Document:

exv10w19

EXHIBIT 10.19

August 2, 2010

Mr. Bob Stockman

Dear Bob:

On behalf of the Board of Directors of REVA Medical, Inc. (the “Company”), I am pleased to offer
you the position of Chief Executive Officer of the Company, reporting directly to the Company’s
Board of Directors (the “Board”). In addition, as CEO, you will continue as a Director of the
Company. The terms of the offer of employment are the following:

	 	1.	 	Start Date: Your position will be as a full-time employee commencing on August 2,
2010.

	 	2.	 	Salary: The Company will pay you an annual salary of $325,000.00 to be paid monthly
in accordance with the Company’s standard payroll policies (subject to normal required
withholding) and will be reviewed annually by the Compensation Committee of the Board.

	 	3.	 	Targeted Bonus: You will be eligible to receive a discretionary annual bonus targeted
for 30% of your annual salary. For 2010, your bonus payment will be prorated based on your
start date.

	 	4.	 	Equity: Upon commencement of your employment, the Company will recommend that its
Board of Directors grant you an option representing the right to purchase 3% of the fully
diluted ownership of the Company in shares of Common Stock. The option will be granted
as an incentive stock option to the maximum extent possible. For this purpose, “fully
diluted capitalization” includes all outstanding shares of capital stock plus all shares
subject to issuance under outstanding options or warrants. The option grants will have an
exercise price equal to the fair market value of such Common Stock on the date of Board
approval. The initial option grant is immediately exercisable and will vest 25% on your
one-year anniversary of employment with the Company, and then at a rate of 1/48th per
month thereafter, with the option being fully vested after four (4) years from your date
of hire. In the event that you choose to early exercise your option, the Company will
have a right to repurchase any unvested shares at the lesser of cost or fair market value
at the time of repurchase in the event of termination of your employment relationship.

	 	5.	 	Severance: In the event that your employment is terminated without Cause as defined
in this letter, you will be entitled to receive six months of base salary and COBRA
(medical and dental insurance coverage) as severance, in exchange for your signature on a
severance agreement and general release (“Severance Agreement”). For purposes of this
letter, Cause is defined as: (i)

 

 

	 	 	 	willful failure by the Employee to substantially perform his duties hereunder, other than a
failure resulting from the Employee’s complete or partial incapacity due to physical or
mental illness or impairment, (ii) a willful act by the Employee which constitutes gross
misconduct and which is injurious to the Company, (iii) a willful breach by the Employee of
a material provision of this Agreement, (iv) a material and willful violation of a federal
or state law or regulation applicable to the business of the Company, or (v) termination of
your employment in connection with the bankruptcy, insolvency, liquidation, or similar
winding-up of the business of the Company. No severance benefits would be paid or provided
to the Employee under this offer of employment on account of a termination for Cause.

	 	6.	 	Change of Control: During your employment with the Company, if a Change in Control of
the Company occurs, and if you resign for Good Reason or are terminated without cause
within one year following such Change in Control, then you will receive immediate vesting
of any outstanding stock options. “Change in Control” shall mean a merger, acquisition or
other transaction in which the owners of at least 51% of the outstanding stock of the
Company are different after such transaction than before such transaction. “Good Reason”
shall mean solely and specifically: (i) any material reduction in your base salary or any
guaranteed bonus, (ii) a material diminution of your job duties or responsibilities, or
(iii) a change in the location of your employment of more than 20 miles (which is
material) from its current location unless such relocation is within 50 miles of your
principal residence.

	 	7.	 	Notice and Opportunity to Cure: Notwithstanding the foregoing, in order to terminate
your employment for Good Reason (i) you shall first give the Company written notice
stating with reasonable specificity the basis for the termination with Good Reason, and
(ii) give the Company a period of thirty (30) days to cure or remedy the problem, unless
such problem cannot be cured or remedied within thirty (30) days, in which case the period
for remedy or cure shall be extended for a reasonable time (not to exceed an additional
thirty (30) days).

