Document:

Exhibit 10.1

 

	April
        15, 2020

         

        Brian
        J. G. Pereira, MD
	

 

 

 

 

Dear
Dr. Pereira,

 

I
am pleased to offer you the position of Executive Chairman of Abeona Therapeutics Inc. (the “Company”) effective
April 15, 2020 (the “Effective Date”). You shall report directly to the Board of Directors of the Company (“Board”).

 

	 	1.	Duties.

 

In
the position as Executive Chairman, you shall perform such duties, functions and responsibilities as are commensurate with such
position, as reasonably and lawfully directed by the Board and pursuant to which all officers and other employees of the Company
shall report directly or indirectly to you. You shall be appointed to the Board as a Class III director, effective immediately,
with a term expiring at the Company’s 2022 Annual Meeting of Stockholders. You shall, if later requested by the Board, also
serve as a member of the Board of any corporation, organization, association, partnership, sole proprietorship, or other type
of entity, directly or indirectly controlling, controlled by, or under direct or indirect common control with the Company for
no additional compensation.

 

	 	2.	Time Obligation.

 

As
Executive Chairman you shall devote an amount of your business time and attention sufficient to successfully carry out your duties
as Executive Chairman, shall faithfully serve the Company, use your best efforts to promote and serve the interests of the Company
and shall not engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit, that
conflicts with the foregoing obligation. However, nothing herein shall preclude you from continuing in your role as CEO of Visterra,
Inc. and performing all duties and obligations in connection therewith, engaging in charitable or community affairs and managing
your personal, financial, and legal affairs, so long as such activities do not materially interfere or conflict with your carrying
out your duties and responsibilities under this offer letter. Notwithstanding the foregoing, you will be permitted to act or serve
as a director or member of the boards of those companies on which you currently serve as previously disclosed to the Board and
such other private or public companies with the express written consent of the Board which consent shall not be unreasonably withheld.

 

    	 

    	 

    

 

	 	3.	Compensation.

 

(a)
For your services described in this offer letter, you will receive an annual retainer of $375,000 USD, payable in accordance with
the regular payroll practices of the Company (“Retainer”). You will additionally be entitled to an annual bonus
opportunity, which is generally expected to track the bonus opportunity provided to the Company’s CEO, with a target range
equal to 50% of your annual retainer and prorated for any partial year of service. Any such bonus will be contingent upon your
satisfaction of objective and/or subjective performance goals as established in the sole discretion of the Board (or a designated
committee of the Board). To be eligible to receive the bonus, you must remain affiliated with the Company on the date of payment.

 

(b)
As of the Effective Date, you will be granted 930,000 options to purchase common stock of the Company under the Company’s
Equity Incentive Plan (the “Plan”) at an exercise price equal to the fair market value of the common stock
on the date of grant. Such options will vest over a four-year period in accordance with the Plan and the Company’s standard
vesting schedule and are subject to the terms and conditions of the Plan and the Company’s standard form of option agreement
under the Plan.

 

(c)
While you are Executive Chairman, on an annual basis (commencing in 2021) you will be eligible for annual stock option grants.
The amount of such grants shall be in the sole discretion of the Board, but it is anticipated that such grants will be approximately
equal to 75% of the stock options granted to the Chief Executive Officer. Any such grants will have an exercise price per share
equal to the fair market value of the common stock on the date of grant and will be subject to the terms and conditions of the
Plan (or a successor plan) and an applicable option agreement thereunder (including vesting terms and conditions to be established
by the Board or a designated committee thereof at the time of grant).

 

(d)
If, following any termination of your employment as CEO of Visterra, Inc., you become a full-time employee of the Company, you
shall be entitled to participate in the Company’s employee benefit plans in accordance with their terms and eligibility
conditions.

