Document:

Management Non-Equity Incentive Plan

 Exhibit 10.17 
 GLOBEIMMUNE, INC. 
 2012
PERFORMANCE-BASED NON-EQUITY INCENTIVE PLAN 

1. GENERAL. 
 (a) Eligible Bonus Award Recipients. The persons eligible to receive Bonus Awards are Officers. 
 (b) Form of Bonus Awards. All Bonus Awards under the Bonus Plan will be paid in cash. 
 (c) Purpose. The Company, by means of the Bonus Plan, seeks to secure and retain the services of the group of persons eligible to receive Bonus Awards as set forth in Section 1(a) and
to provide incentives for such persons to exert maximum efforts for the success of the Company. 
 2. PLAN
ADMINISTRATION. 
 (a) The Board will be responsible for the general administration and interpretation
of the Bonus Plan and for carrying out its provisions. The Board may delegate specific administrative tasks to Company employees or others as appropriate for proper administration of the Bonus Plan. The Board will have such powers as may be
necessary to discharge its duties hereunder, including, but not by way of limitation, the following powers and duties, but subject to the terms of the Bonus Plan: 
   (i) authority to determine eligibility and the amount, manner and time of payment of any Bonus Awards hereunder; 

 (ii) authority to construe and interpret the terms of the Bonus Plan; 

(iii) authority to adopt rules, regulations and bylaws and to take such actions as it deems necessary or desirable for the proper
administration of the Bonus Plan. 
 (b) Any rule or decision by the Board that is not inconsistent with the
provisions of the Bonus Plan will be conclusive and binding on all persons, and will be given the maximum deference permitted by law. 
 3.
EARNING OF THE BONUS AWARD. Participation in the Bonus Plan is at the discretion of the Board. If an Officer is hired after the beginning of the Performance
Period, the Board will have the discretion to determine whether such individual should be eligible to participate in the Bonus Plan and whether such participation, if any, should be prorated. A Participant must be in Continuous Service, and meeting
the minimum standard of performance for their position in the Company through the payment date to earn any Bonus Award under this Bonus Plan; if the Participant’s Continuous Service terminates before the payment date of any Bonus Award, the
Participant will not be eligible to receive a Bonus Award, or any portion of a Bonus Award, except as provided in an applicable severance plan or in an individual employment or retention agreement with such Participant. 

 4. DETERMINATION OF THE BONUS
AWARD. On the Bonus Determination Date, the Board, in its sole discretion, will determine the actual Bonus Award, if any, earned by each Participant by increasing or reducing the Participant’s Target Bonus Award based on
whether the Corporate Goals were met during the Performance Period and such other factors as the Board deems appropriate. 
 5.
TIMING OF PAYMENT. The Company will distribute amounts payable to Participants within 60 days following the Bonus Determination Date in respect of these Bonus Awards, but in all cases not later
than March 15, 2013. 
 6. AMENDMENT AND TERMINATION OF
THE BONUS PLAN. The Board may amend, modify, suspend or terminate the Bonus Plan, in whole or in part, at any time, including adopting amendments deemed necessary or desirable to correct any
defect or to supply omitted data or to reconcile any inconsistency in the Bonus Plan or in any Bonus Award granted hereunder. At no time before the actual payment of Bonus Awards to Participants under the Bonus Plan will any Participant accrue any
vested interest or right whatsoever under the Bonus Plan. 
 7. WITHHOLDING. Each Bonus Award will be reduced by
the sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with the payment of such Bonus Award. 
 8. UNFUNDED PLAN. The Bonus Plan is unfunded and nothing in the Bonus Plan will be construed to create a trust or to establish or evidence any
Participant’s claim of any right to payment of a Bonus Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. Each Bonus Award under the Bonus Plan will be paid solely from the general
assets of the Company. 
 9. NO GUARANTEE OF EMPLOYMENT. The Bonus
Plan is intended to provide a financial incentive to Participants and is not intended to confer any rights to continued employment upon Participants whose employment will remain at-will and subject to termination by either the Company or Participant
at any time, with or without cause or notice. 
 10. RECOVERY. Any amounts paid hereunder will be subject to
recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company or as is otherwise required by applicable law. 

