Document:

Exhibit 10.10

 

MAXPOINT INTERACTIVE, INC.

 

MANAGEMENT CASH INCENTIVE PLAN

 

(AS ADOPTED EFFECTIVE JANUARY 28, 2015)

 

 

TABLE OF CONTENTS

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 1.
    	
 
    	
BACKGROUND AND PURPOSE
    	
1
    
	
1.1
    	
 
    	
Effective Date
    	
1
    
	
1.2
    	
 
    	
Purpose of the Plan
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 2.
    	
 
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 3.
    	
 
    	
SELECTION OF PARTICIPANTS AND DETERMINATION OF   AWARDS
    	
3
    
	
3.1
    	
 
    	
Selection of Participants
    	
3
    
	
3.2
    	
 
    	
Determination of Performance Goals
    	
3
    
	
3.3
    	
 
    	
Determination of Target Awards
    	
3
    
	
3.4
    	
 
    	
Determination of Payout Formula or Formulae
    	
3
    
	
3.5
    	
 
    	
Determination of Actual Awards
    	
3
    
	
3.6
    	
 
    	
Adjustments
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 4.
    	
 
    	
PAYMENT OF AWARDS
    	
4
    
	
4.1
    	
 
    	
Right to Receive Payment
    	
4
    
	
4.2
    	
 
    	
Timing of Payment
    	
4
    
	
4.3
    	
 
    	
Form of Payment
    	
4
    
	
4.4
    	
 
    	
Payment in the Event of Death
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 5.
    	
 
    	
ADMINISTRATION
    	
4
    
	
5.1
    	
 
    	
Committee Authority
    	
4
    
	
5.2
    	
 
    	
Decisions Binding
    	
5
    
	
5.3
    	
 
    	
Delegation by the Committee
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 6.
    	
 
    	
GENERAL PROVISIONS
    	
5
    
	
6.1
    	
 
    	
Tax Withholding
    	
5
    
	
6.2
    	
 
    	
No Effect on Employment
    	
5
    
	
6.3
    	
 
    	
No Effect on Other Benefits
    	
5
    
	
6.4
    	
 
    	
Successors
    	
5
    
	
6.5
    	
 
    	
Nontransferability of Awards
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 7.
    	
 
    	
DURATION, AMENDMENT AND TERMINATION
    	
5
    
	
7.1
    	
 
    	
Duration of the Plan
    	
5
    
	
7.2
    	
 
    	
Amendment, Suspension or Termination
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 8.
    	
 
    	
LEGAL CONSTRUCTION
    	
6
    
	
8.1
    	
 
    	
Severability
    	
6
    
	
8.2
    	
 
    	
Requirements of Law
    	
6
    
	
8.3
    	
 
    	
Governing Law
    	
6
    
	
8.4
    	
 
    	
Captions
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
Appendix A   Performance Metrics
    	
7
    

 

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MAXPOINT INTERACTIVE, INC.
 MANAGEMENT CASH INCENTIVE PLAN

 

ARTICLE 1.                        BACKGROUND AND PURPOSE

 

1.1                               Effective Date.  The Plan was adopted by the Committee on the date set forth above, is  become effective immediately and is not subject to approval by the Company’s stockholders.

 

1.2                               Purpose of the Plan.  The Plan is intended to motivate Participants to achieve excellent short- and long-term financial performance for the Company and its business units.  The Plan provides Participants with the opportunity to earn cash incentive awards for the achievement of goals relating to the performance of the Company.

 

ARTICLE 2.                        DEFINITIONS

 

The following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:

 

2.1                               “Actual Award” means, as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period.  Each Actual Award is determined by the Payout Formula for the Performance Period, subject to the Committee’s authority under Section 3.5 to increase, eliminate or reduce the award otherwise indicated by the Payout Formula.

 

2.2                               “Affiliate” means any corporation or other entity (including, without limitation, partnerships and joint ventures) controlled by the Company.

 

2.3                               “Base Salary” means, as to any Performance Period, the Participant’s earned salary during the Performance Period.  Base Salary shall be calculated before both (a) deductions for taxes or benefits and (b) deferrals of compensation pursuant to Company-sponsored plans or Affiliate-sponsored plans.

 

2.4                               “Board” means the Company’s Board of Directors.

 

2.5                               “Committee” means the Compensation Committee of the Board.

