Document:

EX-10.8

 Exhibit 10.8 

July 22, 2014 
 Fred Colen 

                                     

                                     

 

	Re:	Agreement regarding Compensation 

 Dear Mr. Colen: 

This letter agreement sets forth the agreement between you and BeneChill, Inc. (the “Company”) regarding the changes to your compensation related to
the Company’s plans to pursue an initial public offering. The changes to your compensation are as follows: 
  

	 	1.	Your maximum 2014 incentive bonus will be equal to 60% of your base salary, and your bonus objectives and percentage weighting for each objective, are set forth in Exhibit A to this letter and replace the bonus
objectives previously approved by the Board of Directors on March 5, 2014. The Board of Directors will determine whether you have achieved your 2014 bonus objectives. For purposes of this letter, including the bonus objectives, a
“Successful IPO” means the completion by the Company of an initial public offering of its Common Stock, and the listing of the Company’s Common Stock on NASDAQ. 

 

	 	2.	Promptly following the Company’s receipt of Board and stockholder approval to increase the number of shares of the Company’s Common Stock authorized for issuance under the Company’s 2013 Stock Incentive
Plan (the “Plan”), the Company will grant you (a) an option under the Plan to purchase 1,500,000 shares of Common Stock (the “New Options”), and (b) 600,000 restricted Common Stock shares under the Plan (the
“Restricted Stock”). The New Options will terminate if the Company does not complete a Successful IPO by December 31, 2014. If the Company completes a Successful IPO by December 31, 2014, the New Options will vest monthly over
the two-year period following the closing of a Successful IPO; provided, however that if the Company completes a Successful IPO by December 31, 2014 and thereafter completes a Change in Control, as defined in the Plan, the New Options will vest
in full immediately prior to a the closing of the Change in Control. If the Company completes a Successful IPO by December 31, 2014, all restrictions on the Restricted Stock will lapse on the earlier of: (a) the one-year anniversary of the
closing date of a Successful IPO or (b) immediately prior to the closing of a Change in Control. The New Options will be issued pursuant to an option agreement, with an exercise price equal to $.57 per share, which is the fair market value of
the Common Stock as of December 31, 2013, as determined by the appraisal of the Common Stock prepared by Chartwell Capital Solutions. 

	 	3.	The purchase price, in the aggregate amount of $36,963, of the convertible promissory notes being purchased by you under the Note Purchase Agreement, June 10, 2014, will be deemed paid-in-full and the Company will
issue you convertible promissory notes in the amounts set forth opposite your name on the “Initial Closing” and “Additional Closing” tables set forth on the Schedule of Purchasers to the Note Purchase Agreement as if you had paid
such amounts in cash to the Company (the “Bridge Notes”). Following the Company’s issuance of the Bridge Notes, the Company will pay federal and state withholding and employment related taxes due with respect to the issuance of the
Bridge Notes; provided, however, that you will be responsible for any additional tax liability that results from the Company’s payment of such withholding tax. 

 

	 	4.	If the Company completes a Successful IPO by December 31, 2014, your right to receive cash payments from the proceeds a Liquidation Event under the letter agreement, dated February 6, 2013, between you and the
Company or any Management Carve-Out Plan referred to therein or in the Company’s Certificate of Incorporation will automatically terminate. 

The above terms are conditioned upon your continued employment with the Company as its chief executive officer. Except as set forth above, the terms of the
Employment Agreement dated November 21, 2011 between you and the Company, as amended, shall remain in full force and effect. 

[Signature page follows] 

 Please acknowledge your agreement and understanding of the above by signing in the space provided below. 

 

			
	Sincerely,
	
	BENECHILL, INC.
		
	By:	 	 /s/ Michael Berman

	Name:	 	Michael Berman
	Its:	 	Director

  
  

Acknowledged and agreed this      day of July, 2014: 
  

	
	 /s/ Fred Colen

	Fred Colen

 FRED COLEN 

2014 BONUS OBJECTIVES 
  

					
	 Bonus Objective
	  	Percentage	 
		
	 Company financial performance per 2014 P&L plan, including Revenue, COGS, & Expenses; measured on bottom line financial
performance
	  	 	10	% 
		
	 Fundraising, beyond loan agreement from current investors, prior to year-end 2014
	  	 	15	% 
		
	 Sales performance per 2014 plan
	  	 	10	% 
		
	 Manufacturing and quality performance, against metrics
	  	 	5	% 
		
	 Timely & proper execution of all Clinical studies per study plans and Malignant Hyperthermia HDE FDA submission by year-end
2014
	  	 	10	% 
		
	 Successfully manage cash of the Company, so that the Company will need no further cash from inside investors prior to the IPO beyond
the $2 million bridge loan
	  	 	25	% 
		
	 Complete Successful IPO by December 31, 2014
	  	 	25	%EX-10.11

 Exhibit 10.11 

RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is entered into and effective as of this 22nd day of July, 2014 (the
“Date of Grant”), by and between BeneChill, Inc. (the “Company”) and Fred Colen (the “Grantee”). 

