Document:

Exhibit 10.8

 

 

December 8, 2014

 

Ms. Deborah Quinn

 

Dear Debbie:

 

On behalf of Bellerophon Therapeutics, I am pleased to offer you employment as Vice President, Medical Lead — INOpulse Programs commencing on or about February 9, 2015. The purpose of this letter is to summarize the salient terms of your employment with the Company, should you accept our offer.

 

1.   DUTIES

 

·                       You will be a member of the Bellerophon Leadership Team and organizationally will report to Reinilde Heyrman, VP, Chief Clinical Development Officer. You will perform duties customary to this position and such other duties that may reasonably be assigned from time to time by the Company.

 

2.   COMPENSATION, ANNUAL AND LONG-TERM INCENTIVES

 

·                       Your annual base salary will be $300,000.00, payable on a bi-weekly cycle. Your base compensation will be subject to an annual review by the Company.

 

·                       For each full calendar year during the period of your service with Bellerophon Therapeutics (the “Employment Period”), you will be eligible to receive, on the same basis as other employees of Bellerophon, an annual bonus based on the achievement of various goals. For the 2015 performance year, you will be eligible to receive a bonus at the target level of 40% of your Base Compensation, pro-rated from your start date. Your target bonus of 40% will remain in effect for the 2016 and 2017 performance years.

 

·                       The Company will grant you the option to purchase 100,000 shares of Bellerophon common stock (such shares, including any securities into which such shares are changed or for which such shares are exchanged, the “Common Stock”) at a per share exercise price equal to the fair value of the Common Stock at the date you commence employment with the company (as determined by the Board of Directors of the Company) (the “Option”). The Option shall be evidenced by the form of Stock Option Agreement provided to you and your acknowledged receipt thereof.

 

·                       The Company will pay you a signing bonus of $75,000.00 (less applicable withholding taxes) within thirty (30) days following your start date. If you are discharged from the Company for cause or leave the Company voluntarily prior to

 

53 Frontage Road, Suite 301, Hampton, NJ 08827 | 908-574-4770 | bellerophon.com

 

 

your first anniversary, you will be required to repay the full amount of $75,000.00.

 

3.   BENEFITS

 

·                       You will be eligible to participate, on the same basis as other employees of the Company, in any medical, dental, disability, life insurance and 401(k) plans maintained by the Company for the benefit of its employees. A summary of these benefits is attached to this letter.

 

·                       You will be eligible to receive, on the same basis as other similarly situated employees of the Company, any other employee benefits, including ten (10) paid holidays, twenty-five (25) paid time off (PTO) days.

 

4. OTHER TERMS AND CONDITIONS OF EMPLOYMENT

 

·                       On your first day of work, you must provide a completed Employment Verification Form (Form 1-9) with required supporting documents.

 

·                       While you are employed by the Company, you will be expected to devote your full working time, energy, skill and experience in the performance of your duties, which may be redefined or modified by the Company from time to time.

 

·                       The Company’s employment offer is contingent upon your successful completion of a background check, drug screen and completed reference check.

 

·                       By signing this letter you agree that this offer is personal and confidential and should not be discussed with any other employees in the Company.

 

·                       Your employment with the Company is at will. You or the Company may terminate the employment relationship at any time with or without cause. This letter is not a contract, nor a promise of employment for any specific duration.

 

·                       The above salary information is communicated as a yearly rate solely for your information and does not constitute a promise of employment for any fixed term.

 

·                       This letter and its enclosures constitute the final and complete agreement with respect to your employment and supersede any prior or contemporaneous discussions, representations or commitments. The letter cannot be modified except in writing signed by both parties.

 

5. OBLIGATIONS TO PRIOR EMPLOYER

 

·                       By accepting this offer, you represent that you are not a party to and have not been a party to any employment agreement which could interfere with your

 

 

employment with Bellerophon, except those which you identify to me and, to the extent possible, submit copies of the agreement. This offer is contingent upon a review of these agreements, prior to your starting date, to insure that you are under no legal restraints with regard to your employment with Bellerophon.

 

If you agree with the terms and conditions of this offer, please indicate below by signing and dating this letter in the spaces provided and return an executed copy to me.

 

We are very much looking forward to having you join our team.

 

Sincerely,

 

 

	
/s/ Jonathan Peacock 
    	
 
    
	
Jonathan Peacock 
    	
 
    
	
Chairman & CEO 
    	
 
    
	
Bellerophon Therapeutics
    	
 
    

 

 

ACCEPTANCE:

 

 

	
/s/ Deborah A. Quinn
    	
 
    	
1/19/15
    
	
Employee Signature verifying review
    	
 
    	
Date
    
	
and acceptance of above informationExhibit 10.9

 

Bellerophon Services Inc.

