Document:

EX-10.18

 Exhibit 10.18 

 
 

 
 Mr Gregory R SMITH 
 3721
Glenhurst Avenue 
 St Louis, MN 55416 

April 24, 2015 
 Dear Mr Smith, 

On behalf of Cellectis Plant Sciences (the “Company”), I am pleased to offer you a position with the Company as Chief Financial Officer. This
offer letter (this “Letter”) sets forth the terms of your offer which, if you accept, will govern your employment with the Company. 
  

	1.	Certain Definitions. Certain words or phrases used in this Letter with initial capital letters will have the meanings set forth in paragraph 9 hereof. 

 

	2.	Employment. If you accept the terms of this Letter by April 27, 2015, the Company will employ you, and you accept employment with the Company, effective as of May 19, 2015 (the “Effective
Date”), upon the terms and conditions set forth in this Letter for the period beginning on the Effective Date and ending as provided in paragraph 5 hereof (the “Employment Period”). Notwithstanding anything in this
Letter to the contrary, you will be an at-will employee of the Company and you or the Company may terminate your employment with the Company for any reason or no reason at any time. 

 

	3.	Position and Duties. You will serve as Chief Financial Officer of the Company and will have the normal duties, responsibilities and authority of an employee serving in such position, subject to the Company’s
right to expand or limit such duties, responsibilities and authority, either generally or in specific instances. You shall devote all of your business time and attention to the performance of your duties under this Agreement and will not engage in
any other business, profession or occupation for compensation, or otherwise, that would conflict or interfere with the performance of these duties either directly or indirectly without the prior consent of the Company’s Board of Directors.
Notwithstanding the foregoing, you will be permitted to purchase and own less than five percent (5%) of the publicly-traded securities of any corporation, provided that this does not interfere with the performance of your duties and
responsibilities to the Company. 

  
 

 

 

 
  
  

	4.	Place of Performance. The principal place of your employment will be the Company’s office in New Brighton, Minnesota, except such other location as the parties mat agree upon from time to time and that you
may be required to travel on Company business during your employment. 

  

	5.	Compensation and Benefits. 

  

	 	(a)	Salary. The Company agrees to pay you a salary during the Employment Period in installments based on the Company’spractices as may be in effect from time to time. Your aggregate salary will be at the rate of
$175,000 per year (such annual salary, the “Base Salary”). 

 Your aggregate salary could increase at the
rate of $185,000 per year after the IPO if your performance is on expectations which will be based on achievement of individual goals which are established by the Board and/or the CEO in its sole discretion following start of employment. Following
the completion of the said IPO, the Board and/or the CEO will determine whether you have earned this raise. If your performance is below the expectations, your aggregate salary will remain at the rate of $175,000. 

 

	 	(b)	One-time IPO Bonus. You shall be eligible for a one-time IPO Bonus amounting to $50,000 upon timely & successful completion of the Company which is anticipated to take place in Q4 of 2015. This one-time
IPO Bonus will be based on achievement of individual goals which are established by the Board and/or the CEO in its sole discretion following start of employment. Following the completion of the said IPO, the Board and/or the CEO will determine
whether you have earned this one-time IPO Bonus, and the payment of any such bonus. Payment of the IPO Bonus shall be expressly conditioned upon your employment with the Company on the date that the one-time IPO Bonus is paid, except as provided in
paragraph 6(iv) below. The IPO Bonus shall be paid within the (90) days after successful completion of the IPO. In addition an equity award determined by the Board could be granted upon the same conditions. 

 

	 	(c)	 Annual Performance Bonus. For each calendar year strating in 2016, you shall be eligible to receive an
annual performance bonus (“Annual Performance Bonus”) from the Company. The Annual Performance Bonus will be based on achievement of individual and/or Company goals which are established by the Board and/or the CEO in its sole discretion
at the beginning of each calendar year. Following the close of each calendar year, the Board and/or the CEO 

  
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will determine whether you have earned an Annual Performance Bonus, and the amount of any such bonus. Payment of the Annual Performance Bonus shall be expressly conditioned upon your employment
with the Company on the date that the Annual Performance Bonus is paid, except as provided in paragraph 6(iv) below. The Annual Performance Bonus shall be paid within the ninety (90) days after the end of the calendar year for which it relates.
Your targets Annual Performance Bonus will be subject to periodic review and adjustment by the Board and/or the CEO from time to time and shall no exceed 25% of your base salary. 

 

	 	(d)	Equity Award. When a new or revised option plan exists, you will be recommended to the board of directors to receive a grant of options for CPS stock at a level commensurate with your position as an
officer. As part of the above, you will be recommended to the board of directors to receive an option award upon plan associated with the capital increase following Cellectis IPO and upon the successful IPO of CPS.” 

 

	 	(e)	Executive Benefits Package. You will be entitled during the Employment Period to participate, on the same basis as other executives of the Company, in the Company’s Executive Benefits Package. The
Company’s “Executive Benefits Package” means those benefits (including insurance and other benefits, but excluding, except as hereinafter provided in subparagraph 7(b), any severance pay program or policy of the Company) for which
substantially all of the executives of the Company are from time to time generally eligible, as determined from time to time by the Company’s Board of Directors (the “Board”). The Company reserves the right to amend or cancel
any executive benefit plans, programs, or policy at any time in its sole discretion, subject to the terms of the executive benefit plan and applicable law. 

