Document:

EX-10.9

  Exhibit 10.9

   

  September 7, 2022

   

  Dear Danish,

   

  	Congratulations!  As we have discussed, beginning on September 7, 2022 (the “Promotion Date”), you will serve as President of LifeStance Health Group, Inc. (the “Company”), in addition to your role as Chief Operating Officer.  In connection with this promotion, and in consideration of your enhanced role with the Company, you will receive an increase in your target bonus opportunity and a one-time stock option award, in each case, as described below.

   

  1.Increase in Target Bonus.  Effective for the 2022 fiscal year, your target annual bonus will be increased to seventy-five percent (75%) of your base salary, with your actual bonus amount based on the achievement of specified performance goals as contemplated in your employment agreement with LifeStance Health, Inc. dated as of May 14, 2020 (the “Employment Agreement”).  

  2.Stock Option Award.  As soon as reasonably practicable after the Promotion Date, you will receive a one-time grant of an option (the “Option”) to purchase shares of the Company’s common stock (“Shares”) equal to approximately 0.75% of the outstanding Shares as of the Promotion Date, with an exercise price equal to the fair market value of a Share on the date of grant.  The Option will vest as to one-third (1/3) of the Shares subject to the Option based on service and the remaining portion will vest based on performance (as set out in greater detail in the award agreement evidencing the Option).  The Option will be granted pursuant to, and in accordance with, the terms and conditions of the Company’s 2021 Equity Incentive Plan and an award agreement, which shall control in the event of any conflict with this letter.

  This letter agreement sets forth the entire understanding of you and the Company, and as of the date of this letter agreement, supersedes all prior agreements and all other arrangements and communications, whether oral or written, with respect to the subject matter hereof, provided, that, except as expressly set forth in this letter agreement, the Employment Agreement will continue in full force and effect in accordance with its terms.  This letter agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by you.  No provision in this letter agreement will give, or be construed to give, any legal or equitable rights hereunder to any person other than the undersigned parties hereto and their successors and assigns.  This letter agreement shall be governed by and construed in accordance with the laws of the State of Washington without reference to its principles of conflicts of law.

  [Remainder of page intentionally left blank]

   

  

   

  	Please let me know if you have any questions.

   

   

  Sincerely,

   

  		
	LifeStance Health Group, Inc.

	 
	 

	 
	 

	By:
	/s/ Ryan Pardo

	Name:
	Ryan Pardo

	Title:
	Chief Legal Officer, Vice President and Secretary

   

   

   

  [Signature Page to Letter Agreement]

  

   

  Accepted and agreed:

   

   

  	
	/s/ Danish Qureshi

	Danish Qureshi

   

   

   

   

  [Signature Page to Letter Agreement]EX-10.10

  Exhibit 10.10

  		
	Name:
	[ ]

	Number of Shares of Stock subject to the Stock Option:
	[ ]

	Exercise Price Per Share:
	[ ]

	Date of Grant:
	[ ]

	Vesting Commencement Date:
	[ ]

   

   

  lifestance health group, INC.
2021 Equity Incentive Plan

  Non-Statutory Stock Option Agreement

   

  This agreement (this “Agreement”) evidences a stock option granted by LifeStance Health Group, Inc. (the “Company”), to the individual named above (the “Participant”), pursuant to and subject to the terms of the LifeStance Health Group, Inc. 2021 Equity Incentive Plan (as from time to time amended and in effect, the “Plan”).  

   

  1.Grant of Stock Option.  The Company grants to the Participant on the date set forth above (the “Date of Grant”) an option (the “Stock Option”) to purchase, pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, up to the number of shares of Stock set forth above (the “Shares”), with an exercise price per Share as set forth above, in each case subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.  

  The Stock Option evidenced by this Agreement is a non-statutory option (that is, an option that is not intended to qualify as an incentive stock option) and is granted to the Participant in connection with the Participant’s Employment (which term includes, for the avoidance of doubt, service as a member of the Board).

  2.Meaning of Certain Terms.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.

  3.Vesting.  The term “vest” as used herein with respect to the Stock Option (or any portion thereof) means to become exercisable and the term “vested” as used herein with respect to the Stock Option (or any portion thereof) means that the Stock Option (or portion thereof) is then exercisable.  The Stock Option will vest in accordance with the terms of Schedule A attached hereto.  

