Document:

apg-ex1019_129.htm

Exhibit 10.19

PSU FORM

APi GROUP Corporation
2019 EQUITY INCENTIVE PLAN

PERFORMANCE-BASED Restricted STOCK unit AGREEMENT
FOR
[name]

1.Award of Performance-Based Restricted Stock Units. APi GROUP CORPORATION (the “Company” or “APG”) hereby grants, as of _____________, 2021 (the “Grant Date”), to [Name] (the “Recipient”), performance-based Restricted Stock Units (collectively, the “PSUs”) in a target amount equal to [#] Shares (the “Target Amount”), on the conditions and at the times specified in Section 2 hereof.  The number of PSUs actually awarded to Recipient shall be determined at the end of the performance period commencing on the first day of the Company’s 20[ ] fiscal year (January 1, 20[ ]) and ending on the last day of the Company’s 20[ ] fiscal year (December 31, 20[ ]) (the “Performance Period”).  Each PSU will be equal in value to one Share of the Company.  The PSUs shall be subject to the terms, provisions and restrictions set forth in this Agreement and the APi Group Corporation 2019 Equity Incentive Plan, as may be amended from time to time (the “Plan”), which is incorporated herein for all purposes.  As a condition to entering into this Agreement, and to the issuance of any Shares, the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan.  Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributable thereto in the Plan.

2.Vesting of PSUs.

(a)General Vesting; Performance Criteria.  Except as provided in Sections 2(b) and 3 of this Agreement, the Recipient can earn the PSUs, in the following percentages, based on the Company’s performance in achieving both (i) the following Adjusted Consolidated EBITDA Margin (as defined below) and (ii) an Adjusted Consolidated Net Revenue (as defined below) of an amount equal to $[ ] or more ((i) and (ii) collectively, the “Performance Criteria”), provided that the Recipient continues to be in the Continuous Service of the Company and Related Entities through the last day of the Performance Period*:

 

			
	
Performance Level
	
Adjusted Consolidated

EBITDA Margin
	
Percentage of PSUs

	
Below Threshold
	
Less than [ ]%
	
[ ]%

	
Threshold
	
[ ]%
	
[ ]%

	
Target
	
[ ]%
	
[ ]%

	
Maximum
	
[ ]%
	
[ ]%

 

 

 

 

 

 

*If the actual Adjusted Consolidated EBITDA Margin falls between any of the levels above, then straight line interpolation (between Threshold and Target and between Target and Maximum, as applicable) shall be applied to determine the percentage of PSUs earned. Notwithstanding anything to the contrary in this Agreement, for the avoidance of doubt, the maximum percentage by which the Recipient’s Target Amount is multiplied cannot exceed [ ]% and no PSUs shall vest unless the Company’s Adjusted Consolidated EBITDA Margin is equal to or greater than [ ]%.

For purposes of this Agreement, the following defined terms shall have the meaning indicated:

“Adjusted Consolidated EBITDA Margin” shall mean (i) the Company’s adjusted consolidated earnings before interest, taxes, depreciation and amortization for the fiscal year ending December 31, 20[ ] calculated in a way which is consistent with how the Company reports (or plans to report) to the public and as may be adjusted for transactions, mergers and acquisitions as determined by the Committee within its discretion (including, without limitation, excluding results of businesses acquired by the Company) divided by (ii) the Adjusted Consolidated Net Revenue (as defined below).  By way of example, Adjusted Consolidated EBITDA Margin excludes business transformation and other expenses for the integration of acquired businesses, the impact and results of businesses classified as assets held-for-sale and businesses divested, one-time and other events such as impairment charges, transaction and other costs related to acquisitions, amortization of intangible assets and depreciation remeasurements associated with acquisitions, non-recurring gains and other related items.  Notwithstanding the foregoing, however, if the Committee determines that an alternative calculation method would be more appropriate to achieve the objectives of this PSU award then such calculation method shall be applied to determine Adjusted Consolidated EBITDA Margin for purposes of the above Section 2(a).

