Document:

pcti-ex102_152.htm

	

	
EXHIBIT 10.2

TIER II

PCTEL, INC.

MANAGEMENT RETENTION AGREEMENT

This Management Retention Agreement (the “Agreement”) is effective as of May 6, 2020 by and between [name of executive] (the “Executive”) and PCTEL, Inc. (the “Company”).  

R E C I T A L S

A.It is expected that the Company from time to time may consider a Change of Control (as defined below).  The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to the Executive and can cause the Executive to consider alternative employment opportunities.  The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company.

B.The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue his/her employment and to motivate the Executive to maximize the value of the Company upon a Change of Control for the benefit of its stockholders.

C.The Board believes that it is imperative to provide the Executive with certain benefits upon a Change of Control and severance benefits upon Executive's termination of employment following a Change of Control which provides Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control.

D.Certain capitalized terms used in this Agreement are defined in Section 4.

The parties hereto agree as follows:

1.Term of Agreement.  This Agreement shall terminate upon the date that all obligations of the parties with respect to this Agreement have been satisfied.

2.At-Will Employment.  The Company and Executive acknowledge that Executive's employment is and shall continue to be at-will, as defined under applicable law, and may be terminated by either party at any time, with or without cause or notice.  If the Executive's employment terminates for any reason, including (without limitation) any termination prior to a Change of Control, the Executive shall be entitled to such payments, benefits, damages, awards and compensation as provided pursuant to other written agreements between Executive and the Company.

3.

 

 

Change of Control Severance Benefits.

(a)Change of Control.  Upon the occurrence of a Change of Control, the unvested portion of each of Executive’s outstanding equity awards (including, but not limited to, stock options and restricted stock grants) with a performance-based vesting schedule (an “Underlying Performance Award”) shall be automatically amended to convert to a time-based vesting schedule (the “Converted Awards”).  Each Converted Award shall vest in substantially equal monthly increments over the performance period of the Underlying Performance Award, provided that Executive remains an employee of the Company through each such vesting date.  Executive shall be given vesting credit from the commencement of the performance period of the Underlying Performance Award as if each Converted Award had been subject to a time-based vesting schedule from its grant date.  For purposes of this Section 3(a), the Converted Award shall be the number of shares Executive would have received pursuant to the terms of the Underlying Performance Award for performance at target for the entire performance period (whether measured in one or more fiscal periods) in which the Change of Control occurs, regardless of any actual level of achievement subsequently determined.  Converted Awards shall be subject to the provisions of Section 3(b)(iii).  In the event of a conflict between the terms and conditions of the PCTEL, Inc. 2019 Stock Incentive Plan, as amended from time to time, or any subsequent stock incentive plan properly adopted by the Company’s shareholders (the “Stock Plan”), the agreements relating to Executive’s equity awards, and this Section 3(a), the terms and conditions of this Section 3(a) shall prevail and any subsequent documents that purport to modify this Agreement shall be without effect unless they specifically refer to this Agreement.

(b)Involuntary Termination other than for Cause, Death or Disability or Voluntary Termination for Good Reason Following A Change of Control.  If, within twelve (12) months following a Change of Control, Executive's employment is terminated (1) involuntarily by the Company other than for Cause, death or Disability or (2) by Executive pursuant to a Voluntary Termination for Good Reason, and in either case Executive enters into a standard form of release of claims with the Company pursuant to Section 3(g), the Company shall provide Executive with the following benefits upon such termination:

(i)Severance Payment.  Executive shall be entitled to receive a lump-sum cash payment in an amount equal to two hundred percent (200%) of the Executive's annual base salary.  Such severance payment will be made on the sixtieth (60th) day following the date of Executive’s termination of employment.

(ii)Continued Executive Benefits.  Provided (1) Executive constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA, 

	

	
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the Company will either pay or reimburse Executive for the cost of COBRA premiums for continued health (i.e., medical, dental and vision) coverage at the same level of coverage as was provided to Executive immediately prior to the Change of Control until the earlier of (x) twelve (12) months following the date of Executive’s termination, and (y) the date upon which Executive or Executive’s eligible dependents, as the case may be, become covered under another employer’s group medical, dental and vision insurance benefit plans.  If such coverage included Executive’s eligible dependents immediately prior to the Change of Control, the payment or reimbursement for such coverage will also cover Executive’s eligible dependents.  

(iii) Equity Compensation Accelerated Vesting. One hundred percent (100%) of Executive’s outstanding equity awards (including but not limited to stock options and restricted stock grants) with a time-based vesting schedule (including the Converted Awards) shall immediately accelerate and become completely vested.

(c)Voluntary Resignation.  If Executive's employment terminates by reason of the Executive's voluntary resignation (other than a Voluntary Termination for Good Reason), then Executive shall not be entitled to receive severance or other benefits except for those (if any) established under the Company's then existing severance and benefits plans or pursuant to other written agreements with the Company.

(d)Disability; Death.  If Executive's employment with the Company terminates as a result of the Executive's Disability, or if Executive's employment is terminated due to the death of the Executive, then the Executive shall not be entitled to receive severance or other benefits except for those (if any) established under the Company's then existing severance and benefits plans or pursuant to other written agreements with the Company.

(e)Termination for Cause.  If Executive is terminated for Cause, then Executive shall not be entitled to receive severance or other benefits.

(f)Termination Apart from Change of Control.  In the event Executive's employment is terminated for any reason, either prior to the occurrence of a Change of Control or after the twelve (12) month period following a Change of Control, then Executive shall be entitled to receive severance and any other benefits only as established under the Company's then existing severance and benefits plans or pursuant to other written agreements with the Company.

(g)Separation Agreement and Release.  The receipt of any severance payments or benefits pursuant to this Agreement will be subject to Executive signing, delivering and not revoking a separation agreement and release of claims (in a form reasonably acceptable to the Company) provided that such separation agreement and release of claims is effective within sixty (60) days following Executive’s termination date.  No severance pursuant to this Agreement will be paid or provided until the separation agreement and release of claims becomes effective.  If the 60th day after the termination 

	

	
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date is in the subsequent calendar year, no payment will be made prior to January 1 of such subsequent calendar year.  If Executive should die before all of the severance amounts have been paid, such unpaid amounts will be paid in a lump-sum payment promptly following such event to Executive’s designated beneficiary, if living, or otherwise to the personal representative of Executive’s estate.

