Document:

EX-10.1

 Exhibit 10.1 
  

 
 March 22, 2018 
 John Siebert

 78-6827 Kuhinanui 
 Kailua Kona, HA 96740 

Dear John, 
 On behalf of Aradigm Corporation (the
“Company”), we are very pleased to offer you the position of Interim Principal Executive Officer and Acting Principal Financial Officer, on the following terms: 

START DATE: Your employment shall commence effective as of February 12, 2018. 

POSITION: You will serve in an executive capacity and shall perform the duties of Interim Principal Executive Officer and Acting
Principal Financial Officer as commonly associated with this position, as specified in the job description and in the Bylaws of the Company, and as required by the Board of Directors of the Company (the “Board”). You will report to the
Board. The Company reserves the right to change this reporting relationship in the future to meet the needs of the Company. 
 During your employment with
the Company, you will devote your best efforts and substantially all of your business time and attention (except for vacation periods and reasonable periods of illness or other incapacity permitted by the Company’s general employment policies)
to the business of the Company. Your employment relationship with the Company shall also be governed by, and you will be required to comply with, the general employment policies and practices of the Company (except that if the terms of this letter
differ from or are in conflict with the Company’s general employment policies or practices, this letter will control), including but not limited to the policies set forth in the Company’s Employee Handbook, as may be in effect from time to
time. The Company reserves the right to change the Company’s general employment policies and procedures, from time to time in its discretion. 

COMPENSATION: You will receive an annual salary of $224,900 (one-half the current CEO salary as directed by Board resolution), less
standard payroll deductions and withholdings, payable bi-monthly on the 15th and last day of each month. In addition, you will receive a stock option grant of 96,000 shares every six months from
your date of employment, each vesting six months from the date of grant, subject to your continued employment with the Company. In addition, you will be entitled to receive a bonus of up to $150,000 at the discretion of the Board

  

			
	 3929 POINT EDEN WAY  

510-265-9000 TEL  
	 	 HAYWARD, CA 94545
 FAX
510-265-0277

 
subject to your continued employment with the Company upon the occurrence of milestones to be determined by the Board. 

PERFORMANCE MILESTONES (Contingent Value Rights-CVR’s) 

You will be entitled to receive the following amounts upon the achievement of the events set forth next to such amounts prior to the applicable dates
regardless of whether you continue to be employed with the Company on such dates: 
 $75,000 for EMA approval of Linhaliq before 9/1/2019 

$100,000 for US approval before 12/31/2023 
 $75,000 for
Japanese approval of Linhaliq before 9/1/2024 
 $75,000 for approval of Linhaliq in China before 6/1/2025 

in each case, payable upon completion. 
 You will receive 5
weeks paid vacation prorated on time of service. No employee benefits will accrue except participation in the Company 401K plan and paid vacation as specified above. You will receive hardship bonuses of $25,000 after 3 months of service and six
months of service. You must be in good standing on the bonus entitlement date to earn and be eligible to receive a bonus. Your compensation terms (including base salary and bonus eligibility) are subject to review and change at the discretion of the
Board (or any authorized committee thereof). 
 You will also serve as Executive Chairman of the Board of Directors. There is no additional compensation for
that role. 
 The annual salary, bonus and other benefits described in this offer make up the entirety of the compensation package for your position with
the Company. 
 EQUITY INCENTIVES: Subject to Board approval, the Company will issue you an option (the
“Option”) to purchase 180,000 shares of the Company’s common stock under the Company’s 2005 Equity Incentive Plan (the “Plan”) at an exercise price equal to the fair market value of the stock as of the date of grant as
determined by the Board. The option will be subject to monthly vesting in equal installments during a three-year vesting period subject to your continued service to the Company (as defined in the Plan), such vesting to begin the first month
following your date of employment. The Option will be governed in full by the terms and conditions of the Plan and your individual Option agreement. 

TRAVEL: You will be eligible for expense reimbursement, including domestic airfare for domestic travel, business class airfare for
international travel, and expenses to and from your home to Aradigm and to and from Aradigm business meetings as requested by Aradigm. 