 

February 12, 2014

 

Amy S. Edmonds 

 

Dear Amy,

 

This letter is to confirm that your employment with Bellerophon Services, Inc. (“the Company”) commences on February 17, 2014 (Effective Date). The purpose of this letter is to summarize the salient terms of your employment with the Company.

 

Your title will be Sr. Director, Clinical Operations, Strategic Outsourcing, and Clinical Site Contracts and you will report directly to Reinilde Heyrman, VP, Chief Clinical Development Officer. You will perform all duties customary to your position and such other duties that may reasonably be assigned from time to time by the Company. While you are employed by the Company, you will be expected to devote your full working time, energy, skill and experience in the performance of your duties.

 

Your annual base salary will be $220,000.00 (“Base Compensation”), and continue to be payable on a biweekly cycle. Your base compensation will be subject to an annual review by the Company.

 

For each full calendar year during the period of your service, you will be eligible to receive, on the same basis as other employees of the Company, an annual bonus pursuant to the Company’s annual bonus plan based on the achievement of various goals. Your bonus target level is 35% of your Base Compensation and will not be prorated.

 

You will be entitled to participate, on the same basis as other employees of the Company, in any medical and dental benefit, disability or life insurance plans maintained by the Company for the benefit of its employees. Your participation in such plans shall be subject to all terms and conditions of such plans, including your ability to satisfy any medical or health requirements imposed by the underwriters of any insurance policies paid to administer the plans.

 

You will be entitled to participate, on the same basis as other employees of the Company, in the Company’s 401(k) plan, with such participation subject to all terms and conditions of such plans. Your current balance in the Ikaria, Inc. 401(k) plan, including your deferral election and investment choices, will transfer to Bellerophon Services, Inc. 401k plan effective February 17, 2014.

 

You will be eligible to receive, on the same basis as other similarly situated employees of the Company, any other employee benefits, including ten (10) paid holidays, and paid Personal Time Off (PTO) of 160 hours per year. Your Ikaria PTO balance as of February 17th will be honored in the Company along with your Ikaria Benefit Seniority Date (the Benefit Seniority Date determines your eligibility for additional PTO days based on length of service).

 

1

 

Your background check, drug screen and Employment Verification Form (Form 1-9) from Ikaria will be transferred to the Company.

 

If you agree with the terms and conditions of this letter, please indicate by signing and dating this letter in the spaces provided below. Should you decide not to accept employment with Bellerophon Services Inc. and the terms of employment outlined in this letter, or if you fail to sign and return this letter by the required due date of February 18, 2014, then you will be considered to have voluntarily resigned from Ikaria.

 

Sincerely,

 

 

	
/s/ James Briggs
    	
 
    
	
James Briggs
    	
 
    
	
Senior Vice   President,
    	
 
    
	
Human Resources
    	
 
    

 

ACCEPTANCE:

 

 

	
/s/ Amy Edmonds
    	
 
    	
18 Feb 2014
    
	
Employee   Signature verifying review
    	
 
    	
Date
    
	
and acceptance   of above information
    	
 
    	
 
    

 

2Exhibit 10.10

 

 

August 20, 2015

 

Dear                 ,

 

The success of Bellerophon Therapeutics is the result of the commitment and unique skills of professionals like you. Retaining the right people is essential to achieving our objectives for patients and shareholders and for our success in the long-term. And by having the right team working on our objectives together, we believe this will be a rewarding experience for all of us.

 

You are an important member of the Bellerophon team to take our INOpulse program forward. This letter confirms your future role as                     . You will report directly to me. Your compensation package effective                       is highlighted below.

 

·                      Your base salary is $

 

·                      Your annual bonus* target is

 

Your bonus for 2015, normally paid in March 2016, will be paid by the end of January 2016 at 100% relative to target. It will be paid in the form of Bellerophon restricted shares that will fully vest in 12 months. The number of shares will be based on the closing price the day before the grant date. For future years we will revert to paying the bonus in March of the following year. It is our intent that we will continue to pay the annual bonus in shares with a one year vesting period.

 

You acknowledge and agree that you will be, and will remain, an employee at-will of Bellerophon, and that nothing in this letter is intended to be or create an obligation to employ you for any specific period of time. You further agree to hold all information relating to your compensation in strict confidence, and to not disclose this information to any party other than your financial or legal advisors.

 

I appreciate the commitment you have made to Bellerophon and to the patients we seek to help. I look forward to having you as part of the team.

 

Sincerely,

 

	
Jonathan Peacock
    
	
Chairman &   CEO
    

 

	
Acknowledged by:
    	
 
    	
 
    	
 
    
	
 
    	
Employee   Signature
    	
 
    	
Date
    

 

* Bonus payments are contingent on meeting or exceeding performance criteria established for your position and determined by your manager.

** Stock awards are contingent on the execution of a stock agreement which will be provided separately.

 

53 Frontage Road, Suite 301, Hampton, NJ 08827 | 908-574-4770 | bellerophon.com

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