Document:

glenmacdonaldebioemploym

 

 

                                                                                                                                                                                    September 20, 2016      Personal & Confidential   Glen MacDonald  475 Raglan Road  Winnipeg, MB R3G 3E4    Dear Glen:    It is my pleasure to offer you the position of Chief Scientific Officer for Eleven Biotherapeutics,  Inc.  (“the  Company”  or  “Eleven  Bio”)  reporting  to Stephen  Hurly,  President  and  CEO.   This  letter agreement summarizes important details about  your employment, should you accept this  offer.  This letter agreement shall be effective only upon the date of the closing (such closing  date, the “Effective Date”) of the acquisition by the Company of Viventia Bio Inc. (“Viventia”)  pursuant  to a  Share  Purchase  Agreement  (the  “Agreement”),  by  and  among the  Company,  Viventia,  the  shareholders  of Viventia named  on  the  signature  pages  thereto  and, for certain  limited purposes, Clairmark Investments Ltd, pursuant to which Agreement, the Company will  acquire all of the outstanding equity interests in Viventia and Viventia will become a wholly- owned  subsidiary  of the  Company  (the  “Transaction”).  If the  Transaction  does  not occur  by  September 23, 2016, this letter agreement shall be null and void.   1.    Full-Time and Best Efforts: As Eleven Bio’s Chief Scientific Officer, which is a full- time position, you will have such duties and responsibilities consistent with such position, and  any  other duties as the  Company may  assign  from  time to  time.  You are  expected to devote  substantially all of your working time to the performance of your duties in a satisfactory manner  and  to  the  best  of  your  abilities  at  all  times.  You  shall  not  engage  in  any  other  business  or  occupation  during  your  employment with  the  Company,  including,  without  limitation,  any  activity that conflicts with the interests of the Company, interferes with the proper and efficient  performance of your duties for the Company, or interferes with your exercise of judgment in the  Company’s best interests. Notwithstanding the foregoing, you will be permitted to serve as an  officer, director or trustee of any charitable, educational or non-profit organization, without the  Company’s prior consent, provided that such services do not interfere with the performance of  your duties to the Company or represent an actual or apparent conflict of interest with your role  at the Company.   2.    Compensation: You shall receive an annual salary of $272,496.25 CAD, which will be  subject to all applicable tax reporting and withholding, paid in accordance with the Company's  standard payroll practices.  You will be considered for a merit review in conjunction with your  performance  review  (which  generally  are  conducted  annually)  and  consistent  with  the  Company’s compensation practices, as determined by the Board.                                                                                    215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

                                                                                                                                                                                    3.    Annual Bonus: You may be eligible to receive an annual target bonus of up to 30% of  your base salary, based upon the achievement of certain corporate and individual goals set by the  Company,  and  contingent  upon  your  individual  performance  and  the  Company’s  performance.  The determination of whether a bonus will be paid to you, and the amount of any  such bonus, will be determined by the Company.  Any bonus earned will be paid to you no later  than March 15th of the year following the year to which it relates.  No bonus is accrued or earned  until the date on which it is actually paid to you.  No bonus shall be pro-rated for any partial year  of employment.  Please note that you must be actively employed by the Company on the date  any bonus is paid in order to be eligible for a bonus.  No period of notice or payment in lieu of  notice that is given by you to the Company or to you by the Company (or that ought to have been  given by you or to you) which follows or is in respect of a period which follows your last day of  actual and active employment will be deemed to extend your employment for the purposes of  determining any right for you to receive a bonus hereunder, and you shall have no entitlement to  damages or other compensation arising from or related to not receiving any bonus which may  have been awarded, or which may have paid, after your last day of active employment with the  Company or if working notice of termination had been given.   4.    Stock Option: Subject to and upon approval by the Board, you will be granted a  nonstatutory stock option to purchase 100,000 shares of Common Stock, $0.001 par value per  share, of the Company (the “Common Stock”), which option is granted pursuant to the  inducement grant exception under Nasdaq Rule 5635(c)(4) and not pursuant to the Company’s  2014 Stock Incentive Plan (the “Plan”) or any other equity incentive plan of the Company, as an  inducement that is material to your employment with the Company (the “Inducement Grant”).   The Inducement Grant shall have an exercise price equal to the closing price of the Common  Stock on the NASDAQ Global Market on the date of such grant and shall vest as to 25% of the  shares subject to such option on the first anniversary of the date of grant of the option and as to  an additional 6.25% of the shares underlying the option at the end of each successive three- month period thereafter until the fourth anniversary of the date of grant of the option.  The  Inducement Grant shall be subject to such other terms as are customary for the Company’s  options under the Plan and the previously approved form of stock option agreement under the  Plan.  The Board will consider annually whether to grant additional equity awards to its  employees and you will be eligible to be considered for such additional annual equity grants.    5.    Employee Benefits; Expenses:  The Company offers a  comprehensive benefit  package  that includes group health, dental and vision plans as well as life and disability benefits. You will  be eligible to participate in all employee benefit plans in effect from time to time for similarly  situated  Canadian  employees  of  the Company subject  to  the  plan  documents  governing  such  benefits. Notwithstanding the foregoing, you understand and agree that nothing contained herein  will require the Company  to  establish  or maintain any benefits  and  any  such benefits  may be  modified, amended, terminated or cancelled at any time by the Company.   During your employment, the Company shall pay (or promptly reimburse you) for documented,  out-of-pocket expenses reasonably incurred by you in performing your job, which are consistent                                                                                   215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