 

2.6                               “Company” means MaxPoint Interactive, Inc., a Delaware corporation, or any successor thereto.

 

2.7                               “Disability” means a permanent disability, as determined for purposes of the principal long-term disability insurance plan maintained by the Company for the benefit of the Participant.  If there is no such plan, Disability shall be determined in accordance with a policy established by the Committee.

 

 

2.8                               “Employee” means any employee of the Company or of an Affiliate, whether such employee is so employed when the Plan is adopted or becomes so employed after the adoption of the Plan.

 

2.9                               “Fiscal Quarter” means a fiscal quarter within a Fiscal Year of the Company.

 

2.10                        “Fiscal Year” means the fiscal year of the Company.

 

2.11                        “Participant” means, as to any Performance Period, an Employee who has been selected for participation in the Plan for that Performance Period pursuant to Section 3.1.

 

2.12                        “Payout Formula” means, as to any Performance Period, the formula or payout matrix established by the Committee pursuant to Section 3.4 in order to determine the Actual Awards (if any) to be paid to Participants.  The formula or matrix may differ from Participant to Participant.

 

2.13                        “Performance Period” means a Fiscal Year, or any longer or shorter period determined by the Committee.

 

2.14                        “Performance Goals” means the goal(s) determined by the Committee to be applicable to a Participant for a Target Award for a Performance Period.  As determined by the Committee, the Performance Goal(s) may provide for a targeted level or levels of achievement using the performance criteria specified by the Committee.  Such criteria shall be based on one or more of the performance metrics set forth in Appendix A attached to the Plan.

 

2.15                        “Plan” means this MaxPoint Interactive, Inc. Management Cash Incentive Plan, as set forth in this instrument and as hereafter amended from time to time.

 

2.16                        “Progress Payment” means a portion of the Target Award or Actual Award determined in accordance with Section 3.5 that has been earned by the Participant as of the end of the Progress Period, based on achievement of the applicable Performance Goals, and that may be paid to the Participant during the Performance Period.

 

2.17                        “Progress Period” means a period shorter than and within the Performance Period for which a Progress Payment may be made.

 

2.18                        “Retirement” means, with respect to any Participant, a Termination of Employment occurring in accordance with a policy or policies established by the Committee from time to time.

 

2.19                        “Target Award” means the target award payable under the Plan to a Participant for the Performance Period or Progress Period, as applicable, expressed as a percentage of his or her Base Salary or a specific dollar amount, as determined by the Committee in accordance with Section 3.3.

 

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2.20                        “Termination of Employment” means a cessation of the employee-employer relationship between an Employee and the Company or an Affiliate for any reason, including (without limitation) a termination by resignation, discharge, death, Disability, Retirement or the disaffiliation of an Affiliate, but excluding a transfer from the Company to an Affiliate or between Affiliates.

 

ARTICLE 3.                        SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS

 

3.1                               Selection of Participants.  The Committee shall select the Employees who shall be Participants for any Performance Period.  The Committee also may designate as Participants one or more individuals (by name or position) who are expected to become Employees during a Performance Period.  Participation in the Plan is in the sole discretion of the Committee and shall be determined Performance Period by Performance Period.  Accordingly, an Employee who is a Participant for a given Performance Period is in no way assured of being selected for participation in any subsequent Performance Period.

 

3.2                               Determination of Performance Goals.  The Committee shall establish the Performance Goals for each Participant for the Performance Period.  Such Performance Goals shall be set forth in writing and shall be based on one or more of the performance metrics set forth in Appendix A attached to the Plan.  Any criteria used may be measured (a) in absolute terms, (b) in relative terms, including (without limitation) the passage of time and/or against other companies or metrics, (c) on a per-share basis, (d) against the performance of the Company as a whole or against particular segments or products of the Company and/or (e) on a pre-tax or after-tax basis.  Any Performance Goal may be measured on a basis other than generally accepted accounting principles.

 

3.3                               Determination of Target Awards.  The Committee shall establish a Target Award for each Participant for each Performance Period.  Such Target Award shall be set forth in writing.

 

3.4                               Determination of Payout Formula or Formulae.  The Committee shall establish a Payout Formula or Formulae for purposes of determining the Actual Award (if any) payable to each Participant.  Each Payout Formula shall (a) be in writing, (b) be based on a comparison of actual performance to the Performance Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved at the predetermined level and (d) provide for the payment of an Actual Award greater than or less than the Participant’s Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals.