BENEFITS: You will be eligible to participate in the Company’s standard employee benefits plans in accordance with the terms and
conditions of the plans and applicable policies which may be in effect from time to time, and provided by the company to its executive employees generally, including group medical, dental and vision insurance coverage, disability insurance coverage,
life insurance coverage, 401(k) Plan, employee stock purchase plan, paid vacation, and 

  

			
	 3929 POINT EDEN WAY  

510-265-9000 TEL  
	 	 HAYWARD, CA 94545
 FAX
510-265-0277

 
Company holidays. You will receive additional information concerning the Company’s benefits plans after you commence employment. You may accept these benefits within 30 days of your hire
date or you may decline one or all benefits plans offered at your discretion. The Company may modify its standard benefits from time to time as it deems necessary, which would also modify the benefits available to you. 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT: As a condition of
employment, you are required to sign and abide by the Company’s Proprietary Information and Inventions Agreement (the “Proprietary Information Agreement”), a form of which is attached hereto as Attachment A. 

INDEMNITY AGREEMENT: The Company will enter into its standard form of Indemnity Agreement with you, a copy of which is
attached as Attachment B. 
 PROTECTION OF THIRD PARTY INFORMATION: In
your work for the Company, you will be expected not to make unauthorized use or disclosure of any confidential information or materials, including trade secrets, of any former employer or other third party to whom you have an obligation of
confidentiality. Rather, you will be expected to use only that information generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry of otherwise legally in the public domain,
or which is otherwise provided or developed by the Company. By accepting employment with the Company, you are representing to us that you will be able to perform your duties within the guidelines described in this paragraph. You represent further
that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company in any manner. 

OUTSIDE ACTIVITIES: Throughout your employment with the Company, you may engage in civic and not-for-profit activities so
long as such activities do not interfere with the performance of your duties hereunder or present a conflict of interest with the Company. Subject to the restrictions set forth herein and with the prior written consent of the Board, you may serve as
a director of other corporations and may devote a reasonable amount of your time to other types of business or public activities not expressly mentioned in this paragraph. The Board may rescind consent, in its sole discretion, to your service as a
director of all other corporation or participation in other business or public activities, if it determines that such activities compromise or threaten to compromise the Company’s business interests or conflict with your duties to the Company.
Dr. Siebert currently serves on the Board of Supernus Pharmaceuticals and was given prior Board approval in 2010. 

AT-WILL EMPLOYMENT RELATIONSHIP: Your employment relationship with the Company is at-will.
Accordingly, both you and the Company may terminate the employment relationship at any time, with or without cause, and with or without advance notice. 

MISCELLANEOUS: This letter, including that attached Proprietary Information Agreement and the Indemnity Agreement, constitutes the
complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the subject matter hereof. 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 agreements, promises, warranties or representations concerning its subject matters. Changes in your employment terms, other than those changes expressly reserved here into the Company’s or the
Board’s discretion can only be pursuant to a 

  

			
	 3929 POINT EDEN WAY  

510-265-9000 TEL  
	 	 HAYWARD, CA 94545
 FAX
510-265-0277

 
written agreement approved by the Board and signed by you and a duly-authorized representative of the Board. This letter agreement will bind the heirs, personal representative, successors and
assigns of both you and the Company, and insure to the benefit of both you and the Company, the heirs, successors and assigns. If any provision of this letter agreement is determined to be invalid or unenforceable, in whole or in part, this
determination shall not affect any other provision of this letter agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable
law. This letter agreement shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law principles. Any waiver of a breach of this letter agreement, or rights hereunder, shall be in
writing and shall not be deemed to be a waiver of any successive breach or rights hereunder. This letter agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile or electronic signatures shall be
equivalent to original signatures. 
 As required by law, this offer is subject to satisfactory proof of your identity and right to work in the United
States. If the terms of this offer are agreeable to you, please sign and return the letter to indicate your acceptance of employment with the Company on the terms set forth herein. 

