Document:

EX-10.2

 Exhibit 10.2 
  

					
	 

	 		 	 LyondellBasell Tower

	 		 	 1221 McKinney, Ste. 3200

	 		 	 Houston, Texas 77010

	 		 	 (713) 654-5180

	 		 	  
 aravive.com

 OFFER LETTER 

February 1, 2017 
 Vinay Shah 

4205 Rice Boulevard 
 Houston, TX 77005 

 

	Re:	 Employment Offer 

Dear Vinay: 
 Aravive Biologics, Inc. (the
“Company”) is pleased to offer you the position of Chief Financial Officer, reporting to the Company’s Chief Executive Officer. The terms of your employment with the Company are as follows: 

You will be expected to perform duties as are normally associated with your position and such duties as are assigned to you from time to time, subject to the
oversight and direction of the Chief Executive Officer. You will be expected to devote approximately 67% of your professional time to the business of the Company. You will be classified as an “exempt” salaried employee and your salary will
be $15,000 per month or $180,000 per year, less payroll deductions and withholdings. You will also be eligible for annual performance bonuses of up to $35,500, such bonuses to be determined and paid after the completion of each calendar year, which
will be based upon achievement of personal and corporate goals. Additionally, you will be eligible to participate in the Company’s approved benefits program, which may be amended from time to time. You shall also be entitled to paid vacation in
accordance with Company’s approved vacation policy, which may be amended from time to time. 
 The Company will pay you a relocation/ temporary living
allowance of $15,000, which will be subject to payroll deduction and withholding taxes. 
 As a Company employee, you will be expected to abide by the
Company’s policies and procedures. As part of your agreement to accept employment with the Company, you will be expected to execute a Proprietary Information and Inventions Assignment Agreement (the “PIIA
Agreement”), which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations. A copy of the PIIA Agreement is attached hereto as for reference. 

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or
other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common 

 

 
 knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the
Company. You agree that you will not bring onto the Company’s premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality. You hereby represent that you have
disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company. 
 Your regular work schedule is from 8:00
a.m. to 5:00 p.m., Monday through Friday. As an exempt salaried employee, you will be expected to work additional hours as required by the nature of your work assignments. You will not be eligible for overtime premiums. 

Your employment relationship with the Company is “at-will.” This means that you may terminate your
employment with the Company at any time by providing two weeks of written advance notice and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause with two
weeks of written advance notice; provided, however, that the Company may terminate your employment immediately for “Cause” as defined below. Your employment at-will status can only be modified in a
written agreement signed by you and by an authorized officer of the Company. If your employment is terminated by the Company without Cause, you shall be entitled to receive a severance payment equal to three months’ salary. Cause shall be
defined as (i) acts of embezzlement or misappropriation of funds or fraud; (ii) conviction of a felony or other crime involving moral turpitude, dishonesty or theft; (iii) willful unauthorized disclosure of the Company’s confidential
information; (iv) material violation of any terms of your employment agreement or the PIIA Agreement not cured within 30 days of receiving notice thereof; (v) being under the influence of drugs during performance of duties; (vi) engaging in behavior
that would constitute grounds for liability for harassment or other egregious conduct that violates laws governing the workplace; or (vii) willful failure to perform assigned tasks where such failure is attributed to your gross insubordination, or
dereliction of fiduciary or other obligations which are not cured within 30 days of receiving notice thereof. 
 This offer is contingent upon a background
check clearance, reference check, and satisfactory proof of your right to work in the United States. You agree to assist as needed and to complete any documentation at the Company’s request to meet these conditions. By signing below, you agree
to abide by all of the Company’s policies applicable to similarly situated employees and acknowledge that your continued employment will be contingent upon you complying in all respects with the Company’s policies and requirements,
including those set forth in the Company’s Employee Handbook to be provided to you. This letter, together with your PIIA Agreement, forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any
other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an
authorized officer of the Company. 
 Please sign and date this letter and return it to me immediately, if you wish to accept employment at the Company
under the terms described above. If you accept our offer, your start date will be as of February 1, 2017. 

