Document:

Document

Exhibit 10.2

September 6, 2022
Scott Chaplin

Dear Scott,

We are pleased to extend to you an offer of employment with Berkeley Lights, Inc. (the “Company”) as set forth below. This written agreement supersedes and replaces any prior agreements, representations, or understandings, whether written, oral or implied, between you and the Company.

1.Title. You are being offered a full-time, exempt position as the Company’s Chief Legal Officer. You will be reporting to Siddhartha Kadia, the Company’s Chief Executive Officer. As a constructive and productive employee in the Company, you will be expected to lead by example by setting high standards of excellence and integrity in all your endeavors and interactions with colleagues, partners, vendors and other third parties.

2.Commencement of Employment. The commencement date of your employment is expected to be September 19, 2022, provided that you sign, date and return this offer letter before the expiration of midnight (Pacific Time) on September 9, 2022.

3.Compensation and Benefits. As compensation for your services, you will be paid an annual salary of $400,000 paid at the rate of $33,333.33 per month in accordance with the Company’s standard payroll schedule.

In addition, you will be eligible for the following:

a.Paid Time Off. You will be eligible to accrue paid time off according to the Company’s paid time off policy.

b.Health Care Benefits. You will be eligible to participate in the Company’s group benefit plans as of your date of hire, subject to the terms and conditions of those plans. These benefit plans are subject to modification and change as the Company deems necessary.

c.Incentive Bonus Plan. You will be eligible to participate in the Company’s Incentive Compensation Plan. Additional information for the current year will be provided in the 2022 Incentive Bonus Plan document. Your target incentive is 50% of your annual salary and is paid based on the achievement of objectives that we will define in the first quarter of your employment, and then subsequently annually. The Company reviews compensation on an annual basis. Eligibility for participation in any Incentive Compensation Plan shall be construed as any assurance of continuing employment for any particular period of time.

d.Equity Compensation: Stock Options. Subject to the approval of the Company’s Board of Directors or its Compensation Committee, you will be granted an option to purchase shares of the Company’s Common Stock based on a target grant date fair value of $750,000. The exercise price per share will be equal to the fair market value per share on the date the option is granted. Per our Company policy for “C-Suite” employees, your stock options will be granted by the Compensation Committee of the Board of Directors. The vesting commencement date for such grant will be the first day of your employment, with the grant date typically being shortly thereafter. 

The option will be subject to the terms and conditions applicable to options granted under the Company’s 2020 Incentive Award Plan (the “Plan”), and the applicable Stock Option

Agreement, which you will need to review and sign. You will vest in 25% of the option shares after 12 months of continuous service from the vesting commencement date, and the balance of the options will vest in equal monthly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement. Eligibility for additional equity compensation and/or participation under the Plan shall be considered subject to Board discretion in 2023.

e.Equity Compensation: Restricted Stock Units. Subject to the approval of the Compensation Committee, you will be granted restricted stock units (RSUs) of the Company’s Common Stock with a grant date fair value of $750,000. The vesting commencement date for such grants will be the first day of your employment, with the grant date typically being shortly thereafter. The RSUs will be subject to the terms and conditions applicable to restricted stock units granted under the Plan and the applicable Restricted Stock Unit Agreement, which you will need to review and sign. You will vest in 25% of the RSUs on August 20, 2023 as long as you provide continuous service from the vesting commencement date, and the balance of the RSUs will vest in equal quarterly installments thereafter over the next 9 quarters of continuous service, as described in the applicable Restricted Stock Unit Agreement. Eligibility for additional equity compensation awards and/or participation under the Plan shall be subject to Board discretion beginning in 2023.

All forms of compensation paid to you by the Company are subject to reduction to reflect applicable withholding and payroll taxes and other deductions as required by law.

