Document:

txmd-ex102_52.htm

Exhibit 10.2

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

TherapeuticsMD, Inc.

Inducement Grant

Restricted Stock Unit Agreement

This Inducement Grant Restricted Stock Unit Agreement (this “Agreement”) is made and entered into as of October 15, 2021 (the “Grant Date”), by and between TherapeuticsMD, Inc., a Nevada corporation (the “Company”), and Mark Glickman (the “Participant”). 

WHEREAS, as an inducement to the Participant to commence employment with the Company, the board of directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to grant the award of Units (as defined herein) provided for herein; and 

WHEREAS, it is intended that the award of Units comply with the exemption from the stockholder approval requirement for “inducement grants” provided under Rule 5635(c)(4) of the NASDAQ Listing Rules.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

 

1.DEFINITIONS AND CONSTRUCTION.

1.1Definitions.  The Units have not been granted pursuant to the Company’s 2019 Stock Incentive Plan, as amended (the “Plan”).  However, as set forth below, unless otherwise defined herein, capitalized terms shall have the meaning set forth in the Plan (the “Applicable Plan Provisions”).

1.2Construction.  Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

2.ADMINISTRATION.

All questions of interpretation concerning this Agreement shall be determined by the Committee.  All determinations by the Committee made reasonably and in good faith shall be final and binding upon all persons having an interest in the Award.  

3.THE AWARD.

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3.1Grant of Restricted Stock Units.  On the Grant Date, subject to the provisions of this Agreement, the Participant has been granted a right (“Units”) to receive Shares based on the terms and conditions set forth in this Agreement, which shall be earned and vested (or not) as set forth in Section 4, with 920,000 Units representing the target number of Units that may become vested Units (with 1,180,000 Units as the maximum number of Units that may become vested) as set forth in Section 4, all subject to adjustment as provided in Sections 4 and 7.  520,000 of such maximum Units are designated as “Performance Units” (with a target of 260,000 Performance Units) and 660,000 of such maximum Units are designated as “Time-Based Units.”  Each Unit represents a right to receive one (1) Share on the Settlement Date (as defined below), subject to adjustments below. 

3.2No Monetary Payment Required.  The Participant is not required to make any monetary payment (other than applicable tax withholding, if any) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which shall be past services actually rendered and/or future services to be rendered to the Company and/or its Subsidiaries for its benefit.  

4.VESTING OF UNITS.

4.1Performance Units.  

(a)Earned Applicable Performance Units. Subject to the Participant’s continued employment or other service with the Company or its Subsidiaries at the Vesting Date(s) as set forth below, the Performance Units shall become earned as and when provided in this Section 4.1(a) based upon the Company’s EBITDA or CAGR (both terms as defined below), in each case as determined by the Committee in its sole discretion, in accordance with the following: 

130,000 Performance Units (“CAGR PSUs”): [***]

130,000 Performance Units (“EBITDA PSUs”): [***]

(b)Definitions.

“CAGR” is defined as cumulative average growth rate. 

“EBITDA” is defined as GAAP net income (loss) from continuing operations before interest (income) expense, income taxes, depreciation, and amortization, with such adjustments as the Company may from time-to-time report in its public filings. 

“Vesting Date” means each date on which any Performance Units or Time-Based Units become vested pursuant to Sections 4.1 and 4.2 hereof.

4.2Time-Based Units.  

(a)Subject to the Participant’s continued employment or other service with the Company or its Subsidiaries through the applicable Vesting Date, 260,000 Time-Based Units shall become vested and earned on the following Vesting Dates: one-third (1/3) of such 

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Time-Based Units shall vest and become earned on each of the one-year, two-year and three year anniversaries of the Grant Date.

(b)Subject to the Participant’s continued employment or other service with the Company or its Subsidiaries through the third anniversary of the Grant Date, 400,000 Time-Based Units shall become vested and earned on the third anniversary of the Grant Date.

