Document:

nvls_Ex_10-15

		
			Exhibit 10.15
		

		
			Nivalis Therapeutics, Inc.
		

		
			3122 Sterling Circle, Suite 200, Boulder, CO 80301
		

		
			 
		

		
			 
		

		
			January 9, 2017
		

		
			 
		

		
			Janice Troha
		

		
			Nivalis Therapeutics, Inc.
		

		
			3122 Sterling Circle
		

		
			Suite 200
		

		
			Boulder, Colorado 80301
		

		
			 
		

		
			Re: Retention Bonus
		

		
			 
		

		
			Dear Janice:
		

		
			 
		

		
			In recognition of your continued service with Nivalis Therapeutics, Inc. (the “Company”), and subject to the other terms and conditions of this letter agreement (this “Agreement”), we are pleased to offer you a retention bonus in the amount of $100,000.00, less applicable withholdings and deductions required by law (the “Retention Bonus”) and an option grant to purchase 200,000 shares of Common Stock of the Company which option shall vest in full upon the termination of your employment by the Company other than for Cause or a Corporate Transaction (as defined in the stock option agreement to be entered into by you and the Company) and be subject to the terms and conditions of such stock option agreement and the Company’s 2015 Equity Incentive Plan (the “Stock Option”).  
		

		
			 
		

		
			The Retention Bonus will be processed and paid through the Company’s payroll on the closing date of a Change in Control (the “Payment Date”), provided you have remained actively and continuously employed in good standing by the Company through the Payment Date. For purposes of this Agreement, “Change in Control”  shall mean the sale of all or substantially all of the outstanding shares of capital stock, assets or business of the Company, by merger, consolidation, sale of assets or otherwise (other than a transaction in which all or substantially all of the persons who were beneficial owners of the capital stock of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the outstanding voting securities (on an as-converted to Common Stock basis) of the resulting, surviving or acquiring entity in such transaction).
		

		
			 
		

		
			In order to be considered in “good standing,” you must have been employed continuously from the date hereof to the Payment Date and you must not be the subject of any disciplinary warning, whether written or oral.  In order to receive the Retention Bonus, you must (a) be in good standing, (b) execute a release of claims to be provided to you by the Company, and (c) otherwise comply with the terms and conditions of this letter and the Company’s policies and procedures.  
		

		
			 
		

		
			Neither the Retention Bonus, the Stock Option grant nor this letter have any bearing on your right to employment with the Company. Your employment remains at-will, meaning that you and the Company may terminate the employment relationship at any time, with or without cause or 

		 

 

reason, and with or without notice.  For clarity, should your employment terminate for any reason other than by the Company without cause (as defined in the employment agreement between you and the Company) prior to the Payment Date, you will not receive the Retention Bonus and the vesting of the Stock Option shall cease.  Compensation paid pursuant to this Agreement is intended to be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended, as a short term deferral. 
		

		
			 
		

		
			This letter supersedes in their entirety any prior or contemporaneous agreements between you and the Company regarding retention bonuses or payments, whether written, oral, express or implied.
		

		
			 
		

		
			This Agreement may not be amended or modified unless in writing signed by both you and an authorized officer of the Company. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of Colorado without regard to conflicts-of-law principles. 
		

		
			 
		

		
			Sincerely,
		

		
			 
		

		
			NIVALIS THERAPEUTICS, INC.
		

		
			 
		

		
			By: /s/ R. Michael Carruthers
		

		
			R. Michael Carruthers
		

		
			Chief Financial Officer
		

		
			 
		

		
			 
		

		
			ACCEPTED AND AGREED:
		

		
			
		

		
			/s/ Janice Troha
		

		
			Janice Troha
		

		
			 
		

		
			1/9/17
		

		
			Date
		

		
			
		

		
			 
		

		 

		

			-2-nvls_Ex_10-17

		
			Exhibit 10.17
		

		
			AMENDMENT to the
		

		
			EMPLOYMENT AGREEMENT
		

		
			between
		

		
			Nivalis Therapeutics, Inc. 
		

		
			and
		

		
			R. Michael Carruthers (“Employee”)
		

		
			 
		

		
			WHEREAS, Nivalis Therapeutics, Inc. (the “Company”) and the Employee entered into an employment agreement (the “Agreement”) effective as of January 21, 2015;
		