 

	 	4.	Termination.

 

The
Company may terminate its relationship with you for any reason, and you may voluntarily terminate your relationship with the Company
hereunder for any reason, in each case at any time upon written notice to the other party (the date on which your relationship
terminates for any reason is herein referred to as the “Termination Date”). Upon the termination of our relationship,
you (or your beneficiary or estate, as applicable, in the event of your death) will be entitled to (i) payment of any retainer
earned but unpaid through the Termination Date, (ii) additional vested benefits (if any) in accordance with the applicable terms
of applicable Company arrangements, (iii) any unreimbursed expenses in accordance with the Company’s business expense reimbursement
policies (collectively, the “Accrued Amounts”) and (iv) if your relationship is terminated by the Company without
cause (and other than by reason of your death or disability), you shall be paid as severance an amount equal to the retainer,
payable on the Company’s normal payroll schedule over the 1-year period following such termination (the “Severance”).

 

The
foregoing payments and benefits upon termination of your relationship shall constitute the exclusive payments and benefits due
to you upon a termination of your relationship. The Severance will be subject to your execution of a general release of claims
in favor of the Company and its affiliates in a form acceptable to the Company within 60 days following your termination by the
Company without cause and your continued compliance with post-relationship obligations similar to those of the current Chief Executive
Officer as in effect as of the date hereof, including without limitation, non-competition and non-solicitation covenants.

 

Upon
your termination of your relationship with the Company for any reason, you will be deemed to have resigned, as of the Termination
Date, from all positions you then hold with the Company and its affiliates, including your position as a member of the Board.
Upon termination of your relationship, you agree to submit your resignation as a Director of the Company (and from any other positions
you hold with the Company and its affiliates) to the Board in writing.

 

    	 

    	 

    

 

Following
the termination of your relationship with the Company for any reason, you will reasonably cooperate with the Company upon reasonable
request of the CEO or the Board and be reasonably available to the Company (taking into account your other business endeavors)
with respect to matters arising out of your services to the Company and its subsidiaries, including, in connection with any legal
proceeding, providing testimony and affidavits; provided, that, the Company shall make reasonable efforts to minimize
disruption of your other activities. The Company shall reimburse you for reasonable expenses incurred in connection with such
cooperation.

 

	 	5.	Restrictive Covenants.

 

This
offer is subject to the Company’s policies contained in the Employee Handbook, the Policy on Insider Trading, Whistle Blower
Policy, Code of Ethics, and the terms of any Employee Confidentiality Non-competition and Proprietary Information Agreement between
you and the Company, the terms of which are incorporated by reference. You will also be subject to non-competition and non-solicitation
provisions consistent with those of the Chief Executive Officer as in effect on the date hereof (it being understood that your
continued employment as the CEO of Visterra, Inc. shall not itself be deemed to violate such provisions).

 

	 	6.	Conditions of Appointment.

 

This
offer of employment is contingent on your continued employment eligibility in accordance with the US immigration and Naturalization
requirements, if appropriate.

 

	 	7.	At-Will Appointment.

 

Your
appointment with the Company will be at-will. This means that you will have the right to terminate your relationship with the
Company at any time for any reason. Similarly, the Company will have the right to terminate its relationship with you at any time
for any reason.

 

	 	8.	Miscellaneous.

 

You
shall be entitled to enter into any indemnification agreement generally offered to the Company’s other directors and/or
executive officers.

 

All
amounts paid to you during or following your relationship with the Company shall be subject to withholding and other employment
taxes imposed by applicable law, and the Company shall withhold from any payments under this offer letter all federal, state and
local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. You shall be solely
responsible for the payment of all taxes imposed on you relating to the payment or provision of any amounts or benefits hereunder.

 

This
offer letter may be executed by .pdf or facsimile signatures in any number of counterparts, each of which shall be deemed an original,
but all such counterparts shall together constitute one and the same instrument.

 

This
offer letter shall be construed and enforced in accordance with, and the laws of the State of New York, without giving effect
to the conflicts of law principles thereof.