“Adjusted Consolidated Net Revenue” shall mean the Company’s adjusted consolidated net revenue for the fiscal year ending December 31, 20[ ] calculated in a way which is consistent with how the Company reports (or plans to report) to the public and as may be adjusted for transactions, mergers and acquisitions as determined by the Committee within its discretion.  By way of example, Adjusted Consolidated Net Revenue excludes the impact and results of businesses classified as assets held-for-sale, businesses divested and may exclude the results of businesses acquired as determined by the Committee within its discretion.  Notwithstanding the foregoing, however, if the Committee determines that an alternative calculation method would be more appropriate to achieve the objectives of this PSU award then such calculation method shall be applied to determine Adjusted Consolidated Net Revenue for purposes of the above Section 2(a).

There shall be no proportionate or partial vesting of the PSUs in or during the months, days or periods prior to the last day of the Performance Period, and except as otherwise provided in Section 2(b) hereof, all vesting shall occur only on the last day of the Performance Period provided the Performance Criteria set forth in this Section 2 are satisfied.  Any portion of the PSUs subject to this Agreement that have become vested pursuant to this Section 2 shall be referred to hereinafter as the “Vested PSUs,” and any portion that have not vested hereunder shall be referred to as the “Non-Vested PSUs.”

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(b)Acceleration of Vesting Upon Certain Terminations in Connection with a Change in Control.  If, within 12 months after a Change in Control of the Company occurs, the Recipient’s Continuous Service is terminated by the Company without Cause or by the Recipient for Good Reason, the Company shall deliver to the Recipient, within 60 days after the date of such termination of Continuous Service, the Target Amount of Shares subject to the PSU Award made pursuant to this Agreement.  

3.Treatment of PSUs Upon Termination of Continuous Service.  Except as set forth in Section 2(b) hereof, if the Recipient’s Continuous Service is terminated for any reason prior to the last day of the Performance Period, the Non-Vested PSUs granted hereunder shall be immediately forfeited and revert back to the Company without any payment to the Recipient.  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 PSUs under this Agreement in the event of the termination of the Recipient’s Continuous Service.  

4.Settlement of the PSUs.  If the Committee determines that the Performance Criteria described in Section 2(a) have been met and certifies the extent to which they have been met, and the terms and conditions set forth in this Agreement are fulfilled, then that number of Shares equal to the number of PSUs earned pursuant to Section 2 hereof, net of applicable withholdings, will be transferred to the Recipient after the end of the Performance Period but no later than March 15 of the calendar year immediately following the last day of such Performance Period. 

5.Rights with Respect to PSUs.

(a)No Rights as Shareholder Until Delivery.  Except as otherwise provided in this Section 5 or the Plan, the Recipient shall not have any rights, benefits or entitlements with respect to the Shares corresponding to the PSUs unless and until those Shares are delivered to the Recipient (and thus shall have no voting rights, or rights to receive any dividend declared, before those Shares are so delivered).  On or after delivery, the Recipient shall have, with respect to the Shares delivered, all of the rights of a holder of Shares granted pursuant to the articles of incorporation and other governing instruments of the Company, or as otherwise available at law.

(b)Adjustments to Stock.  If at any time while this Agreement is in effect and before any Shares have been delivered with respect to any PSUs, there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock split-up, combination or exchange of such Shares, then and in that event, the Committee shall make any adjustments it deems fair and appropriate, in view of such change, in the number of Shares subject to the PSUs then subject to this Agreement.  If any such adjustment shall result in a fractional share, such fraction shall be disregarded.

(c)No Restriction on Certain Transactions.  Notwithstanding any term or provision of this Agreement to the contrary, the existence of this Agreement, or of any outstanding PSUs awarded hereunder, shall not affect in any manner the right, power or authority of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any merger, 

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consolidation or similar transaction by or of the Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or preferred or preference stock that would rank prior to or on parity with the shares of Stock represented by the PSUs and/or that would include, have or possess other rights, benefits and/or preferences superior to those that such shares includes, has or possesses, or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; or (vi) any other corporate transaction, act or proceeding (whether of a similar character or otherwise).