A. The Company has adopted the BeneChill, Inc. 2013 Stock Incentive Plan (the “Plan”) authorizing the Board of Directors
of the Company, or a committee as provided for in the Plan (the Board or such a committee to be referred to as the “Committee”), to grant restricted stock awards to employees, directors, non-employee consultants and independent
contractors of the Company and its Subsidiaries (as defined in the Plan). 
 B. The Company desires to give the Grantee a proprietary
interest in the Company and an added incentive to advance the interests of the Company by granting to the Grantee a restricted award of shares of the Company’s common stock pursuant to the terms and conditions of the Plan and this Agreement.

 1. GRANT OF AWARD. 
 The Company
hereby grants to the Grantee a restricted stock award (the “Award”) consisting of Six Hundred Thousand (600,000) shares (the “Award Shares”) of the Company’s common stock, $.001 par value per share
(the “Common Stock”), according to the terms and subject to the restrictions and conditions hereinafter set forth and as set forth in the Plan. Reference to the Award Shares in this Agreement will be deemed to include the Dividend
Proceeds (as defined in Section 3.3 of this Agreement) with respect to such Award Shares that are retained and held by the Committee as provided in Section 3.3 of this Agreement. 

2. GRANT RESTRICTION. 
 2.1
Vesting. Subject to Sections 2.2 and 2.3, if the Company completes an initial public offering of its Common Stock and the listing of the Company’s Common Stock on NASDAQ (a “Successful IPO”) by December 31, 2014,
the Grantee’s rights under the Award Shares shall vest (and restrictions on the corresponding Award Shares shall lapse) upon the earlier of (a) the one-year anniversary of the closing date of a Successful IPO or (b) immediately prior
to the closing of a Change in Control (as defined in the Plan); provided that Grantee is continuously employed by the Company as its Chief Executive Officer from the Date of Grant through each such date. 

2.2 Termination of Employment or Other Service. 

(a) Termination Due to Death, Disability or Retirement. In the event the Grantee’s employment with the Company and
all Subsidiaries is terminated by reason of death, Disability or Retirement (as such terms are defined in the Plan), all Award Shares that have not vested at such time shall be terminated and forfeited. 

(b) Termination for Reasons Other Than Death, Disability or Retirement. In the event the Grantee’s employment with
the Company and all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or the Grantee is in the employ 

 
of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Grantee continues in the employ or service of the Company or another Subsidiary), all rights of the Grantee
under the Plan and this Agreement will terminate immediately without notice of any kind, and this Award will be terminated and all Award Shares that have not vested at such time will be forfeited. 

2.3 Change in Control. 

(a) Impact of Change in Control. Subject to the vesting requirements under Section 2.1 above, the restrictions on
the Award Shares shall lapse immediately prior to the closing of a Change in Control (as defined in the Plan) of the Company. 

(b) Limitation on Change in Control Payments. Notwithstanding anything in this Section 2.3 to the contrary, if,
with respect to the Grantee, acceleration of the vesting of the Award Shares as provided above (which acceleration could be deemed a “payment” within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended
(the “Code”)), together with any other payments which the Grantee has the right to receive from the Company or any corporation which is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without
regard to Section 1504(b) of the Code) of which the Company is a member, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), the payments to the Grantee as set forth herein will be reduced to
the largest amounts as will result in no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code; provided, that such reduction shall be made only if the aggregate amount of the payments after such reduction
exceeds the difference between (A) the amount of such payments absent such reduction minus (B) the aggregate amount of the excise tax imposed under Section 4999 of the Code attributable to any such excess parachute payments.
Notwithstanding the foregoing sentence, if the Grantee is subject to a separate agreement with the Company or a Subsidiary that expressly addresses the potential application of Sections 280G or 4999 of the Code (including, without limitation, that
“payments” under such agreement or otherwise will be reduced, that such “payments” will not be reduced or that the Grantee will have the discretion to determine which “payments” will be reduced), then this
Section 2.3(b) will not apply, and any “payments” to the Grantee pursuant to Section 2.3(a) of this Agreement will be treated as “payments” arising under such separate agreement. 

3. Issuance of Award Shares. 
 3.1
Privileges of a Shareholder; Transferability. As soon as practicable after the execution and delivery of this Agreement and the satisfaction of any conditions to the effective issuance of such Award Shares (including, without limitation, the
conditions set forth in Section 2 of this Agreement and Section 15 of the Plan), the Grantee will be recorded on the books of the Company as the owner of the Award Shares, and the Company will issue one or more duly issued and executed
stock certificates evidencing the Award Shares. The Grantee will have all voting, dividend, liquidation and other rights with respect to the Award Shares in accordance with their terms upon becoming the holder of record of such Award Shares;
provided, however, that prior to their vesting, Award Shares will not be assignable or transferable by the Grantee, 

  
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either voluntarily or involuntarily, and may not be subjected to any lien, directly or indirectly, by operation of law or otherwise. Any attempt to transfer, assign or encumber the Award Shares
other than in accordance with this Agreement and the Plan will be null and void and will void the Award, and all unvested Award Shares will be forfeited and immediately returned to the Company. 