  

	 	(f)	Vacation. During the Employment Period, you will be entitled to take paid vacation pursuant to the Company’s existing policies regarding paid vacations. You will be entitled to 15 days of paid vacation per
year. Your vacation time will accrue on a monthly basis at a rate of 1.25 days per month. Vacation time that is not used may be carried over to the next calendar year, but you will cease to accrue vacation time beyond your annual entitlement (i.e.,
15 days). Vacation accruals will recommence after you have taken vacation and your accrued vacation time has dropped below the maximum annual entitlement. 

  
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	 	(g)	Business Expenses. The Company will reimburse you for reasonable and necessary business expenses incurred by you in the conduct of Company business, in accordance with the Company’s reimbursement policies
and procedures. You will also be reimbursed for reasonable professional membership fees, subject to approval of the Company’s Chief Executive Officer, up to $1,000 per year. 

 

	6.	Employment Period. 

 Except as hereinafter provided, the Employment Period will continue
until terminated by one party with the occurrence of any of the following events: 
  

	 	(i)	your death; 

  

	 	(ii)	the Company’s termination of your employment due to Permanent Disability; 

  

	 	(iii)	a Termination For Cause; 

  

	 	(iv)	a Termination Without Cause; 

  

	 	(v)	a Voluntary Termination. 

  

	7.	Post-Employment Payments 

  

	 	(a)	Upon the termination of your employment for any reason, you will cease to have any rights to salary, bonus awards, business expense reimbursements or other benefits, except that you will be entitled to receive
(i) any Base Salary which has accrued but is unpaid, any reimbursable business expenses which have been incurred but are unpaid, and any vacation days which have accrued under the Company’s vacation policy but are unused, as of your
Termination Date; (ii) any plan benefits which by their terms extend beyond termination of your employment (but only to the extent provided in any benefit plan in which you participated as an employee of the Company and excluding any severance
payments or benefits under any program or policy of the Company and excluding any severance pay program or policy of the Company); and (iii) any benefits to which you are entitled under Part 6 of Subtitle B of Title I of the Employee Retirement
Income Security Act of 1974, as amended (“COBRA”). 

  

	 	(b)	If the Employment Period ends pursuant to paragraph 6 on account of a Termination Without Cause, the Company will pay you a lump-sum payment on the Company’s first payroll date that follows the date of your
termination in an amount equal to 3 months of your Base Salary. The Company may propose another severance plan by the end of a 3 months period after your arrival. 

  
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	 	(c)	Release. Notwithstanding anything herein to the contrary, your receipt of any benefit under any severance pay program or policy of the Company is conditioned upon (i) your execution of a release of all
current or future claims, known or unknown, arising on or before the date of the release against the Company and its subsidiaries and the directors, officers, employees and affiliates of any of them, in a form approved by the Company and
(ii) your non-revocation of such release during any applicable revocation period. 

  

	8.	Competitive Activity; Confidentiality; Nonsolicitation ; Discoveries and Inventions; Work Made of Hire. 

  

	 	(a)	Acknowledgements and Agreements. You hereby acknowledge and agree that in the performance of your duties to the Company, you will be brought into frequent contact with Existing Customers and Potential Customers
of the Company throughout the world. You agree that trade secrets and confidential information of the Company, more fully described in subparagraph 8(e)(i), gained by you during your association with the Company, have been developed by the Company
through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company. You further understand and agree that the foregoing makes it necessary for the protection of the Company’s Business that you
do not compete with the Company during your employment with the Company and that you do not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs. 

 

	 	(b)	Competitive activity. 

  

	 	(i)	While employed by the Company, and for a period of one (1) year following your termination Date, you will not compete, directly or indirectly, with the Company in United States. In accordance with this restriction,
but without limiting its terms, while employed by the Company, you will not: 

  

	 	(A)	enter into or engage in any business which competes with the Company’s Business and in particular but not limited with any of the following entities, in any geographic region : 

– Monsanto 

– Pioneer 

– Bayer 

– Syngenta 

  
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 – Dow 

– KWS 

– Arcadia 

– Precision Bioscience 

And in any CrispR Agriculture company 
  

	 	(B)	solicit customers, business, patronage or orders for, or sell, any products or services in competition with, or for any business that competes with, the Company’s Business; 

 

	 	(C)	divert, entice or otherwise take away any customers, business, patronage or orders of the Company or attempt to do so; or 

  

	 	(D)	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company’s Business. 

 

	 	(ii)	Direct or Indirect Competition. For the purpose of subparagraph 8(b)(i) but without limitation thereof, you will be in violation thereof if you engage in any or all of the activities set forth therein directly as
an individual on your own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a stockholder of any
corporation in which you or your spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent of the outstanding stock. 

 

	 	(iii)	If it is judicially determined that you have violated subparagraph 8(b)(i), then the period applicable to each obligation that you have been determined to have violated will automatically be extended from the date of
judicial determination by a period of time equal in length to the period during which such violation(s) occurred. 

  

	 	(c)	The Company. For purposes of this paragraph 8©, the Company will include any and all direct and indirect subsidiary, parent, affiliated, or related
companies of the Company for which you worked or had responsibility at the time of termination of your employment and at any time during the two-year period prior to such termination. 

  
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	 	(d)	Non-Solicitation. 

  

	 	(i)	Of Customers. You will not directly or indirectly at any time during the period of your employment or for a period of twenty-four (24) months following your Termination Date, directly or indirectly, solicit,
divert, or take away or supervise any other person, firm, or other entity in soliciting, diverting, or taking away any Customer or Prospective Customer of the Company for the purpose of selling, performing or providing Business Services to that
Customer or Prospective Customer. 