6.Transferability.  The PSUs are not transferable unless and until the Shares have been delivered to the Recipient in settlement of the PSUs in accordance with this Agreement, otherwise than by will or under the applicable laws of descent and distribution.  Except as otherwise permitted pursuant to the first sentence of this Section 6, any attempt to effect a Transfer of any PSUs prior to the date on which the Shares have been delivered to the Recipient in settlement of the PSUs shall be void.  For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

7.Tax Matters.

(a)Withholding.  As a condition to the Company’s obligations with respect to the PSUs (including, without limitation, any obligation to deliver any Shares) hereunder, if applicable, the Recipient shall make arrangements 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 Shares corresponding to such PSUs.  If the Recipient 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 the withholding of any Shares that otherwise would be delivered to Recipient under this Agreement) otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to such Shares.

(b)Satisfaction of Withholding Requirements.  The Recipient may direct the Company to satisfy the withholding requirements with respect to the PSUs pursuant to the procedures and methods set forth in Section 10(e) of the Plan, including, but not limited to, withholding of Shares to be delivered and the cash payment by the Company in respect to satisfy the Recipient’s tax obligations. 

(c)Recipient’s Responsibilities for Tax Consequences.  The tax consequences to the Recipient (including without limitation federal, state, local and foreign income tax consequences) with respect to the PSUs (including without limitation the grant, vesting and/or delivery thereof) are the sole responsibility of the Recipient.  The Recipient shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters and the Recipient’s filing, withholding and payment (or tax liability) obligations.

8.Amendment, Modification & Assignment.  This Agreement may only be modified or amended in a writing signed by the parties hereto.  No promises, assurances, 

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commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement.  Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and Recipient’s rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part.  The rights and obligations created hereunder shall be binding on the executors, administrators, heirs, successors and assigns of the Recipient and on the successors and assigns of the Company.

9.Complete Agreement.  This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

10.Miscellaneous.

(a)No Right to (Continued) Employment or Service.  This Agreement and the grant of PSUs hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.

(b)No Limit on Other Compensation Arrangements.  Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

(c)Severability.  If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of PSUs hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).

(d)No Trust or Fund Created.  Neither this Agreement nor the grant of PSUs hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or any other person.  To the extent that the Recipient or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.

(e)Law Governing.  The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to principles of conflict of laws, and applicable federal law.

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(f)Interpretation.  The Recipient accepts this award of PSUs subject to all of the terms, provisions and restrictions of this Agreement and the Plan.  The Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

(g)Headings.  Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.

(h)Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, by overnight courier, or by United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Chief Financial Officer at API Group Corporation, 1100 Old Highway 8 NW, New Brighton, MN 55112, or if the Company should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section 10.

(i)Compliance with Section 409A.

(i)General.  It is the intention of both the Company and the Recipient that the benefits and rights to which the Recipient could be entitled pursuant to this Agreement either comply with or fall within an exception to Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.  For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Recipient is entitled under this Agreement shall be treated as a separate payment.  In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

(ii)No Representations as to Section 409A Compliance.  Notwithstanding the foregoing, the Company does not make any representation to the Recipient that the PSUs awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Recipient or any Beneficiary for any tax, additional tax, interest or penalties that the Recipient or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A.

(iii)No Acceleration of Payments.  Neither the Company nor the Recipient, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of 

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this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

(iv)Specified Employee Delay.  If required under Section 409A, then notwithstanding anything to the contrary in this Agreement or the Plan, if the Recipient is a “Specified Employee” (as defined below) then the delivery of Shares otherwise required to be made under this Agreement on account of the termination of the Recipient’s Continuous Service shall be made within thirty (30) days after the sixth (6th) month anniversary of the date of the termination of the Recipient’s Continuous Service or, if earlier, the date of the Recipient’s death if such deferral is required to comply with Section 409A of the Code.  For purposes of this Agreement, a “Specified Employee” shall mean any individual who, at the time of his or her separation from Continuous Service with the Company and its Related Entities, is a “key employee,” within the meaning of Section 416(i) of the Code, of the Company or any Related Entity, the stock of which is publicly traded on an established securities market or otherwise.