  4.Exercise of the Stock Option.  No portion of the Stock Option may be exercised until such portion vests.  Each election to exercise any vested portion of the Stock Option will be subject to the terms and conditions of the Plan and must be in a written or electronic form acceptable to the Administrator, signed (including by electronic signature) by the Participant or, if at the relevant time the Stock Option has passed to the estate or beneficiary of the Participant or a permitted transferee, by such estate or beneficiary or permitted transferee.  Each such written or electronic exercise election must be received by the Company at its principal office or at such other place or by such other party as the Administrator may prescribe and must be accompanied by payment in full as provided in the Plan. The exercise price may be paid (i) by cash or check acceptable to the Administrator, (ii) to the extent permitted by the Administrator, through a broker-assisted cashless 

   

  

   

  exercise program acceptable to the Administrator, (iii) by such other means, if any, as may be acceptable to the Administrator, or (iv) by any combination of the foregoing forms of payment, as may be acceptable to the Administrator.  Subject to earlier termination as set forth herein or in the Plan (including Section 6(a)(4) of the Plan, which sets forth the post-termination of Employment exercise periods applicable to the Stock Option), the latest date on which the Stock Option or any portion thereof may be exercised is the tenth (10th) anniversary of the Date of Grant (the “Final Exercise Date”) and, if not exercised on or prior to such date, the Stock Option or any remaining portion thereof will thereupon immediately terminate.

  5.Cessation of Employment.  If the Participant’s Employment ceases for any reason, except as expressly provided for in this Agreement or in a written employment, change of control or severance-benefit agreement between the Participant and the Company or one of its affiliates that is in effect at the time of such cessation of Employment, the Stock Option, to the extent not then vested, will be immediately forfeited for no consideration, and any vested portion of the Stock Option that is then outstanding will remain exercisable for the period, if any, described in Section 6(a)(4) of the Plan.  

  6.Restrictions on Transfer.  The Stock Option may not be transferred except as expressly permitted under Section 6(a)(3) of the Plan.

  7.Forfeiture; Recovery of Compensation.  By accepting, or being deemed to have accepted, the Stock Option, the Participant expressly acknowledges and agrees that his or her rights, and those of any permitted transferee, with respect to the Stock Option, including the right to any Shares acquired under the Stock Option and any amounts received in respect thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision).  The Participant further agrees to be bound by the terms of any applicable clawback or recoupment policy of the Company or any of its affiliates.  Nothing in the preceding sentence will be construed as limiting the general application of Section 9 of this Agreement.

  8.Taxes.  The Participant expressly acknowledges and agrees that the Participant’s rights hereunder, including the right to be issued Shares upon exercise of the Stock Option, are subject to the Participant promptly paying to the Company in cash or by check (or by such other means as may be acceptable to the Administrator) all taxes and other amounts required to be withheld.  No Shares will be issued pursuant to the exercise of the Stock Option unless and until the person exercising the Stock Option has remitted to the Company an amount in cash sufficient to satisfy any withholding requirements, or has made other arrangements satisfactory to the Company with respect to such amounts.  The Participant authorizes the Company and its subsidiaries to withhold any amounts due in respect of any required withholdings from any amounts otherwise owed to the Participant, but nothing in this sentence will be construed as relieving the Participant from any liability for satisfying his or her obligation under the preceding provisions of this Section 7.

  9.Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Date of Grant has been made available to the Participant.  By accepting, or being deemed to have accepted, the Stock Option, the Participant agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.  

  	-2-

   

  

   

  10.Acknowledgements.  The Participant acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which will be an original and all of which together will constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for all purposes hereunder, and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Participant.

   

  [Signature page follows.]

  	-3-

   

  

   

   

  	The Company, by its duly authorized officer, and the Participant have executed this Agreement.

   

  							 

  		
	LifeStance Health Group, Inc.

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

   

  Agreed and Accepted:

   

  		
	By:
	 

	 
	[Participant's Name]

   

   

   

  

   

  SCHEDULE A

   

  VESTING

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