 

	
	Sincerely,
	
	 /s/ Fred Hudson

	Fred Hudson
	
	 /s/ Virgil Thompson

	Virgil Thompson

 Members of the Board of Directors 

Aradigm Corporation 
 Understood, Accepted and Agreed: 

	
	
	 /s/ John Siebert

	John Siebert, Ph.D.

 Effective Start Date: February 12, 2018 

  

			
	 3929 POINT EDEN WAY  

510-265-9000 TEL  
	 	 HAYWARD, CA 94545
 FAX
510-265-0277Exhibit

HEALTHEQUITY, INC.
AMENDED AND RESTATED NON-EMPLOYEE 
DIRECTOR COMPENSATION POLICY 
(as amended and restated effective as of November 30, 2017)
HealthEquity, Inc. (the “Company”) believes that, in addition to cash compensation, the granting of equity-based compensation representing the right to acquire the Company’s common stock (the “Shares”) to members (“Directors”) of its board of directors (the “Board”) represents a powerful tool to attract, retain and reward Directors who are not employees of the Company (“Non-Employee Directors”) and to align the interests of its Non-Employee Directors with those of its stockholders.  This Amended and Restated Non-Employee Director Compensation Policy (this “Policy”), is intended to establish the Company’s policy regarding cash compensation and equity grants to its Non-Employee Directors.  Unless otherwise defined herein, capitalized terms used in this Policy will have the meaning given to such term in the Company’s 2014 Equity Incentive Plan, as amended and restated from time to time (the “Plan”).  Non-Employee Directors shall be solely responsible for any tax obligations they incur as a result of any compensation received under this Policy.
I.    Cash Compensation
(a)    Annual Retainer Fee.  The Company will pay each Non-Employee Director an annual fee of $40,000 for serving on the Board (the “Annual Fee”).  Each Annual Fee will be paid ratably on a fiscal quarterly basis at the beginning of each quarter to each Non-Employee Director who will be serving in the relevant capacity for such fiscal quarter.  For purposes of clarification, no ratable payment of an annual retainer will be paid to a Non-Employee Director who is not continuing as a Non-Employee Director following the start of the applicable Company fiscal quarter.
(b)    Annual Audit and Risk Committee Chairperson Retainer Fee.  The Company will pay each Non-Employee Director who serves as chairperson of the Audit and Risk Committee an additional annual fee of $40,000 for serving as the chairperson (the “Annual Audit and Risk Committee Chairperson Fee”).  The Annual Audit and Risk Committee Chairperson Fee will be paid ratably on a fiscal quarterly basis at the beginning of each quarter to each such Non-Employee Director who will be serving in the relevant capacity for such fiscal quarter.  For purposes of clarification, no ratable payment of an annual retainer will be paid to a Non-Employee Director who is not continuing as the chairperson of the Audit and Risk Committee, following the start of the applicable Company fiscal quarter.
(c)    Annual Compensation Committee Chairperson Retainer Fee.  The Company will pay each Non-Employee Director who serves as chairperson of the Compensation Committee an additional annual fee of $15,000 for serving as the chairperson (the “Annual Compensation Committee Chairperson Fee”).  The Annual Compensation Committee Chairperson Fee will be paid ratably on a fiscal quarterly basis at the beginning of each quarter to each such Non-Employee Director who will be serving in the relevant capacity for such fiscal quarter.  For purposes of clarification, no ratable payment of an annual retainer will be paid to a Non-Employee Director 