4.Severance and Change in Control. As the Company’s Chief Legal Officer, you will be considered a “C-Suite” Executive and also be eligible for severance and change in control provisions as approved by the Board in the Change in Control and Severance Agreement, a copy of which is attached (the “Severance Agreement”). We encourage you to carefully review that Severance Agreement. A few key highlights include:

a.Covered Termination Outside a Change in Control. If you are terminated not for “cause”, the Company will provide nine months of base salary and nine months of healthcare benefits.

b.Covered Termination in Connection with a Change in Control. Our Change of Control provisions entitle you to twelve months’ base salary and target bonus, plus full acceleration of vesting based on a double- trigger. See “Berkeley Lights, Inc. Change in Control and Severance Agreement” for additional details, including the applicability and mechanics of vesting acceleration in the event of a Change of Control.

In order to receive any of the payments or benefits under the Severance Agreement, you will be required to sign and not revoke a full release of all claims and comply with the other terms of the Severance Agreement.

5.Employee Inventions Assignment and Confidentiality Agreement. As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. As a condition of your employment, you are required to sign and return the attached Employee Inventions Assignment and Confidentiality Agreement (“EIAC Agreement”). Your execution of this offer letter shall be deemed to be your agreement to and acceptance of the attached EIAC Agreement even if for any reason you do not sign such EIAC Agreement. We wish to impress upon you that we do not want you to, and we hereby direct that you not, bring with you any confidential or proprietary 

material of any former employer, or violate any other obligations you may have to any former employer.

6.Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this offer. Although your job duties, title, compensation, and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Chief Executive Officer of the Company.

7.Outside Employment and Competitive Activities. In the event that you are initially employed as a full-time employee, or at some later date become employed as a full-time employee, during the period of your full-time employment with the Company, you are required to devote your full-time, best efforts to the interests of the Company. In the event that you are initially employed as a part-time employee, or at some later date become employed as a part- time employee, during the period of your part-time employment, you are required to devote your best efforts to the interests of the Company. Regardless of whether you are a full-time or part-time employee, you agree that you will not, without the prior written consent of the Company, engage in, or encourage or assist others to engage in, any other employment or activity that: (i) would divert from the Company any business opportunity in which the Company can reasonably be expected to have an interest; (ii) would directly compete with, or involve preparation to compete with, the current or future business of the Company; or (iii) would otherwise conflict with the Company’s interests or could cause a disruption of its operations or prospects. Violations of this paragraph include, but are not limited to, the direct or indirect, ownership, management, operation, control, employment by, or participation in the ownership, management, operation, or control of any business that is in any way involved with research, development, consulting, and sale of commercial products relating to the global life sciences, biotechnology, medical device and pharmaceutical industries. Excepted from this provision is ownership of not more than 10% of the outstanding shares of a publicly traded corporation.

8.Legal Right to Work. As required by law, your employment by the Company is contingent on you providing timely documentation as proof of you possessing a legal right to work in the United States.

9.Background Check. You agree that the Company may undertake a verification of your criminal, education, driving and/or employment background. This offer can be rescinded based upon data received in the verification process.

10.Entire Agreement. This offer letter, once accepted, together with the EIAC Agreement and the Severance Agreement constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior offers, negotiations, and agreements, if any, whether written or oral, relating to such subject matter. You acknowledge that neither the Company nor its agents have made any promise, representation, or warranty whatsoever, either express or implied, written, or oral, which is not contained in this agreement for the purpose of inducing you to execute the agreement, and you acknowledge that you have executed this agreement in reliance only upon such promises, representations, and warranties as are contained herein.

11.Acceptance. You may indicate your acceptance and agreement with the terms of this offer letter by signing, dating, and returning the original of this offer letter, and the enclosed EIAC Agreement.

Scott, we hope that you will accept our offer to join Berkeley Lights and look forward to working with you!

Best,
						
		
	/s/ Siddhartha Kadia	
	Siddhartha Kadia	
	CEO, Berkeley Lights, Inc.	

I accept this offer of employment and acknowledge that I have read and agree to the terms and conditions set forth above. I further acknowledge that no commitments, express or implied, were made to me as part of my employment offer except as specifically set forth above.

