Document:

EXHIBIT 10.1

  

   

    

  CONFIDENTIAL

    

  

  

  
    EMPLOYMENT AGREEMENT

    This Employment Agreement (the “Agreement”) is made on the 21st day of May, 2022 between Iradimed Corporation, a Delaware corporation, having
      offices at 1025 Willa Springs Drive, Winter Springs, Florida (“Iradimed” or “Company”), and John (Jack) Glenn (“Executive”). 

    

     

    

    WITNESSETH:

    WHEREAS, Iradimed desires to employ Executive upon the terms and conditions hereinafter stated as Chief
      Financial Officer (CFO), and;

     

    

    WHEREAS, Executive wishes to be employed by Iradimed on the terms and conditions contained in this Agreement
      as CFO.

     

    

    NOW, THEREFORE, in consideration of the facts, mutual promises and covenants contained herein and intending
      to be legally bound thereby, Iradimed and Executive agree as follows:

      

    

    	1.	
            Employment. Iradimed shall employ Executive, and Executive hereby accepts employment by Iradimed as CFO, for the period and upon the terms and conditions contained in this Agreement, beginning on or
              before the 20th day of June 2022 (the “Hire Date”) as the Parties may agree.

          

     

    

    	2.	
            Title and Duties. Executive is being hired to serve Iradimed as CFO. Executive will report to the Chief Executive Officer (CEO) and shall have such authority and responsibilities as delegated or
              assigned from time to time by the CEO. Executive shall primarily be responsible for various business aspects involving all areas of Accounting & Finance, including business planning and modeling, organizational and capacity planning,
              public investor relations, Securities and Exchange Commission requirements, and other duties as may be assigned by the CEO from time to time. Executive shall apply his previously acquired knowledge of medical device businesses to guide the
              growth of the Company while meeting revenue and earnings goals, and all quality/regulatory requirements. Executive shall become and maintain residency in Florida at all times from the Hire Date onward.

          

     

    

    	3.	
            Term. This Agreement shall commence as of the date hereof and shall continue until terminated in accordance with Sections 7 and 8 below (the “Term”).

          

     

    

    
      	4.	
              Policies. Except as provided herein, Executive shall be covered by and agrees to comply with all Iradimed policies on the same terms as are applicable to other full-time Executives. 

              

            

    

    
      
        

      
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      	5.

            	
              Extent of Services. Executive shall devote substantially all of his entire business and professional time and attention to the faithful and diligent performance of Executive’s duties hereunder, and
                will not engage in any other business, profession, or occupation for compensation or othewise which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of
                Iradimed. Notwithstanding the foregoing, Executive will be permitted to (a) with the prior written consent of the Board (which consent will not be unreasonably withheld or delayed), act or serve as a director, frustee, committee member, or
                principal of any type of business, civic, or charitable organization as long as such activities are disclosed in writing to Iradimed’s Board of Directors, and (b) purchase or own less than five percent (5%) of the publicly traded securities
                of any corporation; provided that, such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; provided further that, the activities described
                in clauses (a) and (b) do not interfere with the performance of the Executive’s duties and responsibilities to the Company as provided hereunder. 

              

            

    

     

    

    
      	6.

            	
              Compensation.

            

    

      

    

    	

          	(a)	
            Base Salary. The Company shall pay Executive a minimum annual salary of three hundred forty thousand dollars ($340,000), or in the event of any portion of a year, a pro rata daily amount of such
              annual salary. Executive’s salary will be payable as earned in accordance with the Company’s customary payroll practice and subject to tax withholdings as applicable and required by law. Executive shall also be annually reviewed and eligible
              for merit increases as warranted by performance, Merit increases shall be based on Executive’s base salary and subsequent performance review(s), beginning December 31, 2022, and each year thereafter while Executive is employed by the Company.

          

    	

          	(b)	
            Annual Bonus. Executive shall be eligible each fiscal year to receive cash bonus compensation based upon attaining specific qualitative and/or quantitative goals as assigned by the Board of Directors
              with consideration of any special situations in which the Executive may have demonstrated exemplary performance. The target value of such annual cash bonus awards shall be 50% of the then prevailing Base Salary (the “Annual Bonus”). For the
              period beginning on the Hire Date and ending on December 3 1, 2022 (the last day of the Company’s 2022 fiscal year), the Executive shall be eligible to receive a prorated Annual Bonus (calculated as the Annual Bonus that would have been paid
              for the entire calendar year multiplied by a fraction, the numerator of which is equal to the number of days (including weekends and holidays) that the Executive was employed in the applicable fiscal year and the denominator of which is equal
              to the total number of days In such year.) The Annual Bonus shall be deemed to have been earned by, and payable to the Executive as of the date of the Board of Directors’ determination of the amount of the Annual Bonus, regardless of whether
              Executive is still

          

    

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              employed on the payment date.

            

    

    	

          	(c)	
            Equity Compensation, Hire Grant. The Company shall provide Executive with a restricted stock unit award (RSU) that will be subject to the terms and conditions of the Iradimed Restricted Stock Unit
              Agreement executed by Executive and Company (the “RSU Grant”). The RSU Grant will be awarded on the Hire Date, having a value of $750,000 with the number of shares determined by the price of Iradimed Common Stock at the Nasdaq market closing
              price the trading day preceding the day of RSU Grant.

          

     

    

    
      	

            	
              The RSU Grant will vest over four years in annual installments, each equal to 25% of the RSU Grant, with the first installment vesting twelve (12) months from the Hire Date, and the second, third and fourth installments vesting
                respectively 24, 36 and 48 months from the Hire Date.

            

    

     

    

    	

          	(d)	
            Annual Equity Bonus. Beginning in the first full calendar year of employment (2023), future equity compensation shall be annually awarded as an RSU grant having a targeted value of $600,000 which may
              be increased or decreased subject to Executive’s performance against goals as set by the Board of Directors with the number of shares determined in a like manner to that indicated in 6(c) (the “Equity Bonus”). 

