Document:

EX-10.26

 Exhibit 10.26 

CERULEAN PHARMA INC. 
 2014
EMPLOYEE STOCK PURCHASE PLAN 

                    , 2014 

The purpose of this Plan is to provide eligible employees of Cerulean Pharma Inc. (the “Company”) and certain of its subsidiaries
with opportunities to purchase shares of the Company’s common stock, $0.0001 par value (the “Common Stock”), commencing at such time as the Board of Directors of the Company (the “Board”) shall determine. Subject to
adjustment under Section 15 hereof, the number of shares of Common Stock that have been approved for this purpose is the sum of: 

(a) 500,000 shares of Common Stock; plus 

(b) an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2015 and ending on
January 1, 2024, equal to the least of (i) 600,000 shares of Common Stock, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the Board. 

This Plan is intended to qualify as an “employee stock purchase plan” as defined in Section 423 of the Internal Revenue Code of 1986, as
amended (the “Code”), and the regulations issued thereunder, and shall be interpreted consistent therewith. 
 1.
Administration. The Plan will be administered by the Board or by a Committee appointed by the Board (the “Committee”). The Board or the Committee has authority to make rules and regulations for the administration of the Plan and its
interpretation and decisions with regard thereto shall be final and conclusive. 
 2. Eligibility. All employees of the Company and
all employees of any subsidiary of the Company (as defined in Section 424(f) of the Code) designated by the Board or the Committee from time to time (a “Designated Subsidiary”), are eligible to participate in any one or more of the
offerings of Options (as defined in Section 9) to purchase Common Stock under the Plan provided that: 
 (a) they are
customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week and for more than five months in a calendar year; 

(b) they have been employed by the Company or a Designated Subsidiary for at least 30 days prior to enrolling in the Plan; and

 (c) they are employees of the Company or a Designated Subsidiary on the first day of the applicable Plan Period
(as defined below). 
 No employee may be granted an Option hereunder if such employee, immediately after the Option is granted, owns
5% or more of the total combined voting power or value of the stock of the Company or any subsidiary. For purposes of the preceding sentence, the attribution rules 

 
of Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and all stock that the employee has a contractual right to purchase shall be treated as stock
owned by the employee. 
 The Company retains the discretion to determine which eligible employees may participate in an offering pursuant
to and consistent with Treasury Regulation Sections 1.423-2(e) and (f). 
 3. Offerings. The Company will make one or more offerings
(“Offerings”) to employees to purchase stock under this Plan. Offerings will begin at such time as the Board shall determine. Each Offering will consist of a six-month period (a “Plan Period”) during which payroll deductions will
be made and held for the purchase of Common Stock at the end of the Plan Period. The Board or the Committee may, at its discretion, choose a different Plan Period of not more than twelve (12) months for Offerings. 

4. Participation. An employee eligible on the first day of a Plan Period of any Offering may participate in such Offering by completing
and forwarding either a written or electronic payroll deduction authorization form to the employee’s appropriate payroll office at least 15 days prior to the commencement of the applicable Plan Period. The form will authorize a regular
payroll deduction from the Compensation received by the employee during the Plan Period. Unless an employee files a new form or withdraws from the Plan, his or her deductions and purchases will continue at the same rate for future Offerings under
the Plan as long as the Plan remains in effect. The term “Compensation” means the amount of money reportable on the employee’s Federal Income Tax Withholding Statement, excluding overtime, shift premium, incentive or bonus awards,
allowances and reimbursements for expenses such as relocation allowances for travel expenses, income or gains associated with the grant or vesting of restricted stock, income or gains on the exercise of Company stock options or stock appreciation
rights, and similar items, whether or not shown or separately identified on the employee’s Federal Income Tax Withholding Statement, but including, in the case of salespersons, sales commissions to the extent determined by the Board or the
Committee. 
 5. Deductions. The Company will maintain payroll deduction accounts for all participating employees. With respect to
any Offering made under this Plan, an employee may authorize a payroll deduction in any percentage amount (in whole percentages) up to a maximum of 15% of the Compensation he or she receives during the Plan Period or such shorter period during which
deductions from payroll are made. The Board or the Committee may, at its discretion, designate a lower maximum contribution rate. The minimum payroll deduction is such percentage of Compensation as may be established from time to time by the Board
or the Committee. 
 6. Deduction Changes. An employee may decrease or discontinue his or her payroll deduction once during any Plan
Period, by filing either a written or electronic new payroll deduction authorization form. However, an employee may not increase his or her payroll deduction during a Plan Period. If an employee elects to discontinue his or her payroll
deductions during a Plan Period, but does not elect to withdraw his or her funds pursuant to Section 8 hereof, funds deducted prior to his or her election to discontinue will be applied to the purchase of Common Stock on the Exercise Date (as
defined below). 