4.Definition of Terms.  The following terms referred to in this Agreement shall have the following meanings:

(a)Cause.  “Cause” means (i) any material act (that remains uncured for thirty (30) days following written notice from the Company) which permits the Company to terminate a written employment agreement or similar arrangement between Executive and the Company, for “cause” or a substantially equivalent term as defined in such agreement or arrangement, or (ii) in the event there is no such agreement or arrangement, or the agreement or arrangement does not define the term “cause” or a substantially equivalent term, then “Cause” means: (A) an act of personal dishonesty taken by Executive in connection with his responsibilities as an employee and intended to result in substantial personal enrichment of Executive, (B) Executive being convicted of, or a plea of nolo contendere to, a felony, (C) a willful act by Executive which constitutes gross misconduct and which is injurious to the Company, or (D) following delivery to Executive of a written demand for performance from the Company which describes the basis for the Company's reasonable belief that Executive has not substantially performed his duties, continued violations by Executive of Executive's obligations to the Company which are demonstrably willful and deliberate on Executive's part.

(b)Change of Control.  “Change of Control” means the occurrence of any of the following events:

(i)Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities who is not already such as of the Effective Date of this Agreement; or

(ii)The consummation of the sale or disposition by the Company of all or substantially all the Company's assets (for these purposes a substantial sale or disposition will in no event be considered to occur unless at least fifty percent (50%) of the total gross fair market value of all of the assets of the Company are sold or disposed of); or

(iii)The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted 

	

	
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into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

Notwithstanding the foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A of the Code (“Section 409A”).  

(c)Disability.  “Disability” means that:

(i)Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months;

(ii)Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for at least three (3) months under the Company’s accident and health plan; or 

(iii)Executive is determined to be totally disabled by the Social Security Administration. 

(d)Voluntary Termination for Good Reason.  “Voluntary Termination for Good Reason” means Executive voluntary resigns within thirty (30) days following the expiration of any cure period (as discussed below) after the occurrence of any of the following, without Executive’s written consent: 

(i)a material diminution by the Company in the annual base salary of Executive as in effect immediately prior to such reduction (other than a reduction that applies to Company officers and/or managers generally); 

(ii)a material change in the geographic location at which Executive must perform service (in other words, the relocation of Executive to a facility or a location more than fifty (50) miles from the then present location); or 

(iii)any other action or inaction that constitutes a material breach by the Company of this Agreement;  

provided, however, that before Executive’s employment may be terminated by a Voluntary Termination for Good Reason, (A) Executive must provide written notice to the Company, within ninety (90) days of the initial existence of the Voluntary Termination for Good Reason condition, setting forth the reasons for Executive’s 

	

	
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intention to terminate his employment as a result of a Voluntary Termination for Good Reason, and (B) the Company must have an opportunity within thirty (30) days following delivery of such notice to cure the Voluntary Termination for Good Reason condition.

For the avoidance of doubt, the voluntary resignation by Executive after the occurrence of either of the following shall not constitute grounds for a “Voluntary Termination for Good Reason”:  (1) a reduction of Executive’s duties, titles, authority or responsibilities, relative to Executive’s duties, title, authority or responsibilities as in effect immediately prior to such reduction, as a result of (x) the Company being acquired and made part of a larger entity, or (y) a restructuring of the Company and/or its subsidiaries, or a restructuring of the Company’s employees’ functions, and/or reporting relationships; or (2) a material reduction of the facilities or perquisites (including office space and location) available to Executive.

Notwithstanding anything herein to the contrary, the Company agrees that it will not materially reduce Executive’s aggregate level of employee benefits, including bonuses, to which Executive was entitled immediately prior to such reduction with the result that Executive’s aggregate benefits package is materially reduced (other than a reduction that generally applies to Company officers and/or managers).

5.Non-Compete and Non-solicitation.

(a)Non-Compete.  Executive agrees and acknowledges that Executive’s right to receive the payments and benefits set forth in this Agreement (to the extent Executive is otherwise entitled to such payments and benefits) shall be conditioned upon Executive not directly or indirectly engaging in (whether as an executive, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of, any person, firm, corporation or business that is a Restricted Business; provided, however, that nothing in this Section 5(a) shall prevent Executive from owning as a passive investment less than one percent (1%) of the outstanding shares of the capital stock of a publicly-held company if (A) such shares are actively traded on the New York Stock Exchange or the Nasdaq Global Market and (B) Executive is not otherwise associated with such company or any of its affiliates.  A “Restricted Business” is a business which is engaged in the design, development, manufacture, production, marketing, sale, licensing or servicing of any products, or the provision of any services, that are the same as or substantially similar to those of the Company, or a business which is otherwise one of the top 10 competitors of the Company as identified by the Company in its then most recent presentation to the Board of Directors of the Company.  The Company will provide the names of such companies to Executive. Upon any breach of this section, all severance payments and benefits pursuant to this Agreement shall immediately cease.  

(b)Non-Solicitation.  During the twelve (12) months following the termination of Executive’s employment with the Company for any reason, Executive agrees and acknowledges that Executive’s right to receive the payments and benefits Executive is to receive herein (to the extent Executive is otherwise entitled to such payments and benefits), shall be conditioned upon 

	

	
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Executive not either directly or indirectly soliciting, inducing, attempting to hire, recruiting, encouraging, taking away, hiring any employee of the Company or causing an employee to leave his/her employment either for Executive or for any other entity or person.  

6.Section 280G.  Notwithstanding any other provision of this Agreement to the contrary, in the event that the amount of severance and other benefits payable to Executive under this Agreement (including, without limitation, the acceleration of any payment or the accelerated vesting of any payment or other benefit), together with any payments, awards or benefits payable under any other plan, program, arrangement or agreement maintained by the Company or one of its affiliates, would constitute an “excess parachute payment” (within the meaning of Section 280G of the Code), the payments under this Agreement shall be reduced (by the minimum possible amount) until no amount payable to Executive under this Agreement constitutes an “excess parachute payment” (within the meaning of Section 280G of the Code); provided, however, that no such reduction shall be made if the net after-tax payment (after taking into account federal, state, local or other income, employment and excise taxes) to which Executive would otherwise be entitled without such reduction would be greater than the net after-tax payment (after taking into account federal, state, local or other income and employment taxes) to Executive resulting from the receipt of such payments with such reduction.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made in writing, by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section.

7.Section 409A.

(a)Amounts paid under this Agreement are intended to satisfy the requirements of the “short term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations and thus, will not constitute a “deferral of compensation” governed by Section 409A. 

(b)Amounts paid under this Agreement that do not satisfy the requirements of the “short term deferral” rule as described in clause 7(a) above are intended to satisfy the requirements of the “separation pay plan” rule set forth in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, and thus, will not constitute a “deferral of compensation” governed by Section 409A.

(c)  Amounts paid under this Agreement are intended to constitute “separate payments” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

	

	
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(d)The Company intends the amounts paid under this Agreement to satisfy either the “short term deferral” rule (described in clause 7(a) above) or the “separation pay plan” rule (described in clause 7(b) above) so that none of the severance payments and benefits provided hereunder will be deemed a deferral of compensation that is subject to the additional tax imposed under Section 409A and any ambiguities herein will be interpreted to satisfy the “short term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations, or alternatively, to satisfy the “separation pay plan” rule set forth in Section  1.409A-1(b)(9)(iii) of the Treasury Regulations.  The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment of severance or other benefits to Executive under Section 409A.