	 	8.	 	Living and Relocation Expenses: The Board understands that you will be commuting to
corporate headquarters in San Diego, CA from your home in Princeton, NJ. The Company
shall provide up to $2,500 per month for hotel expenses to accommodate your regular visits
to headquarters. In addition, the Company will budget $6,000 per month to reimburse your
travel from your residence to headquarters and back.

	 	9.	 	Benefits: You shall be entitled the Company’s basic employment benefits available to
all Company Employees. Details of the Company’s benefits will sent to you under separate
cover.

 

 

	 	10.	 	At-Will Employment: . Your employment with the Company will be
“at-will,” meaning that either you or the Company will be entitled to terminate your
employment at any time and for any or no reason, with or without cause. 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 a duly authorized officer of
the Company. Your participation in any stock purchase or benefit program is not to be
regarded as assuring you continuing employment for any particular period of time.

	 	11.	 	Outside Activities: While you render services to the Company, you will not engage in
any other gainful employment, business or activity without the written consent of the
Company. While you render services to the Company, you also will not assist any person or
organization in competing with the Company, in preparing to compete with the Company or in
hiring any employees of the Company. During the term of your employment by the Company,
except on behalf of the Company, you shall not directly or indirectly, whether as an
officer, director, stockholder, partner, proprietor, associate, representative,
consultant, or in any capacity whatsoever engage in, become financially interested in, be
employed by or have any business connection with any other person, corporation, firm,
partnership or other entity whatsoever which were known by you to compete directly with
the Company, throughout the world, in any line of business engaged in (or planned to be
engaged in) by the Company; provided, however, that anything above to the contrary
notwithstanding, you may own, as a passive investor, securities of any competitor
corporation, so long as your direct holdings in any one such corporation shall not in the
aggregate constitute more than 1% of the voting stock of such corporation. The Company
understands that you currently serve and will continue to serve on the board of directors
of 4 private companies, one public company and a family investment trust. You shall not
serve on any additional board of directors without seeking approval from the REVA Board of
Directors.

	 	12.	 	Eligibility for Employment: For purposes of federal immigration law, you will be
required to provide documentary evidence of your identity and eligibility for employment
in the United States. Such documentation must be provided to us within three (3) business
days of your date of hire, or our employment relationship with you may be terminated.

	 	13.	 	Agreements: You will sign the Company’s standard Employee Agreement (which will also
be provided to you shortly) prior to the initiation of your employment. In addition, you
will abide by the Company’s policy that prohibits any new employee from bringing with him
or her from any previous employer any confidential information, trade secrets, or
proprietary materials or processes of such former employer. You will agree to follow the

 

 

	 	 	 	Company’s policy that employees must not disclose any information regarding salary,
bonuses, or stock purchase or option allocations to other employees, either directly or
indirectly.

Again, Bob, let me indicate how pleased we all are to extend this offer letter, and how much I
look forward to working with you to make REVA Medical a success.

Very truly yours,

/s/ Gordie Nye

Gordie Nye

Director

REVA Medical

	 	 	 	 	 
	 	 	 
	 	Accepted:	 	   /s/ Bob Stockman
 	 
	 	 	 	Bob Stockman 	 
	 	 	 
	 

Date: August 2, 2010Unassociated Document

Exhibit 10 (x)

RESTRICTED STOCK AWARD AGREEMENT

THIS AGREEMENT is made as of this 23rd day of April, 2010 (the “Grant Date”), by and between DNB Financial Corporation (“Holding Company”) and William S. Latoff (“Grantee”).

 

Background:

 

Grantee is a valued employee of the Holding Company and/or DNB First, National Association (the “Bank”) (the Holding Company and the Bank are collectively referred to herein as the “Company”).  The Holding Company’s Board of Directors adopted the DNB Financial Corporation Incentive Equity and Deferred Compensation Plan on November 24, 2004 (“Plan”).  As additional compensation for Grantee’s past and future services to the Company, and to induce the Grantee to continue Grantee’s efforts to enhance the value of the Company for shareholders, generally, the Company wishes to conditionally transfer rights to receive shares of Common Stock of the Holding Company to Grantee pursuant to the terms of the Plan, subject to the additional terms and conditions of this Agreement.