  
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 7. Interest. Interest will not be paid on any employee accounts, except to the extent that
the Board or the Committee, in its sole discretion, elects to credit employee accounts with interest at such rate as it may from time to time determine. 

8. Withdrawal of Funds. An employee may at any time prior to the close of business on the fifteenth business day prior to the end of a
Plan Period and for any reason permanently draw out the balance accumulated in the employee’s account and thereby withdraw from participation in an Offering. Partial withdrawals are not permitted. The employee may not begin participation again
during the remainder of the Plan Period during which the employee withdrew his or her balance. The employee may participate in any subsequent Offering in accordance with terms and conditions established by the Board or the Committee. 

9. Purchase of Shares. 

(a) Number of Shares. On the first day of each Plan Period, the Company will grant to each eligible employee who is then a participant
in the Plan an option (an “Option”) to purchase on the last business day of such Plan Period (the “Exercise Date”) at the applicable purchase price (the “Option Price”) up to that number of shares of Common Stock
determined by multiplying $2,083 by the number of full months in the Plan Period and dividing the result by the closing price (as determined below) on the first day of such Plan Period; provided, however, that no employee may be granted an Option
which permits his or her rights to purchase Common Stock under this Plan and any other employee stock purchase plan (as defined in Section 423(b) of the Code) of the Company and its subsidiaries, to accrue at a rate which exceeds $25,000 of the
fair market value of such Common Stock (determined at the date such Option is granted) for each calendar year in which the Option is outstanding at any time; and, provided, further, however, that the Committee may, in its discretion, set a fixed
maximum number of shares of Common Stock that each eligible employee may purchase per Plan Period which number may not be greater than the number of shares of Common Stock determined by using the formula in the first clause of this Section 9(a)
and which number shall be subject to the second clause of this Section 9(a). 
 (b) Option Price. The Board or the Committee
shall determine the Option Price for each Plan Period, including whether such Option Price shall be determined based on the lesser of the closing price of the Common Stock on (i) the first business day of the Plan Period or (ii) the
Exercise Date, or shall be based solely on the closing price of the Common Stock on the Exercise Date; provided, however, that such Option Price shall be at least 85% of the applicable closing price. In the absence of a determination by the Board or
the Committee, the Option Price will be 85% of the lesser of the closing price of the Common Stock on (i) the first business day of the Plan Period or (ii) the Exercise Date. The closing price shall be (a) the closing price (for the
primary trading session) on any national securities exchange on which the Common Stock is listed or (b) the average of the closing bid and asked prices in the over-the-counter-market, whichever is applicable, as published in a source selected
by the Board or the Committee. If no sales of Common Stock were made on such a day, the price of the Common Stock shall be the reported price for the next preceding day on which sales were made. 

(c) Exercise of Option. Each employee who continues to be a participant in the Plan on the Exercise Date shall be deemed to have
exercised his Option at the Option Price 

  
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on such date and shall be deemed to have purchased from the Company the number of whole shares of Common Stock reserved for the purpose of the Plan that his accumulated payroll deductions on such
date will pay for, but not in excess of the maximum numbers determined in the manner set forth above. 
 (d) Return of Unused Payroll
Deductions. Any balance remaining in an employee’s payroll deduction account at the end of a Plan Period will be automatically refunded to the employee, except that any balance that is less than the purchase price of one share of Common
Stock will be carried forward into the employee’s payroll deduction account for the following Offering, unless the employee elects not to participate in the following Offering under the Plan, in which case the balance in the employee’s
account shall be refunded. 
 10. Issuance of Certificates. Certificates representing shares of Common Stock purchased under the Plan
may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or (in the Company’s sole discretion) in the name of a brokerage firm, bank, or other
nominee holder designated by the employee. The Company may, in its sole discretion and in compliance with applicable laws, authorize the use of book entry registration of shares in lieu of issuing stock certificates. 