 

 
 We look forward to your favorable reply and to a productive and enjoyable work relationship. 

Sincerely, 
  
 

 
 Ray Tabibiazar, MD 
 President
& CEO 
 Offer Accepted: 
  
 

 
 VINAY SHAH 

					
	 

	 		 	 LyondellBasell Tower

	 		 	 1221 McKinney, Ste. 3200

	 		 	 Houston, Texas 77010

	 		 	 (713) 654-5180

	 		 	  
 aravive.com

 AMENDMENT NO. 2 TO OFFER LETTER 

May 30, 2018 
 VIA ELECTRONIC MAIL 

Vinay Shah 
 4205 Rice Boulevard 

Houston, TX 77005 
  

	Re:	 Amendment to Offer Letter 

Dear Vinay: 
 This Amendment amends the Offer Letter dated
February 1, 2017, as amended December 21, 2017 (the “Offer Letter”), between you and Aravive Biologics, Inc. (the “Company”). In consideration of your continued employment, you agree that the
Offer Letter shall be amended as provided below 
 Effective May 1, 2018, the second, third and fourth sentences of the second paragraph of the Offer
Letter shall be deleted and replaced with the following: 
 “You will be expected to devote approximately 100% of your professional time to the
business of the Company. You will be classified as an “exempt” salaried employee and your salary will be $23,175 per month or $278,100 per year, less payroll deductions and withholdings. You will also be eligible for annual performance
bonuses of up to 20% of your annual base salary, such bonuses to be determined and paid after the completion of each calendar year, which will be based upon achievement of personal and corporate goals.” 

The Offer Letter, as amended by this Amendment, forms the complete and exclusive statement of your agreement with the Company. 

Please sign and date this letter and return it to me immediately, if you wish to continue your services at the Company under the terms described above. 

Sincerely, 
  

	
	 /s/ Ray Tabibiazar

	Ray Tabibiazar
	Chairman of the Board
	
	Offer Accepted:
	
	 /s/ Vinay Shah

	Vinay ShahEX-10.3

 Exhibit 10.3 
  

 
 May 31, 2018 

VIA ELECTRONIC MAIL 
 Vinay Shah 

4205 Rice Boulevard 
 Houston, TX 77005 

Dear Vinay: 
 As you are aware, Aravive
Biologics, Inc. (“Aravive”) is contemplating a transaction under which Aravive will be merged into a subsidiary of a publicly-traded entity (the “Transaction”). 

To encourage your continued employment with us during this transition period, we agree to the following severance terms. 

Upon either your involuntary termination of employment other than due to death, disability or Cause (as defined below) or your resignation for
Good Reason (as defined below) within the first twelve (12) months after consummation of the Transaction (a “Qualifying Termination”) you will also be eligible for a severance payment: payment equal to “twelve
(12) months” pay. A “month’s pay” for this purpose is your monthly base salary plus 1/12th of your target annual bonus. In addition, if you elect continued health coverage under COBRA, you will also be eligible to receive up
to twelve months of your premiums subject to certain limitations. 
 The severance payment, and COBRA payments are conditioned upon your
execution of a release agreement that will be provided to you around the time the payment is to be made. The severance payment will be paid promptly after your release agreement becomes effective. 

Of course, while you are employed by Aravive, your employment remains “at will” and you will continue to receive your salary. 

If you resign before consummation of the Transaction you will not be eligible for severance or the COBRA payments. 

This letter agreement does not provide for duplication (in whole or in part) of benefits with any other agreement. By signing below, you are
waiving your rights under, and terminating those provisions of, any employment agreement or severance agreement with Aravive that provide for benefits upon a Qualifying Termination. 