(e)To the extent (i) the requirements for the “short term deferral” rule and/or the “separation pay plan” rule are not satisfied, and (ii) Executive is a “specified employee” of the Company (or any successor entity thereto) within the meaning of Section 409A(a)(2)(B)(i) on the date of Executive’s termination (other than a termination due to death), then the portion of the severance payments payable to Executive, if any, under this Agreement, when considered together with any other severance payments or separation benefits that is deemed a deferral of compensation under Section 409A shall be delayed until the earlier of (A) the date that is six (6) months and one (1) day after the date of termination, or (B) the date of Executive’s death (such date, the “Delayed Initial Payment Date”), and the Company (or the successor entity thereto) shall (x) pay to Executive a lump sum equal to the amount Executive would have otherwise received on or before the Delayed Initial Payment Date, without any adjustment on account of such delay, as if the payments had not been delayed pursuant to this section, and (y) pay the balance of the payments in accordance with any applicable payment schedules set forth herein.  Notwithstanding anything herein to the contrary, if Executive dies following his or her termination, but prior to the six (6) month anniversary of Executive’s termination date, then any payments which have been delayed in accordance with this clause will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death.

8.Successors.

(a)Company's Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company's business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any such successor to the Company which executes and delivers an assumption agreement consistent with this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law.

	

	
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(b)Executive's Successors.  The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

9.

	

	
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Notice.

(a)General.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or one (1) business day following mailing via Federal Express or similar overnight courier service.  In the case of Executive, mailed notices shall be addressed to him or her at the home address which he/she most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

Notice of Termination.  Any termination by the Company for Cause shall be communicated by a notice of termination to Executive given in accordance with Section 9(a).  Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination date (which shall be not more than thirty (30) days after the giving of such notice).  A termination by Executive pursuant to a Voluntary Termination for Good Reason shall be communicated by a notice of termination to the Company in accordance with Section 4(d) and Section 9(a). 

10.Miscellaneous Provisions.

(a)No Duty to Mitigate.  Executive shall not be required to mitigate the value of any benefits contemplated by this Agreement, nor shall any such benefits be reduced by any earnings or benefits that the Executive may receive from any other source.

(b)Waiver.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by  Executive and by two authorized officers of the Company (other than the Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(c)Integration.  This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements related to the subject matter of this Agreement whether written or oral, including any prior Management Retention Agreement.  No waiver, alteration or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties (except that the Stock Plan may be revised or modified in accordance with its terms) and any subsequent documents that purport to modify this Agreement shall be without effect unless they specifically refer to this Agreement.  

	

	
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(d)Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois.

(e)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

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

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

 

	
PCTEL, INC.
	
EXECUTIVE:  
	
 

By:_________________________

	
Title: _______________________
	
____________________________
	
 

	
Date:_______________________
	
Date:________________________
	
 

 

	

	
-11-Exhibit 10.1

 

	 	 	
	 	 	 

 

 

	March 29, 2020
	 
	Anthony Doyle
	317 Cyprus Falls Drive
	Cary, NC 27513

 

 

Dear Mr. Doyle:

 

On behalf of BioCryst Pharmaceuticals, Inc., a Delaware corporation
(the "Company"), we are pleased to offer you the position of Senior Vice President & Chief Financial Officer. You
will report directly to me, as President and Chief Executive Officer. We, along with the other members of the Company's Board of
Directors (the "Board"), and the Company's management team, are all very impressed with you and what you will bring to
the Company. We believe that with your background, you will make significant contributions to the success of the Company.

 

This letter agreement (the "Agreement") will serve to confirm
our agreement with respect to the terms and conditions of your employment.

 

		1.	Term of Employment.

 

		(a)	Subject to the terms and conditions of this Agreement, the Company hereby employs Anthony Doyle ("Employee") as Senior
Vice President & Chief Financial Officer. Employee shall commence employment at the Company's offices in Durham, North Carolina.
Employee shall devote substantially full-time attention to the business and affairs of the Company and its affiliates. Employee
may (i) serve on corporate, civic, charitable or non-profit boards or committees, subject in all cases to the prior approval of
the Board and other applicable written policies of the Company and its affiliates as in effect from time to time, and (ii) manage
personal and family investments, participate in industry organizations and deliver lectures at educational institutions or events,
so long as no such service or activity interferes, individually or in the aggregate, with the performance of Employee's responsibilities
hereunder.

 

		(b)	The term of employment of Employee under this Agreement shall begin on April 15, 2020 (the "Effective Date") and
terminate on the second anniversary of the Effective Date unless earlier terminated in accordance with the provisions of Section
4. In the event Employee is retained by the Company as Senior Vice President & Chief Financial Officer past the second anniversary
of the Effective Date, the terms of Employee's employment shall continue to be governed by this Agreement unless otherwise provided
by the Board.

 

 

		

    

     

    

 

		2.	Basic Full-Time Compensation and Benefits. 

 

		(a)	Commencing as of the Effective Date, as basic compensation for services rendered under this Agreement, Employee shall be entitled
to receive from the Company a salary of $40,000 per month ($480,000 per annum) (the "Base Salary"), payable in accordance
with the Company's standard payroll practices as in effect from time to time during the term of this Agreement. The Base Salary
will be reviewed annually by the Board or a committee thereof and may be raised at the discretion of the Board or such committee.

 

In addition to the Base Salary provided above, Employee shall be provided
with a fiftythousand dollar ($50,000) bonus ("Signing Bonus") payable no later than six months after the Effective Date
of this Agreement.

 

		(b)	Employee shall be eligible to earn a cash bonus, payable as soon as reasonably practicable in the calendar year following each
calendar year during the term of this Agreement, based on the Company's and/or Employee's achievement of performance related goals
proposed by management and approved by the Board or a committee thereof for the Company's applicable fiscal year (the "Incentive
Compensation"). The Incentive Compensation actually earned, if any, shall be determined in the sole discretion of the Board
or a committee thereof and shall be based on a target amount equal to forty percent (40%) of the Base Salary earned by Employee
during such fiscal year (the "Target Amount"), which shall not be pro-rated for the first fiscal year of the term of
this Agreement. The Board or a committee thereof may, in its discretion, approve an Incentive Compensation payment in excess of
the Target Amount if the performance goals have been exceeded. Employee must be employed through April I of the next succeeding
fiscal year in order to receive the Incentive Compensation payment for each fiscal year.

 

		(c)	Employee shall be entitled to receive such other benefits and perquisites provided to similarly situated executive officers
of the Company, subject to modification or termination at any time, which benefits may include, without limitation, reasonable
vacation (currently four (4) weeks), sick leave, medical benefits, life insurance, and participation in profit sharing or retirement
plans.