 

NOW, THEREFORE, the Company and Grantee hereby agree as follows, intending to be legally bound:

 

1.           Subject to and as soon as practicable following the satisfaction of the vesting condition set forth in Paragraph 2 below, but subject to the further conditions set forth in Paragraph 4 below, the Company agrees to transfer to Grantee on the “Vesting Date” (as defined below) Fourteen thousand two hundred (14,200) shares of the Holding Company’s common stock, par value $1.00 per share (“Award Shares”), minus that number of Award Shares, if any, required to pay taxes as more fully described in Paragraph 6, below (such shares actually transferred to Grantee are sometimes hereinafter referred to as “Transferred Shares”), subject to the transfer restrictions in this Agreement and the Plan.  The number of Award Shares is subject to adjustment as provided in Section 10.1 of the Plan.

 

2.           Grantee shall first be entitled to the Award Shares on a date (the “Vesting Date”) that shall be the earlier of (1) the third (3rd) anniversary of the Grant Date, (2) the date of Grantee’s death, (3) Grantee’s termination of employment on account of disability, (4) the date on which a “Change in Control” (as hereinafter defined) of the Company first occurs, or (5) the later of the second (2nd) anniversary of the Grant Date, provided he has continued to perform substantial services for the Company through that date, or the date on which Grantee attains age sixty-five (65), subject to such further terms and conditions of the Plan as may be applicable.  If Grantee’s employment terminates for any reason prior to the Vesting Date, this Agreement shall automatically terminate, the Grantee shall forfeit all rights hereunder, and no shares of common stock or other consideration shall be transferred to Grantee pursuant to this Agreement.

 

3.           “Change in Control” shall mean the occurrence of an event that satisfies both of the following requirements in subparagraphs (a) and (b) of this Paragraph 3.

(a)           Either:

(I)           Company is acquired by an entity that is not an affiliate of the Company in an acquisition of any form, including without limitation a purchase of substantially all of the assets of the Company, such that, pursuant to the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and the rules and regulations promulgated by the Department of Treasury thereunder (“EESA”), including without limitation 12 C.F.R. Section 30.14 or any successor provision, as amended, Grantee is no longer subject to Section 111 of EESA; or

(II)           The event would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), or if either (i) any “persons” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act in effect on the Grant Date), other than the Company or any “person” who on the date hereof is a director of officer of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities, or (ii) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period.

 

 

  

  

  

(b)           The event must be a change in control event within the meaning of 26 C.F.R. Section 1.280G-1, Q&A-27 through Q&A-29 or within the meaning of 26 C.F.R. Section 1.409A-3(i)(5)(i). 

4.             For so long as Grantee is subject to Section 111 of EESA, Grantee’s entitlement to Award Shares shall be subject to the following further conditions pursuant to Section 111(b)(3)(D) of EESA, which apply to the Award Shares due to the Holding Company’s receipt of financial assistance under EESA’s Troubled Asset Relief Program (“TARP”).  For purposes of this Agreement, the Vesting Date with respect to Award Shares shall be no earlier than the applicable date set forth in the following schedule:

(a)           with respect to 25% of the Award Shares, the time of repayment of 25% of the aggregate financial assistance received under TARP;

(b)           with respect to an additional 25% of the Award Shares (for an aggregate total of 50% of the Award Shares), the time of repayment of 50% of the aggregate financial assistance received under TARP;

(c)           with respect to an additional 25% of the Award Shares (for an aggregate total of 75% of the Award Shares), the time of repayment of 75% of the aggregate financial assistance received under TARP; and

(d)           with respect to an additional 25% of the Award Shares (for an aggregate total of 100% of the Award Shares), the time of repayment of 100% of the aggregate financial assistance received under TARP.

