Document:

evbg-ex102_322.htm

 

Exhibit 10.2

 

 

 

August 19, 2019

 

Vernon Irvin

Address

Address

 

Re:Terms of Employment

 

Dear Vernon:

 

This letter agreement (this “Agreement”) will set forth the terms of your “at-will” term employment relationship with Everbridge, Inc., and/or any present or future parent, subsidiary or affiliate thereof (collectively, the “Company”). This Agreement hereby supersedes any and all previous agreements relating to your employment relationship with the Company. The terms of your position with the Company are as set forth below and will be effective only upon, and subject to, the signing of this Agreement and any other agreements or documentation required hereunder, by you and the Company as of the Commencement Date referenced below. Your new role shall commence on September 4, 2019 (the “Commencement Date”), unless you and the Company mutually agree on an alternative date.

 

1.Employment.

 

(a)Title and Duties. Subject to the terms and conditions of this Agreement, the Company will employ you, and you will be employed by the Company, on an “at-will” basis, as Executive Vice President and Chief Revenue Officer and such additional or different position or positions as the Board of Directors of the Company (the “Board”) may determine in its sole discretion, reporting to David Meredith, Chief Executive Officer or his direct designate. You shall do and perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and which are normally associated with your position, including but not limited to those described in Schedule 1 attached hereto.

 

(b)Full Time Best Efforts. For so long as you are employed hereunder, you will devote substantially all of your business time and energies to the business and affairs of the Company, and shall at all times faithfully, industriously and to the best of your ability, experience and talent, perform all of your duties and responsibilities hereunder. In furtherance of, and not in limitation of the foregoing, during the term of this Agreement, you further agree that you shall not render commercial or professional services of any nature, including as a founder, advisor, or a member of a board of directors, to any person or organization, whether or not for compensation, if such services would materially interfere with your duties under this Agreement, without the prior approval of the Chief Executive Officer in his sole discretion; provided, however, that nothing contained in this Section 1(c) will be deemed to prevent or limit your right to (i) manage your personal investments on your own personal time or (ii) participate in religious, charitable or civic organizations in any capacity on your own personal time. As set forth above, your employment with the Company is “at-will,” and, accordingly, either you or the Company may terminate your employment at any time, with or without cause, for any reason or no reason.

 

 

 

(c)Location. Unless the parties hereto otherwise agree in writing, during the term of this Agreement, you shall perform the services required to be performed pursuant to this Agreement from your home office, provided that the Company will provide you with office space at the Company’s Burlington, Massachusetts office and you will be expected to spend significant time at that or other Company offices when not traveling on Company business. In addition, the Company expects that you will travel extensively to other locations to meet with customers, prospects, and partners in connection with the Company’s business.

 

2.Compensation. During the term of your employment with the Company, the Company will pay you the following compensation:

 

(a)Salary. As of the Commencement Date, you will be paid an annual salary of Three Hundred and Twenty-Five Thousand ($325,000.00), as may be increased from time to time as part of the Company’s normal salary review process (the “Salary”). The Salary shall be prorated for any partial year of employment on the basis of a 365-day year. Your Salary will be subject to standard payroll deductions and withholdings, and payable in accordance with the Company’s standard payroll practice as it exists from time to time.

 

(b)Expenses. During the term of your employment, the Company shall reimburse you for all reasonable and documented expenses incurred by you in the performance of your duties, under this Agreement in accordance with Company policy.

 

(c)Annual Performance Bonus.  You will be eligible to earn an annual performance bonus at the conclusion of each year of employment with the Company (the “Annual Bonus”).  The amount, award and timing of the payment of the Annual Bonus shall be set forth in a Company Management Incentive Plan, established each year by the Board, in its discretion.  The Company’s Management Incentive Plan for fiscal year 2019 is set forth on Schedule A attached hereto and for 2019, your target is two-hundred and thirty-five thousand dollars ($235,000).  The Annual Bonus payable for calendar year 2019 shall not be prorated based on your Commencement Date. Company Management Incentive Plans, if any, for subsequent years, shall be provided to you by the Chief Executive Officer.  For fiscal year 2020, your target will three-hundred and twenty-five thousand dollars ($325,000).

 

(d)Signing Bonus. You will be paid a signing bonus (the “Signing Bonus”) of Ninety Thousand Dollars ($90,000) within thirty (30) days of the execution of this Agreement. If you do not commence employment with the Company for any reason or you voluntarily terminate, which shall not include termination for Good Reason, your employment with the Company on or before twelve (12) months from the payment date, you will be responsible for promptly reimbursing the Company for the full amount of the Signing Bonus.  

 

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(e)Restricted Stock Units and Performance Stock Units.   Upon approval by the Board of Directors of the Company, you will be granted 50,000 Restricted Stock Units (RSUs) and 50,000 Performance Stock Units (PSUs). The RSUs will vest over four years at 25% per year, starting on the first anniversary of the last day of the month in which the grant date occurs, provided that, there has not been a termination of Continuous Service (as defined in the Company’s 2016 Equity Incentive Plan) as of each such date. The PSUs will vest according to the PSU vesting schedule included as Exhibit A to this Offer Letter. In the event of a Change in Control (as defined in the 2016 Equity Incentive Plan), then the vesting of your RSUs and PSUs shall accelerate as follows: i) for the percentage of shares equal to the number of months of full-time employment as of the date of a change of control divided by forty eight (i.e., number of months of employment divided by 48), as well as, ii) the additional amount of 50% of all of your unvested (as of the date of a Change of Control after the acceleration granted in (i) above) RSUs and PSUs shall vest in full. In the event the acquirer or successor party does not assume or convert 100% of your remaining unvested shares after accelerated vesting in (i) and (ii) above as part of the Change of Control or does not offer equivalently valued new equity incentives to you, then 100% of your remaining unvested RSUs and PSUs will vest in full immediately prior to consummation of the Change of Control.

 

(f)Employee Benefits. As an employee of the Company, you will be eligible to participate in such Company-sponsored benefits and programs as are made generally available to other employees of the Company. This includes paying for your portion of healthcare coverage and same 401(k) match as other Company employees. You will receive the same cell phone stipend as other Everbridge executives. In addition, you will be entitled to (i) annually accrue vacation and/or sick time in accordance with the Company’s vacation policy as established by the Board and as in effect from time to time. The Company reserves the right to change or eliminate any benefit plans at any time, upon notice to you.

 

3.Separation Benefits. You shall be entitled to receive separation benefits upon termination of employment only as set forth in this Section 3; provided, however, that in the event you are entitled to any severance pay under a Company-sponsored severance pay plan, any such severance pay to which you are entitled under such severance pay plan shall reduce the amount of severance pay to which you are entitled pursuant to this Section 3. In all cases, upon termination of employment you will receive payment for all salary and unused vacation accrued as of the date of your termination of employment, and your benefits will be continued under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and in accordance with applicable law. In furtherance of, and not in limitation of the foregoing, but without duplication, during the period wherein which you shall be receiving Separation Payments in accordance with the provisions of Section 3(d) hereof (the “Severance Period”), then the Company shall, at its election, either (i) continue to pay for your health benefits under the Company’s sponsored health care program in which you were enrolled and eligible to receive benefits prior to your termination of employment, or (ii) pay for your health coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), in each case, for the Severance Period, when such premiums are due and owing.