 

		3.	Performance Based Equity Awards.

 

		(a)	The Company shall grant to Employee an option to purchase 600,000 shares of the Company' s common stock ("Common Stock"),
with an exercise price equal to the fair market value of the Common Stock on the date of the grant (the "Initial Option"),
which date shall be the last day of the month that the Employee begins employment under this Agreement. The Initial Option shall
be granted under and subject to the terms of the Company's Inducement Equity Incentive Plan, effective as of February 7, 2020,
or the Company's Stock Incentive Plan, effective as of April 24, 2019, as applicable, and subject to the terms of one or more award
agreements between Employee and the Company, which Employee will be required to execute as a condition of the grant.

 

		(b)	The Initial Option shall vest and become exercisable, contingent on Employee's continued provision of services to the Company
on each respective vesting date, over a period of four (4) years as follows: (i) with respect to 200,000 shares of Common Stock, on the first anniversary of the grant date or on the date of Employee's termination if Employee is terminated
as a result of a reduction in force prior to the first anniversary of the grant date; and (ii) with respect to the remaining 400,000
shares of Common Stock, equally on each anniversary thereafter for the following three years until fully vested.

 

    2

     

    

 

		(c)	During the term of this Agreement, Employee shall be eligible to receive equity-based compensation as determined in the sole
discretion of the Board or a committee thereof, which may be subject to the achievement of certain performance targets set by the
Board or such committee. All such equity-based awards shall be subject to the terms and conditions set forth in the Company's Stock
Incentive Plan as in effect from time to time and award agreements issued thereunder.

 

		4.	Termination.

 

		(a)	If Employee's employment is terminated by the Company for Cause or by Employee other than pursuant to a Constructive Termination,
or due to the expiration of the stated term of this Agreement or Employee's death or Disability, the Company shall pay Employee
(i) any accrued and unpaid Base Salary, payable on the next payroll date; (ii) reimbursement for any and all monies advanced or
expenses incurred in connection with Employee's employment for reasonable and necessary expenses incurred by Employee on behalf
of the Company for the period ending on the termination date, which amount shall be reimbursed within thirty (30) days of the Company's
receipt of proper documentation from Employee; (iii) any compensation that Employee had previously deferred (including any interest
earned or credited thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements
then in effect, to the extent vested as of Employee's termination date, paid pursuant to the terms of such plans or arrangements;
and (iv) any vested amount or benefit payable under any benefit plan or program in accordance with the terms thereof (the foregoing
items in this Section 4(a), the "Accrued Obligations").

 

For all purposes under this Agreement, a termination for "Cause"
shall mean a determination by the Board that Employee's employment be terminated for any of the following reasons: (i) failure
or refusal to comply in any material respect with lawful policies, standards or regulations of Company; (ii) a violation of a federal
or state law or regulation applicable to the business of the Company; (iii) conviction or plea of no contest to a felony under
the laws of the United States or any State; (iv) fraud or misappropriation of property belonging to the Company or its affiliates;
(v) a breach in any material respect of the terms of any confidentiality, invention assignment or proprietary information agreement
with the Company or with a former employer, (vi) failure to satisfactorily perform Employee's duties after having received written
notice of such failure and at least thirty (30) days to cure such failure, or (vii) misconduct or gross negligence in connection
with the performance of Employee's duties.

 

For all purposes under this Agreement, "Disability" shall mean
the inability of Employee to perform Employee's duties hereunder by reason of physical or mental incapacity for ninety (90) days,
whether consecutive or not, during any consecutive twelve (12) month period.

 

		(b)	If Employee's employment is terminated by the Company without Cause, or by Employee pursuant to a Constructive Termination,
then Employee will receive any Accrued Obligations and, subject to Section 4(c), Employee will receive the following: continuation
of Base Salary for one (1) year following the effective termination date, payable in accordance with the regular payroll practices
of the Company; (ii) payment of one times Employee's annual target Incentive Compensation in effect for the fiscal year in which
Employee's termination date occurs, payable in equal installments over the regularly scheduled payroll periods of the Company for
the one year following the effective date of termination; and (iii) if Employee elects to continue health insurance coverage under
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") following termination of employment,
the Company shall pay the monthly premium under COBRA on the same basis as active employees until the earlier of (x) 12 months
following the effective termination date, or (y) the date upon which Employee commences employment with an entity other than the
Company. Employee will notify the Company in writing within five (5) days of Employee's receipt of an offer of employment with
any entity other than the Company, and will accordingly identify the date upon which Employee will commence employment in such
writing (clauses (i) through (iii), "Severance").

 

    3

     

    

 

For all purposes under this Agreement, "Change of Control" shall
mean: (i) the sale, transfer, or other disposition of all or substantially all of the assets of the Company in liquidation or dissolution
of the Company; (ii) the consummation of a merger or consolidation of the Company with any other corporation or other entity, other
than (D a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent fifty percent (50%) or more of the combined voting power of the surviving entity
or the ultimate parent thereof outstanding immediately after such merger or consolidation and (B) immediately following which the
individuals who comprise the Board immediately prior thereto constitute fifty percent (50%) or more of the board of directors of
the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is then
a subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the beneficial owner (within the meaning of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the "1934 Act")), directly or indirectly, of securities of the Company (not including
in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing
more than fifty percent (50%) of the combined voting power of the Company's then outstanding securities; (iii) any person or related
group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common
control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act)
of securities possessing more than fifty percent (50%) of the total combined voting of the Company's outstanding securities pursuant
to a tender or exchange offer made directly to the Company's stockholders; or (iv) a change in the composition of the Board over
a period of twelve (12) consecutive months such that a majority of the Board members (rounded up to the next whole number) ceases
to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have
been elected or nominated for election as Board members during such period by at least two-thirds of the Board members described
in clause (A) who were still in office at the time such election or nomination was approved by the Board.

 

For all purposes under this Agreement, "Constructive Termination"
shall mean a resignation of employment within 30 days of the occurrence of any of the following events which occurs within 6 months
following a Change of Control: (i) a material reduction in Employee's responsibilities; (ii) a material reduction in Employee's
Base Salary, unless such reduction is comparable in percentage to, and is part of, a reduction in the base salary of all executive
officers of the Company; or (iii) a relocation of Employee's principal office to a location more than 50 miles from the location
of Employee's principal office immediately preceding a Change of Control.

 

    4

     

    

 

		(c)	The Company's obligation to provide Severance is conditioned upon Employee returning to the Company all of its property and
confidential information that is in Employee's possession and Employee's execution and non-revocation of an enforceable release
of claims (the "Release"). If Employee chooses not to execute the Release, revokes Employee's execution of the Release,
or fails to comply with the terms of the Release, then the Company shall have no obligation to provide Severance and such Severance
amount is subject to recoupment by the Company. The Release shall be provided to Employee no later than seven (7) days following
Employee's separation from service and Employee must execute it within the time period specified in the Release (which shall not
be longer than forty-five (45) days from the date of receipt). The Release shall not be effective until any applicable revocation
period has expired.