                                                                                                                                                                                    with  the  Company’s  policies  in  effect  from  time  to  time  with  respect  to  business  expenses,  subject to the Company’s requirements with respect to reporting of such expenses.   6.    Vacation Time: As a full time employee of the Company, you are eligible for up to 15  paid  vacation  days  that  are  accrued  on  a  monthly  basis  at  a  rate  of  1.25  days  (10  hours)  per  month  of  full  time  employment.  The  use  of  vacation  is governed  by  the  Company’s  vacation  policy.   7.    Term  of  Employment;  Restrictive  Covenant  Agreement: Your  term  of  employment  shall commence on the Effective Date and continue until terminated in accordance with the terms  of this letter agreement.     As  a  condition  of  your  employment  with  the  Company,  you  will  be  required  to  execute  the  enclosed  Employee  Non-Competition,  Non-Solicitation,  Confidentiality,  and  Assignment  Agreement.     8.    Termination: Your employment with the Company may be terminated as follows:   By you, at any time, upon providing the Company with at least 3 months’ prior written notice.   The Company may, in its sole discretion, waive such notice period, in whole or in part, and pay  you the amount that would have been paid to you for the remainder of the relevant notice period.   By the Company for Cause, in which case you shall not be entitled to any notice of termination  or  payment  in  lieu  thereof.  The Company shall  pay  to  you  only any salary  and  vacation  entitlement accrued but unpaid prior to the termination date.     By the Company without “Cause” or you for “Good Reason” (each term as defined below and in  either  case  a  “Qualifying  Termination”), in which  case you  will  be  eligible  for  the  benefits  outlined in sub-paragraphs A or B (the “Severance Benefits”), subject to the terms set forth in  this letter agreement:         A.    If a Qualifying Termination occurs: (i) Eleven Bio will pay you severance in the              form of (1) continuation of your base salary for a total of 12 months (the “Notice              Period”), such amount to be paid in accordance with the Company’s then current              payroll  practices,  except  as  otherwise  specified  in  this letter  agreement and  (ii)              you  will continue  to  be  eligible  to  participate  in  the  employee  benefit  plans              (excluding  short  term disability  and  long  term  disability  benefits  which  shall              cease immediately)  in  which  you  were  participating  at  the  date  of  termination,              subject to the terms of such employee benefit plans, until the earlier of: 1) the end              of the Notice Period; or 2) the date you become covered under the benefit plans of              another  employer.   The  Company’s  obligation  hereunder  is  conditional  on  you              continuing to pay your share of the premiums (if any).                                                                                    215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