            

          

    	

          	(e)	
            Benefits. Executive will be eligible to participate in Iradimed employee benefit plans that apply to all employees generally, including without limitation, health and dental insurance programs,
              401(k) plan, and four weeks (twenty workdays) annually of paid personal leave (vacation).

          

    	

          	(f)	
            Relocation Assistance. As Executive shall relocate from California, Iradimed shall pay, or reimburse Executive for all reasonable relocation expenses incurred by the Executive up to one year from
              Hire Date relating to such relocation to Florida.

          

    	

          	(g)	
            Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s
              duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

            

          

    	7.	
            Termination By Company.

          

    
      	

            	(a)	
              Termination For Cause. Iradimed may terminate Executive’s employment hereunder for “Cause” upon: (a) any willful breach of any material obligation under this Agreement; (b) any gross negligence or
                willful misconduct by Executive in the performance of his duties as an Iradimed employee; (c) Executive’s conviction of or plea of guilty or nolo contendre to a crime that constitutes a felony under the laws of the United States or any
                state thereof, if such felony or other crime is work-related, materially impairs the Executive’s 

            

    

    

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              ability to perform services for the Company or results in material or financial harm to the Company or its affiliates; (d) Executive’s commission or participation in any act of fraud, embezzlement or dishonesty; (e) Executive’s willful,
                material breach of an Iradimed policy; (f) Executive has not made the greater Orlando area his primary residence within 150 days from the Hire Date. Executive shall not be terminated under subparagraphs (a) or (f) herein, unless she has
                received written notice of such breach from the Company’s Board of Directors, has had an opportunity to respond to the notice, and has failed substantially, where possible, to cure such breach within thirty (30) calendar days of such
                notice. In no event shall the Equity Compensation vesting provisions of Section 6(c) become effective until Executive has made the greater Orlando area his primary residence. For purposes of this provision, no act or failure to act on the
                part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any
                act, or failure to act, based upon the authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in
                good faith and in the best interests of the Company.

            

      
        	

              	(b)	
                Termination Without Cause. The Term and the Executive’s employment hereunder may be terminated by the Executive for Good Reason (as defined in Section 8 below) or by the Company without Cause (as
                  defined by Section 7(a) above).

              

        
          	8.	
                  Termination By Executive.

                

          
            	

                  	(a)	
                    Termination for Good Reason. Executive may terminate his employment hereunder by tendering his resignation to Iradimed. Unless otherwise consented to in writing by Executive, a resignation by
                      Executive shall be for “Good Reason,” where such resignation is tendered within sixty (60) days following: (a) a reduction in Executive’s minimum Base Salary (other than a general reduction in Base Salary that affects all similarly
                      situated executives in substantially the same proportions); (b) a reduction in the Executive’s Annual Bonus opportunity (other than a general reduction in Annual Bonus that affects all similarly situated executives in substantially
                      the same proportions); (c) a material, adverse change in the Executive’s title, authority, duties, or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable
                      law); (c) the relocation of Executive’s place of employment outside of a thirty (30) mile radius from the Company’s current address; (d) any material breach by Iradimed of any material provision of this Agreement or any material
                      provision of any other agreement between the Executive and Iradimed; (e) Iradimed’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same
                      extent that the 

                  

          

        

      

    

    

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              Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; (f) a material adverse change in the reporting structure applicable to the Executive. Prior to accepting
                Executive’s resignation for any of the reasons set forth in this paragraph, the Company shall have an opportunity to rectify the matter that gave rise to Executive’s resignation. If the matter is not rectified within fifteen (15) days,
                Executive’s resignation shall be deemed accepted by the Company.

            

    

    
      	

            	(b)

            	
              Resignation in connection with a Control Transaction. Executive may resign his position as a consequence of a Control Transaction (a “Change in Control Resignation”) where such resignation is
                tendered within sixty (60) days following any of the events listed below and such event occurs within twelve (12) months following a Control Transaction as defined in Section 8(c):

            

    

    
      	

            	(i)	
              an assignment to Executive of any duties inconsistent with, or a significant change in the nature or scope of Executive’s authority, responsibilities, title, reporting structure, or duties from, those held by Executive immediately prior
                to the Control Transaction;

            

    

    
      	

            	(ii)	
              a material reduction in Executive’s annual salary or bonus program in effect immediately prior to the Control Transa6tion;

            

    

    
      	

            	(iii)	
              
                the relocation of Executive’s place of employment outside of a thirty (30) mile radius from the Company’s current address;

              

            

    

    
      	

            	(iv)	
              
                the failure to provide Executive with a number of paid personal leave days at least equal to the number of paid personal leave days to which he was entitled in the last full calendar year prior to the Control Transaction;

              

            

    

    
      	

            	(v)	
              
                the failure to provide Executive with substantially the same fringe benefits that were provided to Executive immediately prior to the Control Transaction, or with a package of fringe benefits that, though one or more of such benefits
                  may vary from those in effect immediately prior to the Control Transaction, is, in Executive’s opinion, substantially at least as beneficial to Executive in all material respects to such fringe benefits taken as a whole;

              

            

    

    
      	

            	(vi)	
              the failure to obtain the express written assumption of, and agreement to, perform the obligations in this Agreement by any successor.

            

    

    
      	

            	(c)

            	
              Control Transaction. In this Agreement, a “Control Transaction” means a change in control of the Company defined as a transfer of ownership of more than 50% of the outstanding shares of the
                Company’s stock in a single transaction or in a series of transactions that are related to the same or related

            

    

    

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              parties, The regular daily trading of the Company’s Common Stock, when aggregated over time, does not constitute a Control Transaction.

            

    

    
      	9.	
              Death or Disability.

            

    

    
      	

            	(a)

            	
              
                If, during the term of this Agreement, Executive becomes disabled such that she is not able to effectively discharge his duties under this Agreement due to
                  physical or mental incapacity, to perform the essential functions of his job, with or without reasonable accommodation, for a period of one hundred eighty days (180) out of any three hundred sixty-five (365) day period (a “Disability”),
                  Iradimed’s obligations under this Agreement shall cease, except that Executive may participate in any Iradimed-provided group disability benefits in accordance with the terms of those plans. However, in the event that the Company
                  temporarily replaces the Executive or transfers the Executive’s duties or responsibilities to another individual on account of the Executive’s inability to perform such duties due to a mental or physical incapacity which is, or is
                  reasonably expected to become, a Disability, then the Executive’s employment shall not be deemed terminated by the Company. Any question as to the existence of the Executive’s Disability as to which the Executive and the Company cannot
                  agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such
                  a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of
                  this Agreement.

