Document:

EXHIBIT 10.1

 

October 29, 2014

First National Community Bancorp, Inc.

2014 Employee Stock Grant Plan

Purpose:

		·	The purpose of the First National Community Bank (FNCB) 2014 Employee
Stock Grant Plan (the Plan) is to provide employees with a long term financial interest in FNCB’s future growth and profitability
by providing them with company ownership in the form of common stock. 

 

Term:

		·	The 2014 Employee Stock Grant Plan is intended to be a one-time program
implemented in December, 2014. 

 

Stock Subject to Plan:

		·	The 2014 Employee Stock Grant Plan will utilize existing, authorized,
but unissued FNCB common stock. The shares of stock granted under this Plan will not exceed 13,500 shares.

 

Plan Approval and Administration:

		·	The FNCB Board of Directors is responsible for authorizing this Plan.
The Board of Directors authorized the implementation of this Plan by Board resolution on October 29, 2014. 

		·	The Plan will be administered by Human Resources and Finance. 

 

Awards:

		·	All eligible employees will be granted fifty (50) shares of FNCB common
stock. 

		·	Awards will be kept in book entry form using FNCB’s designated
stock registration firm. 

 

 

Plan Eligibility: To be eligible to participate in the Plan,
an employee must be:

		·	An active FNCB employee classified as Full Time or Part Time as of
the date the program is announced to employees (the “Effective Date”). 

 

		·	All executive officers who are actively employed on the Effective
Date will be eligible to participate in the Plan. 

 

Stock Restrictions:

		·	Stock Grant recipients may not sell the shares granted under the Plan
until after January 1, 2016. FNCB’s designated stock registration firm will be responsible for administering the terms of
this Plan provision. 

  

    	

    	 

    

 

Plan Participant Responsibilities:

		·	Award recipients will be responsible for all costs and fees associated
with the sale of their FNCB stock. 

		·	Award recipients will be responsible for all tax obligations arising
from the stock grant and ownership of stock under this Plan. 

 

Transfer of Shares:

		·	Except as noted below, shares may not be transferred or sold to another
party prior to January 1, 2016. 

 

In the event of an employee’s death prior to the date that the one year prohibited sale restriction
has been satisfied, the shares will be transferred to the employee’s estate, for distribution pursuant to the employee’s
will or applicable law. The shares will then remain subject to the restriction on transfer.

 

    	2Exhibit 10.1

 

 

July 3, 2014

	 	 
	Cesar Johnston	Via Email
	 	csrjohnston@att.net

 

Dear Cesar:

 

Energous Corporation
(the “Company”) is pleased to offer you employment on the following terms:

 

1.          Position.
Your initial title will be Senior Vice President of Engineering and you will initially report to the Company’s Chief Executive
Officer. 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 a starting salary at the rate of $10,416.66 per pay period (bi-monthly), 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. In addition, you are entitled to a 20% incentive bonus ($50,000)
broken into 5 equal parts: one per quarter plus an annual, based on performance of the Company and the individual against the deliverables
to be agreed upon with the Chief Executive Officer.

 

3.          Employee Benefits.
As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition,
you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time.

 

4.          Equity Grants.
As part of your offer we will be requesting that the Energous Board of Directors grant you 100,000 Restricted Stock Units (RSU’s).
We will request that the Energous Board of Directors grant you an additional 10,000 RSU’s upon successful completion of the
hiring plan by the end of August. Further, we will request that the Board of Directors grant you an additional 10,000 RSU’s
upon successful completion of the CES 2015 demonstration plan (specifically enabling at least 6 strategic partners to have prototypical
consumer products, WattUp enabled, demonstrable at CES according to product and performance specifications; 24 simultaneous users
0-5 feet from transmitter 16 watts into the space, 5-10 feet @ 8 watts, 10-15 feet @ 4 watts; all under software control with Bluetooth
connectivity and full roaming capability).

 

As you may be aware,
RSU’s are not Stock Options, they are essentially a promise to deliver a share of Energous Corporation common stock at a
specific time; in this case within a few days after the RSU has vested. When you sell the common stock represented by the RSU,
you will receive the full value of the share of stock on the date you sell it. As Energous is a public company, the vested shares
are fully tradable when you receive the underlying share of stock. In order to assist participants in selling their shares, the
Company is exploring options with brokerage firms to allow same day trading of common stock.