  

	 	(ii)	Of Employees. You will not, directly or indirectly, at any time during the period of your employment or for a period of twenty-four (24) months following your Termination Date solicit, hire, employ, engage,
affiliate with for profit, retain (or assist any other person or entity in soliciting, hiring, employing, engaging, affiliating for profit or retaining) any person who was a Company employee or consultant or independent contractor at any time during
the one (1)-year period prior to your soliciting, hiring, employing, engaging, affiliating for profit or retaining, whether for your benefit or the benefit of any other person or organization other than the Company, or solicit, induce, or encourage
any such person to terminate or leave the Company’s employ, engagement, or other remunerative relationship with the Company. You acknowledge that this covenant is necessary to enable the Company to maintain a stable workforce and remain in
business. 

  

	 	(e)	Confidentiality.  

  

	 	(i)	 You will keep in strict confidence, and will not, directly or indirectly, at any time, during or after your
employment with the Company, disclose, furnish, disseminate, make available or, except in the course of performing your duties of employment, use any trade secrets or confidential business and technical information of the Company or its Customers,
suppliers or vendors, without limitation as to when or how you may have acquired such information. Such confidential information will include, without limitation, all information belonging to the Company, its affiliates, subsidiaries, or any other
person or entity that has entrusted information to the Company in confidence, technology, computer programs or programming, systems, software, software codes, designs, data bases, trade secrets, know-how, research, methods, manuals, records, product
or service ideas or plans, work-in-progress, results, algorithms, inventions, developments, original works of authorship, discoveries, experimental processes, experimental results, unpublished patent applications, laboratory notebooks, processes,
formulas, investigation or research techniques, 

  
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engineering designs and drawings, hardware configuration information, regulatory information, medical reports, clinical data and analysis reagents, cell lines, biological materials, chemical
formulas, financial information including but not limited to price lists, pricing methodologies, cost data, financial forecasts, historical financial data, and budgets, marketing information, including but not limited to market share data, marketing
plans, licenses, business plans, lists of the needs and preferences of Customers and Prospective Customers, promotional materials, training courses and other training and instructional materials, vendor and product information, all agreements with
third parties and terms of agreements, transactions and potential transactions, negotiations, information relating to employees and consultants of the Company, including names, contact information, and expertise, lists of or information relating to
suppliers and vendors and other business information disclosed by the Company (whether by oral, written, graphic or machine-readable format) which confidential information is designated in writing to be confidential or proprietary, or if given
orally, is confirmed in writing as having been disclosed as confidential or proprietary within a reasonable time (not to exceed 30 days after the oral disclosure), or which information would, under the circumstances appear to a reasonable person to
be confidential or proprietary. 

  

	 	(ii)	You specifically acknowledge that all such confidential information, whether reduced to writing, maintained on any form of electronic media, or maintained in your mind or memory and whether compiled by the Company,
and/or you, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the
secrecy of such information, that such information is the sole property of the Company and that any retention and your use of such information during your employment with the Company (except in the course of performing your duties and obligations to
the Company) or after the termination of your employment will constitute a misappropriation of the Company’s trade secrets. 

  

	 	(iii)	 You agree that upon termination of your employment with the Company, for any reason, you will return to the
Company, in good condition, all property of the Company, including without limitation, the originals and all copies of any documents in whatever form (electronic, hard copy, etc.) or materials which contain, reflect, summarize, describe, analyze or
refer or relate to any items of information listed in subparagraph 8(e)(i) of this Letter. You agree 

  
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that all confidential information, as listed in subparagraph 8(e)(i) of this Letter is the sole property of the Company and you have no right, title or interest to this property. In the event
that such items are not so returned, the Company will have the right to charge you for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property.

  

	 	(iv)	Notwithstanding the above, you will have no liability to the Company with regard to any confidential information you can prove was in the public domain at the time it was disclosed or entered the public domain through
no fault of yours. 

  

	 	(f)	Discoveries and Inventions; Work Made for Hire. 

  

	 	(i)	You agree that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or other material or design that: (A) relates to the business of the Company, or (B) relates
to the Company’s actual or demonstrably anticipated research or development, or (C) results from any work performed by you for the Company, you will assign to the Company the entire right, title and interest in and to any such idea,
discovery, invention, improvement, software, writing or other material or design (together, “Discoveries and Inventions”) Subject to the requirements of applicable state law, if any, you understand that Discoveries and Inventions will not
include, and the provisions of this Agreement will not apply to any idea, discovery, invention, improvement, software, writing or other material or design that qualifies fully for exclusion under the provisions of applicable state law. You also
agree that any idea, discovery, invention, improvement, software, writing or other material or design that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development which is
conceived or suggested by you, either solely or jointly with others, within one year following termination of your employment under this Letter or any successor agreements will be presumed to have been so made, conceived or suggested in the course
of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets. 