                                                                                                                                                                                          B.    If a Qualifying Termination occurs within 12 months after a Change in Control              Transaction  (as  defined  below),  then in  addition  to  the  severance  payment and              benefit continuation provided for in sections 8.A(i) and (ii) above, subject to the              same terms, conditions,  and limitations  as  described therein; and the vesting of              100% of your then outstanding unvested equity grants shall be accelerated, such              that  all  unvested  equity  grants  vest  and  become  fully  exercisable  or  non-             forfeitable as of the date of termination.   For the sake of clarity, it shall not be a “Qualifying Termination” if your employment terminates  because of your death or due to your suffering a Disability (as defined below).         C.    The Severance Benefits will be subject to the following terms:         i.    The  Company’s obligation  to  make  the  above  payments  and  provide  the  above        benefits will be contingent upon your execution of a full and final release of all claims in        favour  of the Company,  in  a  form  acceptable  to the Company, and you  agree  that        payment by the Company of the amounts set out in Section 8.A or 8.B shall be in full and        final  settlement  of  any  and  all  actions,  causes  of  actions,  suits,  claims,  demands  and        entitlements whatsoever which you have or may have against the Company and any of its        directors, officers, employees, representatives, successors and assigns arising out of your        hiring, employment and the termination of your employment or this letter agreement.           ii.   In  the  event  that the Company  determines  that,  without  its  express  written        consent, you have breached any of your post-employment obligations, including those in        the  Employee  Non-Competition,  Non- Solicitation,  Confidentiality  and  Assignment        Agreement, the Company  shall  have  the  right  to  suspend  or  terminate  any  or  all        remaining payments and/or benefits, if any, referenced in Section 8.A or 8.B of this letter        agreement.   Such  suspension  or  termination  of  payments  and/or  benefits  shall  be  in        addition to and shall not limit any and all other rights and remedies that the Company        may have against you in law or equity or pursuant to any other agreement between you        and the Company.           iii.  The  Company’s  obligations  to  pay  or  provide  the  Severance  Benefits  will  be        contingent  upon  your  having  tendered  your  resignation  from  the  Board  (and  any  other        boards on which  you serve at  the request  of the Company), effective  as  of the date of        termination.   9.    Definitions: For purposes of this letter agreement, “for Cause” shall mean the Company  has  complied  with  the  “Cause  Process”,  as  defined  below,  following  your  committing  one  or  more of the following (each a “Cause Condition”): (i) an act of material dishonesty involving the  Company, embezzlement, or misappropriation of assets or property of the Company; (ii) gross  negligence or willful misconduct in connection with the performance of your duties, theft, fraud  or breach of fiduciary duty to the Company; (iii) your willful, sustained, or repeated failure to  substantially  perform  the duties  or  obligations  of  your  position  (other  than  due  to  illness  or                                                                                  215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

                                                                                                                                                                                    injury); (iv) a violation of federal, state or provincial securities law; (v) the conviction on any  charge involving moral turpitude; (vi) a material breach of any of the Company’s written policies  related to conduct or ethics; (vii) a material breach of your Non-Competition, Non-Solicitation,  Confidentiality and Assignment Agreement; or (viii) any  act  or omission which would in  law  permit an employer to, without notice or payment in lieu of notice, terminate the employment of  an employee.     “Cause Process” shall mean that (i) the Company reasonably determines, in good faith, that one  of  the  Cause  Conditions  has  occurred;  (ii)  the  Company  notifies  you  in  writing  of  the  first  occurrence  of  the  Cause  Condition  within  30  days  of  the  Board  becoming  aware  of  such  condition; (iii) the Company cooperates in good faith with your efforts, for a period not less than  30 days following such notice (the “Cause Cure Period”), to remedy the Cause Condition; (iv)  notwithstanding  such  efforts,  the  Cause  Condition  continues  to  exist;  and  (v)  the  Company  terminates  your  employment  within  thirty  (30)  days  after  the  end  of  the  Cause  Cure  Period,  provided that the Company will not be required to provide a Cause Cure Period in the event that  a Cause Condition is: (i) of the type described in clauses  (iv) or (v);  ii) is  incapable of being  cured; or (ii) is required to be publicly disclosed under applicable securities law.   If you cure to the Company’s satisfaction any Cause Condition during the applicable Cause Cure  Period, Cause shall be deemed not to have occurred. If the Company is not required to provide a  Cause Cure Period, the Cause Process will be satisfied if the Company notifies you in writing of  the first occurrence of the Cause Condition within 30 days of the Board becoming aware of such  condition and terminates your employment within 30 days of such notice.     “Change in Control Transaction” shall mean (i) a merger or consolidation of the Company with  or  into another  corporation  under  circumstances  where  the  stockholders  of  the  Company  immediately  prior  to  such  merger  or  consolidation  do  not  own, after  such  merger  or  consolidation, shares  representing  at  least  50%  of  the  voting  power  of  the  Company  or  the  surviving,  resulting  or  parent  corporation,  as  the  case  may  be,  (ii)  a  transfer  of  shares  representing 50% or more of the voting power of the Company to any person who was not, on  the  Effective  Date,  a  holder  of  stock  of  any  class  or  preference  or  any  stock  option  of  the  Company,  (iii)  a  liquidation  of  the  Company,  or  (iv)  a  sale  or  other  disposition  of  all  or  substantially all of the Company’s assets.   “Good  Reason”  shall  mean  you  have  complied  with  the  “Good  Reason  Process”  as  defined  below,  following  the  occurrence  of  one  or  more  of  the  following  events, unless  otherwise  consented to by you: (i) any material diminution in your duties, authority or responsibilities, (ii)  any material diminution in your base compensation except as part of a general reduction of the  salaries or other remuneration of all or substantially all of the senior executives of the Company,  which affects you in substantially the same manner as the other senior executives who are also  affected; (iii) the relocation of your primary place of work more than 80 kilometers from your  primary place of work for the Company on the Effective Date of this letter agreement, or (iv) the  material  breach  by  the  Company  of  any  provision  of  this letter  agreement or  any  other  employment-related agreement between the Company and you.                                                                                  215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