(j)Non-Waiver of Breach.  The waiver by any party hereto of the other party’s prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.

(k)Clawback.  The Company may (i) cause the cancellation of the PSUs, (ii) require reimbursement of any benefit conferred under the PSUs to the Recipient or Beneficiary, and (iii) effect any other right of recoupment of equity or other compensation provided under the Plan or otherwise, or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a “Clawback Policy”).  In addition, the Recipient may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or otherwise, or an Award Agreement or otherwise, in accordance with any Clawback Policy.  By accepting this Award, the Recipient agrees to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and further agrees that all of the Recipient’s Award Agreements may be unilaterally amended by the Company, without the Recipient’s consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback Policy.

(l)Counterparts.  This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.

(m)Acknowledgement and Acceptance.  The Recipient acknowledges receipt of a copy of the Plan and 10(a) Prospectus and represents that he or she has reviewed the provisions of the Plan and this Agreement in their entirety, is familiar with and understands their terms and 

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provisions, and by indicating acceptance of the award in the Benefits OnLine system, he or she accepts this PSU award subject to all of the terms and provisions of the Plan and this Agreement.  The Recipient further represents that he or she has had an opportunity to obtain the advice of counsel prior to accepting this Agreement.

 

8EX-10.1

  Exhibit 10.1

  TRANSITION AGREEMENT 

  This Transition Agreement (“Agreement”) is made and entered into between Carolyn Anderson Short (“Executive”) and BioAtla, Inc. (“BioAtla” or the “Company”).  

  1.SEPARATION.  The parties agree that the employment relationship between Executive and BioAtla will transition and end as set forth in this Agreement.   

  2.TRANSITION PERIOD.  The parties agree that Executive will continue to be employed full-time as Chief of Intellectual Property and Strategy, Cofounder of BioAtla and work in such capacity effective until May 31, 2021 (the “Separation Date”).  Until the Separation Date (the “Transition Period”), Executive will continue to perform her duties to the best of her abilities.  In addition, during the Transition Period, Executive agrees to act in the best interests of BioAtla and in accordance with BioAtla policies and procedures, and to assist BioAtla as requested, including responding to questions, assisting with any litigation matters, providing information and cooperatively transitioning her duties and on-going projects to others at BioAtla.  During the Transition Period, the Company will continue to pay Executive’s regular base salary, and Executive will continue to be eligible for all employee benefits to which Executive is currently entitled. 

  3.RESIGNATION OF OFFICE.  On the Separation Date, Executive will cease to be employed by the Company and hereby resigns, effective as of the Separation Date, from any and all officer positions held by Executive with BioAtla, Inc.  Executive agrees to deliver any additional documentation as may be necessary to give effect to such resignations.  After the Separation Date, Executive agrees she will not hold herself out as representing the Company or otherwise attempt to bind the Company to any contractual arrangements. The Separation Date will be the termination date of Executive’s employment for purposes of active participation in and coverage under all benefit plans and programs sponsored by or through the Company or its affiliates, except as otherwise required by applicable law or under the terms of this Agreement. For clarity, Executive shall have the right to publish the fact that she is a cofounder of the Company.  

  4.CONDITIONS TO RECEIPT OF SEVERANCE BENEFITS.  To be eligible to receive the Severance Benefits (as defined in described in Exhibit A to this Agreement), Executive is required to (i) remain in employment hereunder through the Separation Date, (ii) execute and return to the Company the general release of claims attached as Exhibit A to this Agreement (the “Release”) on her Separation Date (but not earlier), (iii) not revoke such Release and (iv) comply with the terms of the Release, as each are further described in Exhibit A.

