Document:

Exhibit 10.1

 

OVASCIENCE, INC.

 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

 

The Board of Directors of OvaScience, Inc. (the “Company”) has approved the following Non-Employee Director Compensation Policy (this “Policy”) which establishes compensation to be paid to non-employee directors of the Company, effective as of January 1, 2014 (“Effective Time”), to provide an inducement to obtain and retain the services of qualified persons to serve as members of the Company’s Board of Directors.

 

Applicable Persons

 

This Policy shall apply to each director of the Company who is not an employee of the Company or any Affiliate (each, a “Non-Employee Director”).  “Affiliate” shall mean an entity which is a direct or indirect parent or subsidiary of the Company, as determined pursuant to Section 424 of the Internal Revenue Code of 1986, as amended.

 

Stock Option Grants

 

All stock option amounts set forth herein shall be subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock.

 

Annual Stock Option Grants

 

Annually, each Non-Employee Director shall be granted a non-qualified stock option to purchase 6,500 shares of the Company’s common stock under the Company’s 2012 Stock Incentive Plan (the “Stock Plan”) on the date of the first annual meeting of the Board of Directors held following the Company’s annual meeting of stockholders.

 

Initial Stock Option Grant For Newly Appointed or Elected Directors

 

Each new Non-Employee Director shall be granted a non-qualified stock option to purchase 8,650 shares of the Company’s common stock under the Stock Plan at the next regularly scheduled meeting of the Board of Directors after his or her initial appointment or election to the Board of Directors.

 

Terms for All Option Grants

 

Unless otherwise specified by the Board of Directors or the Compensation Committee at the time of grant, all options granted under this Policy shall (i) vest in equal monthly installments at the end of each successive month following the grant date until the first anniversary of the grant date, subject to the Non-Employee Director’s continued service on the Board of Directors; (ii) have an exercise price equal to the fair market value of the Company’s common stock as determined in the Stock Plan on the date of grant; (iii) terminate ten years after the grant date and

 

 

(iv) contain such other terms and conditions as the Board of Directors or the Compensation Committee shall determine.

 

Cash Fees

 

Retainer

 

The following annual cash fees shall be paid to the Non-Employee Directors serving on the Board of Directors and the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, as applicable.

 

	
Board of Directors or
   Committee of Board of
   Directors
    	
 
    	
Annual Retainer Amount
   for Member
    	
 
    	
Annual Retainer Amount
   for Chair
    	
 
    
	
Board of Directors
    	
 
    	
$
    	
35,000
    	
 
    	
—
    	
 
    
	
Audit Committee
    	
 
    	
$
    	
8,000
    	
 
    	
$
    	
15,000
    	
 
    
	
Compensation Committee
    	
 
    	
$
    	
5,000
    	
 
    	
$
    	
10,000
    	
 
    
	
Nominating and Corporate Governance Committee
    	
 
    	
$
    	
3,750
    	
 
    	
$
    	
7,500
    	
 
    

 

Payment Terms for All Cash Fees

 

Cash payments payable to Non-Employee Directors shall be paid quarterly in arrears as of the last day of each fiscal quarter, provided that (i) the amount of such payment shall be prorated for any portion of such quarter that such director was not serving on the Board or committee and (ii) no fee shall be payable in respect of any period prior to the date such director was elected to the Board or committee.

 

Expenses

 

Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Non-Employee Director shall be reimbursed for his or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board of Directors and Committees thereof or in connection with other business related to the Board of Directors.

 

Amendments

 

The Compensation Committee shall periodically review this Policy to assess whether any amendments in the type and amount of compensation provided herein should be made and shall make recommendations to the Board of Directors for its approval of any amendments to this Policy.