 

Any
notices required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be deemed
to have been given when hand delivered or mailed by registered or certified mail, if to the Company, to its chief legal officer
at the address above, and if to you at the most recent address in the Company’s records.

 

Please
acknowledge your acceptance of this offer by returning a signed copy of this offer letter. If there are any other agreements of
any type that you are aware of that may impact or limit your ability to perform your job at the Company, please let us know as
soon as possible. Please also send to us any employment agreement, confidentiality agreement on non-competition agreement or any
similar agreement that may bear on your ability to assume the position of Executive Chairman of the Company. In accepting this
offer, you represent and warrant to the Company that you are not subject to any legal or contractual restrictions that would in
any way impair your ability to perform your duties and responsibilities to the Company, and that all information you provided
to the Company is accurate and complete in all respects.

 

Formalities
aside, we are very excited about having you join our team. Your skills and experiences are a great match with our goals, and I
anticipate you being a critical part of the Company’s success.

 

*
           *            *
           *            *

 

[Signature
Page Follows]

 

    	 

    	 

    

 

Very
truly yours,

 

	/s/
    Steven H. Rouhandeh	 	 
	Steven
    H. Rouhandeh,	 	 
	Executive
    Chairman	 	 
	Abeona
    Therapeutics Inc.	 	 

 

ACCEPTED
AND AGREED:

 

	Signature:	 	Date:
    April 15, 2020
	 	 	 
	/s/
    Brian Pereira	 	 
	Brian
    Pereira	 	 

 

[Signature
Page to Pereira Offer Letter]Exhibit

EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
CarMax, Inc. (“CarMax,” the “Company,” “we,” or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, which is our common stock, par value $0.50 per share (“Common Stock”). 
DESCRIPTION OF COMMON STOCK
The following description of our Common Stock is a summary and does not purport to be complete. The description of our Common Stock is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation (the “Articles”), and our Bylaws, as amended and restated (the “Bylaws”), which are included as exhibits to the Annual Report on Form 10-K with which this Exhibit 4.1 is filed or incorporated by reference.  We encourage you to read the Articles, the Bylaws and the applicable provisions of the Virginia Stock Corporation Act for additional information.
General
CarMax is incorporated under the laws of the Commonwealth of Virginia.  Pursuant to the Articles, our authorized capital stock consists of 350,000,000 shares of Common Stock and 20,000,000 shares of preferred stock, par value $20.00 per share (“Preferred Stock”). All outstanding shares of Common Stock are fully paid and nonassessable. There are no outstanding shares of Preferred Stock.

Each holder of our Common Stock is entitled to one vote for each share on all matters voted on by shareholders, including elections of directors, and, except as otherwise required by law or provided in any resolution adopted by the CarMax board of directors with respect to any series of preferred stock, the holders of Common Stock possess all of the voting power.  Cumulative voting in the election of directors is not permitted.  The affirmative vote of a majority of our outstanding shares of common stock is required for amendments to our Articles unless the effect of the amendment is to reduce the shareholder vote required to approve a merger, a statutory share exchange, a sale of all or substantially all of the assets or a dissolution of the Company or to modify any provision of Article VI of the Articles relating to the board and election of directors, in which case the affirmative vote of more than two-thirds of our outstanding shares of Common Stock is required to amend our Articles. The affirmative vote of more than two-thirds of our outstanding shares of common stock is required for the approval of mergers, statutory share exchanges, certain sales or other dispositions of assets outside the usual and regular course of business, conversions, domestications and dissolutions. 

Subject to any preferential rights of any outstanding series of Preferred Stock, the holders of Common Stock are entitled to receive dividends when, as, and if declared by the board of directors out of funds legally available for that purpose and, in the event of a liquidation, dissolution or winding up of the Company, to share ratably in all assets available for distribution to holders of Common Stock. There are no preemptive 

or other subscription rights, conversion rights, or redemption or sinking fund provisions with respect to the Common Stock.  
Our Common Stock is listed on the New York Stock Exchange under the trading symbol “KMX”.
The transfer agent and registrar for the Common Stock is American Stock Transfer & Trust Co., LLC.

