

  

	•	 	 Generally, a participant must be employed by the company on the date of vesting to be eligible to receive the
payout, and any participant not employed by the company on the vesting date forfeits any and all rights to such payout. However, the Compensation Committee, after consultation with the CEO, may determine to permit a participant who leaves prior to
the completion of the three-year performance period to receive his or her payout, or some portion of it. 

  

	•	 	 Awards to a new participant added to this Plan during the first nine months of the performance period generally
will be pro-rated from their date of hire unless otherwise determined by the Compensation Committee. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.

  
 2 

 

 
 Quanta Services, Inc. 

Term Sheet 
 2022
Discretionary Plan – All Employees 
 Participants 

Employees may be selected to receive an award pursuant to this Plan at the discretion of the CEO, provided that any such award to an executive officer shall be
subject to Compensation Committee approval. 
 Awards 

Awards may be made in cash, restricted stock units, or a combination thereof. 

Administration and Limitations 
  

	 	•	 	 A participant must be employed by the company on the date the award is paid. Any participant not employed by the
company on the payment date forfeits any and all rights to such award. It is the company’s intention to pay the awards under the plan in March. 

Clawback Provision 
 Notwithstanding anything
herein to the contrary, any and all incentive compensation awarded or paid by the Company shall be subject to clawback, forfeiture and repayment (i) to the extent necessary to comply with the requirements of applicable law, the rules and
regulations of the Securities and Exchange Commission, applicable stock exchange listing standards, or the Company’s clawback policy, as amended from time to time, or (ii) to the extent deemed appropriate by the Board of Directors or any
committee thereof, upon its determination that the recipient has violated applicable restrictive covenants.

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