4.3Treatment of Units Upon Termination of Continued Employment or Other Service. If the Participant’s continued employment or other service with the Company or its Subsidiaries is terminated for any reason prior to a Vesting Date, then, subject to the occurrence of any other event specified in Section 3(b)(ii), (iii) or (iv) of the Employment Agreement by and between the Company and the Participant dated that date hereof (the “Employment Agreement”), any non-vested Units granted hereunder shall be immediately forfeited and revert back to the Company without any payment to the Participant. The Committee shall have the power and authority to enforce on behalf of the Company any rights the Company may have with respect to the Units under this Agreement in the event of the termination of the Participant’s continued employment or other service with the Company or its Subsidiaries.  

4.4Treatment of Units in Connection with a Change in Control.  Section 10(c) of the Plan regarding Adjustments in Case of Certain Transactions (Change in Control) is incorporated by reference in this Agreement, mutatis mutandis.  In addition, with respect to any unvested Performance Units, the Committee may, in its discretion, deem such performance vesting and conditions as having been met as of the date of a Change in Control.  

5.SETTLEMENT OF THE AWARD.

5.1Issuance of Shares of Stock.  Subject to the provisions of Section 6 below, as soon as practicable on or after the Vesting Date, but in no event later than the 15th day of the third month following the last day of the calendar year in which the Vesting Date occurs (the “Settlement Date”), the Company shall issue to the Participant in settlement of the Units vested on such Vesting Date, the number of Shares equal to such vested Units, and all such vested Units will cease to be outstanding as “Units” under this Agreement upon such issuance of such Shares.

5.2Beneficial Ownership of Shares; Certificate Registration.  The Participant hereby authorizes the Company, in its sole discretion, to deposit for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice, any or all Shares acquired by the Participant pursuant to the settlement of the Award.  Except as provided by the preceding sentence, a certificate or book entry for the Shares as to which the Award is settled shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

5.3Restrictions on Grant of the Award and Issuance of Shares.  The grant of the Award and issuance of Shares upon settlement of the Award shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities and issuance of the Shares may be delayed where the Company reasonably anticipates that the making of the payment will violate federal securities law or other applicable law; provided that the payment is made at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation.

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6.TAX IMPLICATIONS.

6.1Withholding.  As a condition to the Company’s obligations with respect to Shares settled under this Agreement (including, without limitation, any obligation to deliver any Shares) hereunder, the Participant shall make arrangements, either by requiring the Shares to be issued hereunder to be delivered to Participant’s broker under sell to cover instructions, or other arrangement satisfactory to the Company, to pay to the Company any federal, state or local taxes of any kind required to be withheld with respect to the delivery of such Shares.  If the Participant shall fail to make the tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including by the withholding out of any Shares that otherwise would be delivered to Participant under this Agreement) otherwise due to the Participant Shares with a Fair Market Value equal to any federal, state or local withholding amounts of any kind required by law to be withheld with respect to such Shares.

7.ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE.

Subject to any required action by the stockholders of the Company and the requirements of Section 409A, in the event of any change in the Shares effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (excepting normal cash dividends) that has a material effect on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number of Units subject to the Award and/or the number and kind of Shares to be issued in settlement of the Award, in order to prevent dilution or enlargement of the Participant’s rights under the Award.  For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.”  Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number.  Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive.

8.RIGHTS AS A STOCKHOLDER, DIRECTOR, EMPLOYEE OR CONSULTANT.  The Participant shall have no rights as a stockholder with respect to any Units until the date of the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 7.  If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between the Company and the Participant, the Participant’s employment is “at will” and is for no specified term.  Nothing in this Agreement shall confer upon the Participant any right to continue in the service of the Company or any Subsidiary or interfere in any way with any right of such entities to terminate the Participant’s service at any time.

9.MISCELLANEOUS PROVISIONS.

9.1Termination or Amendment.  The Board may terminate or amend the Plan or this Agreement at any time; provided, however, that no such termination or amendment may adversely affect the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation, including, but not limited to, Section 409A of the Code.  No amendment or addition to this Agreement shall be effective unless in writing.

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9.2Nontransferability of the Award.  Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.  All rights with respect to the Award exercisable during the Participant’s lifetime shall only be exercised by the Participant or the Participant’s guardian or legal representative.