  

	 	(ii)	 You agree that during your employment, and for one year after termination of your employment under this Letter or
any successor agreements, you will disclose immediately and fully to the Company any Discovery and Invention conceived, made or developed by you solely or jointly with others. The Company agrees to keep any such disclosures confidential. You also
agree to record descriptions of all work in the manner directed by the 

  
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Company, agree that all such records and copies, samples and experimental materials will be the exclusive property of the Company, and agree not to remove these records from the Company’s
place of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the Company for the purpose of furthering the Company’s business. You agree that at the request of and without
charge to the Company, but at the Company’s expense, you will execute a written assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the Company and will assign to the Company any
application for letters patent or for trademark registration made thereon, and to any common-law or statutory copyright therein; and that you will do whatever may be necessary or desirable to enable the Company to secure any patent, trademark,
copyright, or other property right therein in the United States and in any foreign country, and any division, renewal, continuation, or continuation in part thereof, or for any reissue of any patent issued thereon. In the event the Company is
unable, after reasonable effort, and in any event after ten business days, to secure you signature on a written assignment to the Company of any application for letters patent or to any common-law or statutory copyright or other property right
therein, whether because of your physical or mental incapacity or for any other reason whatsoever, you irrevocably designate and appoint the General Counsel of the Company as your attorney-in-fact to act on your behalf to execute and file any such
application and to do all other lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark. Any assignment of the rights to an idea, discovery, invention, improvement, software, writing or other
material or design includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, any other rights through- out the world that may be known or referred to as “moral rights,” “artists rights,”
“droit moral,” or the like. (“Moral Rights”) To the extent that Moral Rights cannot be assigned under applicable law, you hereby waive and agree not to enforce any and all Moral Rights, including, without limitation, any
limitation on subsequent modification, to the extent permitted under applicable law. 

  

	 	(iii)	 You acknowledge that, to the extent permitted by law, all work papers, reports, documentation, drawings,
photographs, negatives, tapes and masters therefor, prototypes and other materials (hereinafter, “items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated by you
during your employment with 

  
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the Company will be considered a “work made for hire” and that ownership of any and all copyrights in any and all such items will belong to the Company. The item will recognize the
Company as the copyright owner, will contain all proper copyright notices, e.g., “(creation date), All Rights Reserved,” and will be in condition to be registered or otherwise placed in compliance with registration or other statutory
requirements throughout the world. 

  

	 	(g)	Communication of Contents of Agreement. While employed by the Company and for one year thereafter, you will communicate the contents of paragraph 8 of this Letter to any person, firm, association, partnership,
corporation or other entity that you intend to be employed by, associated with, or represent. 

  

	 	(h)	Confidentiality Agreements. You agree that you will not disclose to the Company or induce the Company to use any secret or confidential information belonging to your former employers. Except as indicated, you
warrant that you are not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit your right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries,
improvements or designs or other information that may be conceived during employment with the Company. You agree to provide the Company with a copy of any and all agreements with a third party that preclude or limit your right to make disclosures or
to engage in any other activities contemplated by your employment with the Company. 

  

	 	(i)	Relief. You acknowledge and agree that the remedy at law available to the Company for breach of any of your obligations under this Letter would be inadequate. You therefore agree that, in addition to any other
rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in subparagraphs 8(b), 8(d), 8(e), 8(f), 8(g) and
8(h) inclusive, of this Letter, without the necessity of proof of actual damage or the need to post a bond. 

  

	 	(j)	Reasonableness. You acknowledge that your obligations under this paragraph 8 are reasonable in the context of the nature of the Company’s Business and the competitive injuries likely to be sustained by
the Company if you were to violate such obligations. You further acknowledge that this Letter is made in consideration of, and is adequately supported by the agreement of the Company to perform its obligations under this Letter and by other
consideration, which you acknowledge constitutes good, valuable and sufficient consideration. 

  
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	9.	Definitions. 

  

	 	(a)	“Customer” means any client, customer or account, including, but not limited to any person, firm, corporation, association or other business entity of any kind to which the Company has provided or is
providing products or services. 

  

	 	(b)	“Company’s Business” means the research, development, and/or commercialization of products and services based on gene-editing technologies in the field of agriculture, food and plant sciences,
which is to be construed to include all research, development, and/or commercialization of products and services as may hereinafter evolve within the gene editing field or is in planning or developmental stages at the Company 

 

	 	(c)	“Permanent Disability” means that, because of accident, disability, or physical or mental illness, you are incapable of performing your duties to the Company or any subsidiary, as determined by the
Board. Notwithstanding the foregoing, you will be deemed to have become incapable of performing your duties to the Company or any subsidiary, if you are incapable of so doing for (i) a continuous period of 90 days and remain so incapable at the
end of such 90 day period or (ii) periods amounting in the aggregate to 180 days within any one period of 365 days and remain so incapable at the end of such aggregate period of 180 days. 

 

	 	(d)	“Prospective Customer” means any prospective client, customer or account, including, without limitation, any person, firm, corporation, association or other business entity of any kind with which the
Company had any negotiations or substantial discussions regarding the possibility of providing products or services within the one (1) year period preceding your Termination Date. 

 

	 	(e)	“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and any guidance issued thereunder. 

 

	 	(f)	“Termination Date” means the effective date of your termination of employment with the Company. 

  
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	 	(g)	“Termination For Cause” means the termination by the Company or any subsidiary of your employment with the Company or any subsidiary as a result of (i) your conviction of or plea of guilty or nolo
contendere to a crime that constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude; (ii) your engagement in an act of fraud, dishonesty, or unauthorized disclosure of confidential information (as defined in this
Agreement); (iii) your conduct that brings the Company or any subsidiary or affiliate of the Company into substantial public disgrace or disrepute; (iv) your gross negligence or gross misconduct with respect to the Company or any
subsidiary or affiliate of the Company; (v) your insubordination or failure to follow the directions of any officer of the Company; (vi) your material failure to comply with the Company’s written policies or rules, as they may be in
effect from time to time during your employment, which is not cured within five (5) days after written notice thereof to you; or (vii) your material breach of this Letter or any other agreement with the Company or any subsidiary, which is
not cured within thirty (30) days after written notice thereof to you. 