              

            

    

    
      	

            	(b)

            	
              If the Executive’s employment is terminated during the Term on account of the Executive’s death or Disability, the Executive or the Executive’s estate or beneficiaries, as the case may be shall be entitled to receive the following:

            

    

    
      	

            	(i)	
              All accrued Base Salary and vacation time;

            

    

    
      	

            	(ii)	
              A lump sum payment of all (A) unpaid Annual Bonuses and (B) the pro-rata Annual Bonus that the Executive would have earned for the fiscal year in which the death or Disability occurs, based on the achievement of applicable performance
                goals for such year, which shall be payable on the date that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half (2 1/2 ) months following the end of the fiscal year in which the
                termination occurs.

            

    

    
      	

            	(ii)	
              All vested equity grants.

            

    

    

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      	10.	
              Consequences of Termination Other than From Death or Disability.

            

    

    
      	

            	(a)

            	
              Compensation.

            

    

    
      	

            	(i)	
              In the event that Iradimed terminates Executive’s employment hereunder Without Cause or Executive resigns from Iradimed with Good Reason, then Iradimed shall pay to Executive (i) the full amount of any earned but unpaid Base Salary
                through the date of termination; (ii) his accrued and unused vacation leave as of the last day worked, (iii) his approved  business expenses; (iv) the full amount of any unpaid cash bonus awarded for any fiscal years prior to the date of
                termination; (v) an amount equal to twelve (12) months Base Salary; (vi) subject to Executive’s timely election to continue his existing health benefits under COBRA, and consistent with the terms of COBRA and the Company’s health insurance
                the Company will provide you a taxable lump sum payment in an amount equal to pay the employer portion of the insurance premiums to continue your existing health benefits under COBRA for twelve (12) months following the termination date, as
                such premiums would be measured on the termination date, less applicable federal and state payroll deductions (the “COBRA Payment”); and (vii) all unvested equity awards pursuant to Sections 6(c) and (d) above shall be immediately
                accelerated and deemed vested as of the termination date. Such payment shall be made as a lump sum within fifteen (15) days of the effective date of such termination.

            

    

    

    

    

    

    

    

    

    

    

    

    

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          	(ii)	
            In the event that Company terminates Executive’s employment as a result of a Control Transaction or Executive tenders a Change in Control Resignation, then Iradimed shall pay to Executive (i) the full amount of any earned but unpaid Base
              Salary through the date of termination; (ii) his accrued and unused vacation leave as of the last day worked; (iii) his approved business expenses; (iv) the full amount of any unpaid cash bonus awarded for any fiscal years prior to the date
              of termination; (v) an amount equal to eighteen (18) months Base Salary; (vi) an amount equal to the Annual Bonus pro-rated (calculated as the Annual Bonus that would have been paid for the entire calendar year multiplied by a fraction, the
              numerator of which is equal to the number of days (including weekends and holidays) that the Executive was employed in the applicable fiscal year and the denominator of which is equal to the total number of days in such year; (vii) to the
              subject to Executive’s timely election to continue his existing health benefits under COBRA, and consistent with the terms of COBRA and the Company’s health insurance plan, the Company will provide you a taxable lump sum payment in an amount
              equal to pay the employer portion of the insurance premiums to continue your existing health benefits under COBRA for eighteen (18) months following the termination date, as such premiums would be measured on the termination date, less
              applicable ‘federal and state payroll deductions (the “COBRA Payment”); and (viii) all unvested equity awards pursuant to Sections 6(c) and (d) above shall be immediately accelerated and deemed vested. Such payment shall be made as a
              lump sum within fifteen (15) days of the effective date of such termination.

          

     

    

    	

          	(iii)	
            In the event that Iradimed terminates Executive’s employment hereunder for Cause or Executive resigns without Good Reason, Iradimed shall pay Executive his earned and unpaid Base Salary and his accrued and unused vacation leave as of the
              last day worked, and approved business expenses and Iradimed shall have no obligation to make any further payments to or to provide any further benefits hereunder to Executive. Such payment shall be made within fifteen (15) days of the
              effective date of resignation or termination.

          

     

    

    	11.	
            Noncompetition/Non-solicitation/Confidentiality. Executive agrees to execute a Non-Solicitation, Non-Compete and Confidentiality Agreement simultaneously with the execution of this Agreement.

          

    	12.	
            Ownership of Developments. All information, data, ideas, customer lists or other material which Executive develops or
              conceives during his employment, (1) which are along the lines of business, work or investigations of the Company, or (2) which result from or are suggested by any work performed by Executive on behalf of the Company, shall be the exclusive
              property of the Company, shall be promptly disclosed to the Company, and Executive will promptly execute and deliver all documents and do all other things necessary and proper to make all such information, 

            

          

    

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              data, ideas, customer lists or other material the absolute property of the Company. Executive agrees to assist the Company in every proper way to obtain for the Company’s benefit copyrights, patents, or other appropriate legal protection
                for information, data, ideas, customer lists or other material that become the exclusive property of the Company. 

              

            

    

     

    

    
      	13.	
              Notices. Any notice required or desired to be given under this Agreement shall be deemed given if in writing and sent by certified mail to the addresses set forth below. Notice shall be deemed
                given immediately if delivered in person or within three (3) days after mailing by certified mail to the following addresses:

            

    

     

    

    
      	
              John (Jack) Glenn

              

              

              

              

            	
              Roger Susi, Chairman of the Board

              Iradimed Corporation 

              1025 Willa Springs Dr. 

              Winter Springs, FL 32708 

            

      

      

      
        	

              	
                Any party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this paragraph for the giving of notice.