9.3Further Instruments.  The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

9.4Binding Effect.  This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and assigns.

9.5Delivery of Documents and Notices.  Any document relating to this Agreement or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by the Company, or upon delivery or refusal of delivery by the U.S. Postal Service or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address shown below that party’s signature hereto or at such other address as such party may designate in writing from time to time to the other party.

(a)Description of Electronic Delivery.  The grant documents, which may include but do not necessarily include: the Applicable Plan Provision, this Agreement, the Plan’s prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically.  In addition, the Participant may deliver electronically the Agreement to the Company or to such third party involved in administering this Agreement as the Company may designate from time to time.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

(b)Consent to Electronic Delivery and Execution.  The Participant acknowledges that the Participant has read Section 9.5 of this Agreement and consents to the electronic delivery of the grant documents, as described in Section 9.5(a).  The Participant acknowledges that the Participant may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing.  The Participant may revoke the Participant’s consent to the electronic delivery of 

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documents described in Section 9.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail.  Finally, the Participant understands that the Participant is not required to consent to electronic delivery of documents described in Section 9.5(a).  Electronic execution of this Agreement shall have the same binding effect as a written or hard copy signature and accordingly, shall bind the Participant and the Company to all of the terms and conditions set forth in the Applicable Plan Provisions and this Agreement.

9.6Integrated Agreement.  This Agreement and the Applicable Plan Provisions, together with the Employment Agreement governing this Award shall constitute the entire understanding and agreement of the Participant and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Participant and the Company with respect to such subject matter other than those as set forth or provided for herein or therein.  To the extent contemplated herein or therein, the provisions of the Agreement shall survive any settlement of the Award and shall remain in full force and effect.

9.7Section 409A. This Agreement and the Units granted hereunder are intended to fit within the “short-term deferral” exemption from Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b)(4).  In administering this Agreement, the Company shall interpret this Agreement in a manner consistent with such exemption.  Notwithstanding the foregoing, if it is determined that the Units fail to satisfy the requirements of the short-term deferral rule and are otherwise deferred compensation subject to Section 409A, and if Participant is a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of Participant’s separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any Shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the Shares is necessary to avoid the imposition of additional taxation on Participant in respect of the Shares under Section 409A of the Code.  Each installment of Shares that vests is intended to constitute a “separate payment” for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).

9.8Clawback.  Participant agrees that in addition to being subject to any compensation recovery or clawback policy implemented by the Company before or after the Grant Date, including any policy adopted by the Company to comply with the requirements of applicable laws, if, in the opinion of the independent directors of the Board, the Company’s financial results are restated or materially misstated due in whole or in part to intentional fraud or misconduct by the Participant, the independent directors may, based upon the facts and circumstances surrounding the restatement, direct that the Company seek to recoup any gains realized with respect to this Agreement (including any proceeds, gains or other economic benefit received by the Participant from any subsequent sale of Shares issued upon payment of the Units), regardless of when issued.

9.9Applicable Law.  This Agreement and all questions relating to its validity, interpretation, performance and enforcement, shall be governed by and construed in accordance 

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with the laws of the State of Florida, notwithstanding any Florida or other conflict-of-interest provisions to the contrary. Venue for any action arising out of this Agreement or the employment relationship shall be brought only in courts of competent jurisdiction in or for Palm Beach County, Florida and each party hereby irrevocably waives, to the fullest extent permitted by law, any objection which they may now or hereafter have to the laying of venue in such courts and submits to the jurisdiction of such courts. THE PARTIES (BY THEIR ACCEPTANCE HEREOF) HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTES BASED UPON OR ARISING OUT OF THIS AGREEMENT.

9.10Severability.  If any term or provision of this Agreement or the application thereof to any Participant or circumstance shall to any extent be invalid or unenforceable, such provision will be modified, rewritten or interpreted to include as much of its nature and scope as will render it enforceable.  If it cannot be so modified, rewritten or interpreted to be enforceable in any respect, it will not be given effect and the remainder of this Agreement, or the application of such term or provision to Participants or circumstances other than those held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law.