 

Page 1

303 Ray Street • Pleasanton CA 94566
• Tel: (925) 344-4200 •energous.com

    	 

    	 

    

 

 

Your RSU’s will vest 25% on each of the 4 anniversaries
of your start date (or award date based on successful completion of the milestones listed above). Upon vesting, there may be certain
tax consequences so you should consult your financial advisor or CPA well in advance of the vesting dates to discuss the issue.

 

Additionally, the Company is a “Pay for Performance”
based company. As a result, you can expect to receive additional equity incentives for outstanding performance throughout your
career at Energous.

 

In the event of death or disability, all vesting options will
have an extended expiration date of twelve (12) months from the date of death or effective date of disability which precludes the
executive from working full time at the Company. In the case of a “Change in Control”, there is no acceleration of
RSU’s, however, if the executive is terminated by the acquiring company for any reason other than cause anytime up until
the 4th year hire date anniversary, the executive will be made a consultant to the acquiring company for the remainder
of the 4 year original vesting period at the same total compensation in effect at the time of the acquisition. During this period,
the RSU’s will continue to vest according to their original schedule. In the event you are terminated by the acquiring company
for any reason other than cause after the 4 year anniversary date, you will be granted one (1) year of base salary severance.

 

5.          Confidential
Information and Inventions 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 Inventions Assignment Agreement, a copy of
which is attached hereto as Exhibit A.

 

6.          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. Any contrary representations that may have been made to you are superseded by this offer letter. 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).
Notwithstanding the at-will nature of your employment, the Company will grant you one (1) year of base salary as severance in the
event your relationship is terminated for any reason other than cause (after a 90-day probationary period).

 

The C-level executive
may terminate his employment for convenience upon a change-in-control for any of the following reasons: a) the executive is required
to move more than 75 miles from his current location; and/or b) the total compensation offered to the executive by the acquiring
company is less than the current total compensation at the time of the acquisition.

 

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303 Ray Street • Pleasanton CA 94566
• Tel: (925) 344-4200 •energous.com

    	 

    	 

    

  

  

7.           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.

 

8.Interpretation,
Amendment and Enforcement. This offer letter and Exhibit A constitute the complete offer letter between you and the Company,
contain significant terms of your offer of employment with the Company and supersede any prior agreements, representations or understandings
(whether written, oral or implied) between you and the Company. This offer letter 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 offer letter and the
resolution of any disputes as to the meaning, effect, performance or validity of this offer letter or arising out of, related to,
or in any way connected with, this offer letter between you and the Company (the “Dispute”) will be governed by California
law, excluding laws relating to conflicts or choice of law. For all pre-employment and offer letter Disputes, you and the Company
submit to the exclusive personal jurisdiction of the federal and state courts located in Alameda County, 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 letter by signing
and dating both the enclosed duplicate original of this offer letter and the enclosed Confidential Information and Inventions Assignment
Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on July 6, 2014. As required
by the Company, your employment is contingent on completion of and successful passing of an investigative consumer report and a
negative result pre-employment drug test. 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. Your employment is also contingent upon your starting
work with the Company on or before July 7, 2014.

 

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303 Ray Street • Pleasanton CA 94566
• Tel: (925) 344-4200 •energous.com

    	 

    	 

    

 

 

If you have any questions,
please call me at 949-201-9097.

 

	 	Very truly yours,
	 	 
	 	ENERGOUS CORPORATION
	 	 
	 	/s/ Stephen R. Rizzone
	 	 	 
	 	By:	Stephen R. Rizzone, Chief Executive Officer

 

I have read and accept this employment
offer:

 

	/s/ Cesar Johnston
	Signature of Employee
	 	 
	Dated: 	July 5, 2014

 

Attachment

 

Exhibit A: Confidential Information and
Inventions Assignment Agreement

 

Page 4

303 Ray Street • Pleasanton CA 94566
• Tel: (925) 344-4200 •energous.com

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