  [Signature Page Follows]

  

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  To accept this Agreement, please sign and date it and return it to me on or before March 24, 2021.  

   

  		
	 
Date: March 23, 2021
 
	 
 
/s/ Carolyn Anderson Short
Carolyn Anderson Short
 
 

	 
 
 
Date: March 23, 2021
	For:	BioAtla, Inc. 
 
By: /s/ Richard Waldron
 Name: Richard Waldron
 Title: Chief Financial Officer

   

   

  Exhibit A:  Release Agreement

  

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  EXHIBIT A

  RELEASE AGREEMENT

  This general release of claims (“Release”) is hereby entered into by and between Carolyn Anderson Short (“Executive”) and BioAtla, Inc. (“BioAtla” or the “Company”). Any term not otherwise defined herein shall have the meaning ascribed in the Transition Agreement entered into by and between Executive and BioAtla as of March 23, 2021 (the “Transition Agreement”).  

  1.CONSIDERATION.  Subject to and in consideration for Executive’s execution of this Release on her Separation Date, without revocation, and provided (a) Executive complies with all of the terms and conditions of this Release, the Transition Agreement and all Company policies and (b) Executive does not voluntarily resign prior to the Separation Date or engage in willful misconduct in the performance of her duties to the Company, she will be entitled to the following severance benefits (collectively the “Severance Benefits”):

  (a)Severance Payment. Executive will receive a severance payment of $860,250, equal to eighteen (18) months of her final monthly base salary, as in effect on March 15th, 2021, in a lump sum payment, subject to required payroll deductions and tax withholdings.  Such payment will be made on the first payroll date in December 2021 (the “Payment Date”).

  (b)Prorata Bonus Payment. Executive will receive a payment of [$118,628.08], equal to the prorated portion of her target bonus amount for 2021 based on the number of days she was employed during the 2021 calendar year.  The pro-rata bonus payment will be paid to her in a lump sum, subject to required payroll deductions and tax withholdings, on the Payment Date.

  (c)Accelerated Vesting.  The vesting and exercisability of all of Executive’s unvested time-based vesting equity awards shall accelerate such that all shares become immediately vested and exercisable, if applicable, upon this release becoming effective and irrevocable and shall remain exercisable, if applicable, following Executive’s termination as set forth in the applicable equity award documents.

              (d)	Section 280G; Limitations on Payment.  The foregoing payments and benefits shall be subject to Section 4 of the Severance Agreement between Executive and the Company dated July 1st, 2018, to the extent applicable, if at all.

  1.FULL AND FINAL RELEASE.  In consideration of the benefits being provided to her above, Executive, for herself, her attorneys, heirs, executors, administrators, successors and assigns, fully, finally and forever releases and discharges BioAtla, all parent, subsidiary and/or affiliated companies, as well as its and their successors, assigns, officers, owners, stockholders, directors, agents, representatives, attorneys and employees (all of whom are referred to throughout this Release as “BioAtla” or the “Company”), of and from all claims, demands, actions, causes of action, suits, damages, losses and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the Separation Date.  Specifically included in this waiver and release are, among other things, any and all claims of alleged employment discrimination under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Family Medical Leave Act, the California Fair Employment and Housing Act, the California Family Rights Act, The New Parent Leave Act, any other federal, state or local statute, rule, ordinance or regulation (including the California Labor Code and the California Business and Professions Code), as well as any claims for alleged failure to pay all wages, salary, bonuses, commissions, vacation pay, fringe benefits, expense reimbursements, incentive pay, severance pay, or any other form of compensation, wrongful discharge, negligent or intentional infliction of emotional distress, breach of contract, fraud or any other unlawful behavior, the existence of which is specifically denied by BioAtla.  Executive also agrees not to participate in any class, collective, representative, or group action that may include any of the claims released above, and will affirmatively opt out of any such class, collective, representative or group action. Nothing in this Release, however, is intended to waive Executive’s (i) rights under this Release, (ii) entitlement to vested benefits under any pension or 401(k) plan or other ERISA-governed benefit plan provided by BioAtla or (iii) to Executive’s existing rights to indemnification.  Finally, the above release does not waive claims that Executive could make, if 

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  available, for unemployment or worker’s compensation, and the release also excludes any other claim which cannot be released by private agreement.  