                                                                                                                                                                                    “Good Reason Process” shall mean that (i) you reasonably determine in good faith that one of  the foregoing “Good Reason” conditions has occurred; (ii) you notify the Company in writing of  the first occurrence of the Good Reason condition within 30 days of the first occurrence of such  condition; (iii) you cooperate in good faith with the Company’s efforts, for a period not less than  30 days following such notice (the “Cure Period”) to remedy the condition; (iv) notwithstanding  such  efforts,  the  Good  Reason  condition  continues  to  exist;  and  (v)  you  terminate  your  employment within 30 days  after the end of the Cure Period. If the Company cures the Good  Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.   “Disability” shall mean your inability (as determined by the Company) to perform the essential  functions of your position due to physical or mental disability, which continues for a period of 90  days  (whether  or  not  consecutive)  during  any  12-month  period,  which  is  agreed  would  cause  undue hardship to the Company which cannot be accommodated.      10.   General: By signing below,  you represent that  you are not bound by any employment  contract, restrictive covenant or other restriction preventing or limiting you from entering into  employment with or carrying out your responsibilities for the Company, or which is in any way  inconsistent with the terms of this letter agreement. You also agree that you will not disclose to  anyone at the Company, bring onto Company premises, or use in the course of your employment  at the Company, any confidential information or trade secrets belonging to any former employer  (with the exception of Viventia) or to any other entity.   Your  employment  and  this letter  agreement will  be  governed  by  the  laws  of the Province  of  Manitoba and the federal laws of Canada applicable therein.  The courts of Manitoba shall have  the exclusive jurisdiction to hear any matter arising in connection with this letter agreement.     The Company has the right to assign this letter agreement to its successors and assigns, and all  covenants  and  agreements  hereunder shall  enure  to  the  benefit  of  and  be  enforceable  by  said  successors and assigns.   Any provision of this letter agreement which expressly states that it is to continue in effect after  termination of this letter agreement or your employment, or which by its nature would survive  the  termination  of  this letter  agreement or your employment,  shall  do  so,  regardless  of  the  manner or cause of termination.   If any one or more of the provisions of this letter agreement shall for any reason be held to be  invalid, illegal, or unenforceable in any respect, any such provision shall be severable from this  letter agreement, in which event this letter agreement shall be construed as if such provision had  never been contained herein.   After the Effective Date, this letter agreement (and the plans, documents, and policies referenced  herein)  shall  constitute  our  entire  agreement  regarding  the  terms  and  conditions  of  your  employment with the Company and shall supersede any prior agreements or other promises or  statements (whether oral or written) regarding the terms of your employment, including, without                                                                                   215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911   Error! Unknown  document property name.                       FAX: 617-858-0911  