 

(a)Voluntary Resignation. If you voluntarily elect to terminate your employment with the Company (other than under the circumstances described in Section 3(c) below), you shall not be entitled to any separation benefits.

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(b)Termination for Cause. If the Company or its successor terminates your employment for Cause (as defined below) then you shall not be entitled to receive any separation benefits.

 

(c)Termination for Death or Disability. If your employment with the Company is terminated by reason of death or disability, then, as a severance benefit, the Company shall continue to pay one-twelfth (1/12th) of your Salary for a period of three (3) months, in accordance with the Company’s normal payroll schedule and policy in effect from time to time. For purposes of this section, “Disability” shall mean your inability to perform your duties under this Agreement because you have become permanently disabled within the meaning of any policy of disability income insurance covering employees of the Company then in force. In the event the Company has no policy of disability income insurance covering employees of the Company in force when you become disabled, the term “Disability” shall mean your inability to perform your duties under this Agreement by reason of any incapacity, physical or mental, which the Board, based upon medical advice or an opinion provided by a licensed physician acceptable to the Board, determines to have incapacitated you from satisfactorily performing all of your usual services for the Company for a period of at least ninety (90) days during any twelve (12) month period (whether or not consecutive) and is expected to continue to incapacitate you thereafter, not including any time during which you were on medical leave required by federal or state law. Based upon such medical advice or opinion, the determination of the Board shall be final and binding and the date such determination is made shall be the date of such Disability for purposes of this Agreement.

 

(d)Involuntary Termination. Subject to the provisions of Section 5 hereof, if your employment is terminated by the Company other than for Cause then, as a severance benefit, the Company shall continue to pay you an amount equal to one-twelfth (1/12th) of your Salary for (A) six (6) months, if and to the extent that your employment is terminated within twelve (12) months following the Commencement Date; or (B) twelve (12) months, if and to the extent that your employment is terminated more than twelve (12) months following the Commencement Date.  In addition, if either your employment is terminated by the Company other than for Cause, or you voluntarily terminate your employment with the Company for Good Reason within twelve (12) months following the Commencement Date, one-third (1/3) of your total RSU and PSU grant will vest fully.

 

(e)Definition of “Cause”. For purposes of this Agreement, “Cause” shall mean any of the following: (i) acts of moral turpitude, fraud or dishonesty that involve the assets of the Company, its customers, suppliers or affiliates; (ii) the conviction of, or a pleading of guilty or nolo contendere to, a felony other than involving a traffic related infraction; (iii) use of narcotics, liquor or illicit drugs in a manner that has had a detrimental effect on the performance of your duties; (iv) willfully and repeatedly neglecting your duties to the Company; (v) engaging in any conduct which, after an investigation by a neutral third party, is determined to be discriminatory or harassing toward other Company employees; or (vi) engaging in any conduct which breaches a material provision of this Agreement or the Inventions Agreement (as defined below).

 

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(A)Cause shall only exist where the Company has provided you with written notice of the alleged problem or violation of this Agreement or the Inventions Agreement, and you shall have failed to cure such condition to the reasonable satisfaction of the Company within ten (10) business days. In making any determination that Cause exists, the Board shall act fairly and in good faith and shall give you an opportunity to appear and be heard at a meeting of the Board or any committee thereof and present evidence on your behalf. For any termination pursuant to (e)(i) or (e)(vi) of Section 3, the Company must have reasonable, specific evidence to establish that such conduct has occurred or “Cause” shall not exist. For the avoidance of doubt, and notwithstanding anything herein contained to the contrary, in the event that (x) any of the conditions specified in Section (e)(i) through (e)(vi) of Section 3 shall have occurred, and (y) the Company has reasonable evidence to establish that such conduct has occurred, and (z) the occurrence of any such event shall not be capable of cure, then the Company shall not be required to provide you any notice and a cure period in respect thereof.

 

4.Mitigation. You shall not be required to mitigate the amount of any payment or benefits provided for in this Agreement by seeking other employment or otherwise. Further, the amount of any payment or benefits provided for in this Agreement shall not be reduced by any compensation earned by you as a result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by you to the Company or otherwise.

 

5.Conditions to Receipt of Severance or other Benefits Pursuant to this Agreement.

 

(a)Release of Claims Agreement. Notwithstanding anything herein contained to the contrary, the receipt of any severance or other benefits pursuant to Section 3(d) of this Agreement (the “Separation Payments”) is subject to your signing and not revoking a separation agreement and release of claims, based on the Company’s standard form release, of any and all claims you may have against the Company and its officers, employees, directors, parents and affiliates, in substantially the form attached hereto on Exhibit A (the “Release”), which must become effective and irrevocable no later than the sixtieth (60th) day following the termination of employment (the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, you will forfeit any rights to Separation Payments or benefits under this Agreement. No Separation Payments and benefits under this Agreement will be paid or provided until the Release becomes effective and irrevocable, and any such Separation Payments and benefits otherwise payable between the date of your termination of employment and the date the Release becomes effective and irrevocable will be paid on the date the Release becomes effective and irrevocable.

 

(b)Continued Compliance with Agreements. Your receipt of any Separation Payments or other benefits pursuant to this Agreement will be subject to, and contingent upon, your not being in breach of this Agreement and / or the Inventions Agreement as of the date of your termination, and your continued compliance following the date of your termination with the terms of this Agreement, the Inventions Agreement and the Release, notwithstanding anything herein contained to the contrary.

 

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6.Confidential and Proprietary Information.

 

(a)Confidential Information and Inventions Agreement. As a condition to the execution and effectiveness of this Agreement, you agree to abide by, the Company’s Confidential Information and Inventions Agreement which you previously executed (the “Inventions Agreement”). In furtherance, and not in limitation of the provisions thereof, you agree, during the term hereof and thereafter, that you shall take all steps reasonably necessary to hold the Company’s proprietary information in trust and confidence, will not use proprietary information in any manner or for any purpose except in connection with the performance of your services to the Company, and will not (other than in the performance of the services to the Company as herein contemplated) disclose any such proprietary information to any third party without first obtaining the Company’s express written consent on a case-by-case basis.

 

(b)Third Party Information. You understand that the Company has received, and will in the future receive, from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and use it only for certain limited purposes. You agree to hold Third Party Information in confidence and not to disclose to anyone (other than the Company’s personnel who need to know such information in connection with their work for the Company) or to use, except in connection with the performance of your services to the Company, Third Party Information unless expressly authorized in writing by an officer of the Company.

 

(c)Whistleblower Exception. Notwithstanding any provision of this Agreement to the contrary, including but not limited to this Section 6, you may report possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, and any agency Inspector General, or make other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization from the Company to make any such reports or disclosures and you are not required to notify the Company that you have made such reports or disclosures.

 

7.Covenant Not to Compete. During the longer of (a) a period of two years beginning on the Commencement Date, or (b) the duration of your employment with the Company plus two years following the termination thereof, you shall not, directly or indirectly (whether as an employer, operator, agent, independent contractor, consultant, owner, director, officer, shareholder, investor, partner (general or limited), joint venturer or any other relationship or relationships similar to any of the foregoing), anywhere in the world, except as specifically provided in this Section 7 below:

 

(a)Restriction on Competitive Activities.  Engage in any activities, perform any services or conduct, have an interest in or participate in any businesses that are competitive with any part of the business of the Company as currently conducted or as currently contemplated to be conducted (the “Business”), including without limitation, develop, create, license, sell, distribute or otherwise commercially exploit any product, service or methodology that has the same principal function or features as the Company’s proprietary software products and related services that constitute the Business.