 

2Exhibit 10.3

 

Amendment to Lease Agreement for 1015 31st Street NW, Washington, DC

 

Cogent Communications, Inc. (Tenant) and Niobium LLC (Landlord) hereby agree to amend the Lease Agreement between 6715 Kenilworth Avenue Partnership and Cogent Communications, Inc. (Tenant) dated September 1, 2000, for premises at 1015 31st Street NW, Washington, DC as amended (Lease Agreement) as follows:

 

Niobium LLC is the successor to 6715 Kenilworth Avenue Partnership.

 

The Lease Term of the Lease Agreement is extended through August 31, 2016.  Tenant may without penalty at any time terminate the lease of space pursuant to the Lease Agreement upon 60 days written notice.  Upon the effective date of any such termination Tenant shall no longer be obligated to pay rent or other charges and any advance rent payments or other charges shall be refunded to Tenant based on proration through the effective date of termination.

 

Except as amended herein, the Lease Agreement, as amended, shall remain in full force and effect.

 

Executed as of the 6th day of August 2014.

 

	
Tenant: Cogent   Communications, Inc.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/Thaddeus   G. Weed
    	
 
    
	
Thaddeus   G. Weed
    	
 
    
	
Chief   Financial Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Landlord: Niobium LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/Dave   Schaeffer
    	
 
    
	
Dave   Schaeffer
    	
 
    
	
Managing   Member
    	
 
    

 

1Exhibit 10.4

 

Amendment No. 6

 

to

 

Employment Agreement of David Schaeffer

 

This amendment is made by and between Cogent Communications, Inc. (the “Company”) and David Schaeffer (“Executive”).  It amends the employment agreement between the parties dated February 7, 2000 as amended through April 7, 2010.

 

The second and third sentences of section 2 are replaced with the following:

 

The term of employment under this Agreement (the “Term”) shall be for the period beginning on the Effective Date and ending on December 31, 2018, unless earlier terminated as provided in Section 6.

 

In section 5(a) the first sentence is replaced with the following:

 

Effective January 1, 2015 Executive shall not receive a cash salary, i.e. his Annual Base Salary shall be zero, for the term of this agreement.

 

Section 5(b) Bonus is replaced with the following:

 

Executive shall be entitled to a bonus based on the growth of revenue and EBITDA, as adjusted (as defined in the company’s earnings releases), of Cogent Communications Holdings, Inc. in each of 2015, 2016, and 2017 compared in each case to the prior year.  The bonus, if any, shall be calculated each year following filing of the company’s annual audited financial statements on Form 10-K, e.g. the first bonus, if any, will be paid in February 2016 based on 2015 results compared to 2014.  For each year the bonus shall be $250,000 if revenue growth equals or exceeds 15% and, separately, $250,000 if EBITDA, as adjusted, growth equals or exceeds 20%.  If the growth of the performance measure is less than the amount specified in the preceding sentence the bonus shall be reduced such that it is proportional to performance realized, e.g. if revenue growth is 7.5% then the bonus for revenue growth will be $125,000.  If the performance measure is zero or negative the bonus for that performance measure shall be zero.

 

Except as herein amended the Employment Agreement shall remain in full force and effect.

 

Accepted and Agreed to:

 

	
 
    	
 
    	
Cogent   Communications, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/David   Schaeffer
    	
 
    	
by:
    	
/s/Robert   N. Beury, Jr.
    
	
David   Schaeffer
    	
 
    	
 
    	
Robert   N. Beury Jr.
    
	
In   his individual capacity
    	
 
    	
 
    	
Chief   Legal Officer and VP
    
	
 
    	
 
    	
 
    	
Cogent   Communications, Inc. on behalf of the board of directors
    
	
 
    	
 
    	
 
    
	
Date:   August 6, 2014
    	
 
    	
 
    	
Date:   August 6, 2014Exhibit 10.5

 

RESTRICTED STOCK AWARD

 

	
Name: David Schaeffer
    	
 
    	
Cogent Communications Holdings, Inc.
    
	
Grant Date: August 6, 2014
    	
 
    	
2004 Incentive Award Plan (the “Plan”)
    

 

1.  Grant:  Effective as of the Grant Date specified above you have been granted 360,000 shares of common stock $.001 par value (the “Restricted Stock”)  of Cogent Communications Holdings, Inc. (the “Company”) subject to the vesting requirement described below.