11. Rights on Retirement, Death or Termination of Employment. If a participating employee’s employment ends before the last
business day of a Plan Period, no payroll deduction shall be taken from any pay then due and owing to the employee and the balance in the employee’s account shall be paid to the employee. In the event of the employee’s death before the
last business day of a Plan Period, the Company shall, upon notification of such death, pay the balance of the employee’s account (a) to the executor or administrator of the employee’s estate or (b) if no such executor or
administrator has been appointed to the knowledge of the Company, to such other person(s) as the Company may, in its discretion, designate. If, before the last business day of the Plan Period, the Designated Subsidiary by which an employee is
employed ceases to be a subsidiary of the Company, or if the employee is transferred to a subsidiary of the Company that is not a Designated Subsidiary, the employee shall be deemed to have terminated employment for the purposes of this
Plan. 
 12. Optionees Not Stockholders. Neither the granting of an Option to an employee nor the deductions from his or her pay
shall make such employee a stockholder of the shares of Common Stock covered by an Option under this Plan until he or she has purchased and received such shares. 

13. Options Not Transferable. Options under this Plan are not transferable by a participating employee other than by will or the laws
of descent and distribution, and are exercisable during the employee’s lifetime only by the employee. 
 14. Application of
Funds. All funds received or held by the Company under this Plan may be combined with other corporate funds and may be used for any corporate purpose. 

15. Adjustment for Changes in Common Stock and Certain Other Events. 

(a) Changes in Capitalization. In the event of any stock split, reverse stock 

  
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split, stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders
of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the share limitations set forth in Section 9, and (iii) the Option Price shall each be equitably
adjusted to the extent determined by the Board or the Committee. 
 (b) Reorganization Events. 

(1) Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into
another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any transfer or disposition of all of the Common Stock of
the Company for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2) Consequences of a Reorganization Event on Options. In connection with a Reorganization Event, the Board or the Committee may take
any one or more of the following actions as to outstanding Options on such terms as the Board or the Committee determines: (i) provide that Options shall be assumed, or substantially equivalent Options shall be substituted, by the acquiring or
succeeding corporation (or an affiliate thereof), (ii) upon written notice to employees, provide that all outstanding Options will be terminated immediately prior to the consummation of such Reorganization Event and that all such outstanding
Options will become exercisable to the extent of accumulated payroll deductions as of a date specified by the Board or the Committee in such notice, which date shall not be less than ten (10) days preceding the effective date of the
Reorganization Event, (iii) upon written notice to employees, provide that all outstanding Options will be cancelled as of a date prior to the effective date of the Reorganization Event and that all accumulated payroll deductions will be
returned to participating employees on such date, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the
Reorganization Event (the “Acquisition Price”), change the last day of the Plan Period to be the date of the consummation of the Reorganization Event and make or provide for a cash payment to each employee equal to (A) (1) the
Acquisition Price times (2) the number of shares of Common Stock that the employee’s accumulated payroll deductions as of immediately prior to the Reorganization Event could purchase at the Option Price, where the Acquisition Price is
treated as the fair market value of the Common Stock on the last day of the applicable Plan Period for purposes of determining the Option Price under Section 9(b) hereof, and where the number of shares that could be purchased is subject to the
limitations set forth in Section 9(a), minus (B) the result of multiplying such number of shares by such Option Price, (v) provide that, in connection with a liquidation or dissolution of the Company, Options shall convert into the
right to receive liquidation proceeds (net of the Option Price thereof) and (vi) any combination of the foregoing. 
 For purposes of
clause (i) above, an Option shall be considered assumed if, following consummation of the Reorganization Event, the Option confers the right to purchase, for each share of Common Stock subject to the Option immediately prior to the consummation
of the Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common 

  
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Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority
of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company
may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of Options to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an
affiliate thereof) that the Board determines to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result
of the Reorganization Event. 
 16. Amendment of the Plan. The Board may at any time, and from time to time, amend or suspend this
Plan or any portion thereof, except that (a) if the approval of any such amendment by the shareholders of the Company is required by Section 423 of the Code, such amendment shall not be effected without such approval, and (b) in no
event may any amendment be made that would cause the Plan to fail to comply with Section 423 of the Code. 
 17. Insufficient
Shares. If the total number of shares of Common Stock specified in elections to be purchased under any Offering plus the number of shares purchased under previous Offerings under this Plan exceeds the maximum number of shares issuable under this
Plan, the Board or the Committee will allot the shares then available on a pro-rata basis. 
 18. Termination of the Plan. This Plan
may be terminated at any time by the Board. Upon termination of this Plan all amounts in the accounts of participating employees shall be promptly refunded. 