              

      

      

      

      
        	14.	Assignment. Executive acknowledges that his services are unique and personal and that he therefore may not
                assign his rights or delegate his duties under this Agreement. This Agreement shall inure to the benefit of and be binding on Iradimed, its successors and assigns, including, without limitation, any entity which is or may become affiliated
                with or related to Iradimed.

      

      

      

      
        	15.	
                Waiver. Failure to insist upon strict compliance with any term or condition of this Agreement shall not be deemed a waiver of such term or condition- The waiver of a breach of any term or
                  condition of this Agreement by any party shall not be deemed to constitute the waiver of any other breach of the same or any other term of condition.

              

      

      

      

      
        	16.	
                Entire Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations, or
                  warranties relating to the subject matter of this Agreement that are not set forth herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto. Section headings are for convenience
                  only, and are neither a part of this Agreement nor a limitation of the scope of the particular sections to which they refer.

              

      

      

      

      
        	17.	
                Governing Law. This Agreement shall be construed in accordance with the laws of the State of Florida.

              

      

      

      

      
        
          
            	18.	
                    Severability. The provisions of this Agreement are severable, and if any provision(s) or any part of any provision(s) is held to be illegal, void or invalid under applicable 

                    

                  

          

          

            

            

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                      law, such provision(s) may be changed to the extent reasonably necessary to make the provision(s)5 as so changed, legal, valid and binding, and to reflect the original intentions of the parties as nearly as possible in accordance
                        with applicable law. This Agreement shall be construed according to its fair meaning and not strictly for or against either party.

                    

              

                
                  	19.	
                          Venue and Jurisdiction. The parties to this Agreement hereby expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in
                            connection with this Agreement, and consent and subject themselves to the jurisdiction of the courts of the State of Florida and/or the United States District Court for the Middle District of Florida, Orlando Division.

                        

                

                

                

                
                  	20.	Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of
                          which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
                          counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as signatories.

                

                

                

                
                  	 21.	
                          Named Party Litigation. In the event that Executive is a named Party with the Company involving Executive’s former employer, Executive shall be represented by the Company’s defense
                            attorneys as Executive. No cost for such defense shall be borne by Executive.

                        

                

                

                

                
                  	22.	
                          Section 409A.

                        

                   

                  

                  
                    	

                          	(a)

                          	
                            General Compliance. This Agreement is intended to comply with Section 409A of the Internal Revenue Code or an exemption thereunder and shall be construed and administered in
                              accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable
                              exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the
                              maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of
                              employment shall only be made upon a “separation from service” under Section 409A. 

                          

                  

                  
                    	

                          	(b)

                          	
                            
                              Specified Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his termination of employment is determined to
                                constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not
                                be paid until the first

                            

                          

                  

                  

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                              payroll date to occur following the six-month anniversary of the Termination Date or, if earlier, on the Executive’s death (the “Specified Employee Payment Date”). The
                                aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service
                                for the month in which the Executive’s separation from service occurs shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in
                                accordance with their original schedule.

                            

                          

                  

                  
                    	

                          	(c)

                          	Reimbursements. To the extent required by Section 409A, each reimbursement or
                            in-kind benefit provided under this Agreement shall be provided in accordance with the following:

                  

                  
                    	

                          	(i)	
                            the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar
                              year;

                          

                    

                    

                    
                      	

                            	(ii)	
                              any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and

                            

                    

                    

                    

                    
                      	

                            	(iii)	
                              any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

                            

                    

                    

                    

                    
                      	23.	Indemnification. In the event that the Executive is made a party or threatened to
                                be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), by reason of the fact that the Executive is or was a director or officer of the Company, or any
                                affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, the
                                Executive shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law and the Company’s bylaws from and against any liabilities, costs, claims, and expenses, including all costs
                                and expenses incurred in defense of any Proceeding (including attorneys’ fees).  Costs and expenses incurred by the Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance
                                of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which
                                payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of the Executive to repay the amounts so paid if it shall ultimately be determined that the Executive is not entitled to be
                                indemnified by the Company under this Agreement.

                    

                    

                    

                    
                      	

                            	(b)

                            	During the employment Term and for a period of three (3) years thereafter, the 

                    

                    

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                          	Company or any successor to the Company shall purchase and maintain, at its own expense, directors’ and officers’
                            liability insurance providing coverage to the Executive on terms that are no less favorable than the coverage provided to other directors and similarly situated executives of the Company.

                  

                   

                  

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

     

    

    
      	
               

            	IRADIMED CORPORATION

            	 
	
               

            	

            	 
	 	 	 
	
               

            	/s/ Roger Susi 	 
	
               

            	
              Roger Susi 

              

            	 
	
               

            	President CEO Chairman of the Board

            	 
	
               

            	
               

            	 
	
               

            	
               

            	 
	
               

            	
               

            	 
	
               

            	EXECUTIVE

            	 
	
               

            	
               

            	 
	 	 	 
	
               

            	/s/ John (Jack) Glenn	 
	
               

            	John (Jack) Glenn

            	 
	
               

            	Executive

            	 
	
               

            	
               

            	 
	
               

            	
               

            	 

    

    

    

    

  

  - 13 -EX-10.1

 Exhibit 10.1 

May 25, 2022 

SEPARATION AGREEMENT AND RELEASE OF CLAIMS 

This SEPARATION AGREEMENT AND RELEASE OF CLAIMS (this “Agreement”) is made, as of the Effective Date (as defined herein), by
and between Joseph Pergola (“Employee”) and Integral Ad Science, Inc. (the “Company”). Employee and the Company are referred to herein individually as a “Party” and collectively as the
“Parties.” 
 WHEREAS, Employee and the Company are party to that certain employment agreement, dated October 31, 2019
and subsequently amended, dated November 24, 2020 (the “Employment Agreement”); 
 WHEREAS, pursuant to
Section 10 of the Employment Agreement Employee’s employment with the Company will end as provided in this Agreement; and 

WHEREAS, the Parties desire to enter into this Agreement to memorialize the Parties’ rights and obligations with respect to
Employee’s transition out of and separation from the Company. 
 NOW, THEREFORE, the Parties agree as follows: 

