Document:

Document

Exhibit 10.36

David M. Cordani
President and CEO

Routing  W2SLT
900 Cottage Grove Road
Hartford, CT 06152
Telephone  860.226.7482
Facsimile  860.226.3099

December 6, 2020

Matthew Manders

Dear Matt:

I am pleased to offer the following compensation package in connection with your assumption of the role of President, Government Business and Enterprise Solutions, reporting to me, effective January 1, 2021, subject to your written acceptance below: 

•Base Salary – will increase to a pre-tax annualized rate of $1,000,000.  

•Annual Incentive – your annual target will increase to $1,250,000 for the 2021 performance year.  

•Long-Term Incentive – your annual long-term incentive target will increase to $4,250,000 for the 2021 annual grant.

NEW TOTAL ANNUAL COMPENSATION OPPORTUNITY:            $6,500,000
    
 The changes above have no impact on previously awarded bonuses, stock options, or SPS grants.  As an executive of the company, your compensation will be subject to any future program changes.

Matt, I look forward to continuing to partner with you.

Sincerely,

/s/ David M. Cordani

David M. Cordani

cc:    K. Gorodetzer
       J. Murabito

Please indicate your acceptance of our offer by signing below and returning a copy to me no later than Tuesday, December 8, 2020.

Acceptance:    /s/ Matthew Manders

Date:        December 8, 2020Document

Exhibit 10.37

David M. Cordani
President and CEO

Routing  W2SLT

900 Cottage Grove Road
Hartford, CT 06152
Telephone  860.226.7482
Facsimile  860.226.3099

December 6, 2020

Brian Evanko    

Dear Brian:

I am pleased to offer the following compensation package in connection with your assumption of the role of EVP & Chief Financial Officer, reporting to me, effective January 1, 2021, subject to your written acceptance below: 

•Base Salary – will increase to a pre-tax annualized rate of $800,000.  

•Annual Incentive – your annual target will increase to $900,000 for the 2021 performance year.  

•Long-Term Incentive – your annual long-term incentive target will increase to $2,800,000 for the 2021 annual grant.

NEW TOTAL ANNUAL COMPENSATION OPPORTUNITY:            $4,500,000
    
 The changes above have no impact on previously awarded bonuses, stock options, or SPS grants.  As an executive of the company, your compensation will be subject to any future program changes.

Brian, I look forward to continuing to partner with you.

Sincerely,

/s/ David M. Cordani

David M. Cordani

cc:    K. Gorodetzer
       J. Murabito

Please indicate your acceptance of our offer by signing below and returning a copy to me no later than Tuesday, December 8, 2020.

Acceptance:    /s/ Brian Evanko

Date:        December 8, 2020rcus-ex43_381.htm

Exhibit 4.3

ARCUS BIOSCIENCES, INC.

DESCRIPTION OF COMMON STOCK 

Our authorized capital stock consists of 400,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share. A description of material terms and provisions of our certificate of incorporation and bylaws affecting the rights of holders of our common stock is set forth below. The description is intended as a summary, and is qualified in its entirety by reference to our certificate of incorporation and the bylaws. 

Common Stock 

Dividend Rights 

Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our board of directors may determine. 

Voting Rights 

The holders of our common stock are entitled to one vote per share. Stockholders do not have the ability to cumulate votes for the election of directors. Our amended and restated certificate of incorporation and amended and restated bylaws provide for a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. 

No Preemptive or Similar Rights 

Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions. 

Right to Receive Liquidation Distributions 

Upon our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock. 

Anti-Takeover Provisions 

Delaware Law 

We are governed by the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. This section prevents some Delaware corporations from engaging, under some circumstances, in a business combination, which includes a merger or sale of at least 10% of the corporation’s assets with any interested stockholder, meaning a stockholder who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of the corporation’s outstanding voting stock, unless: 

				
	
 
	
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the transaction is approved by the board of directors prior to the time that the interested stockholder became an interested stockholder; 

	
 
	
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upon closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

	
 
	
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subsequent to such time that the stockholder became an interested stockholder the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder. 

A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or amended and restated bylaws resulting from a stockholders’ amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts of us may be discouraged or prevented. 

Certificate of Incorporation and Bylaw Provisions 

Our amended and restated certificate of incorporation and our amended and restated bylaws include a number of provisions that may have the effect of deterring hostile takeovers or delaying or preventing changes in control of our management team, including the following: 

				
	
 
	
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Board of Directors Vacancies. Our amended and restated certificate of incorporation and amended and restated bylaws authorize our board of directors to fill vacant directorships, including newly-created seats. In addition, the number of directors constituting our board of directors may be set only by resolution adopted by a majority vote of our entire board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees. 

	
 
	
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Classified Board. Our amended and restated certificate of incorporation and amended and restated bylaws provide that our board of directors is classified into three classes of directors, each of which hold office for a three-year term. In addition, directors may only be removed from the board of directors for cause and only by the approval of 66 2/3% of our then-outstanding shares of our common stock. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors. 

	
 
	
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Stockholder Action; Special Meeting of Stockholders. Our amended and restated certificate of incorporation provide that stockholders are not able to take action by written consent, and are only able to take action at annual or special meetings of our stockholders. Stockholders are not be permitted to cumulate their votes for the election of directors. Our amended and restated bylaws further provide that special meetings of our stockholders may be called only by a majority vote of our entire board of directors, the chairman of our board of directors or our chief executive officer. 

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Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our amended and restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at any meeting of stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our meetings of stockholders. 

	
 
	
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Issuance of Undesignated Preferred Stock. Our board of directors have the authority, without further action by the holders of common stock, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the board of directors. The existence of authorized but unissued shares of preferred stock enable our board of directors to render more difficult or discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

Choice of Forum 

Our amended and restated certificate of incorporation and bylaws provide that, unless we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware is the exclusive forum for: any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation and bylaws has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable. This provision does not apply to actions arising under the Securities Act or the Exchange Act, or any claim for which the federal courts have exclusive jurisdiction.

In addition, our bylaws provide that unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended; and that any person or entity holding, owning or otherwise acquiring any interest in any security of Arcus shall be deemed to have notice of and consented to these provisions.

 

 

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