  2.NO OTHER CLAIMS.  Executive represents that she has not filed, nor assigned to others the right to file, nor are there currently pending, any complaints or lawsuits against BioAtla with any court, and that she will not file, or assign to others the right to file, or make any further claims against BioAtla at any time for actions taken up to and including the date Executive executes this Release.  Additionally, Executive acknowledges that, other than the consideration provided for in this Release, she has been properly paid all wages, salary, bonus, severance benefits, vacation pay, and expenses.  She also acknowledges that, as of the date she has signed this Release, she has not suffered any on the job injury for which she has not already filed a claim.  However, nothing in this Release prevents Executive from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, the Securities and Exchange Commission, the Occupational Safety and Health Commission or any other federal, state or local agency charged with the enforcement of any laws, including providing documents or other information, although by signing this Release, Executive is waiving her right to recover any individual relief (including back pay, front pay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by her or on her behalf by any third party, except for any right Executive may have to receive a payment from a government agency (and not the Company) for information provided to the government agency. 

  3.UNKNOWN CLAIMS WAIVER.  Executive understands and acknowledges that she is releasing potentially unknown claims, and that she may have limited knowledge with respect to some of the claims being released.  She acknowledges that there is a risk that, after signing this Release, she may learn information that might have affected her decision to enter into this Release.  Executive assumes this risk and all other risks of any mistake in entering into this Release. Executive agrees that this Release is fairly and knowingly made. In addition, she expressly waives and releases any and all rights and benefits under Section 1542 of the Civil Code of the State of California (or any analogous law of any other state), which reads as follows: “A general release does not extend to claims THAT the creditor OR RELEASING PARTY does not know or suspect to exist in his OR HER favor at the time of executing the release AND THAT, if known by him OR HER, would have materially affected his or HER settlement with the debtor OR RELEASED PARTY.”

  Executive understands and agrees that claims or facts in addition to or different from those which are now known or believed by her to exist may hereafter be discovered, but it is her intention to release all claims that she has or may have against BioAtla, whether known or unknown, suspected or unsuspected.

  4.NON-DISPARAGEMENT. Executive agrees that she has not and will not make statements to customers and suppliers of BioAtla or to other members of the public that are in any way disparaging or negative towards BioAtla, BioAtla’s products or services, or BioAtla’s representatives or employees.  BioAtla agrees that its Board of Directors has not, and will not, make statements to any third party or to other members of the public that are in any way disparaging or negative towards Executive in relation to the Transition Agreement or this Release.  However, this provision does not prohibit Executive from fully and candidly discussing employment matters with a governmental agency or financial auditors or the Board of Directors from candidly discussing the Transition Agreement or this Release among themselves or with their legal advisors.  With respect to employment references that arise after the parties’ employment relationship ends, BioAtla will respond to reference requests from potential employers regarding Executive by providing information stating the dates of employment and the position held by Executive.  To facilitate such response, Executive agrees to direct potential employers to contact BioAtla’s Human Resources professionals rather than an operations manager or some other person at BioAtla.

  5.NON-ADMISSION OF LIABILITY OR WRONGFUL CONDUCT.  This Release shall not be construed as an admission by BioAtla of any liability or acts of wrongdoing or discrimination, nor shall it be considered to be evidence of such liability, wrongdoing or discrimination.