11. DEFINITIONS.  
 (a) “Base Salary” means a Participant’s annual base compensation, as determined on the applicable Bonus Determination Date. 

(b) “Board” means the Board of Directors of the Company, or, if the Board so delegates authority, the
Compensation Committee of the Board (or a subcommittee thereof), or such other committee of the Board (including, without limitation, the full Board) to which the Board has delegated power to administer the Bonus Plan. “Bonus
Award” means, with respect to each Participant, the award determined by the Board, in its sole discretion, on any Bonus Determination Date. 

 (c) “Bonus Determination Date” means the date upon which the
Board, in its sole discretion, determines the actual Bonus Award earned by each Participant. 
 (d) “Bonus
Plan” means this GlobeImmune, Inc. Performance-Based Non-Equity Incentive Plan. 
 (e)
“Company” means GlobeImmune, Inc. 
 (f) “Continuous Service” means that
the Participant’s employment with the Company is not interrupted or terminated. A change in the employment position in which the Participant renders service to the Company, provided that there is no interruption or termination of the
Participant’s service with the Company, will not terminate a Participant’s Continuous Service; however, the Board reserves the right to modify the Target Bonus Award on any change in position. To the extent permitted by law, the Board or
the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military
leave or any other personal leave. 
 (g) “Corporate Goal” means any of the Corporate Goals set
forth on Exhibit A. 
 (h) “Officer” means a person designated as such by
the Board. 
 (i) “Participant” means an eligible Officer selected by the Board, in its sole
discretion, to participate in the Bonus Plan. 
 (j) “Performance Period” means January 1,
2012 through December 31, 2012. 
 (k) “Target Bonus Award” means the target award that may
be earned under the Bonus Plan to a Participant, as determined by the Board. Each Participant’s Target Bonus Award equals the product of such Participant’s Base Salary and Target Bonus Percentage. For example, an Officer with a Base Salary
of $300,000, whose Target Bonus Percentage is 40% would have his or her Bonus Award calculated by reference to a Target Bonus Award of $120,000 ($200,000 x 40%). 
 (l) “Target Bonus Percentage” means: 
 (i)
40% for Timothy C. Rodell, M.D., Chief Executive Officer and President; 
 (ii) 35% for David Apelian, M.D., Ph.D., MBA,
Senior Vice President Research & Development and Chief Medical Officer; 
 (iii) 35% for John Frenz, Ph.D., Vice
President, Operation; 
 (iv) 25% for C. Jeffrey Dekker, Vice President, Finance; and 

(v) for any Officer that becomes a Participant after the beginning of the Performance Period, a percentage as determined by the
Board. 

 Exhibit A 
 2012 PERFORMANCE GOALS 
 Corporate Goal 1 (35%):
financing sufficient to carry the Company through 2015 either through an initial public offering of the Company’s securities, a strategic transaction, a strategic alliance or a combination of the foregoing. 

Corporate Goal 2 (35%): obtain a Celgene option exercise on GI-4000 or a commitment to fund a major Phase 2/3 clinical trial for GI-4000, or
receive rights to the product candidate back with adequate financing to allow the Company to initiate a pivotal program itself. 
 Corporate
Goal 3 (10%): complete a second infectious disease deal or program financed by a grant or other financing source. 
 Corporate Goal 4
(10%): obtain an IND for GI-13000. 
 Corporate Goal 5 (5%): Complete escalation phase of enrollment GI-6301-01. 

Corporate 6 (5%): Partial enrollment of GI-6207-02 with preliminary biomarker data on enrolled subjects.ex4_3.htm

  
Exhibit 4.3

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED [●], 2012 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM ROBERT F. MANGANO, PRESIDENT AND CHIEF EXECUTIVE OFFICER, OR JOSEPH M. REARDON, SENIOR VICE PRESIDENT AND TREASURER.