9.11Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  

9.12Acceptance.  By signing the Agreement, the Participant: (a) acknowledges receipt of and represents that the Participant has read and is familiar with this Agreement and the Applicable Plan Provisions, (b) accepts the Award subject to all of the terms and conditions of this Agreement and the Applicable Plan Provisions and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under this Agreement except as otherwise provided in this Agreement.  The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Units or disposition of the underlying Shares and that the Participant has been advised to consult a tax advisor prior to such vesting, settlement or disposition.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	
 
	
THERAPEUTICSMD, INC.

	
 
	
 

 

By:       /s/ Robert Finizio

Name:  Robert Finizio

Title:    Chief Executive Officer

	
 
	
Address:  951 Yamato Road, Suite 220

                Boca Raton, Florida 33431

                

	
 
	
 

	
 
	
MARK GLICKMAN

	
 
	
 

/s/ Mark Glickman

Signature

	
 
	
October 15, 2021

Date

	
 
	
Address:  

 

     

 

     

 

[Signature Page to Inducement Grant]

EAST\185264981.4EX-10.1

 Exhibit 10.1 
  

 
 October 14, 2021 

Mr. Robert Tirva 
 Via
E-mail 
 Re: Employment Agreement 

Dear Bob: 
 This letter agreement (the
“Agreement”) confirms the terms of your employment with Sonim Technologies, Inc. (the “Company” or “Sonim”) effective as of the date first set forth above, and supersedes your
employment letter agreement with the Company dated September 9, 2019 as amended by a letter agreement between you and the Company dated December 18, 2019 (collectively referred to as the “Prior Agreement”). 

1.    Position and Duties. During your employment with the Company you will serve as the Company’s President,
Chief Financial Officer and Chief Operating Officer, reporting to the Company’s Board of Directors (the “Board”). Your principal place of employment will be the Company’s headquarters wherever they are located, which may change
from time to time, subject to the Company’s remote work policies as in effect from time to time. Of course, Sonim may change your position, duties, and work location from time to time, as it deems necessary. You will devote your full business
time and attention to the business affairs of the Company, except for reasonable vacations and periods of illness or incapacity. As a Sonim employee, you will be expected to abide by Company rules and policies and to acknowledge in writing that you
have read the Company’s Employee handbook. 
 2.    Compensation and Benefits. 

(a)    Base Salary. While you are employed by the Company, you will be paid a base salary at an annual rate
of not less than $400,000, less required and designated payroll deductions and withholdings. Your base salary will be payable according to the Company’s regular payroll schedule. Your annual base salary will be reviewed from time to time and is
subject to change at the discretion of the Board. 
 (b)    Benefits. You will be eligible to participate
in the Company’s standard employee benefits pursuant to the terms, conditions and limitations of the applicable benefit plans. In the event of the consummation of a Change in Control, the Company will use its reasonable best efforts to ensure
that the benefits provided to you following the Change in Control (assuming your employment continues) will be equal to or greater than the benefits provided to you as of the date of this Agreement. 

(c)    Cash Bonus Plan. Beginning with the Company’s 2021 fiscal year, you will be eligible to
participate under the Company’s Cash Bonus Plan, the current terms of which are set forth on Exhibit A attached hereto. At the Board’s discretion, the bonus may be paid in cash or in a combination of cash and equity, provided however that
the amount of the bonus paid in equity shall not exceed 50% of your bonus payment. Notwithstanding the terms of the Company’s Cash Bonus Plan that require your continued employment through the determination date of payment of an earned cash
bonus, in the event that the Company terminates your employment for any reason other than for Cause (as defined herein), or your employment terminates due to your death or permanent disability, or you resign for Good Reason, you will be entitled to
receive a pro-rata payment of your Target Bonus for the year of your termination based on the number of months of your employment during the applicable bonus year. 