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who is not continuing as the chairperson of the Compensation Committee, following the start of the applicable Company fiscal quarter.
(d)    Annual Nominating and Corporate Governance Committee Chairperson Retainer Fee.  The Company will pay each Non-Employee Director who serves as chairperson of the Nominating and Corporate Governance Committee an additional annual fee of $5,000 for serving as the chairperson (the “Annual Nominating and Corporate Governance Committee Chairperson Fee”).  The Annual Nominating and Corporate Governance Committee Chairperson Fee will be paid ratably on a fiscal quarterly basis at the beginning of each quarter to each such Non-Employee Director who will be serving in the relevant capacity for such fiscal quarter.  For purposes of clarification, no ratable payment of an annual retainer will be paid to a Non-Employee Director who is not continuing as the chairperson of the Nominating and Corporate Governance Committee, following the start of the applicable Company fiscal quarter.
(e)    Annual Chairman Retainer Fee.  The Company will pay each Non-Employee Director who serves as Chairman of the Board an additional annual fee of $100,000 for serving as the Chairman of the Board (the “Annual Board Chairman Fee”).  The Annual Board Chairman Fee will be paid ratably on a fiscal quarterly basis at the beginning of each quarter to each such Non-Employee Director who will be serving in the relevant capacity for such fiscal quarter.  For purposes of clarification, no ratable payment of an annual retainer will be paid to a Non-Employee Director who is not continuing as the Chairman of the Board, following the start of the applicable Company fiscal quarter.
(f)    Form of Payment.  Unless otherwise elected by a Non-Employee Director as herein provided, all retainer fees payable pursuant to this Section I shall be paid by the Company in cash. A Non-Employee Director may elect to have all (but not less than all) of his or her Annual Fee, Annual Audit and Risk Committee Chairperson Fee, Annual Compensation Committee Chairperson Fee, Annual Nominating and Corporate Governance Committee Chairperson Fee and/or Annual Board Chairman Fee, as applicable, in respect of each fiscal year be paid in Restricted Stock Unit Awards under the Plan (rounded to the nearest whole share of Common Stock using standard rounding principles) with an aggregate fair value on the date of grant equal to the amount of the cash retainer fee(s) elected to be received in Restricted Stock Unit Awards on the first day of the fiscal year, which shall vest in equal installments at the beginning of each quarter to which the cash retainer fee relates.  For these purposes, the grant date fair value of each Restricted Stock Unit Award shall be equal to the Fair Market Value of a Share on the date of grant.  To make such election, a Non-Employee Director shall be required to complete a written election form (“Form of Payment Election Form”) in such form as the Company may prescribe from time to time, and file such completed Form of Payment Election Form with the Company prior to the first day of the calendar year during which the fiscal year to which such cash retainer fee(s) apply commences.  Once a Form of Payment Election Form is filed with the Company, it shall be irrevocable with respect to the cash retainer fee(s) for the immediately following fiscal year.
(g)    Election for First Year of Service.  Notwithstanding the foregoing, for the fiscal year in which a Non-Employee Director commences service with the Company, such Non-Employee Director may file a Form of Payment Election Form with the Company on or before the 

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commencement of his or her service and such election shall apply to all applicable annual retainers for the then current fiscal year that are due and payable after the date such Form of Payment Election Form is filed.
(h)    Travel Expenses.  Each Non-Employee Director’s reasonable, customary and documented travel expenses to Board and committee meetings will be reimbursed by the Company. 
(i)    Revisions.  The Board, in its discretion, may change and otherwise revise the terms of the cash compensation granted under this Policy (including, without limitation, the amount of cash compensation to be paid) on or after the date the Board determines to make any such change or revision.
(j)    Section 409A.  Payments under this Policy are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, under Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) (“Section 409A”) and this Policy shall be administered, interpreted and construed accordingly.
II.    Equity Compensation
Non-Employee Directors will be entitled to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary Awards not covered under this Policy.  All grants of Awards to Non-Employee Directors pursuant to Sections II.(b) and (c) of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions:
(a)    No Discretion.  No person will have any discretion to select which Non-Employee Directors will be granted Awards under this Policy or to determine the number of Shares to be covered by such Awards (except as provided in Sections II.(g) and (h) below and Section 10 of the Plan).
(b)    Initial Award.  Each individual who becomes a Non-Employee Director will be automatically granted an Award of either Options or Restricted Stock Unit Awards with a grant date fair value equal to $165,000 (the “Initial Award”) on or about the date on which such individual first becomes a Non-Employee Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy; provided, however, that a Director who is an Employee of the Company (an “Inside Director”) who ceases to be an Inside Director, but who remains a Director, will not receive an Initial Award.
(c)    Annual Award.  Each Non-Employee Director will be automatically granted an Award of either Options or Restricted Stock Unit Awards with a grant date fair value equal to $165,000 (an “Annual Award”) on the first day of each fiscal year; provided, however, that for any individual that first becomes a Non-Employee Director, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy, the Annual Award in respect of the fiscal year in which such individual first becomes a Non-Employee Director shall be pro-rated based on the number of days remaining in such fiscal year (the “Pro-Rata Annual Award”).