															
					
	/s/ /Scott Chaplin				9/08/22
	Scott Chaplin				DateDocument

EXECUTION VERSION

ELEVENTH AMENDMENT TO FIFTH AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

This ELEVENTH AMENDMENT TO FIFTH AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of August 18, 2022, is entered into by and among the following parties:
(i)FLEETCOR FUNDING LLC, as Seller (the “Seller”);
(ii)FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC, as Servicer (the “Servicer”);
(iii)PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Committed Purchaser, as the sole Swingline Purchaser and as the Purchaser Agent for its Purchaser Group;
(iv)WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells”), as a Committed Purchaser and as the Purchaser Agent for its Purchaser Group;
(v)REGIONS BANK (“Regions”), as a Committed Purchaser and as the Purchaser Agent for its Purchaser Group;
(vi)MUFG BANK, LTD. (“MUFG”), as a Committed Purchaser and as the Purchaser Agent for its and Victory’s Purchaser Group;
(vii)VICTORY RECEIVABLES CORPORATION (“Victory”), as a Conduit Purchaser for MUFG’s Purchaser Group;
(viii)MIZUHO BANK, LTD. (“Mizuho”), as a Committed Purchaser and as the Purchaser Agent for its Purchaser Group;
(ix)THE TORONTO-DOMINION BANK (“TD Bank”), as a Committed Purchaser and as the Purchaser Agent for its, GTA Funding’s and Reliant Trust’s Purchaser Group;
(x)RELIANT TRUST (“Reliant Trust”), as a Conduit Purchaser for TD Bank’s Purchaser Group;
(xi)GTA FUNDING LLC (“GTA Funding”), as a Conduit Purchaser for TD Bank’s Purchaser Group;
(xii)THE BANK OF NOVA SCOTIA (“Scotia”), as a Committed Purchaser and as the Purchaser Agent for its and Liberty Street’s Purchaser Group;
(xiii)LIBERTY STREET FUNDING LLC, as a Conduit Purchaser for Scotia’s Purchaser Group; and
(xiv)PNC BANK, NATIONAL ASSOCIATION, as Administrator
(in such capacity, the “Administrator”).

BACKGROUND
A.    The parties hereto (with the exception of GTA Funding) are parties to that certain Fifth Amended and Restated Receivables Purchase Agreement dated as of November 14, 2014 (as amended, restated, supplemented or otherwise modified through the date hereof, the 
									
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“Receivables Purchase Agreement”). Capitalized terms used and not otherwise defined herein have the respective meaning assigned to such terms in the Receivables Purchase Agreement.
B.    Concurrently herewith, the parties hereto are entering into that certain Amended and Restated Fee Letter in connection herewith (the “Amended Fee Letter”).
C.    The parties hereto desire to amend the Receivables Purchase Agreement on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows.
SECTION 1.  Joinder and Rebalancing.
(a)Joinder.  Effective as of the date hereof,  (i) GTA Funding hereby becomes a party to the Receivables Purchase Agreement as a Conduit Purchaser thereunder with all the rights, interests, duties and obligations of a Conduit Purchaser thereunder and (ii) TD Bank, as a Committed Purchaser, Reliant Trust, as a related Conduit Purchaser and GTA Funding as a related Conduit Purchaser, shall constitute the members of a new Purchaser Group, and TD Bank, Reliant Trust and GTA Funding hereby appoint TD Bank as the Purchaser Agent for such Purchaser Group.
(b)Rebalancing of Capital.  On the date hereof, the Seller will repay a portion of the outstanding Capital in the amounts specified in the flow of funds memorandum attached hereto as Exhibit A to the Administrator to be distributed to Wells Fargo and MUFG (collectively, the “Reducing Purchasers”); provided that all accrued and unpaid Discount with respect to such Capital so repaid shall be payable by the Seller to the Administrator to be distributed to each Reducing Purchaser, as applicable, on the next occurring Weekly Settlement Date.  The Seller hereby requests that PNC, TD Bank and Scotia (collectively, the “Increasing Purchasers”) fund a Purchase on the date hereof in an amount set forth in Exhibit A hereto.  Such Purchase shall be funded by the Increasing Purchasers on the date hereof in accordance with the terms of the Receivables Purchase Agreement and upon satisfaction of all conditions precedent thereto specified in the Receivables Purchase Agreement; provided, however, that no Purchase Notice shall be required therefor.  For administrative convenience, the Seller hereby instructs the Increasing Purchasers to fund the foregoing Purchase by paying the proceeds thereof directly to the Administrator, to be distributed to the Reducing Purchasers, into the accounts and in the amounts specified in Exhibit A hereto to be applied as the foregoing repayment of each Reducing Purchaser’s Capital (as applicable) on the Seller’s behalf.  The Seller shall be deemed to have received the proceeds of such Purchase from the Increasing Purchasers for all purposes immediately upon receipt thereof by each Reducing Purchaser, respectively.  
(c)Consents.  The parties hereto hereby consent to the joinder of GTA Funding as a party to the Receivables Purchase Agreement on the terms set forth in clause (a) above, to the non-ratable repayment of the Reducing Purchasers’ Capital on terms set forth in clause (b) above and the foregoing non-ratable Purchase to be funded by the Increasing Purchasers on the terms set forth in clause (b) above, in each case, as set forth above on a one-time basis.
(d)Credit Decision.  GTA Funding (i) confirms to the Administrator that it has received a copy of the Receivables Purchase Agreement, the other Transaction Documents, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and (ii) agrees 
									