For purposes of this letter agreement “Cause”, shall be determined by the Board of Directors of Aravive in its sole
discretion, and means: (i) your conviction (including a guilty plea or a no contest plea) of a felony, or of any other crime involving fraud, dishonesty or moral turpitude; (ii) your attempted commission of or participation in a fraud or
act of material dishonesty against Aravive; (iii) your material breach of any written agreement between you and Aravive (including but not limited to a your Proprietary Information and Invention Agreement or any other restrictive covenant
agreements) or material breach or material neglect of any statutory or fiduciary duty you owe to Aravive as reasonably determined by the CEO and Board, after having provided you with not less than thirty (30) days written notice of same and

 

 
  

 
with the opportunity to cure of the same duration to the extent curable; or (iv) your conduct that constitutes gross insubordination, incompetence or habitual neglect of your duties as
reasonably determined by the CEO and the Board, in each case, after having provided the Participant with not less than thirty (30) days written notice of same and with the opportunity to cure of the same duration to the extent curable. 

For purposes of this letter agreement “Resignation for Good Reason” means your resignation from all positions you then
hold with Aravive within sixty (60) days following the occurrence of any of the following events taken without your written consent, provided you have given Aravive written notice of the event within thirty (30) days after the first
occurrence of such event and Aravive has not cured such event, to the extent curable, within thirty (30) days thereafter: 
 (i)
    A material diminution in your annual base salary (unless pursuant to a salary reduction program applicable generally to similarly situated employees of Aravive and its then parent entity); 

(ii)     A material diminution in your authorities, duties, position or responsibilities; provided, however,
that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless your new duties are substantially reduced from your prior authorities, duties or responsibilities; 

(iii)     A relocation of your principal place of work to a location that is more than thirty (30) miles away from
your principal place of work immediately prior to the closing date of the Transaction; or 
 (iv)     Any failure
by the successor corporation in the Transaction to expressly assume the obligations under this letter agreement 
 We look forward to
successfully completing the Transaction and your continued assistance with the Transaction.     
 Sincerely, 

 

	
	/s/ Ray Tabibiazar
	
	Ray Tabibiazar
	Chairman of the Board
	
	ACCEPTED AND AGREED TO
ON THIS 31st DAY OF MAY, 2018
	
	 /s/ Vinay Shah

	VINAY SHAH

  
 -2- 

 

 
  
 September 24, 2018 

VIA ELECTRONIC MAIL 
 Vinay Shah 

4205 Rice Boulevard 
 Houston, TX 77005 

Dear Vinay: 
 As you are aware, Aravive
Biologics, Inc. (“Aravive”) is contemplating a transaction under which a subsidiary of a publicly-traded entity will be merged into Aravive (the “Transaction”). 

To encourage your continued employment with us during this transition period, we agreed to certain severance terms in a letter agreement that
we and you executed on May 31, 2018 (the “May Letter Agreement”). In addition to the severance terms provided for in the May Letter Agreement, we also agree to the following: 

Upon a Qualifying Termination (as defined in the May Letter Agreement, all option awards granted to you by us which carry a right to exercise
and which are vested and exercisable as of the date of such Qualifying Termination (including by virtue of the provisions of the applicable equity plan) will remain outstanding until the earliest to occur of (x) the 12 month anniversary of your
Qualifying Termination, and (y) the expiration of the term of such option awards, and such option awards automatically terminate on such date. The foregoing is conditioned upon your execution of a release agreement that will be provided to you
around the time the payment is to be made. 
 If you resign before consummation of the Transaction you will not be eligible for the extended
exercise period described above. 
 This letter agreement does not provide for duplication (in whole or in part) of benefits with any other
agreement. By signing below, you are waiving your rights under, and terminating those provisions of, any employment agreement or severance agreement with Aravive that provide for benefits upon a Qualifying Termination. 

We look forward to successfully completing the Transaction and your continued assistance with the Transaction.     

Sincerely, 
  

	
	/s/ Ray Tabibiazar
	
	Ray Tabibiazar
	Chairman of the Board
	
	ACCEPTED AND AGREED TO
ON THIS 24TH DAY OF SEPTEMBER, 2018
	
	 /s/ Vinay Shah

	VINAY SHAH

  
 -3-

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