 

2.  Normal Vesting:     You will become vested in 10,000 shares of Restricted Stock on January 1, 2016 and in an additional 10,000 shares of Restricted Stock on the first day of each month thereafter, with full vesting of 360,000 shares on December 1, 2018.

 

3.  Accelerated Vesting:  Notwithstanding the foregoing, you will become fully vested upon the termination of your employment by reason of death, disability, or retirement. You will also become fully vested upon a Change of Control (even without termination of employment). If the accelerated vesting is due to a Change of Control the number the shares that vest in such event shall be limited to the number shares that when multiplied by the closing price of the Company’s common stock on August 6, 2014 yield a dollar value not in excess of three times your annual compensation on the date of the Change of Control.  If the acceleration of vesting due to a Change of Control would trigger the excise tax provided for in Section 280G and 4999 of the U.S. Internal Revenue Code such vesting shall be delayed by a time sufficient to not trigger the excise tax.  The shares for which vesting accelerates shall be allocated from the last shares to vest and the remaining unvested shares shall continue to vest under the normal vesting rule. Upon termination of employment other than as provided above you will forfeit any unvested shares of Restricted Stock that have not vested by the end of your severance period, i.e. you continue vesting during your severance period and lose the remaining unvested shares.  Your severance period is the number of months compensation specified in your employment agreement for use in calculating your severance, i.e. 12 months.  Change of Control has the meaning set forth in the Plan.  Annual compensation means your average compensation as calculated for U.S. income tax purposes for the last three complete calendar years.

 

4.  Nontransferable:  The Restricted Stock or any interest or right therein or part thereof may not be disposed of by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), until vested, and any attempted disposition prior thereto shall be null and void and of no effect.  The foregoing notwithstanding, transfers of the Restricted Stock may be permitted for estate planning purposes with the prior written consent of the Compensation Committee and subject in each case to the provisions of the Plan and the same restrictions and forfeiture provisions under this Agreement that the Restricted Stock had in your hands.

 

5.  Dividends/Voting:  You will be entitled to vote the shares of Restricted Stock.  However, you will only be entitled to receive any dividends that are paid on shares of the Restricted Stock once they are vested.  Any dividends paid on unvested shares of Restricted Stock shall be held by the Company, without interest thereon and paid to you at the time the shares of Restricted Stock on which such dividends were paid vest.

 

6.  Certificates:  The Company shall cause the Restricted Stock to be issued and a stock certificate or certificates representing the Restricted Stock to be registered in your name or held in book entry form, but if a stock certificate or certificates are issued, they shall be delivered to, and held in custody by the Company until the shares of Restricted Stock vest.  You agree to give to the Company a stock power for all unvested shares of Restricted Stock.  If issued, each such certificate will bear such legends as the Company may determine.

 

7.  No Other Rights:  The grant of Restricted Stock under the Plan is a one-time benefit and does not create any contractual or other right to receive an award of Restricted Stock or benefits in lieu of Restricted Stock in the future.  Future awards of Restricted Stock, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the award, the number of shares and vesting provisions.  The grant of

 

 

Restricted Stock under the Plan does not entitle you to any rights to remain employed with the Company, nor does it constitute a contract of employment.

 

8.  Miscellaneous:        The shares of Restricted Stock are granted under and governed by the terms and conditions of the Plan, as may be amended from time to time.  Defined terms used herein shall have the meaning set forth in the Plan, unless otherwise defined herein.

 

Cogent Communications Holdings, Inc.

 

 

	
 
    	
 
    	
August 6,   2014
    
	
by:
    	
Robert   N. Beury Jr
    	
 
    	
 
    
	
 
    	
Chief   Legal Officer on behalf of the Board of Directors and the Compensation   Committee
    	
 
    	
 
    

 

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