 

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(b)No Solicitation of Customers.  Solicit or divert away or attempt to solicit or divert away any customer of the Company in an effort to provide products or services to such customer which are competitive with the Business.

 

(c)Restrictions on Relationships Involving Competitive Activities.  Be engaged by, employed by, consult with, own any capital stock of, or have any financial interest of any kind in, any individual, person or entity, which conducts a business that is competitive with any part of the Business. Notwithstanding the preceding sentence, you may own, for investment purposes only, up to 1% in the aggregate of the outstanding stock or other equity interest of any entity that is competitive with the Business.

 

8.Covenant Not to Solicit. During the longer of (a) a period of one year beginning on the Commencement Date, or (b) the duration of your employment with the Company plus one year following the termination thereof, you shall not, directly or indirectly (whether as an employer, operator, agent, independent contractor, consultant, owner, director, officer, shareholder, investor, partner (general or limited), joint venturer or any other relationship or relationships similar to any of the foregoing), anywhere in the world, except as specifically provided in this Section 8 below:

 

(a)Restrictions on Relationships Involving Solicitation.  Cause, induce, solicit, recruit, hire or encourage or attempt to cause, induce, solicit, recruit, hire or encourage any person or entity that prior to the date hereof was an employee, subcontractor, contractor, agent, distributor, licensee, licensor or supplier of the Company to terminate, or otherwise change in any manner adverse to the Company or any of its affiliates, its relationship with the Company, or, hire or attempt to hire any person employed by the Company or any of its affiliates, provided that you may hire such employee if such employee’s employment with the Company or any of its affiliates has been terminated involuntarily prior to date of hire by you.

 

9.Arbitration.

 

(a)Agreement to Arbitrate. Except as provided for any action arising out of any violation of the Inventions Agreement or as set forth in clause (b) below addressing excluded claims and remedies, you and the Company both agree that any disputes of any kind whatsoever arising out of or relating to the termination of your employment with the Company, including any breach of this Agreement, shall be subject to final and binding arbitration.

 

(b)Excluded Claims, Relief and Enforcement. You understand that this Agreement does not prohibit you from pursuing an administrative claim with a local, state, or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board, or the Department of Unemployment Assistance for unemployment benefits. This Agreement does not preclude the Company from pursuing court action regarding any claims arising out of any breach of the Inventions Agreement or other claims not otherwise resulting from, or arising out of, the termination of your employment with the Company. Nothing in this Agreement prohibits either party from seeking injunctive or declaratory relief from a court of competent jurisdiction. Either the Company or you may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Otherwise, with the exception of claims set forth in 

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this clause or arising out of the Inventions Agreement, neither party shall initiate or prosecute any lawsuit or claim in anyway related to any arbitrable claim, including without limitation any claims as to the making, existence, validity, or enforceability of the agreement to arbitrate.

 

(c)Procedure. You agree that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”), pursuant to its employment arbitration rules and procedures (the “JAMS Rules”), which are available at www.jamsadr.com/rules-employment-arbitration. A neutral and impartial arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions related to discovery, prior to any arbitration hearing. You also agree that the arbitrator shall have the power to award any remedies available under applicable law. In the event that either party to this Agreement rejects a written offer to compromise from the other party, and fails to obtain a more favorable judgment or award, the arbitrator may award attorneys’ fees and costs to the party that made the offer to compromise in an amount that the arbitrator deems appropriate, taking into consideration the attorneys’ fees and costs (including expert fees) actually incurred and reasonably necessary to defend or prosecute the action. The arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law. You understand that the Company will pay the costs and fees of the arbitration that you initiate, but only those fees over and above the costs you would have incurred had you filed a complaint in a court of law. You agree that the arbitrator shall prepare a written decision containing the essential findings and conclusions on which the award is based. You agree that any arbitration under this Agreement shall be conducted in Denver, Colorado.

 

(d)Exclusive and Final Remedy. Except as provided by the JAMS Rules and this Agreement, arbitration shall be the sole, exclusive and final remedy for any dispute between you and the Company. Accordingly, except as provided for by the JAMS Rules and this Agreement, neither you nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Nothing in this Agreement or in this provision is intended to waive the provisional relief remedies available under the JAMS Rules.

 

(e)Prohibition of Group Actions. Claims must be brought in your individual capacity, not as a representative or class member in any purported class or representative proceeding. The arbitrator shall not consolidate claims of different employees into one proceeding, nor shall the arbitrator have the power to hear arbitration as a class action.

 

(f)Voluntary Nature of Agreement. You acknowledge and agree that you are executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. You further acknowledge and agree that you have carefully read this Agreement and have asked any questions needed for you to understand the terms, consequences, and binding effect of this Agreement and fully understand it, including that you are waiving your right to a jury trial. Finally, you acknowledge that you have been advised by the Company to seek the advice of an attorney of your choice before signing this Agreement and you agree that you have been provided such an opportunity.

 

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10.General.

 

(a)Entire Agreement, Amendment and Waiver. This Agreement, together with the other agreements specifically referred to herein, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof, including but not limited to the offer letter between you and the Company dated May 30, 2012. The terms and provisions of this Agreement may be modified or amended only y written agreement executed by the parties hereto. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. Each such waiver or consent will be effective only in the specific instance and for the purpose for which it was given, and will not constitute a continuing waiver or consent.

 

(b)Notices. Any notice, request, instruction or other document required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) three (3) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (c) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the following address of such party or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto in accordance with the provisions hereof:

 

		
	
If to the Company:
	
Everbridge, Inc.

	
 
	
25 Corporate Drive

	
 
	
Burlington, MA  01803

	
 
	
Attention: Chief Executive Officer

	
 
	
 

	
with a copy to:
	
Everbridge, Inc.

	
 
	
25 Corporate Drive

	
 
	
Burlington, MA 01803 Attention:  General Counsel

	
 
	
 

	
 
	
 

	
If to you:
	
Vernon Irvin

	
 
	
Address

	
 
	
Address

 

(c)Availability of Injunctive Relief. The parties hereto agree that, notwithstanding anything to the contrary herein contained, any party may petition a court for injunctive relief where either party alleges or claims a violation of this Agreement or the Inventions Agreement or any other agreement regarding trade secrets, confidential information, noncompetition, non-solicitation or assignment of inventions. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorney’s fees. 

 

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(d)Assignment. The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company’s business or that aspect of the Company’s business in which you are principally involved. You may not assign your rights and obligations under this Agreement without the prior written consent of the Company.

 

(e)Governing Law. This Agreement, and the rights and obligations of the parties hereunder, will be construed in accordance with and governed by the law of the State of Colorado, without giving effect to the conflict of law principles thereof.

 

(f)Taxes. All payments to you under this Agreement shall be subject to all applicable federal, state and local withholding, payroll and other taxes.

 

(g)Severability. The finding by an arbitrator or a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such arbitrator or court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision which most accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision. If moreover, any one or more of the provisions contained in this Agreement will for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it will then appear.

 

(h)Interpretation; Construction. The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel to the Company, but you have been encouraged to consult with, and have consulted with, your own independent counsel and tax advisors with respect to the terms of this Agreement. The parties acknowledge that each party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

(i)Return of Company Property. Upon termination of this Agreement or earlier as requested by the Company, you shall deliver to the Company any and all equipment, and, at the election of the Company, either deliver or destroy, and certify thereto, any and all drawings, notes, memoranda, specifications, devices, formulas and documents, together with all copies, extracts and summaries thereof, and any other material containing or disclosing any Third Party Information or Proprietary Information (as defined in the Inventions Agreement) of the Company.