19. Governmental Regulations. The Company’s obligation to sell and deliver Common Stock under this Plan is subject to listing
on a national stock exchange (to the extent the Common Stock is then so listed or quoted) and the approval of all governmental authorities required in connection with the authorization, issuance or sale of such stock. 

20. Governing Law. The Plan shall be governed by Delaware law except to the extent that such law is preempted by federal law. 

21. Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in
the treasury of the Company, or from any other proper source. 
 22. Notification upon Sale of Shares. Each employee agrees, by
entering the Plan, to promptly give the Company notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased. 

23. Grants to Employees in Foreign Jurisdictions. The Company may, to comply with the laws of a foreign jurisdiction, grant Options to
employees of the Company or a Designated Subsidiary who are citizens or residents of such foreign jurisdiction (without regard to whether they are also citizens of the United States or resident aliens (within the meaning of

  
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Section 7701(b)(1)(A) of the Code)) with terms that are less favorable (but not more favorable) than the terms of Options granted under the Plan to employees of the Company or a Designated
Subsidiary who are resident in the United States. Notwithstanding the preceding provisions of this Plan, employees of the Company or a Designated Subsidiary who are citizens or residents of a foreign jurisdiction (without regard to whether they are
also citizens of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from eligibility under the Plan if (a) the grant of an Option under the Plan to a citizen or resident of the
foreign jurisdiction is prohibited under the laws of such jurisdiction or (b) compliance with the laws of the foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code. The Company may add one or more
appendices to this Plan describing the operation of the Plan in those foreign jurisdictions in which employees are excluded from participation or granted less favorable Options. 

24. Authorization of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan with respect to one or
more Designated Subsidiaries, provided that such sub-plan complies with Section 423 of the Code. 
 25. Withholding. If
applicable tax laws impose a tax withholding obligation, each affected employee shall, no later than the date of the event creating the tax liability, make provision satisfactory to the Board for payment of any taxes required by law to be withheld
in connection with any transaction related to Options granted to or shares acquired by such employee pursuant to the Plan. The Company may, to the extent permitted by law, deduct any such taxes from any payment of any kind otherwise due to an
employee. 
 26. Effective Date and Approval of Shareholders. The Plan shall become effective upon the closing of our initial public
offering. 
  

	
	Adopted by the Board of Directors on
March 25, 2014
	
	Approved by the stockholders on
March 26, 2014

  
 - 7 -EX-10.8

 Exhibit 10.8 

 
 

 
 February 26, 2013 
 Mr. Jerry L. Sheets 
 15500 Cutten Road, Apt. 807 

Houston, TX 77070 
 Dear Jerry: 

We are pleased to promote you to the position of Senior Vice President of Land and Business Development of RAAM Global Energy Company
(the “Company”). 
 Your primary responsibility will be as a Senior Vice President of Land and Business
Development, focusing on the following initiatives: 
  

	 	•	 	 Manage and direct the Company’s personnel to perform tasks that comply with the annual budget and goals as established and approved by the
President. 

  

	 	•	 	 Manage and direct the Manager of Land, the Land Managers and Lease Administration personnel to perform the land tasks and functions required.

  

	 	•	 	 Divestiture of certain properties of the Company as directed by the President. 

 

	 	•	 	 Seek and acquire third party participation in the Company’s prospects on a promoted basis as directed by the Chief Operating Officer and Board of
Directors. 

 You may also be required to perform additional duties as the Company may request from time to
time. 
 The primary terms of your employment are as follows: 

 

	 	1.	 The commencement date of your promotion will be January 1, 2013 (the “Effective Date”). 

 

	 	2.	 You will be paid an annualized base salary of three hundred and twenty-five thousand dollars ($325,000). Such salary shall be paid on a monthly
basis on the 1st day of each month for the prior month of
employment in accordance with the Company’s customary payroll practices in effect from time to time, less applicable taxes and other withholdings. 

 

	 	3.	 The term of your employment will extend to December 31, 2013 with the provision that your employment will automatically extend for an
additional, one-year renewal term on December 31, 2013 and each anniversary thereafter unless written notice of non-renewal 

	 	 
is given by either you or the Company to the other party at least thirty (30) days before the expiration of the then-existing term. 