  

	 	(h)	“Termination Without Cause” means the termination by the Company or any subsidiary of your employment with the Company or any subsidiary for any reason other than a termination for Permanent Disability
or a Termination for Cause. 

  

	 	(i)	“Voluntary Termination” means your termination of your employment with the Company or any subsidiary for any reason. 

 

	10.	Survival. Subject to any limits on applicability contained therein, paragraph 8 hereof will survive and continue in full force in accordance with its terms notwithstanding any termination of the Employment
Period. 

  

	11.	Taxes. The Company may withhold from any amounts payable under this Letter all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.
Notwithstanding any other provision of this Letter, the Company will not be obligated to guarantee any particular tax result for you with respect to any payment provided to you hereunder, and you will be responsible for any taxes imposed on you with
respect to any such payment. 

  

	12.	Notices. Any notice provided for in this Letter will be in writing and will be either personally delivered, sent by reputable overnight carrier or mailed by first class mail, return receipt requested, to the
recipient at the address below indicated: 

  
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 Notices to You: 

Mr Gregory R SMITH 
 3721
Glenhurst Avenue 
 St Louis, MN 55416 

Notices to the Company: 

Cellectis plant sciences 
 Mr Luc
Mathis, CEO 
 600 County Road D STE 8 

New Brighton, MN 55112 
 or such
other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending party. Any notice under this Letter will be deemed to have been given when so delivered. 

 

	13.	Severability. Whenever possible, each provision of this Letter will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Letter is held to be invalid or
unenforceable in any respect under any applicable law, such invalidity or unenforceability will not affect any other provision, but this Letter will be reformed, construed and enforced as if such invalid or unenforceable provision had never been
contained herein. Should a determination be made by the Court designated in paragraph 18 hereof that the character, duration, or geographical scope of paragraph 8 of the Agreement is unreasonable in light of the circumstances as they then exist,
then it is the intention and the agreement of the parties to the Agreement that the provision be construed by the Court in such a manner as to impose only those restrictions on the parties that are reasonable in light of the circumstances as they
then exist and as are necessary to assure the parties of the intended benefit of the Agreement. If, in any judicial proceeding, the Court refuses to enforce all of the separate provisions included in the Agreement because, taken together, they are
more extensive than necessary to assure the parties of the intended benefit of the Agreement, those provisions which, if eliminated, would permit the remaining separate provisions to be enforced in such proceeding, will, for the purpose of such
proceeding, be deemed eliminated from the Agreement. 

  
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	14.	Party’s Litigation Expenses. In the event of litigation between you and the Company related to this Letter, the initiating and non-prevailing party will reimburse the prevailing party for any costs and
expenses (including, without limitation, attorneys’ fees) reasonably incurred by the prevailing party in connection therewith. 

  

	15.	Complete Agreement. This Letter embodies the complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior
understandings, agreements or representations by or between the parties, written or oral, which may have related to the subject matter hereof in any way. 

  

	16.	Counterparts. This Letter may be executed in separate counterparts, each of which will be deemed to be an original and both of which taken together will constitute one and the same agreement. 

 

	17.	Successors and Assigns. This Letter will bind and inure to the benefit of and be enforceable by you, the Company and your and the Company’s respective heirs, executors, personal representatives, successors
and assigns, except that neither party may assign any rights or delegate any obligations hereunder without the prior written consent of the other party. You hereby consent to the assignment by the Company of all of its rights and obligations
hereunder to any successor to the Company by merger or consolidation or purchase of all or substantially all of the Company’s assets, provided such transferee or successor assumes the liabilities of the Company hereunder. 

 

	18.	Choice of Law. This Letter will be governed by, and construed in accordance with, the internal, substantive laws of the State of Delaware. You agree that the state and federal courts located in the State of
Delaware will have jurisdiction in any action, suit or proceeding against you based on or arising out of this Letter and you hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection
with any action, suit or proceeding against you; and (c) waive any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, venue or service of process. 

 

	19.	Amendment and Waiver. The provisions of this Letter may be amended or waived only with the prior written consent of you and the Company, and no course of conduct or failure or delay in enforcing the provisions of
this Letter will affect the validity, binding effect or enforceability of this Letter. 

  
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	20.	Section 409A. Any payments that are made pursuant to paragraph 7 above are intended to be exempt from Section 409A under Treasury Regulation section 1.409A-1(d) (short-term deferrals), and this Letter
shall be interpreted and administered consistent with this intent. 