5.           If, and for so long as, the Company is prohibited from making any payment to Grantee that would constitute a “golden parachute payment” within the meaning of Section 111(b)(3)(C) of EESA, due to the Company’s receipt of financial assistance under TARP, Grantee’s right to exercise all or any portion of this stock option shall be suspended to the extent necessary to comply with said prohibition.  Grantee  hereby acknowledges and agrees, therefore, that the Company has an independent obligation to comply, and to determine compliance with, EESA, and for that reason the Company shall be entitled to determine, consistent with the provisions of this Agreement, whether the prohibition set forth in Section 111(b)(3)(C) of EESA apply or no longer apply, and in doing so the Company shall be entitled to rely conclusively on an opinion of independent legal counsel acceptable to the Company, and such determination by the Company, if made in conformance with such opinion and not inconsistent with the provisions of this Agreement, shall be binding upon Grantee.

6.           At Grantee’s written election, to be provided in writing to the Company on or prior to the Vesting Date together with the cash necessary for such payment, Grantee shall pay to the Company in cash an amount sufficient to fund all of the Federal, state and local taxes the Company may be required to withhold with respect to the Award Shares.  To the extent that the Grantee shall not so have elected and paid the necessary amount on or prior to the Vesting Date, the Company may reduce the Award Shares by that number of shares having an aggregate Fair Market Value, as of the Vesting Date, equal to the aggregate amount of Federal, state and local taxes required to be withheld with respect to the Award Shares.

 

  

  

  

 

7.           Grantee shall not sell, assign, pledge, gift, encumber or otherwise alienate or dispose of any of the Transferred Shares for one (1) year from the Vesting Date.  Each certificate for the Transferred Shares shall bear the following legend:

 

“Sale, assignment, pledge, gift, encumbrance or other alienation or disposition of the shares represented by this certificate may be restricted as provided under applicable federal and state securities laws, and are also restricted and prohibited until ____________ __, _____  pursuant to the terms of a Restricted Stock Award Agreement dated ____________ __, _____, between DNB Financial Corporation and the holder of the shares named on this certificate, and the provisions of the DNB Financial Corporation Incentive Equity and Deferred Compensation Plan approved on November 24, 2004, each of which may be examined at the principal office of the Company, and any subsequent transfer is subject to the terms and conditions of such Agreement and Plan.”

 

8.           As a condition to any transfer, encumbrance or other alienation of any of the Transferred Shares, Grantee shall provide the Company and/or any transfer agent or broker upon request with such certifications, legal opinions and other documents as they may request with respect to applicable securities and tax laws.

 

9.           Nothing in this Agreement confers on Grantee any right to continue as an employee or director of the Company or any affiliate or interfere with or restrict in any way the rights of the Company or its affiliates to terminate Grantee’s employment or other Service at any time.

 

10.           Transfer of rights under this Agreement are further restricted as provided in the Plan.  Grantee acknowledges receipt of a copy of the Plan, which is incorporated into this Agreement.  Capitalized terms not otherwise defined in this Agreement shall have the respective meanings, if any, assigned to such terms in the Plan.  This Agreement is an “Award Agreement” under the Plan.

 

11.           This Agreement is governed by the internal laws of Pennsylvania, without giving effect to the choice of law or conflict of laws principles, subject to pre-emption by applicable federal law and regulations.

 

The parties hereby have duly entered into this Agreement as of the first date set forth above.

 

	
ATTEST:

	  	
DNB FINANCIAL CORPORATION

	  	  	  
	
 /s/ Gerald F. Sopp

	  	
By:

	
 /s/ William J. Hieb

	
Print Name: Gerald F. Sopp

	  	
Print Name: William J. Hieb

	
Title:  EVP, Chief Financial Officer

	  	
Title:  President and COO

	  	  	  
	
Witness:

	  	
GRANTEE

	  	  	  
	
 /s/ Bruce E. Moroney

	  	
(Signature)

	
 /s/ William S. Latoff

	
 Print Name: Bruce E. Moroney

	  	
Print Name: William S. Latoff

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]