Document:

Exhibit 10.1 Written Consent in Lieu of Special Meeting of Board of Directors

Exhibit 10.1

UNANIMOUS CONSENT IN LIEU OF A SPECIAL MEETING

OF THE BOARD OF DIRECTORS OF

SMARTDATA CORPORATION.

The Undersigned, being the sole Director of SmartData Corporation (the Company), hereby takes the following action;

WHEREAS,   The Board of Directors deems it in the best interest of the Company to elect Zachary Bradford to serve as the Chief Financial Officer of the Company.

WHEREAS,   The Board of Directors deems it in the best interest of the Company to elect Zachary Bradford to serve as a Director of the Company.

WHEREAS,   The Board of Directors deems it in the best interest of the Company to issue 530,760 shares of SmartData Corporation Common stock to Zachary Bradford or his designee, for his appointment as the Chief Financial Officer and Director.

WHEREAS, Zachary Bradford has accepted his appointment as the Chief Financial Officer and Director of the Company.

THEREFORE BE IT RESOLVED, Zach Bradford be appointed as the Chief Financial Officer and Director of the Company; 

BE IT FURTHER RESOLVED, that 530,760 shares of common stock be issued in the name of Zach Bradford or his chosen designee; 

BE IT FURTHER RESOLVED, that this Unanimous Consent be placed into the minute book of the Company with the proceedings of the Board of Directors and that this consent shall have the same force and effect as if a meeting of the directors were held.

IN WITNESS WHEREOF, the undersigned has executed this document to be effective this 6th day of March, 2014.

/s/ Bruce Lybbert

Bruce Lybbert, directorExhibit 10.1

 

 

March 3, 2014

 

Wes Tyson, MD

(Personal Address)

 

Re: Offer Letter

 

Dear Wes:

 

I am delighted to offer to you the Chief Medical Officer position with CombiMatrix (or “the Company”), reporting directly to me.

 

The purpose of this letter is to set forth the terms of your offer, which if you accept, will become your initial employment terms. You will be expected to perform various duties consistent with your position and according to the needs of the Company.

 

Subject to your acceptance of the terms of this letter, your employment will start with the Company on April 8, 2014. Your employment will be on a full-time (i.e., 40 hours per week) basis.  Your position is not eligible for overtime pay because it is considered “exempt” from the overtime pay provisions of the Fair Labor Standards Act.  Please note that this offer will expire at 4:00 PM Pacific time on Wednesday March 5, 2014.

 

Compensation and Benefits

 

·                  You will be paid a base salary of $325,000 per year, paid on a bi-weekly basis and prorated for any period less than a full year, less applicable taxes.

 

·                  You will be eligible for the 2014 Executive Management Incentive Program (MIP) Bonus plan. Under the plan, you will be eligible to earn 34% of your base salary ($110,000) as a bonus if the Company attains its revenue goal for 2014.  Please note that your bonus will be $135,000 if we attain 110% of the goal.

 

·                  We will recommend to our Board of Directors that you be granted 60,000 Restricted Stock Units.   Such units will vest over four (4) years as long as you continue to be employed by CombiMatrix, with 25% of your shares scheduled to vest on each anniversary of the grant date.

 

Initial           

 

 

·                  You may participate in corporate benefits offered to employees of CombiMatrix, subject to eligibility and other requirements of those plans.  Our benefits include various choices for health, dental and vision insurance for our employees and their eligible family members.  CombiMatrix supplements the cost of these benefit plans to minimize your out-of-pocket costs.  You will also be eligible to participate in our 401K savings plan and flexible spending program covering certain healthcare-related costs.

 

·                  CombiMatrix will pay to move your household goods from Colorado to California. In addition, the Company will pay for the realtor commission on the sale of your home in Colorado and the accompanying closing costs.  Further, the Company agrees to pay a rental stipend up to $3,000 a month for a short-term (not to exceed six (6) months) to allow you and your family time to get settled in Southern California. Finally, we will pay for one House Hunting trip for your family over the next six (6) weeks from offer acceptance. Any of the foregoing expenses, which are treated as compensation for tax purposes, will be grossed-up to negate the tax consequences of such reimbursement to you.

 

·                  Paid time-off of seventeen (17) days per year, and six (6) company-paid holidays.

 

Business Expenses

 

CombiMatrix will reimburse you for reasonable and actual travel and entertainment expenses you incur in connection with performing services for the company, pursuant to CombiMatrix’s policy and applicable tax law and regulations. We retain full discretion to determine whether, and to what extent, actual travel and entertainment expenses are reasonable and subject to reimbursement.

 

At-Will Employment

 

While we hope that our employment relationship is on-going and mutually rewarding, your employment with CombiMatrix is at-will, which means that you may discontinue your employment with CombiMatrix at any time, for any reason, and similarly, CombiMatrix may terminate your employment at any time, for any reason. This at-will relationship may not be modified or changed during your employment with CombiMatrix, except by written agreement between you and the President/CEO of CombiMatrix. Nothing in this letter is intended to create any guarantee of employment for any specified period of time.

 

Conditions of Employment

 

This offer of employment is contingent on the following:

 

·                  Employment Authorization. You must produce, within three working days of hire, documentation showing identity and eligibility to work in the United States.

 

·                  Satisfactory Reference and Background Check. This offer is contingent upon receiving satisfactory references and an acceptable background check.

 

Initial         

 

 

·                  Satisfactory Drug Screening. This offer is contingent upon successful completion of a post-offer drug screening test.