 

(j)Survival. The provisions of Sections 3, 5, 6, 7, 8 and 9, and the provisions of the Inventions Agreement, shall survive termination of this Agreement.

 

(k)Representations and Warranties. By signing this Agreement, you represent and warrant that (i) you are not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and (ii) your execution and performance of this Agreement shall not violate or breach any other agreements between you and any other person or entity, and (iii) you have provided the Company with copies of any written agreements presently in effect between you and any current or former employer. You 

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further represent and warrant that you will not, during the term hereof, enter into any oral or written agreement in conflict with any of the provisions of this Agreement, the agreements referenced herein and the Company’s policies.

 

(l)Confirmation of Employment Status. Prior to your first day of employment with the Company, and as a condition to such employment, you shall provide the Company with documentation of your eligibility to work in the United States, as required by the Immigration and Reform and Control Act of 1986.

 

(m)Trade Secrets of Others. It is the understanding of both the Company and you that you shall not divulge to the Company and/or its subsidiaries any confidential information or trade secrets belonging to others, including your former employers, nor shall the Company seek to elicit from you any such information. Consistent with the foregoing, you shall not provide to the Company and/or its affiliates, and the Company and/or its affiliates shall not request, any documents or copies of documents containing such information.

 

(n)Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof.

 

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

 

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EVERBRIDGE, INC.

 

Executive Employment Agreement -- Counterpart Signature Page

 

If the foregoing accurately sets forth our agreement, please so indicate by signing and returning to us the enclosed copy of this letter.

 

	
Very truly yours,

	
 
	
 
	
 

	
EVERBRIDGE, INC.

	
 
	
 
	
 

	
By:
	
 
	
/s/ David Meredith

	
 
	
 
	
 

	
Name:
	
 
	
David Meredith

	
 
	
 
	
 

	
Title:
	
 
	
CEO

	
 
	
 
	
 

	
Date:
	
 
	
August 30, 2019

 

	
	
ACCEPTED AND AGREED TO BY:

	
 

	
/s/ Vernon Irvin

	
Vernon Irvin

 

 

 

 

 

 

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Schedule 1

 

Duties and Responsibilities

 

The CRO will work closely with our CEO to provide the leadership, management, and vision necessary to ensure that the organization has the procedures and people systems in place to effectively grow the organization. The CRO will lead our global sales efforts including planning and execution to ensure the successful performance of the business. 

 

The specific duties and responsibilities shall include:

	
 
	
•
	
partner with the CEO to develop an execution plan to deliver the Corporate Growth Strategy,

	
 
	
•
	
promote a culture of high performance and continuous improvement that values meeting aggressive goals with a commitment to quality,

	
 
	
•
	
motivate and lead a high-performance team; attract, recruit and retain top talent and provide mentoring,

	
 
	
•
	
continuously refine the comprehensive go to market plan across multiple channels and market segments,

	
 
	
•
	
develop and deploy strategic sales plans,

	
 
	
•
	
promote sales growth and customer satisfaction for the organization,

	
 
	
•
	
grow the business by partnering and mentoring with the Senior Management Team to grow the business profitably,  

	
 
	
•
	
represent Everbridge with clients and business partners as appropriate,

	
 
	
•
	
demonstrate exceptional leadership qualities, strategic thinking and decision making, while possessing strong business acumen and staying results focused,

	
 
	
•
	
influence a wide range of audiences; present and defend complicated or sensitive issues that have an important impact on the business, and

	
 
	
•
	
actively shape the culture and lead the team to rally around our vision & mission; consistently promoting and exhibiting behavior within our core values.

 

 

 

 

Exhibit A

 

Vesting Schedule

 

At the end of the fiscal quarter ended immediately after the second anniversary of the Grant Date (the “First Measurement Date”), up to sixty-two and one-half percent (62.5%) of the Shares subject to this Award will become eligible to vest based on the compound annual growth rate (the “CAGR”) achieved during the eight fiscal quarters preceding the most recent fiscal quarter. At the end of the fiscal quarter ended immediately after the third anniversary of the Grant Date (the “Second Measurement Date”), up to an additional sixty-two and one-half percent (62.5%) of the Shares subject to this Award will become eligible to vest based on the CAGR achieved during the twelve fiscal quarters preceding the most recent fiscal quarter. In each case, the CAGR shall be determined based on the Company’s consolidated revenue during each such quarter, as reported in the Company’s consolidated financial statements. Any such vesting will take place on the date that the Company files its Form 10-Q or Form 10-K for the applicable Measurement Date. The number of shares vested as of either measurement date shall be determined with reference to the following table: 

 

				
	
REVENUE GROWTH
	
PSU VESTING
	
LINEAR INTERPOLATION VESTING

	
   <20%
	
0%
	
No linear interpolation vesting

	
     20% to 25%
	
5% to 12.5%
	
1.5% increased vesting for every 1% above 20%

	
     25% to 30%
	
12.5% to 25%
	
2.5% increased vesting for every 1% above 25%

	
     30% to 35%
	
25% to 50%
	
5% increased vesting for every 1% above 30%

	
     40%
	
62.5%
	
Cliff vesting of added 12.5% of PSUs (no linear vesting)

 

For the avoidance of doubt, only up to 62.5% of the Shares may vest on either the First Measurement Date or the Second Measurement Date. The PSUs shall expire with respect to any Shares not vested as of the Second Measurement Date.

 

 

 

 

 

 

Exhibit B

 

Form of Release Agreement

 

This Release Agreement (“Release” or “Agreement”) is made by and between _______________________

(“you”) and Everbridge, Inc.  (the “Company”).  A copy of this Release is an attachment to the Employment Agreement between the Company and you dated __________ _____, 20__ (the “Employment Agreement”). Capitalized terms not defined in this Agreement carry the definition found in the Employment Agreement.

 

1.Separation Payments. In consideration for your execution, return and non-revocation of this Release on or after the date your employment is terminated (the “Separation Date”), the Company will provide you with the Separation Payments described in Section 3(d) of the Employment Agreement: 

 

2.Compliance with Section 409A.  The Separation Payments offered to you by the Company are payable in reliance on Treasury Regulation Section 1.409A-1(b)(9) and the short term deferral exemption in Treasury Regulation Section 1.409A-1(b)(4).  For purposes of Code Section 409A, your right to receive any installment payments (whether pay in lieu of notice, Separation Payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate and distinct payment.  All payments and benefits are subject to applicable withholdings and deductions.