 

	 	a.	 Notwithstanding the foregoing, this Agreement shall terminate immediately upon your death and the Company may terminate your employment at any time
for Cause. “Cause” shall exist in any of the following circumstances: 

  

	 	i.	 Failure to perform the duties of your job, as determined by the Company; 

 

	 	ii.	 Your act(s) or omission(s) that constitute gross negligence, fraud or willful misconduct; 

 

	 	iii.	 Your conviction or plea of no contest to any felony or misdemeanor involving moral turpitude; or 

 

	 	iv.	 Your failure to follow the lawful instructions of the Company or your breach of any agreement between you and the Company or your failure to follow
any Company policy or employment requirement. 

  

	 	b.	 Further notwithstanding the foregoing, the Company may terminate your Agreement without Cause at any time prior to the expiration of the
then-existing term. In the event that your employment is terminated pursuant to this Section 3(b), then subject to the terms set forth in the following sentence, the Company will provide you with: (i) a one-time, lump sum severance payment
(the “Severance Payment”) equivalent to the amount of base salary that you would have earned, less applicable taxes and withholdings, had you remained employed between the date of your termination of employment and the expiration of the
term in which your termination of employment occurred; plus (ii) a pro rata portion of any Annual Bonus for the year in which the termination of employment occurred (the “Pro Rata Bonus”). Your receipt of the Severance Payment and Pro
Rata Bonus referenced in the previous sentence will be subject to your timely delivery to the Company (and non-revocation during any applicable revocation period) by the Release Expiration Date (as defined below) of a release of claims in a form
satisfactory to the Company (the “Release”), which such Release will release all claims, causes of action and other liabilities against the Company, its affiliates and subsidiaries and their respective officers, directors, managers,
members, fiduciaries, agents, representatives, benefit plans (and the fiduciaries and administrators of such plans) and successors. The “Release Expiration Date” shall mean the date that is 21 days following the date upon which the Company
timely delivers the Release to you (which shall occur no later than 7 days after the date on which your employment terminates), or in the event that such termination of employment is “in connection with an exit incentive or other employment
termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended), the date that is 45 days following such delivery date. Provided that the above conditions are met, (x) the Severance Payment
shall be provided to you on the date that is the sixtieth day after the date that your employment terminates (or the first business day thereafter if the sixtieth day is not a business day) and (y) the

	 	 
Pro Rata Bonus, if any, shall be paid to you on the date that Annual Bonuses are paid to similarly situated employees who have continued employment with the Company (but in no event later than
April 15 of the calendar year following the calendar year in which your employment terminates). 

  

	 	4.	 You will be eligible to receive a discretionary annual bonus for 2013 and each subsequent, calendar year that you are employed hereunder (each, an
“Annual Bonus”). The Annual Bonus for which you are eligible will be pro-rated for calendar years in which you are employed for only for only a portion of such calendar year. Your maximum Annual Bonus (assuming all bonus targets are met or
exceeded) will be 150% of your annualized base salary and such Annual Bonus will be measured by reference to EBITDA and asset sale goals for the Company and its subsidiaries for the applicable year; provided, however that such goals applicable to
the Annual Bonus for 2013 are set forth on Exhibit A. Each Annual Bonus, if any, shall be paid as soon as practicable after the Company’s receipt of certified, audited financial statements for the applicable calendar year to which such
Annual Bonus applies; provided, however that such Annual Bonus, if any, shall be paid no later than March 15 of the calendar year following the calendar year to which the Annual Bonus applies and you will be deemed to have earned such Annual
Bonus only if you are still employed by the Company on such date of payment. 

  

	 	5.	 In addition to the Annual Bonuses, you will be eligible to receive discretionary commission payments (each, a “Commission Payment”) in the
form of shares of the Company’s common stock (“Common Stock”) or cash, as set forth below, based upon the Company’s or its applicable subsidiary’s profits from the sale of particular assets in an applicable calendar year, as
determined by the Company. For calendar year 2013, the asset sales that are eligible for a Commission Payment are set forth on Exhibit B. The asset sales that will be eligible for a Commission Payment in years after 2013 will be communicated
by the Company to you in writing as soon as reasonably practicable within those calendar years, as applicable. The amount of each Commission Payment, if any, shall be determined in the sole discretion of the Company. Each Commission Payment, if any,
shall be paid on the date that is the 60th day after the closing of the applicable asset sale; provided, however, that you must be employed by the Company on such date of payment in order to earn the applicable Commission Payment. Subject to the
remainder of this paragraph, the Company shall pay each Commission Payment, if any, to you by issuing you a number of shares of Common Stock with a fair market value (as determined in good faith by the Company’s Board of Directors) on the date
of issuance equal to the amount of such Commission Payment less all applicable taxes; provided, however, that (i) the number of shares of Common Stock issued to you in respect of all Commission Payments shall not, in the aggregate, exceed 750
shares of Common Stock and (ii) if, and after, the Company has issued 750 shares of Common Stock to you hereunder, the Company shall pay any additional Commission Payments (or portions thereof), less all applicable taxes, to you in cash.
Notwithstanding the preceding provisions of this paragraph, (x) the issuance of shares of Common Stock to you in respect of a Commission Payment (or portion thereof) is subject to compliance with all applicable federal, state, local and foreign
laws, rules and regulations (including, without 