1.    Separation Date. Employee’s employment with the Company shall end on September 10, 2022 (the
“Separation Date”). As of the Separation Date, Employee shall no longer be an employee of (or hold any other positions with) the Company and its affiliates. Employee agrees not to hold himself/herself out as a partner, member,
director, officer or employee of, or as otherwise affiliated with, the Company or any of its affiliates (including on social media) after the Separation Date. Employee agrees to execute such documents promptly as may be requested by the Company to
evidence your separation from employment. Regardless of whether Employee signs this Agreement, Employee will receive a lump sum payment of all then outstanding final compensation earned through the Separation Date in accordance with applicable law,
minus applicable federal, state and local tax withholdings, for services performed for the Company through and including the Separation Date. Employee acknowledges and agrees that Employee shall submit any business expenses in accordance with
Company policy within fifteen (15) days following the Separation Date, which shall be reimbursed in accordance with Company policy and regular payroll practices. Except as specifically set forth in this Agreement or as required under applicable
law, and except as to any vested benefits under the Company’s 401(k) plan, Employee’s right to, and participation in, all benefit plans of the Company shall terminate as of the Separation Date in accordance with the specific terms of each
plan. To the extent Employee has any vested assets under the Company’s 401(k) plan, the status and treatment of any such assets shall be governed by the applicable terms of such plan. Employee acknowledges and agrees that, with Employee’s
execution and effectuation of this Agreement, Employee is waiving for all purposes any Claim for additional employment-related compensation of any kind except as specifically set forth herein. 

(a)    Employee agrees that he will hold the title of Chief Financial Officer and perform all current duties and
responsibilities of the role at least until August 15, 2022. The Company does have the option of removing the title prior to that date; this will not impact termination date or severance payments. 

 2.    Severance Pay. Provided that Employee (a) executes this
Agreement within forty-five (45) days of Employee’s Separation Date, (b) effectuates and does not revoke this Agreement within seven (7) calendar days of executing this Agreement, and (c) complies with this Agreement at all
times, then Employee shall be entitled to severance pay in an amount equal to twelve (12) months or your current base salary of $425,000 (the “Severance Payment”), less all required or authorized taxes, withholdings, and
deductions. The Company shall pay the Severance Payment in accordance with the Company’s regular payroll practices in equal installments beginning on the second regular payroll date following the Effective Date. 

3.    2022 Annual Bonus. Provided that Employee (a) executes this Agreement within forty- five (45) days of
Employee’s Separation Date, (b) effectuates and does not revoke this Agreement within seven (7) calendar days of executing this Agreement, the Employee will be eligible to receive 100% of their 2022 discretionary annual bonus,
$318,750 to be paid, less applicable taxes, when all other bonus payments are made but no later than March 15, 2023. 

4.    Health Insurance & COBRA. Provided that Employee (a) executes this Agreement within forty-five
(45) days of Employee’s Separation Date, (b) effectuates and does not revoke this Agreement within seven (7) calendar days of executing this Agreement, and (c) complies with this Agreement at all times, then subject to
Employee’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Employee will continue to participate in the Company’s group health plan (to the extent
permitted under applicable law and the terms of such plan) (“COBRA Coverage”), and the Company will subsidize the full cost of COBRA premiums for a period of up to twelve (12) months immediately following the Separation Date; provided
that Employee is eligible and remains eligible for COBRA coverage; provided further, that such subsidies will cease if either (i) Employee becomes employed by another employer that maintains a group health plan or (ii) the Company determines
that providing such subsidies would reasonably be expected to result in excise taxes on the Company due to failing to comply with the nondiscrimination requirements under the Patient Protection and Affordable Care Act. The existence and duration of
Employee’s rights and/or the COBRA coverage rights of any of Employee’s eligible dependents will be determined in accordance with Section 4980B of the Code. 

5.    Equity. According to the terms of the equity agreement, the Employee will have 90 days after the Termination Date to
exercise any portion of the Options granted under the Amended and Restated Integral Ad Science Holding Corp. 2018 Non-qualified Stock Option Plan that have vested and become exercisable prior to the
Termination Date. Any vested options not exercised within 90 days will expire 
 6.     Release. 

(a)    For good and valuable consideration, including the Severance Payment, Employee knowingly and voluntarily (for
Employee and Employee’s heirs, executors, administrators, beneficiaries, trustees, successors, and assigns) releases and forever discharges the Company and each of its respective parents, subsidiaries and affiliates, and each of their present,
former and 

  
 2 

 
future direct or indirect owners, managers, directors, officers, employees, attorneys, agents, members, insurers, shareholders and representatives, and each of their predecessors, successors and
assigns (collectively, the “Released Parties”) from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary
damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present and whether known or unknown, suspected, unsuspected or claimed (collectively,
“Claims”) against the Released Parties that Employee or any of Employee’s heirs, executors, administrators or assigns, may have (i) from the beginning of time through the date upon which Employee executes this Agreement;
(ii) arising out of, or relating to, Employee’s employment with any Released Parties through the date upon which Employee executes this Agreement; (iii) arising out of, or relating to, any agreement with any Released Parties,
including, but not limited to, any other awards, policies, plans, programs or practices of the Released Parties that may apply to Employee or in which Employee may participate, including, but not limited to, any rights under bonus plans or programs
of Released Parties and/or any other short-term or long-term equity- based or cash-based incentive plans or programs of the Released Parties; (iv) arising out of, or relating to, Employee’s termination of employment from any of the
Released Parties; and/or (v) arising out of, or relating to, Employee’s status as an employee, member, officer, or director of any of the Released Parties, including, but not limited to, any allegation, claim or violation, arising under
Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and
Notification Act of 1988, as amended; the Employee Retirement Income Security Act of 1974 (with respect to unvested benefits); any applicable Employee Order Programs; the Fair Labor Standards Act; the Equal Pay Act, as amended; Section 1981 of
U.S.C. Title 42; the Age Discrimination in Employment Act, as amended (including the Older Workers Benefit Protection Act); the Sarbanes-Oxley Act of 2002, as amended; the New York State Human Rights Law; the New York Labor Law; the New York
State Worker Adjustment and Retraining Notification Act; the New York State Correction Law; and the New York State Civil Rights Law or their federal, state or local counterparts; or under any other federal, state or local civil or human rights law,
or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, any doctrine of good faith and fair dealing, or under common law; or arising under any policies, practices or procedures of the
Released Parties; or any Claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any Claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters. This is a general
release that is intended to apply to all Claims Employee may have against the Released Parties through the date Employee executes this Agreement, except those Claims that cannot be waived pursuant to applicable laws. 