Anti-Takeover Provisions

Certain provisions in our Articles and our Bylaws, as well as certain provisions of Virginia law, may make more difficult or discourage a takeover of our business.

Articles and Bylaws

Among other things, the Articles and the Bylaws:
		
	•
	provide that any vacancy occurring in the board of directors, including a vacancy resulting from an increase in the number of directors, may be filled by the affirmative vote of a majority of the remaining directors even though less than a quorum of the board of directors may exist;

		
	•
	provide that only the Chairman, the Chief Executive Officer or the board of directors may call a special meeting of shareholders;

		
	•
	require that shareholders seeking to present proposals before a meeting of shareholders or to nominate candidates for election as directors at a meeting of shareholders provide advance written notice in a timely manner and satisfy requirements as to the form and content of such notice;

		
	•
	provide that the board of directors has the authority to establish one or more series of Preferred Stock and to determine the terms and rights of such series; and

		
	•
	do not permit shareholders to take action without a meeting other than by unanimous written consent.

Virginia Law

Control Share Acquisitions. Under the Virginia control share acquisitions statute, shares acquired in an acquisition that would cause an acquiror’s voting strength to meet or exceed any of three thresholds (20%, 33 1/3% or 50%) have no voting rights unless (1) those rights are granted by a majority vote of all outstanding shares other than those held by the acquiror or any officer or employee director of the corporation or (2) the articles of incorporation or bylaws of the corporation provide that the provisions of the control share acquisitions statute do not apply to acquisitions of its shares. An acquiring person that owns five percent or more of the corporation’s voting stock may require that a special meeting of the shareholders be held to consider the grant of voting rights to the shares acquired in the control share acquisition. This regulation was designed to deter certain takeovers of Virginia public corporations. We have not opted out of this provision of Virginia law.
Affiliated Transactions. Under the Virginia law regulating affiliated transactions, certain material acquisitions between a Virginia corporation and a holder of more than 10% of any class of its outstanding voting shares must be approved by the holders of at least two-thirds of the remaining voting shares. Affiliated transactions subject to this approval requirement include mergers, share exchanges, material dispositions of 

corporate assets not in the ordinary course of business, any dissolution of the corporation proposed by or on behalf of a 10% holder or any reclassification, including reverse stock splits, recapitalization or merger of the corporation with its subsidiaries, that increases the percentage of voting shares owned beneficially by a 10% holder by more than five percent. In general, these provisions prohibit a Virginia corporation from engaging in affiliated transactions with any 10% holder for a period of three years following the date that such person became a 10% holder unless (1) the board of directors of the corporation and the holders of two-thirds of the voting shares, other than the shares beneficially owned by the 10% holder, approve the affiliated transaction or (2) before the date the person became a 10% holder, a majority of disinterested directors approved the transaction that resulted in the shareholder becoming a 10% holder. After three years, any such transaction must meet the “fair price” criteria or must be approved by a majority of disinterested directors or the holders of two-thirds of the voting shares, other than the shares beneficially owned by the 10% holder. We have not opted out of this provision of Virginia law.

Proxy Access Requirements for Shareholder-Nominated Director Candidates

Our Bylaws provide shareholders with “proxy access,” which permits a shareholder (or a group of up to 20 shareholders) owning 3% or more of our outstanding capital stock continuously for at least three years, to nominate and include in CarMax’s proxy materials director nominees constituting up to 20% of the board of directors.  Use of our proxy access mechanism is subject to the satisfaction of certain requirements by the shareholder(s) and nominee(s) as set forth in the Bylaws.  

Liability of Officers and Directors
 
Our Articles limit or eliminate the liability of our directors and officers to the fullest extent permitted by Virginia law.

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