 

·                  Employee Agreements. This offer is contingent upon your completion of the New Hire Orientation where you will be asked to sign acknowledgments regarding company policy.

 

Wes, I am excited to work side by side with you, I know we will have a productive and enjoyable working relationship.  Please feel free to call me if any clarification of this offer is needed.  Congratulations and welcome to the Combi team!

 

	
Very   truly yours,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Mark   D. McDonough
    	
 
    
	
CEO/President
    	
 
    
	
CombiMatrix   Corporation
    	
 
    

 

By my signature below and initialization of each page, I accept this offer of employment in accordance with the terms and conditions in this letter.

 

 

	
 
    	
 
    	
 
    
	
Wes   Tyson, MD
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
Today’s   Date
    

 

InitialExhibit 10.2

 

2014 EXECUTIVE PERFORMANCE BONUS PLAN

 

Purpose

 

Pursuant to the authority granted under CombiMatrix Corporation Compensation Committee Charter, the Compensation Committee (the “Committee”) of CombiMatrix Corporation (the “Company” or “our”) has adopted this 2014 Executive Performance Bonus Plan (the “Plan”) effective as of January 1, 2014.  The purpose of this Plan is to motivate executives to achieve the Company’s objectives and to minimize turnover for participants.  The Plan is intended to permit the payment of bonuses that qualify as performance-based compensation under Internal Revenue Code Section 162(m).

 

Structure

 

The performance bonus shall be tied to the achievement of our 2014 net revenue target as determined by the Committee.

 

The following table illustrates the target bonus amount for the Eligible Executives based on the level of achievement of our 2014 revenue targets, inclusive and excluding revenue targets from partnerships.  The target range is between 90% - 150% of the 2014 revenue target.  Anything below 90% will not qualify for bonus payout; anything above 150% will be paid out at that level.

 

	
CEO:
    	
 
    	
CFO/CMO:
    	
 
    
	
% of
    	
 
    	
 
    	
 
    	
% of
    	
 
    	
 
    	
 
    
	
Budgeted
    	
 
    	
 
    	
 
    	
Budgeted
    	
 
    	
 
    	
 
    
	
Revenues
    	
 
    	
Bonus
    	
 
    	
Revenues
    	
 
    	
Bonus
    	
 
    
	
Achieved
    	
 
    	
Amount
    	
 
    	
Achieved
    	
 
    	
Amount
    	
 
    
	
90
    	
%
    	
$
    	
77,500
    	
 
    	
90
    	
%
    	
$
    	
55,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
100
    	
%
    	
$
    	
155,000
    	
 
    	
100
    	
%
    	
$
    	
110,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
110
    	
%
    	
$
    	
180,000
    	
 
    	
110
    	
%
    	
$
    	
135,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
130
    	
%
    	
$
    	
240,000
    	
 
    	
130
    	
%
    	
$
    	
190,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
150
    	
%
    	
$
    	
270,000
    	
 
    	
150
    	
%
    	
$
    	
220,000
    	
 
    

 

There shall be no pro rata increase in bonus payout between the 90% and 100% target level achieved, but that bonus payments will be computed on a pro rata basis between 101% and 150% of the target achieved, which shall be the cap for the bonus plan.

 

Eligible Executives

 

The following executives are eligible for this program:

 

Mark McDonough, CEO

Scott Burell, CFO

R. Weslie Tyson, MD, CMO (starting upon commencement of employment)

 

1

 

Payments

 

In order to receive a bonus, the participant must be employed by CombiMatrix or CombiMatrix Diagnostics at the time bonuses are distributed.  The bonus calculations will occur once the Company’s auditors have completed their annual audit and the revenue numbers are known, and will be paid out within seventy-five days following December 31, 2014.

 

The following schedule provides an example of what the payouts would be based on the Company achieving 100% of the budgeted revenue target, inclusive and exclusive of revenues from partnerships:

 

	
 
    	
 
    	
% of
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Budgeted
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Revenues
    	
 
    	
Bonus
    	
 
    
	
Participant
    	
 
    	
Achieved
    	
 
    	
Amount
    	
 
    
	
Mark   McDonough, CEO
    	
 
    	
100
    	
%
    	
$
    	
155,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Scott   R. Burell, CFO
    	
 
    	
100
    	
%
    	
$
    	
110,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
W.   Weslie Tyson, CMO
    	
 
    	
100
    	
%
    	
$
    	
110,000
    	
 
    

 

In the event the Company achieved 150% of the revenue target or above (inclusive of revenues from partnerships), the maximum potential payouts would be:

 

	
 
    	
 
    	
% of
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Budgeted
    	
 
    	
Bonus
    	
 
    
	
Participant
    	
 
    	
Revenues
    	
 
    	
Amount
    	
 
    
	
Mark   McDonough, CEO
    	
 
    	
150
    	
%
    	
$
    	
270,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Scott   R. Burell, CFO
    	
 
    	
150
    	
%
    	
$
    	
220,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
W.   Weslie Tyson, CMO
    	
 
    	
150
    	
%
    	
$
    	
220,000
    	
 
    

 

The Compensation Committee retains the latitude to adjust, or eliminate the award, due to unforeseen circumstances.  In order to obtain approval by the Compensation Committee for payout of bonuses under the Plan, gross margins, expense ratios, cash burn targets and cash collections need to be generally comparable to those defined in the 2014 consolidated budget.  The Committee wishes to encourage management and will not withhold approval, if there is substantial performance improvement during 2014.

 

Respectfully submitted,

 

THE COMPENSATION COMMITTEE

CombiMatrix Corporation

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]