Document:

Exhibit 10.8

 

Employment Letter

 

This Letter has been set this date 29 March 2018, between
Noble Vici Pte Ltd (hereinafter referred to as “Employer” or “Company”) and Lim Yee Chuan,

(hereinafter referred to as “Employee”).

 

WHEREBY IT IS AGREED as follows:

 

1.   Remuneration

1.1 Salary

The Employee will be employed at Noble
Vici Pte Ltd in the capacity of Chief Operating Officer, commencing on 1st April 2018. The Employer will pay the
Employee a monthly basic salary of Singapore Dollars Ten Thousand only (S$10,000.00). This position will be salaried under
the Noble Vici Pte Ltd.

 

1.2 Quarterly Bonus/Monthly Bonus(QB/MB)

There is no Annual Wage Supplement for
this position. The Employee will be entitled a maximum discretionary MB of Singapore Dollars Two Thousand only (S$2,000.00)
and a special QB based on KPI. The QB payout will be made 1 month after each quarter ended. For example, a QB payout will be
made on 31 July for achieving April, May, June i.e. Q1’s KPI. QB is not applicable for staffs who have resigned.

 

1.3 Benefits

The Employee shall be entitled to claim for relevant professional
membership fees and course fees up to a maximum of S$2,000.00 per calendar year, subject to approval.

 

1.4 Allowances

 

The Employee shall be entitled to a monthly fixed transport
allowance of S$800.00.

 

2.   Probation

The Employee will be on probation for three
(3) months and may be extended for a further period of up to two (2) months at the discretion of the Employer, during which two
(2) weeks termination notice must be given by either party without any reasons being assigned. Failing which, the Employer reserves
the right to deduct two (2) weeks’ salary from the Employee as compensation, vice versa towards the Employee.

 

3.   Confirmation

On completion of the period of probation
or any extended probation of employment, the Employee will be advised in writing that he/she is either confirmed in the employment
or that the employment is terminated on the last day of his/her probation period.

 

4. Overseas Business Travel

As part of the requirements of this position,
you are expected to travel overseas for business on short notices as directed by the Employer. All overseas business related travel
expenses will be reimbursed by the Employer.

 

5. Working Hours

While the office hours are 10:00
am to 7:00 pm from Mondays to Fridays, you are required to attend to your professional duties of Chief Operating Officer in
Singapore at all reasonable times necessary. The Employee is entitled to one (1) hour lunch between 12 pm to 2 pm.

 

6. Annual Leave

The Employee is entitled to 14 working
days of annual leave for every twelve (12) months of continuous service. There will be an increment of one (1) working day of annual
leave per year to a maximum of 21 working days of annual leave for every twelve (12) months of continuous service. Annual leave
has to be submitted two (2) weeks in advance for approval, otherwise the Management reserves the right to disapprove any leave
application. Unauthorized leave application may consider as unpaid leave. Course and exam leave shall be granted on a case by case
basis. Unconsumed leave can be carried forward to the next calendar year only but cannot be encashed.

 

 

 

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7. Sick Leave

The employee will be entitled to paid sick leave not exceeding:

7.1. Fourteen (14) days in each year if no hospitalisation is
necessary;

7.2. Sixty (60) days (including the 14 days in 6.1) in each
year if hospitalisation is necessary.

 

The Employee is not entitled to any medical
or annual leave benefits during the period of probation. All confirmed Employees will be entitled to a maximum reimbursement of
S$30.00 per visit, up to a maximum S$120.00 per year. The employee will bear any excess cost. The Company reserves the right to
amend this clause when necessary.

 

8. Maternity Leave, Paternity Leave and
Childcare Leave

The Employee shall be entitled to Maternity
Leave or Paternity Leave (where applicable) and Childcare Leave as per recommendations and guidelines stipulated from time to time
by the Ministry of Manpower.

 

9. Compassionate Leave

Compassionate leave will be granted for a total of three (3)
working days in each event of death of spouse, parent, child, parent-in-law, sibling and grandparent.

 

10.     Marriage Leave

Employees who have completed probation
period, except those serving notice of resignation, are entitled to 3 working days marriage leave.

 

11.  Insurance

The Employer will insure and maintain
insurance under one or more approved policies with an insurer against any liability that he would incur to any workmen employed
by him where applicable under the Work Injury Compensation Act.

The Employee will also be covered under
Travel Insurance (where applicable) and Group Personal Accident Insurance. The Employer shall make additional contribution to the
Employee’s Medisave account via the Portable Medical Benefits Scheme.

 

12.  AWOL

The Employee must produce a valid Medical
Certificate from a Certified Doctor if he/she is genuinely unable to show up for work, unless he/she has been prior granted official
leave. Failure to do so would be considered as Absent Without Official Leave, where the Employer reserves the right to deduct from
the Employee’s salary the amount which is equivalent to the salary for those work day(s) of absence.

 

13.  Termination

If the Employee has been confirmed in his
employment, the Employee needs to provide a termination notice period of two (2) months. The Employer reserves the right to reduce
the termination period via offsetting outstanding annual leaves. The Employer may summarily terminate the employment of the Employee
in case of dishonesty, wilful or gross misconduct, violation of house rules, gross incompetence or persistent breach of any terms
of employment.

 

14.  Confidentiality

As you are employed in a very confidential
position, you shall not during the continuance of your employment except in the proper course of your duties as such divulge to
any person whomsoever, any trade secrets or manufacturing processes and shall use your best endeavours to prevent the publication
of or disclosure of any trade secrets or manufacturing processes or any information concerning the business or finance of the company
or any of its dealings, transactions or affairs which may come to your knowledge during or in the course of your employment and
shall not without the consent of the Company be concerned or interested directly or indirectly or be personally employed or engaged
in any capacity whatsoever other than the business of the Company.