3.    Proprietary Information Agreement and Company Policies. You have previously signed and must abide by
the Company’s standard form of Employment, Confidential Information and Invention Assignment Agreement (the “Proprietary Information Agreement”). Your Proprietary 

 

 
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 Information Agreement continues in effect. 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
Company 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 your employment does not create a conflict with any agreement
between you and a third-party. 
 4.    No Conflicts. During the term of your employment with the Company, except
on behalf of the Company, you agree not to directly or indirectly, whether as an officer, director, employee, stockholder, partner, proprietor, associate, representative, consultant, agent, or in any capacity whatsoever, engage in, become
financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which is known by you to compete directly with the Company, throughout the world, in any line
of business engaged in (or planned to be engaged in) by the Company; provided, however, that you may own, as a passive investor, securities of any publicly-held competitor corporation, so long as your direct holdings in any one such corporation
shall not in the aggregate constitute more than 1% of the voting stock of such corporation. 

5.    At-Will Employment Relationship. Your employment relationship is at
will, meaning either you or the Company may terminate your employment relationship at any time, with or without Cause, and with or without advance notice. In addition, the Company may modify the other terms and conditions of your employment,
including, but not limited to, compensation, benefits, position, title, reporting relationship and office location, from time to time in its sole discretion. Your at-will employment relationship can only be
changed in a written agreement signed by you and a duly authorized member of the Board. If you cease serving as the Company’s President at a time you are also a member of the Board, you agree that this Agreement constitutes your resignation
from the Board as of the date that you cease serving as the Company’s President. 
 6.    Severance Benefits.

 (a)    Termination by the Company without Cause; Termination Due to Death or Disability; Resignation for Good
Reason, Prior to a Change in Control. If at any time prior to a Change in Control, or more than thirteen (13) months after a Change in Control, the Company terminates your employment without Cause or you resign for Good Reason, or if your
employment with the Company terminates due to your death or permanent disability (whether or not within thirteen (13) months after a Change in Control, and provided in each case that such termination constitutes a “separation from
service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then subject to your obligations
below, the Company will provide you the following severance benefits: 
 (i)    the Company will make
severance payments to you in the form of salary continuation payments for a period of twelve (12) months at the rate of your base salary in effect as of your termination date, less required and designated payroll deductions and withholdings;
and 
 (ii)    if you timely elect continued health insurance coverage under COBRA, the Company will
reimburse you the cost of your COBRA premiums to continue your coverage (including coverage for eligible dependents, if applicable) (“COBRA Premiums”) through the period 

 

 
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(the “COBRA Premium Period”) starting on the Separation Date and ending on the earliest to occur of: (x) twelve (12) months after your termination (y) the date you become
eligible for group health insurance coverage through a new employer; or (z) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event you become covered under another
employer’s group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, you must immediately notify the Company in writing of such event. 

(b)    Termination by the Company without Cause; Resignation for Good Reason, Following a Change in Control. If at
any time within thirteen (13) months after a Change in Control, the Company terminates your employment without Cause, or you resign for Good Reason, and provided such termination constitutes a Separation from Service, then subject to your
obligations below, the Company will provide you with the following severance benefits:  

(i)    the Company will make severance payments to you in the form of salary continuation payments for a
period of eighteen (18) months at the rate of your base salary in effect as of your termination date, less required and designated payroll deductions and withholdings; 

(ii)    if you timely elect continued health insurance coverage under COBRA, the Company will reimburse you
for your COBRA Premiums through the period (the “CIC COBRA Premium Period”) starting on the Separation Date and ending on the earliest to occur of: (x) eighteen (18) months after your termination (y) the date you become eligible
for group health insurance coverage through a new employer; or (z) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event you become covered under another employer’s group
health plan or otherwise cease to be eligible for COBRA during the CIC COBRA Premium Period, you must immediately notify the Company in writing of such event; and 

(iii)    Notwithstanding the terms of the Company’s Cash Bonus Plan that require your continued
employment through the determination date of payment of an earned cash bonus, you will be entitled to receive 150% of your Target Bonus for the year of your termination based on full achievement (but no over-achievement) of the Company’s
performance targerts then in effect under the Cash Bonus Plan. 
 (iv)    the vesting of any
then-outstanding Company stock options/awards as of your termination date shall be accelerated in full as of your termination date. 