 

3.Release.  In exchange for the Separation Payments and other consideration, to which you would not otherwise be entitled, and except as otherwise set forth in this Agreement, you, on behalf of yourself and, to the extent permitted by law, on behalf of your spouse, heirs, executors, administrators, assigns, insurers, attorneys and other persons or entities, acting or purporting to act on your behalf (collectively, the “Employee Parties”), hereby generally and completely release, acquit and forever discharge the Company, its parents and subsidiaries, and its and their officers, directors, managers, partners, agents, representatives, employees, attorneys, shareholders, predecessors, successors, assigns, insurers and affiliates (the “Company Parties”) of and from any and all claims, liabilities, demands, contentions, actions, causes of action, suits, costs, expenses, attorneys’ fees, damages, indemnities, debts, judgments, levies, executions and obligations of every kind and nature, in law, equity, or otherwise, both known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date of this Agreement, including but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with your employment with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law, statute, or cause of action; tort law; or contract law (individually a “Claim” and collectively “Claims”).  The Claims you are releasing and waiving in this Agreement include, but are not limited to, any and all Claims that any of the Company Parties:

 

	
 
	
•
	
has violated its personnel policies, handbooks, contracts of employment, or covenants of good faith and fair dealing;

 

	
 
	
•
	
has discriminated against you on the basis of age, race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, source of income, entitlement to benefits, any union activities or other protected category in violation of any local, state or federal law, constitution, ordinance, or regulation, including but not limited to: the Age Discrimination in Employment Act, as amended (“ADEA”); Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; 42 U.S.C. § 1981, as amended; the Equal Pay Act; the Americans With Disabilities Act; the Genetic Information Nondiscrimination Act; the Family and Medical Leave Act; the Elliott-Larsen Civil Rights Act, the Colorado Anti-Discrimination Act; the Colorado Labor Relations Act; the Employee Retirement Income Security Act; the Employee Polygraph Protection Act; the Worker Adjustment and Retraining Notification Act; the Older Workers Benefit Protection Act; the anti-retaliation provisions of the Sarbanes-Oxley Act, or any other federal or state law regarding whistleblower retaliation; the Lilly Ledbetter Fair Pay Act; the Uniformed Services Employment and Reemployment Rights Act; the Fair Credit Reporting Act; and the National Labor Relations Act; and

 

 

 

	
 
	
•
	
has violated any statute, public policy or common law (including, but not limited to, Claims for retaliatory discharge; negligent hiring, retention or supervision; defamation; intentional or negligent infliction of emotional distress and/or mental anguish; intentional interference with contract; negligence; detrimental reliance; loss of consortium to you or any member of your family and/or promissory estoppel).

 

Notwithstanding the foregoing, other than events expressly contemplated by this Agreement you do not waive or release rights or Claims that may arise from events that occur after the date this Release is executed. Also excluded from this Agreement are any Claims which cannot be waived by law, including, without limitation, any rights you may have under applicable workers’ compensation laws.  Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (“Government Agencies”), or exercising any rights pursuant to Section 7 of the National Labor Relations Act.  You further understand this Agreement does not limit your ability to voluntarily communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, you are otherwise waiving, to the fullest extent permitted by law, any and all rights you may have to individual relief based on any Claims that you have released and any rights you have waived by signing this Agreement.  If any Claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in which any of the Company Parties is a party.  This Agreement does not abrogate your existing rights under any Company benefit plan or any plan or agreement related to equity ownership in the Company; however, it does waive, release and forever discharge Claims existing as of the date you execute this Agreement pursuant to any such plan or agreement.

 

4.Your Acknowledgments and Affirmations. You also acknowledge and agree that (i) the consideration given to you in exchange for the waiver and release in this Agreement is in addition to anything of value to which you were already entitled, and (ii) that you have been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which you are eligible, and have not suffered any on-the-job injury for which you have not already filed a Claim. You affirm that all of the decisions of the Company Parties regarding your pay and benefits through the date of your execution of this Agreement were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.  You affirm that you have not filed or caused to be filed, and are not presently a party to, a Claim against any of the Company Parties.  You further affirm that you have no known workplace injuries or occupational diseases.  You acknowledge and affirm that you have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Company Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family Medical Leave Act or any related statute or local leave or disability accommodation laws, or any applicable state workers’ compensation law.

In addition, you acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA (“ADEA Waiver”).  You also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which you were already entitled.  You further acknowledge that you have been advised by this writing, as required by the ADEA, that:  (a) your release and waiver herein does not apply to any rights or claims that arise after the date you sign this Agreement; (b) you should consult with an attorney prior to signing this Agreement; (c) you have twenty-one (21) days to consider this Agreement (although you may choose to voluntarily sign it sooner); (d) you have seven (7) days following the date you sign this Agreement to revoke it (by sending written revocation directly to the Company’s [title]); and (e) the Agreement will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after you sign this Agreement.

 

 

5.Return of Company Property.  By the Separation Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  Please coordinate return of Company property with [name/title].  Receipt of the Separation Payments described in Section  1 of this Agreement is expressly conditioned upon return of all Company property.

 

6.Confidential Information, Non-Competition and Non-Solicitation Obligations.  Both during and after your employment you acknowledge your continuing obligations under your Confidential Information and Inventions Agreement not to use or disclose any confidential or proprietary information of the Company and comply with your post-employment non-competition and non-solicitation restrictions.    The Company acknowledges that you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, in the event that you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you: (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order.  

 

7.Confidentiality.  The provisions of this Agreement will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c) you may disclose this Agreement insofar as such disclosure may be required by law.  Notwithstanding the foregoing, nothing in this Agreement shall limit your right to discuss your employment with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.

 

8.Non-Disparagement.  You agree not to disparage the Company, and the Company’s attorneys, directors, managers, partners, employees, agents and affiliates, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that you will respond accurately and fully to any question, inquiry or request for information when required by legal process.  Notwithstanding the foregoing, nothing in this Agreement shall limit your right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, other federal government agency or similar state or local agency or to discuss the terms and conditions of your employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act.

 

9.No Admission.  This Agreement does not constitute an admission by the Company of any wrongful action or violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.

10.Breach. You agree that upon any breach of this Agreement you will forfeit all amounts paid or owing to you under this Agreement.  Further, you acknowledge that it may be impossible to assess the damages caused by your violation of the terms of Sections 5, 6, 7 and 8 of this Agreement and further agree that any threatened or actual violation or breach of those Sections of this Agreement will constitute immediate and irreparable injury to the Company.  You therefore agree that any such breach of this Agreement is a material breach of this Agreement, and, in addition to any and all other damages and remedies available to the Company upon your breach of this Agreement, the Company shall be entitled to an injunction to prevent you from violating or breaching this Agreement.  You agree that if the Company is successful in whole or part in any legal or equitable action against you under this Agreement, you agree to pay all of the costs, including reasonable attorneys’ fees, incurred by the Company in enforcing the terms of this Agreement.

 

 

11.Miscellaneous.  This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable.  This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed entirely within Colorado.

 

	
Everbridge, Inc.

	
 
	
 
	
 

	
By:
	
 
	
 

	
 
	
 
	
[insert]

	
 
	
 
	
 

	
 
	
 
	
[insert]Filed by Avantafile.com- I-Minerals Inc. - Exhibit 10.1

THIS LOAN AGREEMENT (“this Agreement”) is
dated October 25, 2019.