 

3.5                               Determination of Actual Awards.  After the end of each Performance Period or, to the extent that Progress Payments will be made, after the end of each Progress Period, the Committee shall certify the extent to which the Performance Goals applicable to each Participant for the Performance Period or Progress Period, as applicable, were achieved or exceeded, as determined by the Committee.  The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee.  Any contrary provision of the Plan notwithstanding, the Committee

 

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may (a)  reduce or eliminate the Actual Award that otherwise would be payable under the Payout Formula or (b) determine whether or not any Participant will receive an Actual Award or Progress Payment in the event that the Participant incurs a Termination of Employment before such Actual Award or Progress Payment is to be paid pursuant to Section 4.2.

 

3.6                               Adjustments.  The Committee may adjust the results under any Performance Goal to exclude any of the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (d) accruals for reorganization and restructuring programs, (e) mergers or acquisitions and (f) any other extraordinary, unusual or non-recurring items.

 

ARTICLE 4.                        PAYMENT OF AWARDS

 

4.1                               Right to Receive Payment.  Each Actual Award or Progress Payment that may become payable under the Plan shall be paid solely from the general assets of the Company or the Affiliate that employs the Participant (as the case may be), as determined by the Company.  No amounts awarded or accrued under the Plan shall be funded, set aside or otherwise segregated prior to payment.  The obligation to pay Actual Awards or Progress Payments under the Plan shall at all times be an unfunded and unsecured obligation of the Company.  Participants shall have the status of general creditors of the Company or the Affiliate that employs the Participant.

 

4.2                               Timing of Payment.  Subject to Section 3.5, payment of each Actual Award or Progress Payment shall be made as soon as administratively practicable, but in no event later than two and one-half months after the end of the later of the calendar or Company fiscal year (as applicable) in which the Participant has vested in such payment.

 

4.3                               Form of Payment.  Each Actual Award or Progress Payment shall be paid in cash (or its equivalent) in a single lump sum.

 

4.4                               Payment in the Event of Death.  If a Participant dies before receiving an Actual Award or Progress Payment (determined under Section 3.5) that was scheduled to be paid before his or her death for a prior Performance Period or Progress Period, then the Actual Award or Progress Payment shall be paid to the Participant’s designated beneficiary or, if no beneficiary has been designated, to the administrator or representative of his or her estate.  Any beneficiary designation or revocation of a prior designation shall be effective only if it is in writing, signed by the Participant and received by the Company prior to the Participant’s death.

 

ARTICLE 5.                        ADMINISTRATION

 

5.1                               Committee Authority.  The Plan shall be administered by the Committee, subject to Section 5.3.  The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including (without limitation) the power to (a) determine which Employees shall be granted awards, (b) prescribe the terms and conditions of the awards, (c) interpret the Plan, (d) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (e) adopt rules for the administration, interpretation and application of the Plan and (f) interpret, amend or revoke any such rules.

 

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5.2                               Decisions Binding.  All determinations and decisions made by the Committee, the Board or any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons and shall be given the maximum deference permitted by law.

 

5.3                               Delegation by the Committee.  The Committee, on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or employees of the Company.

 

ARTICLE 6.                        GENERAL PROVISIONS

 

6.1                               Tax Withholding.  The Company or an Affiliate, as applicable, shall withhold all required taxes from an Actual Award or Progress Payment, including any federal, state, local or other taxes.

 

6.2                               No Effect on Employment.  Nothing in the Plan shall interfere with or limit in any way the right of the Company or an Affiliate, as applicable, to terminate any Participant’s employment or service at any time, with or without cause.  Employment with the Company and its Affiliates is on an at-will basis only.  The Company expressly reserves the right, which may be exercised at any time and without regard to when during or after a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon him or her as a Participant.

 

6.3                               No Effect on Other Benefits.  Except as expressly set forth in a Participant’s employment agreement with the Company, any Actual Awards or Progress Payments under the Plan shall not be considered for the purpose of calculating any other benefits to which such Participant may be entitled, including (a) any termination, severance, redundancy or end-of-service payments, (b) other bonuses or long-service awards, (c) overtime premiums, (d) pension or retirement benefits or (e) future Base Pay or any other payment to be made by the Company to such Participant.