 

		5.	Non-Competition; Proprietary Information and Inventions.

 

		(a)	Proprietary Information and Inventions Agreement; Non-Competition and Non Solicitation Agreement. As a condition precedent
to the employment of Employee by the Company, Employee shall execute (i) the Company's Proprietary Information and Inventions Agreement,
attached hereto as Exhibit A, and (ii) the Company's NonCompetition and Non-Solicitation Agreement, attached hereto as Exhibit
B.

 

		(b)	Equitable Remedies. Employee acknowledges and recognizes
that a violation of the Proprietary Information and Inventions Agreement or the Non-Competition and Non Solicitation Agreement
by Employee may cause irreparable and substantial damage and harm to the Company or its affiliates, could constitute a failure
of consideration, and that money damages will not provide a full remedy for the Company for such violations. Employee agrees that
in the event of Employee's breach of the Proprietary Information and Inventions Agreement or the Non-Competition and Non-Solicitation
Agreement, the Company will be entitled, if it so elects, to institute and prosecute proceedings at law or in equity to obtain
damages with respect to such breach, to enforce the specific performance of such agreement(s) by Employee, and to enjoin Employee
from engaging in any activity in violation hereof.

 

		6.	Miscellaneous.

 

		(a)	Entire Agreement. This Agreement, including the exhibits hereto, constitutes the entire agreement between the parties
relating to the employment of Employee by the Company and there are no terms relating to such employment other than those contained
in this Agreement. No modification or variation hereof shall be deemed valid unless in writing and signed by the parties hereto.
No waiver by either party of any provision or condition of this Agreement shall be deemed a waiver of similar or dissimilar provisions
or conditions at any time.

 

		(b)	Assignability. This Agreement may not be assigned without prior written consent of the parties hereto. To the extent
allowable pursuant to this Agreement, this Agreement shall be binding upon and shall inure to the benefit of each of the parties
hereto and their respective executors, administrators, personal representatives, heirs, successors and assigns.

 

		(c)	Notices. Any notice or other communication given or rendered hereunder by any party hereto shall be in writing and delivered
personally or sent by registered or certified mail, postage prepaid, at the respective addresses of the parties hereto as set forth
below.

 

    5

     

    

 

		(d)	Captions. The section headings contained herein are inserted only as a matter of convenience and reference and in no
way define, limit or describe the scope of this Agreement or the intent of any provision hereof.

 

		(e)	Taxes. All amounts to be paid to Employee hereunder are in the nature of compensation for Employee's employment by the
Company, and shall be subject to withholding, income, occupation and payroll taxes and other charges applicable to such compensation.

 

		(f)	Section 409A. The parties intend for the payments and benefits under this Agreement to be exempt from Section 409A of
the Code or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend
that this Agreement shall be construed and administered in accordance with such intention. In the event the Company determines
that a payment or benefit under this Agreement may not be in compliance with Section 409A of the Code, the Company shall reasonably
confer with Employee in order to modify or amend this Agreement to comply with Section 409A of the Code and to do so in a manner
to best preserve the economic benefit of this Agreement. Notwithstanding anything contained herein to the contrary, (i) in the
event (A) any payments described in Section 4 would be "deferred compensation" subject to Section 409A of the Internal
Revenue Code of 1986, as amended (the "Code"); and (B) Employee is a " specified employee" (as defined in Code
Section 409A(2)(B)(i)), such payments shall, to the extent required by Code Section 409A, be delayed for the minimum period and
in the minimum manner necessary to avoid the imposition of the tax required by Section 409A of the Code; (ii) each amount to be
paid or benefit to be provided under this Agreement shall be construed as a separately identified payment for purposes of Section
409A of the Code; (iii) any payments that are due within the "short term deferral period" as defined in Section 409A
of the Code shall not be treated as deferred compensation unless applicable law requires otherwise; and (iv) amounts reimbursable
to Employee under this Agreement shall be paid to Employee on or before the last day of the year following the year in which the
expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Employee) during any
one (1) year may not affect amounts reimbursable or provided in any subsequent year. Notwithstanding anything in this Agreement
to the contrary, in the event any payments hereunder could occur in one of two calendar years as a result of being dependent upon
the Release becoming nonrevocable, then, to the extent required to avoid the imposition of taxes or penalties under Section 409A
of the Code, such payments shall commence on the first regularly scheduled payroll date of the Company, following the date the
Release becomes nonrevocable, that occurs in the second of such two calendar years.

 

 

 

 

 

 

    6

     

    

 

		(g)	Golden Parachute Provisions. If it is determined that any payment or benefit provided by the Company to or for the benefit
of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, including,
by example and not by way of limitation, acceleration by the Company or otherwise of the date of vesting or payment under any plan,
program, arrangement or agreement of the Company would be subject to the excise tax imposed by Internal Revenue Code section 4999
or any interest or penalties with respect to such excise tax (such excise tax together with any such interest and penalties, shall
be referred to as the "Excise Tax"), then the Company shall first make a calculation under which such payments or benefits
provided to Employee are reduced to the extent necessary so that no portion thereof shall be subject to the Excise Tax (the "4999
Limit"). The Company shall then compare (i) Employee' s Net After-Tax Benefit (as defined below) assuming application of the
4999 Limit with (ii) Employee's Net After-Tax Benefit without application of the 4999 Limit. Employee shall be entitled to the
greater of (i) or (ii). ''Net After-Tax Benefit" shall mean the sum of (x) all payments that Employee receives or is entitled
to receive that are contingent on a change in the ownership or effective control of the Company or in the ownership of a substantial
portion of the assets of the Company within the meaning of Internal Revenue Code section 280G(b)(2), less (y) the amount of federal,
state, local, employment, and Excise Tax (if any) imposed with respect to such payments. Any reduction pursuant to this Section
6(g) shall be implemented by determining the Parachute Payment Ratio (as defined below) for each "parachute payment"
and then reducing the "parachute payments" in order beginning with the "parachute payment" with the highest
Parachute Payment Ratio. For "parachute payments" with the same Parachute Payment Ratio, such "parachute payments"
shall be reduced based on the time of payment of such "parachute payments," with amounts having later payment dates being
reduced first. For "parachute payments" with the same Parachute Payment Ratio and the same time of payment, such "parachute
payments" shall be reduced on a pro rata basis (but not below zero) prior to reducing "parachute payments" with
a lower Parachute Payment Ratio. "Parachute Payment Ratio" shall mean a fraction the numerator of which is the value
of the applicable "parachute payment" for purposes of Internal Revenue Code Section 2800 and the denominator of which
is the actual present value of such payment.