(b)    Employee understands that Employee may later discover Claims or facts that may be different than, or in addition
to, those which Employee now knows or believes to exist with regards to the subject matter of this Agreement and the releases in this Section, and which, if known at the time of executing this Agreement, may have materially affected this Agreement
or Employee’s decision to enter into it. Employee hereby waives any right or Claim that might arise as a result of such different or additional Claims or facts. 

  
 3 

 (c)    Employee acknowledges, understands and agrees that Employee has
reported to the Employer’s management personnel any work related injury that occurred up to and including Employee’s last day of employment. Employee acknowledges, understands, and agrees that Employee has no knowledge of any actions or
inactions by any of the Released Parties or by Employee that Employee believes could possibly constitute a basis for a claimed violation of any federal, state, or local law, any common law or any rule promulgated by an administrative body. 

(d)    Nothing in this Section shall release or impair: (i) Employee’s right to make Claims arising out of any
acts or omissions of the Released Parties after the date Employee executes this Agreement; (ii) any right that cannot be waived by private agreement under law (including the right to file any Claim for workers’ compensation or unemployment
insurance); or (iii) any Claim to vested benefits under the Company’s benefit plans. 
 Nothing in this Agreement is intended to
prohibit or restrict Employee’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission or any other local, state, or federal administrative body or government agency prohibiting waiver of such
right; provided, however, that Employee hereby waives the right to recover any monetary damages or other relief against any Released Parties excepting any benefit or remedy to which Employee is or becomes entitled to pursuant to
Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
 (e)    Employee acknowledges,
understands and agrees that Employee has no knowledge of any actions or inactions by any of the Released Parties or by Employee that Employee believes could possibly constitute a basis for a claimed violation of any federal, state, or local law, any
common law or any rule promulgated by an administrative body. 
 (f)    Employee represents that Employee has made no
assignment or transfer of any right or Claim covered by this Section and that Employee further agrees that Employee is not aware of any such right or Claim covered by this Section. 

(g)    Employee acknowledges and agrees that the releases set forth in this Section are an essential and material term of
this Agreement and that without such waiver the Company would not have agreed to the terms of the Agreement. 
 7.    Cooperation;
No Cooperation with Non-Governmental Third Parties. Employee shall not knowingly encourage, counsel or assist any non-governmental attorneys or their clients in
the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any non-governmental third party against any of the Released Parties, unless compelled to do so by
valid subpoena or other court order, and in such case only after first notifying the Company sufficiently in advance of such subpoena or court order to reasonably allow the Company an opportunity to object to the same. Employee agrees to notify the
Company via email to Noah Webster at nwebster@integralads.com immediately in the event of any requests for information or testimony that Employee receives in connection with any of the foregoing. 

  
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 8.    Voluntary Agreement. Employee has carefully read and fully
understands all of the provisions of this Agreement and that Employee is expressly waiving valuable rights. Employee is entering into this Agreement knowingly, freely and voluntarily in exchange for good and valuable consideration to which Employee
would not be entitled in the absence of executing and not revoking this Agreement. 
 9.    Consultation; Consideration and
Revocation Period. Employee acknowledges that the Company has advised Employee of Employee’s right to consult with an attorney prior to executing this Agreement. Employee acknowledges that Employee has forty-five (45) calendar days
to consider this Agreement, although Employee may sign it sooner. Employee has seven (7) calendar days after the date on which Employee executes this Agreement to revoke Employee’s consent to the Agreement (the “Revocation
Period”). Such revocation must be in writing and must be e-mailed to Noah Webster at nwebster@integralads.com. Notice of such revocation must be received within the Revocation Period. In
the event of such revocation by Employee, this Agreement shall be null and void in its entirety. Provided that Employee does not revoke Employee’s execution of this Agreement within the Revocation Period, the “Effective Date”
shall occur on the eighth calendar day after the date on which Employee initially signs it. 
 10.    Return of Company
Property. Upon Employee’s execution of this Agreement, Employee acknowledges and agrees that Employee has returned to the Company all documents and information (and all copies thereof) belonging or relating to the business of Company
and its affiliates as well as any other Company property or equipment which Employee has or has had in Employee’s possession at any time, including, but not limited to, files, notes, drawings, passwords, records, business plans and forecasts,
financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers and/or cell phones), credit cards, entry cards, identification badges and keys, and any other materials of any kind
which contain or embody any proprietary or confidential information of the Company or its affiliates (and all reproductions thereof). The Company has agreed to allow Employee to retain company-issued laptop that was purchased by the Company in
connection with your employment, provided that the Company shall have no further financial or other responsibility or liability with regard to said laptop, and further provided that the cost of said laptop will be reported as compensation on your
2022 W-2. 