 

6.4                               Successors.  All obligations of the Company and any Affiliate under the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a merger, consolidation, direct or indirect purchase of all or substantially all of the business or assets of the Company or such Affiliate, or any similar transaction.

 

6.5                               Nontransferability of Awards.  No award granted under the Plan shall be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution or to the limited extent provided in Section 4.4.  All rights with respect to an award granted to a Participant shall be available during his or her lifetime only to the Participant.

 

ARTICLE 7.                        DURATION, AMENDMENT AND TERMINATION

 

7.1                               Duration of the Plan.  The Plan shall commence on the date specified herein and shall remain in effect thereafter until terminated pursuant to Section 7.2.

 

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7.2                               Amendment, Suspension or Termination.  The Board or the Committee may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason.  No award may be granted during any period of suspension or after termination of the Plan.

 

ARTICLE 8.                        LEGAL CONSTRUCTION

 

8.1                               Severability.  In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

8.2                               Requirements of Law.  The granting of awards under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities markets as may be required.

 

8.3                               Governing Law.  The Plan and all awards shall be construed in accordance with and governed by the laws of the State of California, without regard to their conflict-of-law provisions.

 

8.4                               Captions.  Captions are provided herein for convenience only and shall not serve as a basis for interpretation or construction of the Plan.

 

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APPENDIX A

 

PERFORMANCE METRICS

 

The Committee may establish Performance Goals derived from the following metrics:

 

·                              Backlog

·                              Bookings (including annual or total contract value bookings)

·                              Cash

·                              Cash and short-term investments

·                              Cash flow return on investment

·                              Comparisons with various stock market indices

·                              Customer satisfaction

·                              Deferred revenue

·                              Earnings or earnings per share (including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization)

·                              Expenses or expense reductions

·                              Free cash flow or free cash flow per share

·                              Gross profits

·                              Headcount

·                              Implementation, completion or attainment of measurable objectives with respect to research, development, products, projects or recruiting and maintaining personnel

·                              Market share

·                              Net income (before or after taxes)

·                              Operating margin or cash margin

·                              Operating profit/loss (on a GAAP or non-GAAP basis)

·                              Pre- or after-tax income (before or after allocation of corporate overhead and bonus)

·                              Reductions in costs

·                              Return on equity

·                              Revenue

·                              Revenue excluding total advertising cost

·                              Stock price

·                              Total expenses

·                              Total stockholder return

·                              Working capital

·                              Increases or growth in any of the foregoing

 

7Exhibit 10.11

 

MAXPOINT INTERACTIVE, INC.

 

CHANGE IN CONTROL

EQUITY ACCELERATION POLICY

 

Adopted on January 28, 2015

 

Effective upon the effective date of

the Company’s Initial Public Offering

 

General.  The following describes the policy (the “Policy”) of Maxpoint Interactive, Inc. (the “Company”) with regard to equity and equity-based award vesting acceleration in connection with certain change in control transactions involving the Company.

 

Eligibility.  This Policy applies to all employees of the Company who are subject to an Involuntary Termination during the Change in Control Period (each, a “Participant”).

 

Conditions for Receipt of Benefits.  It is a condition to receive benefits under this Policy that the Participant agree in writing at the time such benefits are triggered to adhere to any noncompetition, nonsolicitation and nondisparagement policy of his or her employer then in effect, and that he or she execute and deliver to the employer an irrevocable release of claims related to his or her employment and termination thereof in the standard form used by the employer at the time of the Participant’s Involuntary Termination.

 

Policy.  If a Participant is subject to an Involuntary Termination within the Change in Control Period, then the Participant will vest in and, to the extent applicable, become able to exercise the Specified Percentage (as defined below) of his or her then otherwise unvested stock options/equity or equity-based awards from the Company effective as of the date on which the Participant’s employment terminates.  This Policy does not provide any benefits to a Participant other than in connection with an Involuntary Termination that occurs during the Change in Control Period.

 

Exclusivity of Policy.  To the extent that a Participant is eligible under an individual written agreement with the Company that provides for equity award vesting acceleration in connection with a Change in Control, he or she shall be entitled to the benefits provided by either the individual written agreement or this Policy, whichever provides the greater level of benefits, but for the avoidance of doubt shall not be entitled to such benefits under both the individual written agreement and this Policy.