 

		(h)	Governing Law. This Agreement is made and shall be governed by and construed in accordance with the laws of the State
of North Carolina without respect to its conflicts of law principles.

 

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

    7

     

    

 

If the foregoing correctly sets forth our understanding, please signify
your acceptance of such terms by executing this Agreement, thereby signifying your assent, as indicated below.

 

	 	 	Yours very truly, 
	 	 	BioCryst Pharmaceuticals, Inc. 
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Jon Stonehouse_________________
	 	 	 	Jon Stonehouse
	 	 	 	Chief Executive Officer
	 	 	 	 
	 	 	Cc:	Stephanie Angelini
	 	 	 	Senior Vice President, Human Resources
	 	 	 	 
	AGREED AND ACCEPTED	 	 
	 	 	 	 
	 	 	 	 
	Sign:	/s/ Anthony Doyle_____________	 	 
	 	Anthony Doyle	 	 

 

 

 

 

 

 

    8

     

    

 

Exhibit A

 

(Proprietary Information and Inventions Agreement)

 

EMPLOYEE'S PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

 

I, Anthony Doyle, recognize that BioCryst Pharmaceuticals, Inc., a Delaware corporation
(hereinafter the "Company"), is engaged in a continuous program of research, development, and production respecting its
business, present and future, including fields generally related to its business.

 

I understand that:

 

		A.	As part of my employment by the Company I will faithfully and diligently serve and endeavor to further and safeguard the interests
of the Company, and I recognize that I am expected to make new contributions and inventions of value to the Company;

 

		B.	My employment creates a relationship of confidence and trust between me and the Company with respect to any information:

 

		i.	applicable to the business of the Company; or

 

		ii.	applicable to the business of any client or customer of the Company,

 

in each case which may be made known to me by the Company or by any client
or customer of Company or learned by me during the period of my employment.

 

		C.	The Company possesses and will continue to possess information that has been created, discovered or developed by, or assigned,
disclosed or otherwise become known to, the Company (including without limitation information created, discovered, developed, disclosed
or made known by me during the period of or arising out of my employment by the Company), which information is not generally known
to the public. All of the aforementioned information is hereinafter called "Proprietary Information." By way of illustration,
but not limitation, Proprietary Information includes trade secrets, processes, formulas, data and know-how, improvements, inventions,
techniques, marketing plans, financial information, strategies, forecasts, and customer lists.

 

In consideration of my employment or continued employment, as the case may be, by the
Company and the compensation received by me from the Company from time to time. I hereby agree as follows:

 

		1.	All Proprietary Information shall be the sole property of the Company, and the Company shall be the sole owner of all rights,
title and interest in connection therewith. I hereby assign to the Company any and all rights I may have or acquire in such Proprietary
Information. At all times, both during my employment by the Company and after its termination, I will keep in confidence and trust
all Proprietary Information, and I will not use or disclose any Proprietary Information or anything relating to it without the
prior written consent of the Company, except as may be necessary in the ordinary course of performing my duties as an employee
of the Company. In the event I am required to disclose Proprietary Information pursuant to applicable law or court order, I shall,
whenever legally permissible, promptly disclose such request to the Company, and cooperate with the Company to seek a protective
order and to otherwise limit such disclosure from becoming public.

 

 

    A-1

     

    

 

		2.	Notwithstanding anything set forth in this Agreement, or any other agreement that I have with the Company or its affiliates
to the contrary, I shall not be prohibited from reporting possible violations of federal or state law or regulation to any governmental
agency or entity, legislative body, or any self-regulatory organization, or making other disclosures that are protected under the
whistleblower provisions of federal or state law or regulation, nor am I required to notify the Company regarding any such reporting,
disclosure or cooperation with the government. Pursuant to 18 U.S.C. § 1833(b), I understand that I 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 affiliates
that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to my attorney
and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other
document that is filed under seal in a lawsuit or other proceeding. I understand that if I file a lawsuit for retaliation by the
Company for reporting a suspected violation of law, I may disclose the trade secret to my attorney and use the trade secret information
in the court proceeding if I (x) file any document containing the trade secret under seal, and (y) do not disclose the trade secret,
except pursuant to court order. Nothing in this Agreement, or any other agreement that I have with the Company or its affiliates,
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.

 

		3.	I agree that, during the period of my employment by the Company, I will not, without the Company's express prior written consent,
engage in any employment or consulting other than for the Company. In the event of the termination of my employment by me or by
the Company for any reason or at any time upon the Company's request, I will promptly deliver to the Company all documents and
data of any nature pertaining to my work with the Company and I will not take with me any documents or data containing or pertaining
to any Proprietary Information.

 

		4.	I will promptly and fully disclose to the Company, or any persons designated by it, all improvements, inventions, formulas,
processes, techniques, know-how, and data, whether or not patentable, copyrightable, or otherwise protectible as intellectual property,
made or conceived or reduced to practice by me, either alone or jointly with others, during the period of my employment by the
Company which are related to or useful in the business of the Company, or result from the performance of my duties as an employee
of the Company or result from use of assets or premises owned, leased, or contracted for by the Company (all said improvements,
inventions, formulas, processes, techniques, know-how, and data shall be collectively hereinafter called "Inventions").
I agree to keep complete, accurate, and authentic accounts, notes, data, and records of all Inventions in the manner and form requested
by the Company, which accounts, notes, data, and records shall be and remain the sole property of the Company. I agree to surrender
the same promptly to the Company upon its request or, in the absence of such a request, upon the termination of my employment by
the Company.

 

		5.	I agree that all Inventions are and shall be the sole property of the Company, and that the Company shall be the sole owner
of all intellectual property and other rights in connection therewith, and by reason of my being employed by Company, to the extent
permitted by law, all of the Inventions consisting of copyrightable subject matter is "work made for hire" as defined
in the Copyright Act of 1976 (17 U.S.C. § 101). To the extent that any Invention is not a "work made for hire,"
I hereby assign to the Company for no additional consideration any and all rights I may have or acquire in or to such Inventions,
including the right to sue, counterclaim, and recover for all past, present, and future infringement, misappropriation, or dilution
thereof, and all rights corresponding thereto throughout the world. I further agree as to all such Inventions to assist the Company
in every proper way (but at the Company's expense) to apply for, obtain, maintain and from time to time enforce such intellectual
property rights, including patents and extensions and continuations of said patents, on said Inventions in any and all countries,
and to that end I will execute all documents for use in applying for, obtaining and maintaining such intellectual property enforcing
same, as the Company may desire, together with any further assignments thereof to the Company or persons designated by it. The
foregoing obligation to assist the Company shall continue beyond the termination of my employment, but the Company shall compensate
me at a reasonable rate after such termination for time actually spent by me at the Company's request on such assistance.