 

limitation, your Employment Agreement with Viventia Biotech Inc. dated October 12, 2004. The  terms described herein cannot be modified except in writing by you and the Company. Failure of  either  party  to  this  letter  agreement  to  insist  upon  strict  compliance  with  any  of  the  terms,  covenants  or  conditions  hereof  will  not  be  deemed  a  waiver  of  such  terms,  covenants  or  conditions.  In  the  event  of  any  inconsistency  between  this  letter  agreement  and  any  other  contract  between  the  Company  and  you,  including  the  Employee  Non-Competition,  Non- Solicitation, Confidentiality and Assignment Agreement, the provisions of this letter agreement  will prevail.   This letter agreement may be executed in counterparts, or facsimile counterparts, each of which  when executed by either of the parties shall be deemed to be an original and such counterparts  shall together constitute one and the same agreement.   We are thrilled to have you join the leadership team at Eleven Bio. Please contact me if you have  any questions or need more information.                                   [Signature Page Follows]   215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911  Error! Unknown document property name.                         FAX: 617-858-0911cbre-ex101_9.htm

Exhibit 10.1

 
 
 

 

 

2100 McKinney Avenue

Suite 900

Dallas, TX  75201

 

214-863-3195 Tel

 

 

Bob.sulentic@cbre.com

www.cbre.com

 

 

 

 

 

 

 

 

 

 

 
 
Robert E. Sulentic

President & CEO

 

CBRE, Inc.

 

 

 

 

 

 

January 4, 2019

 

 

James R. Groch

2929 Arch Street, Suite 1500

Philadelphia, PA 1904-7343

 

Dear Jim:

 

This letter memorializes our understanding regarding your transition from your current positions as Chief Financial Officer and Global Director of Corporate Development of CBRE Group, Inc. (the “Company”) effective upon the date on which a successor Chief Financial Officer of the Company is appointed (such date, the “Transition Date”). On the Transition Date, you will assume the position of Global Group President and Chief Investment Officer, which position reports directly to the Company’s Chief Executive Officer.  

 

As Global Group President and Chief Investment Officer, you will (i) allocate and deploy our capital through oversight of the Company’s mergers and acquisitions activities (Corporate Development will continue to report to you), (ii) oversee the allocation of capital to the Company’s Real Estate Investments businesses, such capital to be deployed by those businesses, and (iii) allocate capital to stock repurchase programs which would be executed by the finance organization.  In addition, you will chair the Company’s M&A Committee.  You will also attend meetings of the Company’s Board of Directors generally on the same basis as reporting segment chief executive officers.  Your base salary, target bonus, target annual equity awards and all other benefits and compensation under any other plan, policy, agreement and arrangement of the Company or its affiliates in which you participate will not be impacted by this change in your position.

 

You acknowledge and agree that the transition of your role from Chief Financial Officer to Global Group President and Chief Investment Officer, including the title change and the commensurate change in duties, responsibilities and authority as a result of the transition will not constitute Good Reason under the Company’s Change in Control and Severance Plan for Senior Management, your equity awards or any other plan, policy, agreement and arrangement of the Company or its affiliates in which you participate.  

 

 

 

 
 
 

 

You also acknowledge and agree that nothing in this letter alters or amends the definition of Good Reason applicable to you under the Company’s Change in Control and Severance Plan for Senior Management, your equity awards or any other plan, policy, agreement and arrangement of the Company or its affiliates in which you participate.  

 

The definition of “Retirement” applicable to all of your outstanding (and any future) equity awards under 1) the Company’s 2017 Equity Incentive Plan, 2) all other prior equity incentive plans and 3) any future incentive plans, will be amended to, or if drafted in the future will, provide that you will become Retirement eligible upon attaining age 58 (rather than, for example, age 62 with 10 years of continuous service). 

 

 

Please sign below and return one signed copy of this letter to Chris Kirk and Pasha Zargarof as confirmation of your acceptance of this letter.

 

If you have any questions, please do not hesitate to call me.

 

Sincerely,

 

CBRE GROUP, INC.

 

 

By: /s/ Robert E. Sulentic

Robert E. Sulentic

Chief Executive Officer

 

 

 

 

 

 

ACCEPTED:

 

 

/s/ James R. Groch                                           1/4/19

________________________________________________

James R. GrochDate

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