 If these terms are acceptable to you, please sign and date this Letter
in the appropriate space below and return it to me as soon as possible. We look forward to you becoming a part of our team. 
 Please call me with any
questions at (651) 683 2807. 
 Sincerely, 
  

	
	
	/s/ Luc Mathis
	Luc Mathis, CEO

  

			
		
	Date:	 	April 24, 2015

  

	
	Agreed and Accepted:
	
	/s/ Gregory Smith
	Employee Signature

  

			
		
	Date:	 	4/24/2016

  
 Page 16 of 16EX-10.19

 Exhibit 10.19 

SETTLEMENT AGREEMENT, WAIVER AND RELEASE 

This Settlement Agreement and Release [the “Agreement”] is executed by and between Gregory R. Smith [“Smith”], and Calyxt,
Inc., f/n/a Cellectis Plant Sciences [“Calyxt”] [sometimes jointly referred to as “the Parties”]. 
 WHEREAS,
Smith is a former employee of Calyxt; and 
 WHEREAS, Smith’s employment and compensation with Calyxt was governed by the terms
of various employment documents, including, but not limited to, an April 24, 2015 Offer Letter, a September 9, 2015 Amended Equity Incentive Plan, and a September 9, 2015 Action by Written Consent of Shareholder; and 

WHEREAS, on or about March 22, 2016, Smith’s employment with Calyxt ended; and 

WHEREAS, Smith has raised various concerns and potential claims concerning his termination of employment with Calyxt; and 

WHEREAS, Calyxt has denied all of Smith’s claims, and denies any wrongdoing whatsoever with respect to Smith or Smith’s
employment with Calyxt; and 
 WHEREAS, Calyxt takes the position that Smith’s termination of employment was “for
cause” within the meaning of the relevant employment documents; and 
 WHEREAS, Smith disputes Calyxt’s termination of his
employment as being “for cause,” and intends to continue to publically represent to third parties that his termination was “not for cause”; and 

WHEREAS, the Parties have successfully conciliated all disputes between them, and wish to enter into a settlement of all claims one
against the other; and 
 WHEREAS, the Parties further wish to subsume the terms of the above-described Agreements, and any other
Agreements between the Parties; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth below,
the adequacy and sufficiency of which are specifically acknowledged, the Parties, intending to be legally bound, agree as follows: 
 1.
Consideration. In full consideration of all claims and causes of action Smith has or may have against Calyxt (as more fully set forth in paragraph 2, below), Smith and Calyxt agree as follows: Calyxt agrees to pay to Smith a total gross sum
of $43,750 less applicable income taxes. Said payment will be made as follows: Calyxt will mail to Smith’s attorney, as soon as reasonably possible following full expiration of the rescission periods described in paragraph 18, below, a check in
the amount of $43,750.00 less the normal tax withholdings in the same manner as Calyxt withheld taxes while Smith was employed. The Parties agree and understand that this payment is made to Smith for his claimed wrongful discharge damages, including
emotional distress damages. 
 Nothing in this Agreement is intended to negatively affect any claim by Smith for unemployment compensation
benefits, beginning after March 22, 2016. Nothing in this Agreement violates Minn. Stat. § 268.192, Subd. 1a. 

 Smith agrees and understands that the payments set forth in this paragraph are the sole payments
to be made by Calyxt to him or anyone on her behalf with respect to all claims set forth in paragraph 2, below. Calyxt will have no other liability or obligation to make other payments in this regard following execution of this Agreement. 

2. Mutual Release of Claims. In consideration of the payment described in Paragraph 1, above, Smith hereby releases, acquits, and
forever discharges Calyxt together with its predecessors, successors, assigns, agents, clients, directors, officers, fiduciaries, employees, representatives, attorneys, insurers, claim managers, divisions, subsidiaries, owners and affiliates (and
agents, directors, officers, fiduciaries, employees, representatives, and attorneys of such divisions, subsidiaries owners and affiliates), and all persons acting by, through, under or in concert with any of them from any and all liability, claims,
demands, actions, causes of action, suits, grievances, debts, sums of money, controversies, agreements, promises, damages, back and front pay, costs, expenses, attorneys’ fees, medical fees or expenses and remedies of any type which Smith now
has or hereafter may have by reason of any matter, cause, act or omission from the beginning of time until the execution of this Agreement, including without limiting the generality of the foregoing, claims, demands or actions for severance pay,
breach of contract claims, claims for stock and/or stock options (or the vesting of stock or stock options), wrongful discharge claims, tortious interference with contract claims, or any claims under the Retirement Income Security Act (ERISA) (to
the extent allowable by law), the Consolidated Omnibus Budget Reconciliation Agreement of 1985 (COBRA) (to the extent allowable by law), Title VII of the Civil Rights Act of 1964, the Older Workers Benefit Protection Act, the Age Discrimination in
Employment Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, the Fair Labor Standards Act, the Equal Pay Act, the Civil Rights Act of 1866, the Minnesota Human Rights Act, the Minnesota Whistle Blower Act, the Federal
and State OSH Acts, the Minnesota Workers’ Compensation Act (to the extent allowable by law), any other federal, state or local statute or regulation regarding employment, discrimination in employment, or the termination of employment, and the
common law of any state, and any and all claims or other liability or damage of any nature whatsoever which have arisen or might have arisen from any acts, omissions, events or circumstances including but not limited to, any claims for torts,
defamation, statutory violations, assault, battery, invasion of privacy, defamation, intentional or negligent infliction of emotional distress, or other personal injuries arising under statute or common law. 

Smith is not releasing or waiving any claims or rights that cannot be waived by law, including: (i) Smith’s right to file a charge
with an administrative agency or to participate in an any agency investigation (though Smith waives the right to recover any money or other relief in connection with any such charge or investigation); (ii) any vested accrued benefits Smith may
have in any employee retirement plan; (iii) Smith’s right to apply for state unemployment and/or workers’ compensation benefits; (iv) any rights or claims that may arise after the Agreement is signed (with the exception of claims
for stock or stock options as described herein); and (iv) any rights Smith has under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). 