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(d)    Type of Equity.  Each Non-Employee Director shall make an election with respect to whether to receive the Initial Award or Annual Award by way of a grant (i) entirely in the form of Options, (ii) entirely in the form of Restricted Stock Unit Awards, or (iii) an award of an equal value of Options and Restricted Stock Unit Awards.  For these purposes, the grant date fair value of each Restricted Stock Unit Award shall be equal to the Fair Market Value of a Share on the date of grant, and the grant date fair value of an Option shall be equal to the fair value of a Share on the date of grant, determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision, as applicable.  To make such an election, a Non-Employee Director shall be required to complete a written election form (“Type of Equity Election Form”) in such form as the Company may prescribe from time to time.  The Type of Equity Election Form with respect to each Annual Award must be filed with the Company prior to the first day of the calendar year during which the fiscal year to which such Annual Award relates.  The Type of Equity Election Form with respect to each Initial Award or Pro-Rata Annual Award must be filed with the Company on or before commencement of the Non-Employee Director’s service.  Once a Type of Equity Election Form is filed with the Company, it shall be irrevocable for the immediately following fiscal year or the then current fiscal year, as applicable.
(e)    Vesting Terms.  The terms of each equity Award granted pursuant to this Policy will be as follows:
(i)    The Options or Restricted Stock Unit Awards subject to the Initial Award will vest and, if applicable, become exercisable over a three (3) year period with one-third (1/3) of the Options or Restricted Stock Unit Awards subject to the Award vesting on each of the first three (3) annual anniversaries of the date on which the recipient first becomes a Director, provided that the Director continues to serve as a Director through such dates.  The Options or Restricted Stock Unit Awards subject to the Annual Award will vest and, if applicable, become exercisable over a one (1) year period with fifty percent (50%) of the Options or Restricted Stock Unit Awards subject to the Annual Award vesting on the date of the annual meeting of the stockholders of the Company held during the fiscal year during which such Annual Award is granted and the remainder vesting on the last day of the fiscal year during which such Annual Award is granted, provided that the Director continues to serve as a Director through such dates.  With respect to any Pro-Rata Annual Award that is granted in advance of the Annual Meeting for the fiscal year during which the grant is made, fifty percent (50%) of the Options or Restricted Stock Unit Awards subject to the Pro-Rata Annual Award will vest on the date of such Annual Meeting and fifty percent (50%) of the Options or Restricted Stock Unit Awards subject to the Pro-Rata Annual Award will vest on the last day of the Company’s fiscal year during which such grant was made, and with respect to any Pro-Rata Annual Award that is granted following the date of the Annual Meeting for the fiscal year during which the grant is made, one-hundred percent (100%) of the Options or Restricted Stock Unit Awards subject to the Pro-Rata Annual Award will vest on the last day of the Company’s fiscal year during which the grant was made, in each case provided that the Director continues to serve as a Director through such dates.
(ii)    Notwithstanding anything to the contrary in this Policy, the Awards granted under this Policy shall be subject to the terms and conditions of the Plan and an applicable Award Agreement.

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(f)    Deferral of Restricted Stock Units.  The Board will provide Non-Employee Directors with the opportunity to defer the delivery of the proceeds of any vested Restricted Stock Units issuable under this Policy.  Any such deferral election shall be subject to such rules, conditions and procedures as shall be determined by the Board, in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A, unless otherwise specifically determined by the Board.
(g)    Revisions.  The Board in its discretion may change and otherwise revise the terms of Awards granted under this Policy, including, without limitation, the types of Awards, the number of Shares, and the exercise prices (if any) and vesting schedules for Awards granted on or after the date the Board determines to make any such change or revision.
(h)    Adjustments.  The number of Shares issuable pursuant to Initial Awards and Annual Awards to be granted under this Policy shall be adjusted in accordance with Section 9 of the Plan.
*    *    *

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