 

    A-2

     

    

 

		6.	As a matter of record I attach hereto a complete list of all inventions or improvements relevant to the subject matter of my
employment by the Company which have been conceived, made, or reduced to practice by me, alone or jointly with others, prior to
my engagement by the Company which I desire to remove from the operation of this Agreement. I covenant that such list is complete.
If no such list is attached to this Agreement, I represent that I have no such inventions and improvements at the time of signing
this Agreement.

 

		7.	I represent that my performance of all of the terms of this Agreement and as an employee of the Company does not and will not
breach any agreement to keep in confidence proprietary information of any third party acquired by me in confidence or in trust
prior to my employment by the Company. I have not entered into, and I agree that I will not enter into, any agreement either written
or oral, in conflict herewith.

 

		8.	I understand that, as part of the consideration of the offer of employment extended to me by the Company or of my continued
employment by the Company, as the case may be, I will not bring, have not brought, with me to the Company and I will not use, have
not used, in the performance of my responsibilities at the Company, materials or documents of a former employer, unless I have
obtained written authorization from the former employer for their possession and use. Accordingly, this is to advise the Company
that the only materials that I will bring to the Company or use in my employment are identified on the attached sheet and, as to
each such item, I represent that I have obtained, prior to the effective date of my employment with the Company, written authorization
for their possession and use in my employment with the Company. I also understand that, in my employment with the Company. I am
not to breach any obligation of confidentiality that I have to former employers, and I agree that I shall fulfill all such obligations
during my employment with the Company.

 

		9.	This Agreement shall be effective as of the first day of my employment by the Company. I understand
and agree that this Agreement is not a contract of employment.

 

		10.	This Agreement shall be binding upon me, my heirs, executors, assigns, administrators, and other
legal representatives and shall inure to the benefit of the Company, its successors and assigns.

 

 

[Signature Page Follows]

 

 

 

 

    A-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this Proprietary Information
and Inventions Agreement to be executed by its duly authorized officer and Employee has executed the same as of the dates set forth
below.

 

 

 

	 	
        BIOCRYST PHARMACEUTICALS, INC.

         

         
	 	EMPLOYEE
	By:	
         

        ________________________________
	 	
         

        ________________________________

	 	Jon Stonehouse	 	Anthony Doyle
	 	Chief Executive Officer	 	 
	 	 	 	 
	 	 	 	 
	Date:	________________________________	Date:	________________________________

 

 

 

 

 

 

 

 

 

    A-4

     

    

 

April 15, 2019

 

 

BioCryst Pharmaceuticals, Inc.

4505 Emperor Blvd., Suite 200

Durham, NC 27703

 

 

Dear Sir or Madam:

 

 

I, Anthony Doyle, propose to bring to my BioCryst employment the following tangible materials
and previously unpublished documents, which materials and documents may be used in my BioCryst employment:

 

	___ No materials	___See below	___Additional sheets attached
	 	 	 

 

The signature below by a representative of my current or former employer confirms that
my continued possession and use of these materials is authorized.

 

 

AUTHORIZATION:

 

 

	COMPANY: 	_____________________________	EMPLOYEE
	 	 	 
	 	_____________________________	_____________________________
	By:	_____________________________	Anthony Doyle
	Its:	_____________________________	 

 

 

 

 

 

 

     

     

    

 

Exhibit B

 

(Non-Competition and Non-Solicitation Agreement)

 

This Non-Competition and Non-Solicitation Agreement (the "Agreement") is made
and entered into this ___ day of _____, 2020(the "Effective Date") by and between BioCryst Pharmaceuticals,
Inc., (the "Company") and Anthony Doyle (the "Employee"). The Company and Employee are sometimes referred to
in this Agreement individually as a "Party" and collectively as "Parties."

 

WHEREAS, Employee is commencing employment with the Company
pursuant to an Employment Agreement entered into between Employee and the Company (the "Employment Agreement") and is
simultaneously entering into an Employee's Proprietary Information and Inventions Agreement (the "PIIA") with the Company;
and

 

WHEREAS, in consideration for Employee's promises and obligations
set forth herein, the Company is offering Employee severance pay as specifically described in the Employment Agreement to which
Employee was not previously entitled.

 

NOW THEREFORE, in consideration of the mutual promises and
obligations set forth below and other good and valuable consideration, the receipt and sufficiency of which the Parties acknowledge,
the Company and Employee agree as follows:

 

1.                  
COMPANY BUSINESS AND PROTECTABLE INTERESTS. Employee acknowledges that: (i) by virtue of Employee's position
with the Company, Employee will have access to Proprietary Information, as that term is defined in the PUA, which information has
not become publicly available ("Confidential Information"); (ii) the Company together with its subsidiaries (the "Company
Group") is currently engaged primarily, but not exclusively, in the business of the discovery, development and commercialization
of medicines and programs for rare diseases (the "Business"); (iii) during the course of Employee's employment, the Company
Group's Business may expand or change, in which case, such expansions or changes shall correspondingly expand or (if abandoned)
contract the definition of "Business" and Employee's obligations under this Agreement; (iv) due to the nature of the
Business, Confidential Information developed by the Company Group in :furtherance of the treatment for a particular rare disease
would have commercial value to any other entity pursuing the development of medicines for the same disease regardless of the location
of that entity, and the use of that information by such an entity would have a negative commercial impact on the Company Group;
(v) the Company Group has clients, customers and collaborative partners throughout the United States and the world and the specific
location of a competing business is not necessarily relevant to the capacity of that business to compete with the Company Group;
and (vi) the provisions of this Agreement are reasonably necessary to protect the Company Group's legitimate business interests,
are reasonable as to time, territory and scope of activities which are restricted, do not interfere with public policy or public
interest and are described with sufficient accuracy and definiteness to enable Employee to understand the scope of the restrictions
imposed upon Employee.

 

    B-1

     

    

 

2.                  
COMPETITIVE BUSINESS ACTIVITIES.Employee agrees that during the period of Employee's employment with the
Company Group and for a period of time ending on the date occurring one year after the date Employee's employment terminates (irrespective
of the circumstances of such termination), Employee will not:

 

		a.	on Employee's own or another's behalf, whether as an officer, director, manager, stockholder, partner, member, associate, owner,
employee, consultant, or otherwise do any of the following or provide material assistance to any other party or entity to do so:

 

		i.	engage in the Business with respect to medicines or programs with which Employee was materially involved on behalf of the Company
Group during Employee's employment or with respect to which Employee obtained Confidential Information during Employee's employment;

 

		ii.	solicit or do business which is the same, similar to or otherwise in competition with the Business, from or with persons or
entities: (a) who are clients, customers or collaborative partners of the Company Group; (b) with whom or which Employee or someone
for whom Employee was responsible solicited, negotiated, contracted, serviced or had material contact with on the Company Group's
behalf; (c) with respect to whom or which Employee obtained Confidential Information during and as a consequence of Employee's
employment by the Company Group; or (d) who were clients, customers or collaborative partners of the Company at any time during
the last year of Employee's employment with the Company Group; nor shall Employee request, induce, or solicit such persons or entities
to curtail or cancel their business with the Company Group;

 

		iii.	offer employment to, hire or otherwise solicit for employment any employee or other person who had been employed or retained
by the Company Group during the last year of Employee's employment with the Company Group and with whom Employee had material contacts
during the course of Employee's employment; nor shall Employee request, induce, or solicit any employee or independent contractor
of the Company Group who had been employed or retained by the Company Group during the last year of Employee's employment with
the Company Group and with whom Employee had material contacts during the course of Employee's employment to terminate his or her
employment or independent contractor relationship with the Company Group; or

 

		b.	take any action, which is materially detrimental, or otherwise intended to be adverse to the Company Group's goodwill, name,
business relations, prospects and operations.