		
			 
		

		
			WHEREAS, the Company and the Employee desire to amend the Agreement to change the provision relating to accelerated vesting of stock options in connection with Termination/Severance;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows:
		

		
			 
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			A new Section 5(e) shall be inserted in the Agreement as follows and the sections currently designated as Section 5(e), 5(f), 5(g) and 5(h), and all cross references in the Agreement thereto, shall be amended to be designated as Section 5(f), 5(g), 5(h) and 5(i), respectively:

		
			 
		

		
			(e)The Employee may terminate this Agreement upon at least thirty (30) days’ notice for Good Reason. “Good Reason” means (A) a ten percent (10%) or more reduction in Employee’s salary to which Employee has not consented; (B) a material diminution in Employee’s authority, duties or responsibilities without Employee’s consent (which shall not include a change in reporting obligations resulting from a Corporate Transaction); (C) a requirement by the Company, without Employee’s consent, that Employee’s primary work site be relocated to a site that is more than twenty five (25) miles away from Employee’s work site prior to the Corporate Transaction; or (D) any other action or inaction that constitutes a material breach by the Company of Employee’s employment agreement, if any.  Notwithstanding the foregoing, a termination of Employee for Good Reason shall not have occurred unless (i) Employee gives written notice to the Company, of termination within thirty (30) days after Employee first becomes aware of the occurrence of the circumstances constituting Good Reason, specifying in reasonable detail the circumstances constituting Good Reason, (ii) the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting Good Reason, and (iii) Employee terminates employment within five (5) days after the Company’s cure period ends.
		

		
			 
		

			
	
			
				 2.
			

			
	
			
			The first sentence of Section 5(f) (as newly designated pursuant to Section 1 of this Amendment) is amended and restated in its entirety to read as follows:

		
			 
		

		
			(f) If this Agreement is terminated by the Company prior to the end of the term pursuant to any provision other than Sections 4, 5(a) or 5(c) or by the Employee pursuant to Section 5(e) (the “Termination Date”), then, provided Employee executes the release described in Section 5(g) below and complies with his obligations under the Confidential Information Agreement and Noncompete Agreement incorporated by reference in Sections 6 and 7 of this Agreement:
		

		
			 
		

			
	
			
				 3.
			

			
	
			
			Section 5(f)(iii) (as newly designated pursuant to Section 1 of this Amendment) is amended and restated in its entirety to read as follows: 

		
			 
		

		
			

		 

 

		

		
			(iii)  the Company shall cause any issued but unvested options to immediately vest in full.
		

		
			 
		

			
	
			
				 4.
			

			
	
			
			Section 5(h) (as newly designated pursuant to Section 1 of this Amendment) is amended and restated in its entirety to read as follows: 

		
			 
		

		
			In the event of a Change of Control, all outstanding options granted to Employee as of such event shall immediately vest (to the extent they are not already vested).  For purposes of this Agreement, “Change in Control” shall mean the sale of all or substantially all of the outstanding shares of capital stock, assets or business of the Company, by merger, consolidation, sale of assets or otherwise (other than a transaction in which all or substantially all of the persons who were beneficial owners of the capital stock of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the outstanding voting securities (on an as-converted to Common Stock basis) of the (i) resulting, surviving or acquiring entity in such transaction in the case of a merger, consolidation or sale of outstanding shares, or (ii) acquiring entity in the case of a sale of assets).  Notwithstanding the foregoing, sale of Company stock pursuant to an initial public offering or follow-on public offering shall not constitute a Change in Control.
		

		
			 
		

		
			 
		

			
	
			
				 5.
			

			
	
			
			Except as amended herein, the provisions of the Agreement shall remain in full force and effect. 

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the Company has caused this Amendment to be executed and Employee has hereunto set his hand as of January 12, 2017.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NIVALIS THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Janice Troha

				
	
					
						 

					
					
						Name:

					
					
						 Janice Troha

				
	
					
						 

					
					
						Title:

					
					
						Chief Operating Officer

				
	
					
						 

					
					
						Date:

					
					
						1/12/17

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						EMPLOYEE

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ R. Michael Carruthers

				
	
					
						 

					
					
						 

					
					
						R. Michael Carruthers

				

		
			 
		

		 

		

			-2-

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