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that it will, independently and without reliance upon the Administrator (in any capacity) or any of its Affiliates, based on such documents and information as each Additional Purchaser shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Receivables Purchase Agreement and any other Transaction Document.  The Administrator makes no representation or warranty and assumes no responsibility with respect to (x) any statements, warranties or representations made in or in connection with the Receivables Purchase Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Receivables Purchase Agreement  or the Receivables, any other Transaction Document or any other instrument or document furnished pursuant thereto or (y) the financial condition of any of the Seller, the Servicer, the parties to the Performance Guaranty or the Originators or the performance or observance by any of the Seller, the Servicer, the parties to the Performance Guaranty or the Originators of any of their respective obligations under the Receivables Purchase Agreement, any other Transaction Document, or any instrument or document furnished pursuant thereto.  
SECTION 2.Amendments to the Receivables Purchase Agreement.  The Receivables Purchase Agreement is hereby amended to incorporate the changes shown on the marked pages of the Receivables Purchase Agreement attached hereto as Exhibit B.
SECTION 1.Representations and Warranties of the Seller and Servicer.  Each of the Seller and the Servicer hereby represents and warrants, as to itself, to each of the Administrator, each Purchaser and each Purchaser Agent as follows as of the date hereof:
(a)the representations and warranties made by it in the Transaction Documents are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date);
(b)no event has occurred and is continuing, or would result from the transactions contemplated hereby, that constitutes a Termination Event or an Unmatured Termination Event, and the Facility Termination Date has not occurred;
(c)the execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment, the Amended Fee Letter and the Receivables Purchase Agreement, as amended hereby, are within each of its corporate powers and have been duly authorized by all necessary corporate action on its part; and
(d)this Amendment, the Amended Fee Letter and the Receivables Purchase Agreement, as amended hereby, are such Person’s valid and legally binding obligations, enforceable in accordance with its terms.
SECTION 1.Effect of Amendment.  All provisions of the Receivables Purchase Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “this Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Purchase Agreement shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein.
									
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SECTION 2.Effectiveness.  This Amendment shall be effective as of the date hereof and upon satisfaction of the following conditions precedent:  
(e)the Administrator’s receipt of counterparts of this Amendment, duly executed by each of the parties hereto; 
(f)the Administrator’s receipt of counterparts of the Amended Fee Letter, duly executed by each of the parties thereto; 
(g)the Administrator’s receipt of evidence of payment of the Upfront Fee (as defined in the Amended Fee Letter) to each of the Purchaser Agents;
(h)the Administrator’s receipt of an opinion of counsel for the Seller and Servicer, addressed to each Purchaser, as to due authorization, enforceability, no-conflicts with applicable law and other material agreements and other customary matters, in form and substance satisfactory to the Administrator; and 
(i)the Administrator’s receipt of such other agreements, documents, opinions, and instruments as the Administrator shall request.  
SECTION 2.Miscellaneous.  This Amendment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 3.Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
SECTION 4.Severability.  If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Receivables Purchase Agreement.
SECTION 5.Section Headings.  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Purchase Agreement or any provision hereof or thereof.