  
 5 

 11.    Confidentiality, Restrictive Covenants, and Defend Trade Secrets
Act. 
 (a)    Employee will not use, disclose or divulge, furnish or make accessible to anyone, directly or
indirectly, any Protected Information at any time. “Protected Information” means any and all non-public, trade secret, confidential and/or proprietary information of the Company and its
affiliates; provided, however, that Protected Information shall not include: (i) information that becomes generally known to the public without violation of this Agreement or any other confidentiality obligation, and
(ii) information that is disclosed to Employee by another party who is under no obligation of secrecy and has a bona fide right to disclose the information. Solely with respect to Protected Information that does not constitute a trade secret of
the Company or its affiliates under applicable law (ignoring, for purposes of such determination, any breach of this Agreement by Employee), the restrictions set forth in this paragraph shall not apply for the entire time period following the
Separation Date, but rather shall apply only for a period of five (5) years following the Separation Date, in the following states: Arizona, Florida, Illinois, Indiana, Maryland, New Jersey, Virginia and Wisconsin. Additionally, to the extent
this paragraph applies in Wisconsin to Proprietary Information that does not constitute a trade secret under applicable law, it shall apply only in geographic areas where the unauthorized disclosure or use of Confidential Information would be
competitively damaging to the Company. 
 (b)    Employee shall not (and shall not cause or encourage any other person
or entity to) at any time, directly or indirectly, make, publish or communicate to any person or entity any statement, comment or remark, whether written or oral, which in any way disparages, defames or is negative regarding, or could reasonably be
expected to impugn the personal or professional character, reputation or integrity of the Company or any of the other Released Parties, their representatives (including, but not limited to, employees, officers and agents), their customers, clients,
suppliers, investors and other associated third parties, or their investments, businesses, business practices, prospects, products or services; provided, however, that nothing in this paragraph shall prevent Employee from engaging in
concerted activity relative to the terms and conditions of Employee’s employment and in communications protected under the National Labor Relations Act, to the extent applicable, or providing information to any governmental agency, or from
providing information in response to a subpoena or other enforceable legal process or as otherwise required by law. 

(c)    Employee acknowledges and warrants that Employee shall remain bound by all continuing obligations set forth in any
agreements or other documents with the Company, including, without limitation, the Employment Agreement, a copy of which is attached as Exhibit A. Furthermore, in addition to any other remedies available to the Company, should
Employee breach any of the foregoing restrictive covenants, Employee shall forfeit his or her right to any and all remaining of the Severance Payment and the Company shall have the right to terminate any and all such remaining scheduled payments.

 (d)    Nothing in this Agreement shall prohibit or restrict Employee or Employee’s attorneys from:
(i) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Agreement, or as required by law or legal process, including with respect to possible violations of law;
(ii) participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency or legislative body, any self-regulatory organization, and/or pursuant to the

  
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Sarbanes-Oxley Act; (iii) accepting any U.S. Securities and Exchange Commission awards; or (iv) initiating communications with, or responding to any inquiry from, any regulatory or
supervisory authority regarding any good faith concerns about possible violations of law or regulation. Pursuant to 18 U.S.C. § 1833(b), Employee will not be held criminally or civilly liable under any Federal or state trade secret law for the
disclosure of a trade secret of the Company or its subsidiaries or affiliates that (A) is made (x) in confidence to a Federal, state, or local government official, either directly or indirectly, or to Employee’s attorney and
(y) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Employee files a lawsuit for retaliation
by the Company for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use the trade secret information in the court proceeding, if Employee files any document containing the trade secret
under seal, and does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by
such section. 
 12.    Future Cooperation. Employee agrees to be available for a period of twelve months to and cooperate
with the Company in any Company internal investigation or administrative, regulatory, or judicial proceeding, arbitration or other settlement or dispute that relates to events occurring during Employee’s employment by the Company or about which
the Company otherwise believes Employee may have relevant information. Such cooperation by Employee is understood to include, but not be limited to: being reasonably available by telephone or e-mail for
periodic questions as needed, being available to the Company upon reasonable notice for interviews, factual investigations and depositions, appearing at the Company’s request for the purpose of giving testimony without requiring service of a
subpoena or other legal process, volunteering to the Company pertinent information, assisting with interrogatories, making court appearances, and turning over to the Company all relevant documents which are or may in the future come into
Employee’s possession. In the event that the Company asks for Employee’s cooperation in accordance with this paragraph, the Company agrees to reimburse (or advance, as reasonably needed) Employee for reasonable travel expenses, including
lodging and meals, upon submission of receipts to the Company for such expenses. 
 13.    Revised Definition of Competitive
Services. Competitive Services” shall mean the business of data collection and analytics, research and design, development, sales, licensing or marketing, relating to the provision of ad verification and related optimization services
and software and/or the provision of related products, services and solutions, including a continuous program of research, development, production and marketing, conducted, authorized, or offered by the Company or any predecessor within one year
prior to the termination of Employee’s Employment. Companies that provide contextual targeting which is not part of an ad verification service offering are not considered a competitive service. However, Employee and the Company each agree and
acknowledge, that with respect to any non-competition or non-solicitation provisions of such Employment Agreement (or any other similar provisions by which Employee may
be bound): (i) the revised definition of Competitive Services contained in Section 13 of this Agreement shall replace and supersede the definition of Competitive Services (restricted business, or other similar definition) contained in such
Employment Agreement or restrictions; and (ii) the term of any such non-competition provisions shall be reduced to 12 months following the Separation Date. 

  
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 14.    No Admission of Wrongdoing. Employee agrees that neither this
Agreement, nor the furnishing of the consideration for this Agreement, shall be deemed or construed at any time to be an admission by any Released Party of any improper or unlawful conduct. 

15.    Confidentiality of Agreement. Employee agrees that this Agreement is confidential and agrees not to disclose any
information regarding the terms of this Agreement, except to Employee’s immediate family and any tax, legal or other counsel Employee has consulted regarding the meaning or effect hereof or as required by law, and Employee will instruct each of
the foregoing not to disclose the same to anyone. The Company may disclose the terms and conditions of this Agreement and the circumstances of Employee’s separation of employment for business purposes and to effectuate this Agreement to its
respective officers, employees, board of directors, stockholders, insurers, attorneys, accountants, state and federal tax authorities and those of its affiliates, or as may otherwise be required by law. Nothing in this Section is intended to
restrict the Parties’ truthful cooperation with any governmental investigation or inquiry. 
 16.    Section 409A. It
is the intention of the Parties that payments or benefits payable under this Agreement comply with or be exempt from Code Section 409A, and not be subject to the additional tax imposed pursuant to Code Section 409A. To the extent such
potential payments or benefits could become subject to such Section, the Parties shall cooperate to amend this Agreement with the goal of giving Employee the economic benefits described herein in a manner that does not result in such tax being
imposed. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Code Section 409A upon or following a termination of
employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of
employment” or like terms shall mean “separation from service.” For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a
series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of the Company. 
 17.    Tax
Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments provided to Employee or made on Employee’s behalf under the terms of this Agreement. Employee agrees and understands
that Employee is responsible for payment, if any, of local, state and/or federal taxes on the payments made hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from
any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments or recoveries by any government agency against the Company for any amounts claimed due on account of: (a) Employee’s failure to pay or the
Company’s failure to withhold, or Employee’s delayed payment of, federal or state taxes; or (b) damages sustained by the Company by reason of any such claims, including attorneys’ fees and costs. 