	 	 
limitation, federal, state and foreign securities law requirements) and to such approvals by any listing, regulatory or governmental authority as the Company may deem necessary or advisable in
connection therewith and (y) the shares of Common Stock issued to you in respect of a Commission Payment (or portion thereof) may be subject to such restrictions, and the Company may request that you provide such assurances and representations
to the Company, in each case, as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. 

 The Company will also provide additional employee benefits that are similar to those benefits made available to similarly situated employees, and which may be changed from time to time. Your benefit
participation will be subject to the terms and conditions of the applicable program and plans. Benefits currently offered by the Company include: 
  

	 	1.	 Employee Health/Vision Insurance: The Company pays 100% of the premium for single or family coverage. This benefit is currently provided by Anthem
Blue Cross Blue Shield. We suggest you stay with your current plan for at least one month to ensure a problem-free transition to the Company’s plan should there be any unexpected issues or delays in establishing your coverage.

  

	 	2.	 Employee Dental Insurance/Life Insurance/Dependent Life: The Company pays 100% of the premium for single or family coverage. These benefits are
currently provided by Guardian Insurance Company. The life insurance benefit is currently $25,000, with a $5,000 dependent life benefit for a spouse and $2,500 benefit for each child. 

 

	 	3.	 Long Term Disability: The Company pays 100% of the premium. This benefit is currently provided by Mutual of Omaha. In the event of a qualifying
disability and after a 90-day elimination period, this plan provides 60% of your gross monthly earnings subject to a monthly maximum of $10,000. 

  

	 	4.	 401(k) Plan: The Company currently provides a 401(k) plan in which the Company matches employee contributions dollar-for-dollar up to a maximum
of 8% of eligible compensation. Matching contributions are subject to a three (3) year graduated vesting schedule. 

  

	 	5.	 Cafeteria Plan: The Company currently offers employees the option to participate in a tax-advantaged cafeteria plan that is administered by
WageWorks. This plan allows the employee to set aside a portion of their pre-tax earnings to pay for qualified medical and dependent care expenses (Flexible Spending Accounts). In addition, employees have the option to purchase ancillary policies
offered by Aflac. Specific coverage information will be provided upon request. 

  

	 	6.	 Paid Time Off: Employees receive fifteen (15) days at the beginning of each anniversary of their employment start date to be used for vacation,
sick or personal time needs in accordance with the Company’s PTO policies as may exist from time to time. New hires receive pro rata amount their first year. 

 As a condition of your employment, you have agreed to enter into the Confidentiality
Agreement that is attached as Exhibit C to this letter. 
 The Company has an “open door” policy in which you
are encouraged to communicate with the executive officers as well as all other employees with regard to more efficient ways of conducting our business, the acquisition and use of technology that would enhance the Company’s competitive edge and
any other matter that you feel inclined to discuss. 
 Please note that federal law requires that you provide the Company with
documents establishing your identity and right to work in the United States within three business days of your employment start date. 
 By signing below, you accept the terms of employment set forth in this letter and acknowledge and agree that this letter sets forth the entire agreement between you and the Company regarding the subject
matters herein and completely replaces and supersedes any other agreement or understanding between you and the Company regarding your terms of employment. For the avoidance of doubt, this letter completely replaces and supersedes that letter
agreement between you and the Company dated October 1, 2012, and you agree that the Company’s obligations under that previous letter agreement have been deemed satisfied in full. 

We look forward to the addition of your professional skills and dedication to the Company team so that we can achieve our common goals.

 Sincerely yours, 
  

							
	 /s/ Howard Settle
	  		  		  	
	 Howard Settle

President
 RAAM Global Energy
Company
	  		  		  	
	  
 Accepted By:

 
	  		  		  	
	 /s/ Jerry L. Sheets
	  		  	 02-28-13
	  	
	Jerry L. Sheets	  		  	Date

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