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.
FLEETCOR FUNDING LLC, as Seller

By: /s/ Ty Miller
Name:  Ty Miller
Title:    Treasurer

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC, as Servicer 
By: /s/ Ty Miller
Name:  Ty Miller
Title:    Treasurer

S-1    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

PNC BANK, NATIONAL ASSOCIATION,
as a Committed Purchaser and as Purchaser Agent for its Purchaser Group

By: /s/ Imad Naja
Name:  Imad Naja    
Title:      Senior Vice President

PNC CAPITAL MARKETS LLC,
By: /s/ Imad Naja
Name:  Imad Naja    
Title:    Managing Director    

S-2    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

WELLS FARGO BANK, 
NATIONAL ASSOCIATION,
as a Committed Purchaser and as Purchaser Agent for its Purchaser Group

By: /s/ Jonathan Davis
Name:  Jonathan Davis
Title:    Vice President

S-3    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

REGIONS BANK, as a Committed Purchaser and as Purchaser Agent for its Purchaser Group

By: /s/ Kathy L. Myers
Name:  Kathy L. Myers
Title:    Managing Director

S-4    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

MUFG BANK, LTD., as a Committed Purchaser 

By: /s/ Eric Williams
Name:  Eric Williams
Title:    Managing Director

VICTORY RECEIVABLES CORPORATION,
as a Conduit Purchaser for MUFG Bank, Ltd.’s Purchaser Group

By: /s/ Kevin J. Corrigan
Name:  Kevin J. Corrigan
Title:    Vice President

MUFG BANK, LTD., as Purchaser Agent for its and Victory Receivables Corporation’s Purchaser Group

By: /s/ Eric Williams
Name:  Eric Williams
Title:    Managing Director

S-5    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

MIZUHO BANK, LTD., as a Committed Purchaser and as Purchaser Agent for its Purchaser Group

By: /s/ Richard A. Burke 
Name:  Richard A. Burke
Title:    Managing Director

S-6    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

THE TORONTO-DOMINION BANK, as a Committed Purchaser 

By:  /s/ Luna Mills
Name:  Luna Mills
Title:    Managing Director

COMPUTERSHARE TRUST COMPANY OF CANADA, in its capacity as trustee of RELIANT TRUST, by its U.S. Financial Services Agent, THE TORONTO-DOMINION BANK, as a Conduit Purchaser for The Toronto-Dominion Bank’s Purchaser Group

By: /s/ Luna Mills
Name:  Luna Mills
Title:    Managing Director

GTA FUNDING LLC, 
as a Conduit Purchaser for The Toronto-Dominion Bank’s Purchaser Group

By: /s/ Kevin J. Corrigan
Name:  Kevin J. Corrigan
Title:    Vice President

THE TORONTO-DOMINION BANK, as Purchaser Agent for its, GTA Funding’s and Reliant Trust’s Purchaser Group

By: /s/ Luna Mills
Name:  Luna Mills
Title:    Managing Director

S-7    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

THE BANK OF NOVA SCOTIA, as a Committed Purchaser 

By: /s/ Brad Shields 
Name:  Brad Shields
Title:    Director

LIBERTY STREET FUNDING LLC, as a Conduit Purchaser for The Bank of Nova Scotia’s Purchaser Group

By: /s/ Kevin J. Corrigan
Name:  Kevin J. Corrigan
Title:    Vice President

THE BANK OF NOVA SCOTIA, as Purchaser Agent for its and Liberty Street Funding LLC’s Purchaser Group

By: /s/ Brad Shields 
Name:  Brad Shields
Title:    Director

S-8    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

PNC BANK, NATIONAL ASSOCIATION,
as Administrator

By: /s/ Imad Naja
Name:  Imad Naja
Title:    Senior Vice President
 

S-9    Eleventh Amendment to Fifth Amended and
        Restated Receivables Purchase Agreement
749013628 04351262

EXHIBIT A

FLOW OF FUNDS MEMORANDUM

[See Attached]

Exhibit A
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EXHIBIT B

AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT
[See Attached]

Exhibit B
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