 

AMONG:

 

I-Minerals Inc., a body corporate, continued under the laws of Canada, having its head office at
Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

(hereinafter called the “Company”)

OF THE FIRST PART

AND:

i-minerals USA Inc., an Idaho corporation, having an office c/o the Company, at Suite 880 – 580
Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

(hereinafter called the “Subsidiary”)

OF THE SECOND PART

 

AND:

BV Lending, LLC, an Idaho limited liability company, having its head office at Suite 201 – 901
Pier View Drive, Idaho Falls, Idaho, U.S.A. 83402

 

(hereinafter called “BV”)

OF THE THIRD PART

 

WHEREAS:

 

	A. 	       Pursuant to an agreement among the parties dated June l, 2016, as
amended by an amending agreement dated October 25, 2017 (hereinafter called the "First Amending Agreement"), as further
amended by an amending agreement dated January 19, 2018 (hereinafter called the "Second Amending Agreement"), as further
amended by an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further
amended by an amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further
amended by an amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan
agreement dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third
Amending Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively called the
"Loan Agreement", BV agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the
State of Idaho, U.S.A.;

 

	B. 	       Pursuant to an agreement among the parties dated September 11, 2018
(hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further
advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

 

2

	C. 	       BV has agreed to provide additional funding to the Company pursuant
to the terms and conditions of this Agreement;

 

	D. 	       The Subsidiary is a wholly-owned subsidiary of the Company and is
the legal owner of the Helmer-Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A. referred
to in Recitals A. and B. herein;

 

NOW THEREFORE THIS AGREEMENT
WITNESSETH  that in consideration of these presents and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each of the parties, the parties hereby agree as follows:

 

	1. 	        Definitions

 

	1.01 	    In this Agreement, the following words and phrases shall have the
following meanings, namely:

 

	 	(a) 	       “Advance” means the principal amount of cash advances from BV to
the Company pursuant to this Agreement, as well as interest owing under this Agreement, at BV’s election;

 

	 	(b) 	       “Bonus Shares” has the meaning set out in Exchange Policy 5.1;

 

	 	(c) 	       “Discounted Market Price” has the meaning set out in Exchange
Policy 1.1;

 

	 	(d) 	      “Effective Date” means the date of this Agreement as set forth on
the first page hereof;

 

	 	(e) 	       “Exchange” means the TSX Venture Exchange;

 

	 	(f) 	       “Exchange Policy 1.1” means TSX Venture Exchange Policy 1.1,
entitled “Interpretation”;

 

	 	(g) 	       “Exchange Policy 5.1” means TSX Venture Exchange Policy 5.1,
entitled “Loans, Bonuses, Finder’s Fees and Commissions”;

 

	 	(h) 	       “Exchange Policy 5.9” means TSX Venture Exchange Policy 5.9,
entitled “Protection of Minority Security Holders in Special Transactions”;

 

	 	(i) 	        “Exchange Rate” means the Bank of Canada Noon Rate for
Canadian/U.S. dollars on the applicable dates provided for herein;

 

	 	(j) 	        “Indebtedness” means the principal amount of each cash Advance
pursuant to this Agreement, collectively, as well as interest which is considered an Advance in accordance with sections
2.01 and 2.02 hereof;

 

	 	(k) 	       “Market Price” has the meaning set out in Exchange Policy 1.1;

 

	 	(l) 	        “this Agreement” means this Loan Agreement.

3

	2. 	        Cash Advances to
be made

 

	2.01 	    BV hereby agrees to advance up to an additional $700,000 in cash to
the Company in three separate tranches in accordance with Schedule A attached hereto (individually an “Advance” and
collectively “Advances”), with each Advance to be considered a secured loan accruing interest at the rate of fourteen
percent (14%) per annum calculated from the date of each Advance as at May 31 and as at November 30 of each year in
which such interest is payable hereunder, such interest also to be considered Advances hereunder over and above the
amounts set forth in Schedule A, unless BV elects otherwise, as provided for in paragraph 2.02 herein.  If applicable
this interest will be considered an Advance received on the date such interest is payable as provided for in paragraph
2.02 herein.  BV’s obligation to make the Second Advance and the Third Advance as set forth on Schedule A is subject to
satisfaction of the conditions set forth in paragraph 2.08 below.

 

	 	The Company will repay to BV the principal amount of each Advance as
provided for in paragraph 6.01 herein.  Advances hereunder, other than interest when considered an Advance
hereunder, will be made in accordance with Schedule A attached hereto.  Advances are to be made on the first
business day of each month in which Advances are to be made. 

 

	2.02 	    As provided for in paragraph 2.01 herein, interest owing on Advances
will also be considered Advances, unless BV elects otherwise, in which event it may direct that the Company pay the
interest owing on the Advances hereunder either in cash or in common shares in its capital stock (“Shares”).  In the
event BV elects to have the interest paid either in cash or in Shares, it will so notify the Company within ten (10)
business days prior to the date such interest payments become due and payable.  The interest will be due on or before
June 30 and December 31 of each year in which such interest is payable hereunder.  In the event interest is to be paid
in Shares, they would be issued at a deemed price per Share equal to the greater of:

 

	 	(a) 	       the Discounted Market Price of the Company’s common shares as of
the close of the market on the date of the Company’s news release announcing the proposed payment of interest in Shares,
provided that said news release shall be issued on the date that BV elects to receive the payment of interest in Shares;
and

 

	 	(b) 	       the volume weighted average trading price (the “VWAP”) of the
Company’s common shares over the twenty (20) trading days prior to the date such interest  is calculated (being May 31
and November 30 each year), with the VWAP to be calculated by dividing the total value of common shares of the Company
as traded on the Exchange (or on such other stock exchange or quotation system where the majority of the Company’s
trading takes place) by the total volume of shares traded, with the amount of interest to be calculated in Canadian
funds based on the  Exchange Rate as of the date such interest is calculated.

 

	2.03 	    The Company shall pay to BV a late charge equal to five percent (5%)
of each payment due under this Agreement, or under any other instrument evidencing or securing this Agreement, that is
not paid in full within ten (10) days after the applicable due date as provided for in paragraph 6.01 herein.  Such late
charge shall accrue and be due as of the due date for such payment and represents a reasonable estimate of fair
compensation for the loss that may be sustained by BV for the failure of the Company to make timely payment.  Such late
charge shall be paid without prejudice to the right of BV to collect any other amounts provided for hereunder or to
pursue any other rights and remedies available to BV under this Agreement, under any documents securing and/or
guaranteeing this Agreement, at law or in equity.  

4

 

	2.04 	    All past due principal (whether in due course or by acceleration),
past due interest and past due late charges shall, both before and after judgment, bear interest at the default rate of
eighteen percent (18%) per annum compounded monthly from and after the applicable due date, as provided for in paragraph
6.01 herein, until paid in full.  

 

	2.05 	    The Company agrees to pay any and all reasonable costs and expenses
(regardless of the particular nature thereof and whether incurred before or after the initiation of suit or before or
after judgment) which may be incurred by BV in connection with the enforcement of any of its rights under this Agreement
and/or any instrument securing or guaranteeing this Agreement, including but not limited to attorney fees and all costs
and expenses of collection.

 

	2.06 	    The Company, and all sureties, guarantors, and endorsers hereof,
severally waive presentment for payment, demand, and notice of dishonor and nonpayment of this Agreement, and consent to
any and all extensions of time, renewals, waivers, or modifications that may be granted by BV with respect to the
payment or other provisions of this Agreement, and to the release of any security, or any part thereof, with or without
substitution.

 

	2.07 	    Notwithstanding any other provision contained in this Agreement or in
any instrument given to evidence or secure the obligations evidenced hereby:

 

	 	(a) 	       the rates of interest and charges provided for herein and therein
shall in no event exceed the rates and charges which would result in interest being charged at a rate equaling the
maximum allowed by law; and 

 

	 	(b) 	       if for any reason whatsoever BV ever receives as interest in
connection with the transaction of which this Agreement is a part an amount which would result in interest being charged
at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest
shall automatically be applied toward reduction of the unpaid principal balance then outstanding hereunder and not
toward payment of interest.