(v)    For purposes of clarity, if you receive severance benefits under this section 6(b), you shall not be
eligible for severance benefits under section 6(a). 
 (c)    The severance benefits described above are
conditional upon (a) your continuing to comply with your obligations under your Proprietary Information Agreement, including the non-competition and
non-solicitation provisions thereof; (b) your delivering to the Company an effective, general release of claims in favor of the Company in a form acceptable to the Company within 30 days following your
Separation from Service; and (c) if you served on the Board at the time of the termination of your employment with the Company and if requested by the Board, your resignation from the Board to be effective no later than the date of the
termination of your employment with the Company (or such other date as requested by the Board). The salary continuation payments will be paid in equal installments on the Company’s regular payroll schedule and will be subject to applicable tax
withholdings over the period outlined above following the date of your Separation from Service; provided, however, that no payments will be made prior to the 

 

 
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30th day following your Separation from Service. On the 30th day following your Separation from Service, the Company will pay you in a lump sum the salary continuation payments that you would
have received on or prior to such date under the original schedule but for the delay while waiting for the 30th day in compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the effectiveness of
the release, with the balance of the salary continuation payments being paid as originally scheduled. 

7.    Definitions. 

(a)    Cause. For purposes of this Agreement, “Cause” is defined as any of the following: (i) your
commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States, any state thereof, or any applicable foreign jurisdiction; (ii) your attempted commission of, or participation in, a fraud
or act of dishonesty against the Company or any affiliate of the Company; (iii) your intentional, material violation of any contract or agreement between you and the Company or any affiliate of the Company or of any statutory duty owed to the
Company or any affiliate of the Company; (iv) your unauthorized use or disclosure of the Company’s or any affiliate of the Company’s confidential information or trade secrets; or (v) your gross misconduct. The determination that
a termination of your employment is either for Cause or without Cause shall be made by the Company in its sole discretion. 

(b)    Change in Control. For purposes of this Agreement, the definition of a “Change in
Control” is as defined in section 13(i) of the Company’s 2019 Equity Incentive Plan (as in effect on the date hereof). 

(c)    Good Reason. For purposes of this Agreement, you will have “Good Reason” for your
resignation from your employment with the Company if any of the following actions are taken by the Company without your express written consent: 

(i)    any failure by the Company to pay, or any material reduction by the Company of (a) your base salary in
effect immediately prior to such failure to pay or reduction (unless reductions comparable in amount and duration are concurrently made generally for employees of the Company with responsibilities, organizational level and title comparable to your
own), or (b) your bonus compensation amount eligibility, if any, in effect immediately prior to the date of such failure to pay or such reduction (subject to applicable performance requirements with respect to the actual amount of bonus
compensation you earn); or 
 (ii)    the assignment of any duties, or the reduction of your responsibilities or
duties, that are materially inconsistent with your position, duties, responsibilities and status with the Company immediately prior to such assignment or reduction; provided, however, that your assignment to an operating division of an acquiring
company that includes the business of the Company following an acquisition, pursuant to which your duties are commensurate with the duties you had before the acquisition, except that the business of the Company is no longer independent but contained
in a division, shall not be deemed a material reduction of your responsibilities, duties, or status hereunder and your resignation in connection therewith shall not be deemed for “Good Reason;” 

provided, however, that to resign for Good Reason, you must (1) provide written notice to the Chairman of the Board within
30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for your resignation, (2) allow the Company at least 30 days from receipt of such written notice to cure such event, and (3) if such event
is not reasonably cured within such period, your resignation from all positions you then hold with the Company is effective not later than 90 days after the expiration of the cure period 

 

 
 October 14, 2021 
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 8.    Code Section 409A. It is intended that
all of the benefits and payments under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4),
1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. If not so exempt, this
Agreement (and any definitions hereunder) will be construed in a manner that complies with Code Section 409A and incorporates by reference all required definitions and payment terms. For purposes of Code Section 409A (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise)
will be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this
Agreement, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth
herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then if delayed commencement of any portion of such payments is required to avoid a prohibited distribution under Code
Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, the timing of the payments upon a Separation from Service will be delayed as follows: on the earlier to occur of (i) the date that is six months and one day
after the effective date of your Separation from Service, and (ii) the date of the your death (such earlier date, the “Delayed Initial Payment Date”), the Company will (A) pay to you a lump sum amount equal to the
sum of the payments upon Separation from Service that you would otherwise have received through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this paragraph, and (B) commence paying the
balance of the payments in accordance with the applicable payment schedules set forth above. No interest will be due on any amounts so deferred. 