 

Company’s Successors.  The Company’s obligations under this Policy will be binding upon any successor to the Company as a result of a Change in Control.

 

Administrative Matters.  This Policy shall be administered by the Committee, whose interpretations and conclusions regarding this Policy shall be final and binding on all parties.  No provisions of this Policy may be amended in a manner adverse to a Participant unless agreed to in 

 

 

writing by the Company and the Participant.  This Policy represents the entire agreement and understanding between the Company and any Participant with respect to the subject matter covered by this Policy.  This Policy shall be interpreted and enforced in accordance with the laws of the State of Delaware (with the exception of its conflict of laws provisions).

 

Tax Matters.  All payments and benefits made pursuant to this Policy will be subject to withholding of applicable income and employment taxes, and each Participant is responsible for all taxes of any nature required by law to be paid in connection with the benefits offered hereunder.  If applicable, each payment provided under this Policy is designated as a “separate payment” under Code Section 409A.  If the Company determines that a Participant is a “key employee” (as defined for Code Section 409A purposes) at the time of the Participant’s Involuntary Termination, then (i) if such payments or benefits are subject to Code Section 409A, (ii) if necessary to avoid any portion of such payments and benefits being subject to Code Section 409A(a)(1), and (iii) notwithstanding anything to the contrary above, such amounts and benefits provided for will be paid, commence or be distributed, as applicable, in lump sum on or as of the first business day of the seventh month after a Participant’s Involuntary Termination (such date the “Delayed Payment Date”).   If a restricted stock unit or similar award subject to Code Section 409A is impacted by this Policy and settlement of the award on the date of employment termination would result in an impermissible acceleration of a payment date thereunder, then the Participant shall be deemed vested in the award in the manner set forth above, but the settlement date for the portion of the award so vested shall instead be the original settlement date specified in the applicable award agreement; provided that with respect to a Participant who is a Key Employee, such settlement date shall not be before the Delayed Payment Date.  Notwithstanding anything to the contrary herein, payment and/or settlement may be accelerated in accordance with Treasury Regulation Section 1.409A-3(j)(4)).

 

Definitions.

 

“Board” means the Board of Directors of the Company.

 

“Cause” means a Participant’s (a)  unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b)  material breach of any agreement with the Company, (c)  material failure to comply with the Company’s written policies or rules, (d)  conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e)  gross negligence in connection with his or her service to the Company or (f) failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested such cooperation.

 

“Change in Control” means:

 

(i)                                     Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities;

 

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(ii)                                  The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or

 

(iii)                               The consummation of a merger or consolidation of the Company with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 

A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.  In addition, if a Change in Control constitutes a payment event with respect to any equity-based award which provides for a deferral of compensation and is subject to Code Section 409A, then the transaction with respect to such equity-based award must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A.

 

“Change in Control Period” means the period beginning on the date that is 45 days prior to, and ending on the first anniversary of, the closing of the Change in Control.

 

“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

 

“Committee” means the Compensation Committee of the Board.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Involuntary Termination” means a Participant’s (a) Termination Without Cause or (b) Resignation for Good Reason.

 

“Resignation for Good Reason” means a Separation as a result of a Participant’s resignation within six months after one of the following conditions has come into existence without such employee’s consent: (i) a reduction in such Participant’s base compensation (meaning base salary plus, if any, target bonus or target incentive or variable compensation) by more than 10%, except in connection with a reduction that is part of a cost-reduction program of the employer that affects all similarly-situated employees in a similar manner to the effect on the Participant; or (ii) a relocation of the employee’s principal workplace by more than 30 miles from its location prior to the Change in Control. A Resignation for Good Reason will not be deemed to have occurred unless the employee gives the Company written notice of the condition within 90 days after the condition comes into existence and the Company fails to remedy the condition within 30 days after receiving such written notice.

 

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“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended.

 

“Specified Percentage” means (i) 25%, for employees who have completed less than one year of continuous employment with the Company prior to the date of such Change in Control or (ii) 50%, for employees who have completed at least one year of continuous employment with the Company prior to the date of such Change in Control.

 

“Termination Without Cause” means a Separation as a result of a termination of employment by the Company without Cause, provided the employee is willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1).

 

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