 

	2.08 	    Notwithstanding any other provision contained in this Agreement or in
any instrument given to evidence or secure the obligations evidenced hereby, BV shall have no obligation to make the
Second Advance or the Third Advance as set forth on Schedule A until the following conditions have been satisfied in
form and substance satisfactory to BV in its sole discretion:

5

	 	(a) 	       The Subsidiary shall have guaranteed to BV the full payment and
performance of all the Company’s obligations under this Agreement, the Loan Agreement, and the 2018 Loan Agreement (such
collective obligations, the “Guaranteed Obligations”); and 

 

	 	(b) 	       As security for the payment and performance of the Guaranteed
Obligations, the Subsidiary shall have granted, mortgaged and charged in favour of BV, by way of a floating charge, its
undertaking and all of its other property and assets for the time being, real and personal, movable and immovable, of
whatsoever nature and kind, both present and in the future (the “Subsidiary Property”), including but not limited to all
mining leases, reports, and studies related to the Bovill Kaolin Project; and

 

	 	(c) 	       BV shall have registered its interest in the Property and the
Subsidiary Property in any provincial, state or federal property or title registries in the United States and/or Canada;
and

 

	 	(d) 	      BV shall have confirmed that its interest in the Property and the
Subsidiary Property as registered pursuant to paragraph 2.08(c) above is valid, perfected, and in priority to the
interest of any other creditors or other lien holders. whether created by the Company or the Subsidiary or otherwise;
and

 

	 	(e) 	       Any other agreements, certificates, amendments, or other documents
shall have been executed and delivered by the Company and the Subsidiary, and any other actions shall have been taken,
in each case to the extent deemed necessary or appropriate by BV in connection with the matters contemplated in this
paragraph 2.08.

 

	3. 	        Bonus Shares

 

	3.01 	    As additional consideration for the cash Advances made by BV to the
Company pursuant to paragraph 2.01 hereof, the Company agrees to issue to or as directed by BV the Bonus Shares referred
to in sub-paragraph 3.01(a) herein as follows, with such Bonus Shares to be issued within ten (10) business days of each
of June 30 and December 31 of each year in which such securities are to be issued hereunder, with the number of Bonus
Shares to be calculated as set forth below:

 

	 	(a) 	       that number of Bonus Shares in its capital equal to six percent
(6%) of the amount of the Advance, divided by the Market Price of the Company’s common shares as of the close of
business on the date of the Advance, as adjusted by the Exchange Rate on the date of the Advance, subject to the minimum
price per share and the maximum number of Bonus Shares provided for in Exchange Policy 5.1; and

 

	 	(b) 	       for greater certainty, Bonus Shares shall not be issuable in
respect of interest which is deemed to be an Advance in accordance with sections 2.01 and 2.02 hereof.

 

	4. 	        Security for Advances

 

	4.01 	    As security for the repayment of the Advances made pursuant to this
Agreement, together with all accrued and unpaid interest thereon, the Company hereby grants, mortgages and charges in
favour of BV, by way of a floating charge, its undertaking and all of its other property and assets for the time being,
real and personal, movable and immovable, of whatsoever nature and kind, both present and in the future (the
“Property”), including all of the issued and outstanding shares of the Subsidiary.  For greater certainty, the parties
specifically acknowledge and agree that the charges hereby created in favour of BV constitute a first charge and will
rank pari passu with the floating charge granted in favour of BV in respect of cash advances made pursuant to
earlier loan agreements among the parties, together with all accrued and unpaid interest thereon; the parties also
acknowledge and agree that these charges are in priority to any and all specific or floating charges created by the
Company in favour of any other creditors.  The Company and the Subsidiary each agree to take all steps and actions as
are reasonably necessary to assist BV with the registration of its interest in the Property in any provincial, state or
federal property or title registries.  It is also acknowledged by the parties that the Company shall be at liberty to,
in the future, create or suffer to be created mortgages, charges, liens or encumbrances, by other specific charges or
floating charges, ranking subsequent to the floating charges hereby created; it is also acknowledged by the parties
that, unless otherwise specifically agreed to in writing by BV, the Company shall not be at liberty to, and shall not
create or suffer to be created, any mortgage, charge, lien or encumbrance upon the Property or the issued and
outstanding shares of the Subsidiary ranking in priority to or pari passu with the charges hereby created, or to
sell or dispose of the same otherwise than in the ordinary course of its business as at present conducted.

 

6

 

	4.02 	    The parties also agree that the security provided for in paragraph
4.01 herein will be cancelled and of no further force or effect in the event of the repayment of the Indebtedness.

 

	5. 	        Board Representation

 

	5.01 	    During the period any portion of the Indebtedness remains outstanding,
the Company, if requested to do so by BV, agrees to include an individual designated by BV as one of management’s
nominees for director in the notice of meeting and information circular to be distributed to the shareholders of the
Company in connection with the next annual general meeting of its shareholders held subsequent to its receipt of said
request from BV.

 

7

 

	6. 	        Repayment Provisions

 

	6.01 	    The parties agree that the Company will repay the Indebtedness on the
earlier of:

 

	 	(a) 	       June 30, 2020; and

 

	 	(b) 	       60 days after a Pre-Feasibility Study in respect of the Bovill
Kaolin Project has been prepared in accordance with National Instrument 43-101 and has been duly filed on SEDAR.

 

	7. 	        Participation Right

 

	7.01 	    If at any time after the Effective Date hereof and for so long as any
Advance is outstanding, the Company proposes to issue or sell any common shares or convertible securities (“Additional
Securities”) other than:

 

	 	(a) 	       pursuant to the exercise of any stock options granted under the
Company’s stock option plan; or

 

	 	(b) 	       pursuant to the exercise of any share purchase warrants issued
pursuant to previously-completed private placements; or

 

	 	(c) 	       for property interests other than money;

 

	 	BV shall have the right to subscribe for and purchase (directly or through
an affiliate) Additional Securities, at the price at which such Additional Securities are offered for sale to other
purchasers, up to its then pro rata interest in the issued and outstanding common shares of the Company, in each case,
prior to giving effect to the issuance or sale of such Additional Securities (the “Maximum Additional Securities”).

 

	7.02 	    If the Company intends to authorize and/or issue Additional Securities
that give rise to BV’s rights pursuant to paragraph 7.01, the Company shall provide notice to BV (the “Rights Notice”)
no less than six business days before the date on which the Company intends to issue Additional Securities giving rise
to BV’s rights pursuant to paragraph 7.01.

 

	7.03 	    The Rights Notice shall provide the same information to BV regarding
the particulars of the issuance or sale of the Additional Securities as is provided to other persons proposing to
participate in the subscription for Additional Securities.  BV shall give notice (an “Acceptance Notice”) to the Company
not later than 5:00 p.m. (Vancouver time) on the fifth business day following the receipt of any Rights Notice, setting
out the number of Additional Securities, if any, up to the Maximum Additional Securities, which BV intends to subscribe
for and purchase.  Following receipt of an Acceptance Notice, BV shall be entitled to participate in the subscription
for Additional Securities in the same manner as other persons subscribing for Additional Securities and shall be
entitled to subscribe for the number of Additional Securities specified in the Acceptance Notice under such
subscription.