9.    Entire Agreement. This Agreement, including Exhibit A, constitutes the complete, final and exclusive
embodiment of the entire agreement between you and the Company with respect to the terms and conditions of your employment. If you enter into this Agreement, you are doing so voluntarily, and without reliance on any promise, warranty, representation
or agreement, written or oral, other than those expressly contained herein. This Agreement supersedes any and all promises, warranties, representations or agreements, whether oral or written, including the Offer Letter. This Agreement may not be
amended or modified except by a written instrument signed by you and a duly authorized member of the Board. 
 Your Proprietary Information
Agreement, the Company’s Transaction Bonus Plan, and any options and restricted stock units granted to you by the Company (which shall continue to be governed by the terms of the applicable Company equity incentive plan and applicable Company
award agreement), are outside of the scope of the integration provisions of the preceding paragraph. 

10.    Enforceability. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or
in part, this determination will not affect any other provision of this Agreement, and the Agreement, including the invalid or unenforceable provisions, shall be enforced insofar as possible to achieve the intent of the parties. 

11.    Binding Nature. This Agreement will be binding upon and inure to the benefit of the personal representatives
and successors of the respective parties hereto. 

 

 
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 12.    Governing Law. This Agreement will be governed by and
construed in accordance with the laws of the State of California without regard to conflicts of law principles. 

13.    Miscellaneous. With respect to the enforcement of this Agreement, no waiver of any right hereunder shall be
effective unless it is in writing. For purposes of construction of this Agreement, any ambiguity shall not be construed against either party as the drafter. This Agreement may be executed in more than one counterpart, and signatures transmitted via
facsimile shall be deemed equivalent to originals. 

 

 
 October 14, 2021 
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 If these revised terms of your employment with Sonim are acceptable to you, please sign this Agreement and
return it to me. 
  

	
	Sincerely,
	Sonim Technologies, Inc.
	
	 /s/ John Kneuer

	John Kneuer
	Chairman of the Board
	
	Understood and agreed to:
	
	 /s/ Robert Tirva

	Robert Tirva
	President, Chief Financial Officer and Chief Operating Officer
	
	 10/14/2021

	Date

 EXHIBIT A: CASH BONUS PLAN 

 

	A.	 Subject to the discretion of the Board of Directors of the Company (the “Board”), you
will be eligible for an annual Bonus that will be based upon performance targets set by the Board: 

  

			
	 Year
	  	 Target Bonus

	2021 and each year thereafter while you are employed by the Company	  	100% of Annual Salary

  

	B.	 The Board will determine the actual bonus to which you are entitled each year using a formula mutually agreed
upon at the beginning of each year. 

  

	C.	 The Company’s performance against targets for each year shall be approved by the Board as soon as
practicable following completion of the respective year-end audit (the date of such determination, the “Determination Date”). The Company’s performance against targets for a year in which a
Change in Control occurs shall be determined without taking into consideration any costs associated with the Change in Control that affect the Company’s financial results for that year. 

 

	D.	 If approved, bonus payments will be made annually and in accordance with Company’s standard policies and
procedures. Payment shall be conditioned on (1) you being in the Company’s continuous service through the relevant year’s Determination Date and (2) Sonim maintaining an agreed upon minimum cash balance at the end of the fiscal
quarter immediately preceding the respective Determination Date. In the event any approved bonus amounts are not paid pursuant to the foregoing subsection (2), such amounts shall be paid to you when and if Sonim achieves the cash balance, at which
time you must be in the Company’s continuous service to earn and receive such bonus payment.

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