In exchange for the waiver of claims described above, Calyxt releases Smith and his representatives, agents and attorneys from any and all
claims that they have, had, or may have against Smith for all acts prior to the date of this Agreement. 

  
 2 

 3. Waiver of Rights to Equity Interest(s). In addition to the waivers described in
paragraph 2, above, Smith specifically waives any and all rights or claims under the Equity Incentive Plan (as Amended) dated September 9, 2015, the Action by Written Consent of the Sole Stockholder in Lieu of a Special Meeting dated
September 9, 2015, or any other document concerning stock options, vesting or granting of stock options, or any other document relating to an actual or claimed equity interest (whether potential, vested or unvested, earned or unearned) by Smith
in Calyxt, its predecessors, successors, affiliates or related companies. 
 4. Representation by Calyxt. Calyxt represents that it
has no current or pending initial public offerings of stock. The Parties recognize that Calyxt may, in the future, engage in an initial public offering of stock, and that said future initial public offering will not constitute a breach of this
paragraph nor this Agreement. 
 5. Agreement not to Reapply. Smith agrees to never apply for employment or reemployment with Calyxt
(or any of its affiliates), and understands that should he make such application and for any reason be hired, that Calyxt will have the right to terminate said employment simply by citing the terms of this Agreement. 

6. Confidentiality of Terms. The Parties agree to keep the terms of this Agreement confidential. If questioned, each Party will simply
state that any disagreements between the Parties have been satisfactorily resolved. Smith may disclose the terms of this Agreement as required by law, or to his spouse, attorneys, financial advisors, accountants or tax advisors, banking or mortgage
institutions and as may be required by government agencies, after advising such party of this confidentiality provision. Calyxt may disclose the terms of this Agreement to the extent required by law, and to those in Calyxt’s organization (or to
any vendors who have a need to know) who have a need to know the information. For purposes of this paragraph, “Calyxt” includes management employees, owners, directors, and officers. 

The Parties agree and understand that this Confidentiality Agreement was a substantial inducement for each Party to enter into this Agreement,
and that should either Party violate the terms of this Confidentiality paragraph, a material injury will result, and the non-breaching party will have the right to recoup its reasonable damages. 

7. Non-Disparagement. The Parties agree not to disparage or defame one another. The Parties
agree that if asked about the dispute between them, they will say that “we have resolved our differences in a mutually-satisfactory manner” or words to that effect. Smith agrees to direct all requests for references or employment
verification to Ms. Delphine Jay (or her replacement), and Ms. Jay will only disclose dates of employment and last position held. Calyxt will provide no information regarding the nature of or reason for the end of the employment
relationship. For purposes of this paragraph, “Calyxt” means Calyxt, its executive team, managers, and Human Resources Department. 

8. Neutral Reference. Calyxt agrees that should it be contacted by any third party regarding a reference for Smith, it will provide a
neutral reference consisting of confirmation of employment and dates of employment. Calyxt agrees to further inform any such third party that this neutral reference is being provided pursuant to Calyxt policy. 

  
 3 

 9. Non-Admission. This Agreement does not constitute an admission by Calyxt that it has
violated any law or any of Smith’s legal rights, is liable to any other Party, or has engaged in any wrongdoing. 
 10.
Assignment. This Agreement shall be binding on and inure to the benefit of the Parties and their successors and assigns. Smith may not transfer or assign his rights or obligations under this Agreement to any other person or entity without the
express written authorization of Calyxt. Calyxt’s rights under this Agreement shall be freely assignable. Smith represents that he has not assigned, sold, transferred or otherwise conveyed any claim or cause of action he now has or claims to
have against Calyxt to any other person or entity. 
 11. Medicare Representations. For purposes of this paragraph, “CMS”
means the Centers for Medicare & Medicaid Services within the U.S. Department of Health and Human Services, including any agents, representatives, or contractors of CMS, such as the Coordination of Benefits Contractor (“COBC”) or
Medicare Secondary Payer Recovery Contractor (“MSPRC”). “Conditional Payments” has the meaning ascribed to it under the MSP Statute and implementing regulations. “MMSEA” means the Medicare, Medicaid, and SCHIP Extension
Act of 2007 (P.L. 110-173), which, in part, amended the Medicare Secondary Payer statute at 42 U.S.C. § 1395y(b)(7) and (8). This portion of MMSEA is referred to herein as “Section 111 of MMSEA.” “MSP Statute” means the
Medicare Secondary Payer (“MSP”) statute. 42 U.S.C. § 1395y(b). “Released Matter” and “Released Matters” mean any released accident, occurrence, injury, illness, disease, loss, claim, demand, or damages subject to
this Agreement and the releases herein. “Releasee” means Calyxt, as fully defined in paragraph 2 of this Agreement, above. 

Smith represents and warrants that he is not enrolled in the Medicare program, was not enrolled in the Medicare program at the time of the
Released Matters or thereafter through the date of this Agreement, and has not received Medicare benefits for medical services or items arising from or in connection with the Released Matters. Smith further represents and warrants that no Medicaid
payments have been made to him or on her behalf and that no liens, claims, demands, subrogated interests, or causes of action of any nature or character exist or have been asserted arising from or related to any Released Matters. Smith further
agrees that he, and not the Releasee, is responsible for satisfying all such liens, claims, demands, subrogated interests, or causes of action that may exist or have been asserted or that may in the future exist or be asserted. 