 

You shall keep the secrets of the Company
gained during or in the course of your employment insofar such as secrets related to correspondence accounts, dealings, connections
and manufacturing processes or otherwise, and shall not divulge their knowledge of these matters during the period of employment
or after termination thereof for any reason whatsoever.

 

 

 

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All Employees, family members and relatives
are not permitted to have a Distributor account to procure any form of incentives as it is a conflict of interest.

 

15.  Conflict of Duty and Non-Competition
Clause

You shall not, without the Company’s
prior written consent, during the continuance of your employment be engaged or interested either directly or indirectly in any
capacity in any trade, business or occupation or in any manner take part in, or lend your name, counsel or assistance to any person
in any capacity whatsoever for any purpose which would or could reasonably expected to be competitive with the business of the
company. You will not, either on your own account or in conjunction with or on behalf of any other person, firm, company or organization,
a) be engaged, concerned or interested directly or indirectly whether as principal, agent, shareholder, director, employee, partner,
or otherwise in carrying on any business; b) assist with technical advice to any person, firm, company organization engaged or
about to be engaged in any business c) solicit or entice away or attempt to solicit or entice away any member of the staff or customers
with in Singapore, Malaysia, Indonesia, Thailand, China and Vietnam or countries with vested interest, which is similar to or competing
with the business of the Company. This restriction applies during your employment term and is valid one (1) year after termination
of this Letter.

 

16.  Governing Law

This Letter is governed by the laws of Singapore. Violation
of this Letter, especially Clauses 14 and 15, will be subjected to legal action by the Company.

 

 

	Signed by:	Agreed by:
	 	30/3/2018
	/s/ Eldee Tang	/s/ Lim Yee Chuan
	Eldee Tang	(Signature and Date)
	CEO and Executive Director	Employee’s Name: Lim Yee Chuan
	Noble Vici Pte Ltd.	Employee’s NRIC No.: S7277104D

 

 

 

 

 

 

    	 	3novn-ex101_89.htm

 

Exhibit 10.1

NOVAN, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

May 19, 2018

Non-employee members of the board of directors (the “Board”) of Novan, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”), who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective on the date hereof (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors. No Non-Employee Director shall have any rights hereunder, except with respect to equity awards granted pursuant to the Policy.

1. Cash Compensation.

(a) Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $35,000 for service on the Board.

(b) Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers:

(i) Chairman of the Board. A Non-Employee Director serving as Chairman of the Board shall receive an additional annual retainer of $25,000 for such service.

(ii) Lead Independent Director. A Non-Employee Director serving as Lead Independent Director shall receive an additional annual retainer of $20,000 for such service.

(iii) Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service.

(iv) Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $6,250 for such service.

(v) Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a 

 

 

member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service.

(vi) Science and Technology Committee.  A Non-Employee Director serving as Chairperson of the Science and Technology Committee shall receive an additional annual retainer of $20,000 for such service.  A Non-Employee Director serving as a member of the Science and Technology Committee (other than the Chairperson) shall receive an additional annual retainer of $6,000 for each service.

(c) Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Section 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

2. Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2016 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

(a) Annual Awards. A Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an option to purchase the number of shares of the Company’s common stock (at a per-share exercise price equal to the closing price per share of the Company’s common stock on the date of such annual meeting (or on the last preceding trading day if the date of the annual meeting is not a trading day)) equal to the lesser of 20,000 shares or the number of shares that have an aggregate fair value on the date of grant of $100,000 (as determined in accordance with ASC 718) (with the number of shares of Common Stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(a) shall be referred to as the “Annual Awards.” Notwithstanding the foregoing, the Board in its sole discretion may determine that the Annual Awards for any year be granted in the form of restricted stock units with equivalent value on the date of grant (with the number of shares of Common Stock underlying each such award not to exceed 20,000 shares and subject to adjustment as provided in the Equity Plan). For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall only receive an Annual Award in connection with such election, and shall not receive any Initial Award (as defined below) on the date of such Annual Meeting as well.

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(b) Initial Awards. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”), an option to purchase shares of the Company’s common stock (at a per-share exercise price equal to the closing price per share of the Company’s common stock on the date of such election or appointment (or on the last preceding trading day if such date is not a trading day)) equal to the lesser of 20,000 shares or the number of shares that have an aggregate fair value on such Non-Employee Director’s Start Date equal to the product of (i) $100,000 (as determined in accordance with ASC 718), and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date and ending on such Non-Employee Director’s Start Date and the denominator of which is 365 (with the number of shares of Common Stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as “Initial Awards.” Notwithstanding the foregoing, the Board in its sole discretion may determine that the Initial Award for any Non-Employee Director be granted in the form of restricted stock units with equivalent value on the date of grant (with the number of shares of Common Stock underlying each such award not to exceed 20,000 shares and subject to adjustment as provided in the Equity Plan). For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.

(c) Termination of Service of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(b) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(a) above.

(d) Vesting of Awards Granted to Non-Employee Directors. Each Annual Award and Initial Award shall vest and become exercisable in four equal quarterly installments, such that each such award shall be fully vested and exercisable on the first anniversary of the date of grant, subject to the Non-Employee Director’s continued service on the Board as a Non-Employee Director through each applicable vesting date. No portion of an Annual Award or Initial Award that is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director shall become vested and exercisable thereafter. All of a Non-Employee Director’s Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.

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