3.2 Enforcement of Restrictions. To enforce the restrictions on transfer imposed by this Agreement and the Plan, the Company may place
a legend on the stock certificates referring to the restrictions and may require the Grantee, until all restrictions on the Award Shares have lapsed, to keep the stock certificates evidencing such Award Shares, together with duly endorsed stock
powers, in the custody of the Company or its transfer agent or to maintain evidence of stock ownership of such Award Shares, together with duly endorsed stock powers, in a certificateless book-entry stock account with the Company’s transfer
agent. 
 3.3 Dividends and Other Distributions. Unless the Committee determines otherwise in its sole discretion, the Grantee will
have no right to receive dividends or distributions with respect to unvested Award Shares, including cash dividends, stock dividends or dividends in kind, the proceeds of any stock split or the proceeds resulting from any changes or exchanges
described in Section 6 of this Agreement (all of which will collectively be referred to as “Dividend Proceeds”). The Committee may, in its sole discretion, distribute such Dividend Proceeds to the Grantee or it may retain and hold
such Dividend Proceeds subject to vesting of the Award Shares and the other terms and conditions of this Agreement. In addition, the Committee may, in its sole discretion, cause such Dividend Proceeds to be paid to the Company pursuant to
Section 5 of this Agreement in order to satisfy any federal, state or local withholding or other employment-related tax requirements attributable to such dividends or distributions or to the Grantee’s receipt of the Award or the vesting of
Award Shares. 
 4. Rights of Grantee. 

4.1 Employment or Service. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Subsidiary
to terminate the employment or service of the Grantee at any time, nor confer upon the Grantee any right to continue in the employ or service of the Company or any Subsidiary at any particular position or rate of pay or for any particular period of
time. 
 4.2 Rights as a Shareholder. The Grantee will have no rights as a shareholder until the Grantee becomes the holder of record
of Award Shares, and no adjustment will be made for dividends or distributions with respect to the Award Shares as to which there is a record date preceding the date the Grantee becomes the holder of record of the Award Shares, except as may
otherwise be provided in the Plan or determined by the Committee in its sole discretion. 
 5. Withholding Taxes. 

The Company is entitled to (a) withhold and deduct from future wages of the Grantee (or from other amounts that may be due and owing to
the Grantee from the Company), or cause to be paid to the Company out of Dividend Proceeds, or make other arrangements for the collection of, all legally required amounts necessary to satisfy any federal, state or local withholding and

  
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employment-related tax requirements attributable to the receipt of the Award, the receipt of dividends or distributions on Award Shares, or the vesting of Award Shares, or (b) require the
Grantee promptly to remit the amount of such withholding to the Company. In the event that the Company is unable to withhold such amounts, for whatever reason, the Grantee agrees to pay to the Company an amount equal to the amount the Company would
otherwise be required to withhold under federal, state or local law. 
 6. Adjustments. 

In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split,
combination of shares, rights offering or divestiture (including a spin-off) or any other change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving corporation in any such transaction, the
board of directors of the surviving corporation), in order to prevent dilution or enlargement of the rights of the Grantee, will make appropriate adjustment (which determination will be conclusive) as to the number and kind of securities or other
property (including cash) subject to this Award. 
 7. Subject to Plan. 

The Award and the Award Shares granted pursuant to this Agreement have been granted under, and are subject to the terms of, the Plan. Terms of
the Plan are incorporated by reference in this Agreement in their entirety, and the Grantee, by execution hereof, acknowledges having received a copy of the Plan. The provisions of this Agreement will be interpreted as to be consistent with the
Plan, and any ambiguities in this Agreement will be interpreted by reference to the Plan. In the event that any provision of this Agreement is inconsistent with the terms of the Plan, the terms of the Plan will prevail. 

8. Miscellaneous. 
 8.1 Binding
Effect. This Agreement will be binding upon the heirs, executors, administrators and successors of the parties to this Agreement. 
 8.2
Governing Law. This Agreement and all rights and obligations under this Agreement will be construed in accordance with the Plan and governed by the laws of the State of Minnesota, without regard to conflicts of laws provisions. Any legal
proceeding related to this Agreement will be brought in an appropriate Minnesota court, and the parties to this Agreement consent to the exclusive jurisdiction of the court for this purpose. 

8.3 Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties to this Agreement
with respect to the grant and vesting of this Award and the administration of the Plan and supersede all prior agreements, arrangements, plans and understandings relating to the grant and vesting of this Award and the administration of the Plan.

 8.4 Amendment and Waiver. Other than as provided in the Plan, this Agreement may be amended, waived, modified or canceled only by
a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective the day and year
first above written. 
  

									
		 		 	BENECHILL, INC.
				
		 		 	By	 	 /s/ John Estill

		 		 		 	Name:	 	John Estill
		 		 		 	Its:	 	Vice President Finance & Accounting
			
	By execution of this Agreement, the Grantee acknowledges having received a copy of the Plan.	 		 	GRANTEE
	 		 	  
 /s/ Fred
Colen

	 		 	Fred Colen

  
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