  
 8 

 18.    Savings Clause. If any term or provision of this Agreement is
invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable, this Agreement shall be enforceable as closely as possible to its original intent, which is to provide the Released
Parties with a full release of all legally releasable claims through the date upon which Employee signs this Agreement. 

19.    Governing Law. This Agreement will be governed, construed and interpreted under the laws of New York, without regard
to the application of any choice-of-law rules that would result in the application of another state’s laws. 

20.    Mandatory Arbitration Clause; No Jury Trial. In exchange for good and valuable consideration set forth in this
Agreement, the Parties mutually agree that any dispute, claim or difference arising out of this Agreement shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act (9 U.S.C. §§ 1, et
seq.) in conformity with the Federal Rules of Civil Procedure. In addition to any other requirements imposed by law, the arbitrator selected shall be a qualified individual mutually selected by the parties, and shall be subject to
disqualification on the same grounds as would apply to a judge. All rules of pleading, all rules of evidence, all statutes of limitations, all rights to resolution of the dispute by means of motions for summary judgment, and judgment on the
pleadings shall apply and be observed. Resolution of the dispute shall be based solely upon the law governing the claims and defenses pleaded, and the arbitrator may not invoke any basis (including but not limited to, notions of “just
cause”) other than such controlling law. Likewise, all communications during or in connection with the arbitration proceedings are privileged. The arbitrator shall have the authority to award appropriate substantive relief under relevant laws,
including the damages, costs and attorneys’ fees that would be available under such laws. Employee’s initial share of the arbitration fee shall be in an amount equal to the filing fee as would be applicable in a court proceeding, or $100,
whichever is less. Beyond the arbitration filing fee, the Company will bear all other fees, expenses and charges of the arbitrator. Employee and the Company agree that prior to the service of an Arbitration Demand, the parties shall negotiate in
good faith for a period of thirty (30) days in an effort to resolve any arbitrable dispute privately, amicably and confidentially. To commence an arbitration pursuant to this Agreement, a party shall serve a written arbitration demand (the
“Demand”) on the other party by hand delivery or via overnight delivery service (in a manner that provides proof of receipt by respondent). The Demand shall be served before expiration of the applicable statute of limitations. The Demand
shall describe the arbitrable dispute in sufficient detail to advise the respondent of the nature and basis of the dispute, state the date on which the dispute first arose, list the names and addresses of every person whom the claimant believes does
or may have information relating to the dispute, including a short description of the matter(s) about which each person is believed to have knowledge, and state with particularity the relief requested by the claimant, including a specific monetary
amount, if the claimant seeks a monetary award of any kind. If respondent does not provide a written Response to the Demand, all allegations will be considered denied. The parties shall confer in good faith to attempt to agree upon a suitable
arbitrator, and if unable to do so, they will select an arbitrator from the American Arbitration Association (“AAA”)’s employment arbitration panel for the area. The arbitrator shall allow limited discovery, as appropriate in his or
her discretion. The arbitrator’s award shall include a written reasoned opinion. Employee and the Company understand, agree, and consent to this binding arbitration provision, and Employee 

  
 9 

 
and the Company hereby each expressly waive the right to trial by jury of any claims arising out of this Agreement. Finally, Employee and the Company agree that a party may bring an action in
court to obtain a temporary restraining order, injunction, or other equitable relief available in response to any violation or threatened violation of the restrictive covenants set forth in the Employment Agreement. By initialing below,
Employee acknowledges that he or she has read, understands, agrees and consents to this binding arbitration provision. Employee further agrees that he or she is hereby irrevocably waiving all right to a trial by jury in any litigation,
action, proceeding, cross-claim, or counterclaim in any court (whether based on contract, tort, or otherwise) arising out of, relating to or in connection with (i) this Agreement or the validity, performance,
interpretation, collection or enforcement hereof or (ii) the action of such part in the negotiation, authorization, execution, delivery, administration, performance or enforcement hereof. Initials:
/s/ JTP    . 
 21.    Each Party the Drafter. This
Agreement, and the provisions contained in it, shall not be construed or interpreted for, or against, any party to this Agreement because that party drafted or caused that party’s legal representatives to draft any of its provisions. 

22.    Assignment; Third-Party Beneficiaries. This Agreement is personal to Employee and may not be assigned by Employee.
This Agreement is binding on, and will inure to the benefit of, the Released Parties. The Released Parties are expressly intended to be third-party beneficiaries of the releases set forth in the “Release” Section, and it may be enforced by
each of them. 
 23.    Entire Agreement; No Oral Modifications; Counterparts. This Agreement sets forth the Parties’
entire agreement with respect to the subject matter and shall supersede all prior and contemporaneous communications, agreements and understandings, written or oral, with respect hereto and thereto (for the avoidance of doubt, any restrictive
covenant, confidentiality, and intellectual property agreement entered into by Employee remains in effect). This Agreement may not be modified or amended unless mutually agreed to in writing by the parties. This Agreement may be executed in two or
more counterparts, each of which will be an original and all of which together will constitute one and the same instrument. A faxed, .pdf-ed or electronic signature shall operate the same as an original
signature. All references to a “Section” of this Agreement are intended to refer to all paragraph(s) under a single numbered Section. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as follows. 

 

			
	COMPANY:
	
	     /s/ Lisa Nadler

	By: Lisa Nadler
		
	Dated:	 	 5/25/2022

  

			
	EMPLOYEE:
	
	     /s/ Joseph Pergola

	By: Joseph Pergola
		
	Dated:	 	 5/25/2022

  
 11

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