 

	8. 	        Acceptances and Approvals

8

 

	8.01 	    The Company agrees to make application to the Exchange for its
acceptance for the issuance of any Shares payable in settlement of interest owing on any Advances as provided for in
paragraph 2.02 herein, and for the issuance of the Bonus Shares pursuant to paragraph 3.01 herein, which applications
will include all required supporting documents and information and the applicable filing fees.  The issuance of any such
Shares and/or Bonus Shares will in each case be subject to the Company receiving written acceptance from the Exchange
therefor.

 

	8.02 	    In the event the provisions of Exchange Policy 5.9 and Multilateral
Instrument 61-101 (each entitled “Protection of Minority Security Holders in Special Transactions”) apply to any of the
provisions of this Agreement, the Company also agrees to seek the required approval of its shareholders thereunder at
its next annual general meeting of its shareholders, to be held on or before December 31, 2019, in order to seek the
requisite approval from its shareholders for the provisions hereof requiring such approval.

 

	9. 	        Notices

 

	9.01 	    All notices, payments and other communications given in connection
with this Agreement shall be in writing, and the respective addresses of the parties for the service of any notice,
payment or other communication shall be as follows:

 

	 	(a) 	       if to the Company:

 

	 	I-Minerals Inc.
Suite 880 – 580
Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

 

	 	Attention:  Barry
Girling, Director
Email: wbg@imineralsinc.com

 

	 	(b) 	       if to the Subsidiary:

 

	 	i-minerals USA Inc.
Suite 880 –
580 Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

 

	 	Attention:  Barry Girling, Director
Email: wbg@imineralsinc.com

 

9

	 	(c) 	       if to BV:

 

	 	BV Lending, LLC
Suite 201 – 901
Pier View Drive
Idaho Falls, Idaho, U.S.A.
83402 

 

	 	Attention:  Cortney Liddiard, Chief Executive
Officer
Email: flyfish@ballventures.com

 

	 	with a copy to:

 

	 	Thel W. Casper, Esq.
General
Counsel to Ball Ventures, LLC
P. O. Box 51298
Idaho Falls, Idaho, U.S.A.
83402 

 

	 	Email: tcasper@ballventures.com 

 

	 	Any notice, payment or other communication shall be sufficiently given if
delivered by email or by hand or by reputable courier service, or, absent postal disruption, if sent by registered mail,
postage prepaid, posted within either Canada or the United States of America, to the parties at their respective
addresses for service as set forth above.  Any notice, payment or other communication shall be deemed to have been
given and received on the first business day on which it is presented during normal business hours at the address for
service of the addressee.  Any party may change its address for service by notice in writing to the other
parties.

 

	 	10. 	      Time of the Essence

 

	 	10.01 	  Time shall be of the essence of this Agreement.

 

	 	11. 	      U.S. Dollars

 

	 	11.01 	  All references herein to dollar amounts are to lawful currency of the
United States of America, unless otherwise specifically provided for herein.

 

	 	12. 	      Headings

 

	 	12.01 	  The headings contained herein are for convenience only and shall not
affect the meaning or interpretation hereof.

 

	 	13. 	      Singular and Plural, etc.

 

	 	13.01 	  Where the context so requires, words importing the singular number
include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter
genders.

10

	14. 	      Entire
Agreement

 

	14.01 	  This Agreement constitutes the only agreement among the parties with
respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This
Agreement may be amended or modified in any respect by written instrument only.

 

	15. 	      Severability

 

	15.01 	  The invalidity or unenforceability of any particular provision of this
Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.

 

	16. 	      Governing Law

 

	16.01 	  This Agreement shall be governed by and construed in accordance with the
laws of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to
the jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising
out of this Agreement.

 

	17. 	      Dispute Resolution

 

	17.01 	  If any dispute arises between any of the Parties (the Parties in dispute
being the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or
liabilities of the Parties, then a Participant may give to the other Participants notice in writing of the existence of
such dispute, specifying its nature and the point at issue and the Participants agree:

 

	 	(a) 	        to try to resolve the dispute by participating in a structured
negotiation with a mediator under the Commercial Mediation Rules of British Columbia International Commercial
Arbitration Centre (“BCICAC”);

 

	 	(b) 	       where a dispute is not resolved by mediation within a period of 30
days after the appointment of a mediator or within such further period of time to which the Participants agree, any
Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing
authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases
under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC
is binding upon all of the Participants;

 

	 	(c) 	       the arbitrator will give his decision in writing within three weeks
of his being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and
binding upon the Participants;

 

	 	(d) 	      the arbitrator will have full authority to rule on any question of
law in the same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on
any question of law will be final and binding upon the Participants; and

11

 

	 	(e) 	       the failure of any Participant to abide by the decision of the
arbitrator is considered a material breach of this Agreement.

 

	 	This paragraph shall survive any termination of this Agreement and
continues in full force and effect notwithstanding any determination by a court or the Parties that one or more other
provisions of this Agreement are invalid, contrary to law or unenforceable.

 

	18. 	      Successors and Assigns

 

	18.01 	  The terms and provisions of this Agreement shall be binding upon and
enure to the benefit of each of the parties and their respective successors and permitted assigns; provided that
this Agreement shall not be assignable by any party without the written consent of each of the other parties
hereto.

 

	19. 	      Further Assurances

 

	19.01 	  Each of the parties hereto shall do or cause to be done all such acts
and things and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be
necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

 

	20. 	      Effective Date

 

	20.01 	  This Agreement is intended to and shall take effect as of the date first
set forth above, notwithstanding its actual date of execution or delivery.

 

	21. 	      Counterparts and Facsimile

 

	21.01 	  This Agreement may be executed in any number of counterparts by
original, facsimile or other form of electronic signature, each of which so executed shall constitute an original and
all of which taken together shall form one and the same agreement.

 

IN WITNESS WHEREOF the
parties have executed and delivered this Agreement as of the day and year first above written.

 

	
        Executed by

        I-Minerals
Inc.

        in   the presence
of:
	
         
	
         

	
        

        /s/ Barry
Girling                                             

        Authorized
Signatory

         
	
         
	
         

12

 

	
         

        Executed by

        i-minerals USA
Inc.

        in   the presence
of:
	
         
	
         

	
        

        /s/ Barry
Girling                                             

        Authorized
Signatory

         
	
         
	
         

 

	
        Executed by

        BV Lending,
LLC

         

        By:      Ball Ventures, LLC, an Idaho
limited           liability company, the Member

         

                    Per:     
/s/ Cortney
Liddiard                

                               
Cortney Liddiard, CEO
	
         
	
         

SCHEDULE A 

 

 

	
        2019

	
        Budget
	
         
	
         
	
         
	
         
	
        October

        (First Advance)
	
        November

        (Second Advance)
	
        December

        (Third Advance)
	
         

	
         
	
         
	
         
	
         
	
         
	
        $250,000
	
        $250,000
	
        200,000
	
         

	
         
	
         
	
         
	
         
	
         
	
         
	
         
	
         
	
         

 

	DATED:         October 25, 2019

	
        

        Among:

         

        I-Minerals
Inc.

        OF THE FIRST
PART

        And:

         

        i-minerals
USA Inc.

        OF THE
SECOND PART

        And:

         

        BV
Lending, LLC

        

        OF THE THIRD PART

         

	 
LOAN
AGREEMENT

	
        

        Tupper Jonsson &
Yeadon

        1710 - 1177 West Hastings
Street

        Vancouver, B. C.

        V6E 2L3

         
Telephone: (604) 640-6355

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