 

1ST CONSTITUTION BANCORP

 NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE

1st Constitution Bancorp (the “Company”) is offering (the “Rights Offering”) to its shareholders of record (the “Recordholders”) as of [●], 2012 (the “Record Date”) non-transferable rights (the “Subscription Rights”) to purchase up to an aggregate of 800,000 shares of its common stock, no par value (the “Common Stock”), at a subscription price of $[●] per share (the “Subscription Price”). As described in the Prospectus, Subscription rights may only be exercised in whole numbers; we will not issue fractional shares of Common Stock upon exercise of Subscription Rights and, to the extent that the number of Subscription Rights that are distributed to a Recordholder is not a whole number, the shares of Common Stock issuable upon exercise of the Subscription Rights will be rounded down to the nearest whole share for purposes of determining the number of shares of Common Stock for which a Recordholder may subscribe.   Each whole Subscription Right will allow the holder thereof to subscribe to purchase a share of Common Stock (the “Basic Subscription Privilege”) at the Subscription Price. Each Recordholder who exercises the Basic Subscription Privilege in full will be eligible to subscribe to purchase additional shares of Common Stock, subject to the conditions and limitations described further in the Prospectus (the “Over-Subscription Privilege”). The Company offers no assurances that any subscription requests that any holder of Subscription Rights may submit pursuant to the Over-Subscription Privilege will be fulfilled in whole or in part.

 

The Rights Offering expires at 5:00 p.m., New York City time, on [●], 2012 (the “Expiration Date”) unless the Company decides, in its sole discretion, to extend the expiration date or cancel the Rights Offering earlier.

 

For a more complete description of the terms and conditions of the Rights Offering, please refer to the Prospectus, which you should read carefully in its entirety. Please also read carefully “Instructions for Use of 1st Constitution Bancorp Subscription Rights Certificates” which has been provided to you with this Subscription Rights Certificate.

 

1. EXERCISE OF SUBSCRIPTION RIGHTS

 (Check the appropriate responses and provide all required information)

You have been granted the number of Subscription Rights indicated in the lower right hand corner of this Subscription Rights Certificate, which entitles you to subscribe for an equal number of shares of 1st Constitution Bancorp Common Stock. The number of Subscription Rights was determined by multiplying the number of shares you owned on the Record Date by [●] and, if there was a fraction remaining, rounding down to the nearest whole number.

 

FULL EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:

 

	
o    

	
The undersigned hereby irrevocably exercises in full the Subscription Rights and subscribes for _____________shares of Common Stock (which equals the number of Subscription Rights indicated in the lower right hand corner), subject to the terms and conditions set forth in the Prospectus.

 

EXERCISE OF OVER-SUBSCRIPTION PRIVILEGE (requires full exercise of Basic Subscription Privilege):

 

	
o    

	
The undersigned hereby irrevocably applies for _____________ additional shares of Common Stock pursuant to the Over-Subscription Privilege, subject to the terms and conditions set forth in the Prospectus.

 

  

  

  

 

PARTIAL EXERCISE OF BASIC SUBSCRIPTION PRIVILEGE:

 

	
o   

	
The undersigned hereby irrevocably exercises only a portion of the Subscription Rights and subscribes for _____________ shares of Common Stock (which is less than the number of Subscription Rights, shown in the lower right hand corner, to which the undersigned is entitled).