 

	 	c.	The restrictions set forth in Section 2(a)(i) apply to the following separate and distinct geographical areas: (i) the world;
(ii) North America (iii) Europe; (iv) the United States; (v) the United Kingdom; (vi) the State of North Carolina; (vii) the
State of Alabama; (viii) within a 60-mile radius of any location of the Company Group in which Employee had an office or performed
material services during Employee's employment with the Company Group; (ix) any city, metropolitan area, county, state or
country in which Employee's substantial services were provided, or for which Employee had substantial responsibility, or in
which Employee worked on Company Group projects, while employed by the Company Group; (x) any city, metropolitan area, county,
state or country in which the Company Group is located or does or, during Employee's employment with the Company Group, did
business.

 

    B-2

     

    

 

	 	d.	The restrictions set forth in Section 2(a)(i) apply only to prohibit Employee from engaging in activities that are materially
similar to the activities in which Employee engaged on behalf of the Company Group or with respect to which Employee would
reasonably be expected to use Confidential Information.

 

	 	c.	Notwithstanding the foregoing, Employee's ownership, directly or indirectly, of not more than one percent of the issued and
outstanding stock of a corporation the shares of which are regularly traded on a national securities exchange or in the over-the-counter
market shall not violate Sections 2(a)-(b).

 

3.                  
REMEDIES. Employee acknowledges that Employee's failure to abide by this Agreement would cause irreparable
harm to the Company Group for which legal remedies would be inadequate. Therefore, in addition to any legal or other relief to
which the Company Group may be entitled by virtue of Employee's failure to abide by these provisions; the Company Group may seek
equitable relief, including, but not limited to, preliminary and permanent injunctive relief, for Employee's actual or threatened
failure to abide by these provisions, and Employee will indemnify the Company Group for all expenses including attorneys' fees
in seeking to enforce these provisions.

 

4.                  
TOLLING. The period during which Employee must refrain from the activities set forth in Sections 2(a)-(b)
shall be tolled during any period in which Employee fails to abide by these provisions.

 

5.                  
VIOLATION BY COMPANY. In the event that Employee alleges and proves a violation by the Company Group of any
obligation of the Company Group to Employee by agreement or operation of law, such violation shall not excuse Employee from Employee's
obligations pursuant to this Agreement, but rather Employee shall be entitled to remedies available for the specific violation
alleged and proven.

 

6.                  
OTHER AGREEMENTS.Nothing in this Agreement shall terminate, revoke, or diminish Employee's obligations
or the Company Group's rights and remedies under law or pursuant to the PUA, relating to trade secrets or proprietary information.

 

7.                  
ENTIRE AGREEMENT. This Agreement and the PIIA, together constitute the exclusive and complete agreement between
the Parties with respect to this subject matter and supersedes any other right of the Employee to severance under any plan, arrangement
or agreement of the Company. No change or modification of this Agreement shall be valid or binding upon the Parties unless such
change or modification is in writing and is signed by the Parties.

 

8.                  
WAIVER OF BREACH. The Company's or Employee's waiver of any breach of a provision of this Agreement shall
not waive any subsequent breach by the other Party.

 

9.                  
SEVERABILITY. If a court of competent jurisdiction holds that any provision or sub-part thereof contained
in this Agreement is invalid, illegal, or unenforceable, that invalidity, illegality, or unenforceability shall not affect any
other provision in this Agreement. Additionally, if any of the provisions of this Agreement are held unenforceable by a court of
competent jurisdiction, then the Parties desire that such provision, clause, or phrase be "blue penciled" or rewritten
by the court to the extent necessary to render it enforceable.

 

10.              
PARTIES BOUND. The terms, provisions, covenants and agreements contained in this Agreement shall apply to,
be binding upon and inure to the benefit of the Company's successors and assigns, and Employee's heirs, executors, administrators,
and other legal representatives. Employee may not assign this Agreement.

 

    B-3

     

    

 

11.              
REMEDIES. Employee acknowledges that Employee's breach of this Agreement would cause the Company irreparable
harm for which damages would be difficult, if not impossible, to ascertain and legal remedies would be inadequate. Therefore, in
addition to any legal or other relief to which the Company may be entitled by virtue of Employee's breach or threatened breach
of this Agreement, the Company may seek equitable relief, including but not limited to preliminary and permanent injunctive relief
and all other available remedies.

 

12.              
GOVERNING LAW. This Agreement and the employment relationship created by it shall be interpreted and construed
in accordance with the laws of the State of North Carolina, including its statutes of limitations, without giving effect to any
conflict-of-laws rule that would result in the application of the laws of a different jurisdiction. The Parties consent to exclusive
jurisdiction in North Carolina for the purpose of any litigation relating to this Agreement and agree that any litigation by or
involving them relating to this Agreement shall be conducted in the state courts of North Carolina or the appropriate federal district
court located in North Carolina. Employee consents to the exercise of personal jurisdiction in any state or federal court located
in North Carolina and waives any objection based upon personal jurisdiction or forum non conveniens with respect to any
action commenced in such courts.

 

13.              
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be an original, with the
same effect as if the signatures affixed thereto were upon the same instrument.

 

14.              
EMPLOYEE ACKNOWLEDGMENT. Employee understands and agrees that this Agreement is not a contract of employment
for any particular term.

 

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

    B-4

     

    

 

IN WITNESS WHEREOF, the Company has caused this Non-Competition and
Non Solicitation Agreement to be executed by its duly authorized officer and Employee has executed the same as of the dates set
forth below.

 

 

 

	 	
        BIOCRYST PHARMACEUTICALS, INC.

         

         
	 	EMPLOYEE
	By:	
         

        ________________________________
	 	
         

        ________________________________

	 	Jon Stonehouse	 	Anthony Doyle
	 	Chief Executive Officer	 	 
	 	 	 	 
	 	 	 	 
	Date:	________________________________	Date:	________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

B-5

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