Finally, Smith agrees to indemnify and hold harmless the Releasee from any and all claims, demands, liens, subrogated interests, and causes of
action of any nature or character that have been or may in the future be asserted by Medicare and/or persons or entities acting on behalf of Medicare, or any other person or entity, arising from or related to this Agreement, the payment of the
Settlement Sum, any Conditional Payments made by Medicare, or any medical expenses or payments arising from or related to any Released Matters that are subject to this Agreement or the release set forth herein, including but not limited to:
(i) all claims for reimbursement of Conditional Payments or for damages or double damages based upon failure to reimburse Medicare for Conditional Payments; (ii) all claims for penalties based upon any failure to report, late reporting, or
other noncompliance with Section 111 of MMSEA that is based in whole or in part upon late, inaccurate, or inadequate information provided to Releasee by Smith 

  
 4 

 
or upon any failure of Smith to provide information; and (iii) all Medicaid liens. This indemnification obligation includes all damages, double damages, fines, penalties, attorneys’
fees, costs, interest, and judgments incurred by or on behalf of Releasee in connection with such claims, subrogated interests, and causes of action. 

12. Governing Law and Venue. This Agreement will be construed and interpreted in accordance with the substantive and procedural laws of
the State of Minnesota and federal law (where appropriate), and any dispute arising hereunder shall be venued in the courts of the State of Minnesota, County of Hennepin, which shall have jurisdiction of any such dispute. 

13. Entire Agreement. This Agreement constitutes the entire agreement between the Parties. Smith affirmatively states that he has not
been given any promises, representations, or inducements to enter into this Agreement, other than those specifically contained in the Agreement itself. Calyxt affirmatively state that it has not given any promises, representations, or inducements
for Smith to enter into this Agreement, other than those specifically contained in the Agreement itself. 
 14. Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same Agreement. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.
Signature pages delivered by facsimile or as a PDF attachment to an email may be relied upon by the recipient as the original. 
 15.
Severability. If for any reason a court of competent jurisdiction finds any provision of this Agreement to be unenforceable, the offending provision may be amended to the extent necessary to conform to applicable law, or, if it cannot be so
amended without materially altering the intention of the Parties, it shall be severed herefrom. In either event, the remainder of the Agreement shall continue in full force and effect. 

16. Waiver, Modification or Amendment. No waiver, modification or amendment of any term, condition or provision of this Agreement shall
be valid or have any effect unless made in writing, signed by each Party or their duly authorized representatives, and specifying with particularity the nature and extent of such waiver, modification or amendment. Any waiver by any Party of any
default of the other shall not affect or impair any right arising from a subsequent default. Nothing herein shall limit the rights and remedies of the Parties hereto under and pursuant to this Agreement, except as herein before set forth. 

17. Actions. Smith represents that as of the date of his signing of this Agreement, he has not filed any charges, lawsuits, actions,
complaints or demands waivable by private agreement against Calyxt, or any of Calyxt’s parents, subsidiaries, successors or assigns or any of its past or present officers, directors, employees, agents or representatives arising out of his
employment with Calyxt or the termination of that employment. 
 18. Periods for Consideration and Rescission. Smith acknowledges
that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act and that this waiver and release is knowing and voluntary. The Parties agree that this waiver and release

  
 5 

 
does not apply to any rights or claims that may arise under the ADEA after the date of Smith’s execution of this Agreement. Smith acknowledges that the consideration (payment) given for this
Agreement is in addition to anything of value to which he was already entitled. Smith further acknowledges that he has been advised that: (a) he should consult with an attorney prior to executing this Agreement; and (b) he has up to
twenty-one (21) days to consider whether to sign this Agreement, and the offer set forth herein will expire and be revoked automatically at the expiration of that consideration period. Nothing in this Agreement prevents Smith from challenging
or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, costs or attorneys’ fees for doing so, unless specifically authorized by federal law. 

Smith further understands that he has the right to rescind (cancel) this Agreement insofar as it releases claims under the Minnesota Human
Rights Act within fifteen (15) calendar days of signing it, and that he has the right to rescind or cancel this Agreement insofar as it releases claims under the Age Discrimination in Employment Act within seven (7) calendar days of
signing it. In order to be effective, the rescission must be in writing and delivered to Mr. Federico Tripodi, CEO, Calyxt Inc., 600 County Road D West, New Brighton, MN 55112. Such delivery may be made by hand or U.S. Mail. If delivered by
U.S. Mail, the rescission must be postmarked within the applicable 15-day or 7-day period, properly addressed as set forth above, and sent by certified mail, return receipt requested. If Employee rescinds the release of claims under the Age
Discrimination in Employment Act and/or the Minnesota Human Rights Act, then Calyxt shall be relieved from its obligations hereunder. 
 19.
Declaration of Understanding. The Parties hereto declare that they have had the opportunity to review the terms of this Agreement with counsel of their choice, that the terms of this Agreement are fully understood, that they voluntarily
accept those terms for the purpose of making a full and final compromise of all disputes between the Parties based on any right or obligation listed or contemplated by paragraphs 2 or 3 of this Agreement. 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year written below. 

 

							
	Dated:	 	October 26, 2016	 		 	CALYXT, INC., F/N/A CELLECTIS PLANT SCIENCES, INC.
				
		 		 		 	By: /s/ Federico A. Tripodi
				
		 		 		 	Its: Federico A. Tripodi, CEO
				
	Dated:	 	10/23/2016	 		 	GREGORY R. SMITH
				
		 		 		 	/s/ Gregory R. Smith

  
 6

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