 

	  	  	  
	
TOTAL SHARES SUBSCRIBED FOR:

	  	  
	  	  	  
	
AMOUNT ENCLOSED:

	
 $

	  
	
(At $[●] per share of Common Stock)

	  	  

By executing this Subscription Rights Certificate below, the undersigned hereby acknowledges and agrees to the following terms and conditions:

 

1.           At the time of submitting this Subscription Rights Certificate for Common Stock, the undersigned agrees to deliver the full purchase price for all shares to be purchased. Failure to include the full purchase price will result in Registrar and Transfer Company (the “Subscription Agent”) applying such payment to exercise the Basic Subscription Privilege of the undersigned and, if applicable, any accepted Over-Subscription Privilege to the fullest extent possible based on the amount of payment received, subject to the elimination of fractional shares. The purchase price must be paid as directed in the Prospectus and “Instructions for Use of 1st Constitution Bancorp Subscription Rights Certificates.”

 

2.           Book Entry Shares in lieu of Certificates representing shares of Common Stock duly subscribed and paid for will be issued as soon as practicable after the termination of the offering in accordance with the terms of the Prospectus.

 

3.           The undersigned agrees to all terms and conditions of the Prospectus, which is incorporated herein by reference, and of this Subscription Rights Certificate.

 

THE SUBSCRIPTION RIGHTS CERTIFICATE, OR NOTICE OF GUARANTEED DELIVERY, AND FULL PAYMENT OF THE TOTAL SUBSCRIPTION AMOUNT FOR ALL SHARES OF COMMON STOCK SUBSCRIBED FOR UNDER THE BASIC SUBSCRIPTION PRIVILEGE AND ANY ADDITIONAL SHARES OF COMMON STOCK SUBSCRIBED FOR PURSUANT TO THE OVER-SUBSCRIPTION PRIVILEGE, INCLUDING FINAL CLEARANCE OF ANY UNCERTIFIED PERSONAL CHECKS, MUST BE RECEIVED BY THE SUBSCRIPTION AGENT, ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. ONCE A RECORDHOLDER HAS EXERCISED ANY SUBSCRIPTION RIGHTS, SUCH EXERCISE MAY NOT BE CANCELLED, REVOKED OR OTHERWISE AMENDED. SUBSCRIPTION RIGHTS THAT ARE NOT EXERCISED PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE WILL EXPIRE.

 

2. REGISTRATION OF SHARES

 

Shares purchased by the undersigned will be registered in the name of the shareholder to whom the rights have been issued.

 

3. SIGNATURES

 

IN WITNESS WHEREOF, I (we) have irrevocably exercised my (our) Subscription Rights as indicated above, and I (we) have executed this certificate, and returned this Subscription Rights Certificate to the Subscription Agent, together with full payment for the shares subscribed for.

 

	  	  	  
	
Signature

	  	
Date

	  	
Signature

	  	
Date

 

  

  

  

 

If the shares of the Recordholder are held in joint tenancy, the names and signatures of both joint tenants are required. If this Subscription Rights Certificate is being executed on behalf of a Recordholder by an attorney, executor, administrator, guardian or other fiduciary, or by an officer of a corporation, and the shares were not issued to such Recordholder in such manner, the person so executing must give his or her full title in such capacity, and proper evidence of authority to act in such capacity must be furnished to the Subscription Agent upon request.

 

	  	  	  	  	  
	
•

	  	
Return this Certificate

	  	  

	  	  	
 

By First Class Mail to:

 

Registrar and Transfer Company

10 Commerce Drive

Cranford, New Jersey 07016-3572

 

	  	
 

By Overnight Courier or Hand-Delivery to:

 

Registrar and Transfer Company

10 Commerce Drive

Cranford, New Jersey 07016-3572

 

Delivery of this Subscription Rights Certificate to an address other than as set forth above does not constitute a valid delivery.

FOR ADDITIONAL INFORMATION CONCERNING THE RIGHTS OFFERING, INCLUDING INSTRUCTIONS ON THE USE OF SUBSCRIPTION RIGHTS CERTIFICATES, PLEASE CONTACT  ROBERT F. MANGANO, PRESIDENT AND CHIEF EXECUTIVE OFFICER, OR JOSEPH M. REARDON, SENIOR VICE PRESIDENT AND TREASURER, AT (609) 655-4500.

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