  6.COOPERATION.  Executive agrees to cooperate with BioAtla regarding any pending or subsequently filed litigation, claims or other dispute items involving BioAtla that relate to matters within the knowledge or responsibility of Executive during her employment with BioAtla.  Without limiting the foregoing, Executive agrees 

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  (i) to meet with BioAtla representatives, its counsel or other designees at mutually convenient times and places with respect to any items within the scope of this provision; (ii) to provide truthful testimony regarding same to any court, agency or other adjudicatory body; and (iii) to provide BioAtla with notice of contact by any adverse party or such adverse party’s representative except as may be required by law.  BioAtla will pay Executive $275.72 per hour (which represents Executive’s rate of final base salary based on a 2,080 hour year) and will reimburse Executive for all reasonable expenses in connection with the cooperation described in this paragraph.  Executive’s obligations under this paragraph will be for up to 10 hours per month, unless more of Executive’s time (up to an additional 10 hours per month) is reasonably required and approved by the Chairperson of the Compensation Committee of the Board of Directors of the Company.  Any service in excess of 20 hours per month must be separately agreed to in writing by Executive and the Company.  Executive’s obligations under this Section 7 shall, to the greatest extent reasonably possible, be performed in a manner that does not materially interfere with Executive’s responsibilities to her future employer(s) or Executive’s future business ventures.

  7.GOVERNING LAW.  This Release shall be interpreted under the laws of the State of California. 

  8.SEVERABILITY.  The provisions of this Release are severable, and if any part of this Release except Sections 2 through 4 is found by a court of law to be unenforceable, the remainder of the Release will continue to be valid and effective.  If Section 2, 3 or 4 is found to be unenforceable, the parties agree to seek a determination by the court as to the rights of the parties, including whether Executive is entitled to retain the benefits paid to her under the Release.

  9.SOLE AND ENTIRE AGREEMENT. This Release sets forth the entire agreement between the parties, except for the obligations contained in the Employee Invention and Non-Disclosure Agreement dated December 1, 2015 by and between Executive and the Company and all documents governing Executive’s equity awards.  Any other prior agreements between or directly involving the parties to the Release are superseded by the terms of this Release and thus are rendered null and void, including, without limitation, all agreements or other arrangements relating to severance.  Any amendment to this Release must be in writing, signed by the parties hereto, and stating the intent of the parties to amend this Release.

  10.NO OTHER PROMISES.  Executive affirms that the only consideration for her signing this Release is that set forth in Section 1, that no other promise or agreement of any kind has been made to or with her by any person or entity to cause her to execute this document, and that she fully understands the meaning and intent of this Release, including but not limited to, its final and binding effect.  In addition, Executive affirms that, other than the consideration in this Release, she will not be entitled to any Company-sponsored benefit, plan or property unless such benefit, plan or property is a vested benefit or required by law.

  11.TIME TO CONSIDER AND SEEK LEGAL ADVICE.  Through this clause of the Release, BioAtla advises Executive to consult with an attorney in regard to this situation, including whether to sign this Release.  Executive acknowledges that she has been given twenty-one (21) days from the time that she receives this Release to consider whether to sign it, although she may choose to sign it earlier. Executive agrees that if she chooses to sign this Release before the end of this twenty-one (21) day period, it is because she freely chose to do so after carefully considering its terms.   Additionally, Executive shall have seven (7) days from the date she signs this Release to change her mind and revoke the Release (through written notice to the Company’s Vice President of Human Resources).  If Executive does not revoke this Release within seven (7) days of her signing, this Release will become final and binding on the day following such seven (7) day period (the “Effective Date” of the Release).  If Executive accepts this Release, she agrees that, upon execution, she will deliver a signed copy of this Release to the Vice President, Human Resources.

  12.LEGALLY BINDING AGREEMENT.  Executive understands and acknowledges (1) that she has read and understands this Release; (2) that by signing this Release, she acknowledges that she is voluntarily entering into the Release and is thereafter barred from instituting claims against BioAtla in the manner and to the extent set forth in Sections 2 though 4 above; and (3) that this Release is final and binding on the Effective Date if not revoked by Executive.

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Date:
 
	 
 
 
Carolyn Anderson Short
 
 

	 
 
 
Date:
	For:	BioAtla, Inc.
 
By: 
 Name: Richard Waldron
 Title: Chief Financial Officer

   

   

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  4152-0071-9404.1

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