Document:

Exhibit 10.1

 

CERTAIN
CONFIDENTIAL INFORMATION IDENTIFIED IN THIS DOCUMENT, MARKED BY [**], HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

	Supernus Pharmaceuticals, Inc.

9715 Key West Avenue 

Rockville, MD 20850 

Tel (301) 838-2500 

Fax (301) [**]

	
	 	 

 

July 26, 2021

 

Tim Dec 

[**] 

[**]

 

Dear Tim,

 

On behalf of Supernus
Pharmaceuticals, Inc. (“the Company”), I am pleased to offer you the regular, full-time position as Senior
VP & CFO reporting to me. This position will be based at the Company’s headquarters in Rockville, MD. We look forward
to having you join Supernus Pharmaceuticals, Inc. on a mutually agreed upon date on or about August 16, 2021. The terms of
your employment are as follows:

 

Compensation: Your base compensation will
be $375,000.00 annually, paid in accordance with the Company’s regular payroll schedule, which is presently twice per month. Your
position is classified as “exempt” under the Fair Labor Standards Act and therefore you are not eligible to receive overtime.

 

Introductory Period: Your employment is
subject to an Introductory Period of three (3) months, during which time the Company will progressively assess your performance.
During the Introductory Period the employee is not subject to, and the Company will not follow, the Company’s progressive disciplinary
process. Upon successful completion of the Introductory Period, performance reviews will be conducted periodically on an annual basis,
and depending upon the results of those reviews, you may be eligible for future increases in your compensation. Completion of the Introductory
period does not change your employment status (see “Employment at Will” below).

 

Bonus Plan: You will be eligible to participate
in the Company Bonus Plan. Based on your job level, and contingent upon both employee and company performance, you will be eligible for
an annual target bonus of 40% of your annual salary, prorated for the first year.

 

Benefits: Provided you remain employed
in full-time regular status, you will be eligible for participation in the Company employee benefit plans, which include group medical,
dental, short and long-term disability, life insurance, and flexible spending. You will be automatically enrolled in the Supernus Pharmaceuticals, Inc.
401(k) Profit Sharing Plan at an initial deferral rate of 5%. You will have the opportunity to update this deferral rate at any time.

 

[**] = CERTAIN CONFIDENTIAL INFORMATION OMITTED 

 

     

     

    

 

In addition, you will be eligible to accrue up
to 4 weeks (160 days) of vacation annually, prorated for the first year. You will also accrue 1 floating holiday for calendar year 2021
and 2 floating holidays per year, thereafter. You will also accrue 2 days of floating holidays per year. You will be eligible to accrue
up to 10 days of sick leave per year (prorated for the first year), which will have a rolling accumulation of up to 180 days of sick leave
throughout your career at Supernus.

 

Equity: After joining Supernus Pharmaceuticals,
we will recommend to the Board of Directors that you be granted 85,000 options that vest over 4 years to purchase ordinary shares of Supernus
common stock, subject to future adjustments including stock splits, under the then-applicable stock plan.

 

Employment at Will: Since continued employment
is based upon mutual satisfaction and reward, this offer should not be construed as a contract for any fixed period. Rather, you will
be employed in an “at will” status, which means that you or the Company may terminate your employment at any time for any
reason, with or without notice.

 

Terms and Understandings:  Not withstanding
anything in this letter to the contrary, this offer of employment is contingent upon, a satisfactory completion of your background check
and criminal history report must be completed.  Your acceptance below indicates that you will review and comply with Company rules and
regulations, particularly those relating to safety and confidentiality.  As a condition of employment, you will be required to complete
an Employee Proprietary Information and Invention Agreement with the Company (additional attached electronic document), which prohibits
any employee from accepting other consulting work or other outside work that the Company feels is in a conflict of interest to the work
performed at Supernus.

 

Acceptance: Please electronically
sign this offer letter to indicate your acceptance and agreement with the terms of employment.  Return the executed copy back to
the Company within 3 business days after receipt and retain the electronic copy for your records.

 

I trust that you will find this offer an attractive
one, and we look forward to having you join Supernus Pharmaceuticals, Inc. Please contact me at 301-838-[**] or by email at [**]
with any questions.

 

Sincerely,

 

	/s/ Jack Khattar	 
	Jack Khattar	 
	President & CEO	 

 

I have read and agree with the terms of employment
as set forth above.

 

	/s/ Timothy C. Dec	7/27/2021
	Timothy
    C. Dec	Date

 

NOTE: Please bring two forms of Identification
with you on your first day of employment 

(i.e., Driver’s License and Social
Security Card or Birth Certificate) or a valid US Passport. 

For a full listing of acceptable documentation,
please visit http://www.uscis.gov/i-9.

 

[**] = CERTAIN CONFIDENTIAL
INFORMATION OMITTEDex_268253.htm

 

Exhibit 10.1

 

THIRD AMENDMENT TO EQUIPMENT SUPPLY AGREEMENT

 

THIS THIRD AMENDMENT TO EQUIPMENT SUPPLY AGREEMENT (this "Amendment"), dated as of June 30, 2021, is made by and between Clarios, LLC, a Wisconsin limited liability company formerly known as Johnson Controls Battery Group, Inc. ("Customer"), and Aqua Metals, Inc., a Delaware corporation ("Supplier"). Capitalized terms used and not otherwise defined in this Amendment shall have the meanings given to them in the Agreement (as defined below).

 

RECITALS:

 

WHEREAS, Supplier and Customer entered into that certain Equipment Supply Agreement dated as of February 7, 2017, as amended on April 16, 2018 and June 27, 2019 (the "Agreement"), pursuant to which the Parties agreed to collaborate with respect to the development of new Customer facilities, or the retrofitting or conversion of existing Customer facilities, so that they can use AquaRefining and/or constructing additional recycling facilities capable of using AquaRefining in the production of lead; and

 

WHEREAS, the Parties desire to further amend the Agreement on the terms and subject to the conditions set forth herein.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.           Amendments to Agreement.

 

1.1    Section 2.2 of the Agreement is hereby amended by deleting therefrom the following sentence, "Until the earlier of the expiration of the Term or the execution by the Parties of the Development Program Agreement, Supplier agrees that it will not supply AquaRefining Equipment or license AquaRefining to third parties."

 

1.2    Section 6.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

"Subject to early termination pursuant to this Agreement, this Agreement may be terminated (i) by written agreement of the Parties or (ii) by either Supplier or Customer upon sixty (60) days' prior written notice to the other Party if a term sheet for the initial phase of the Development Program ("Term Sheet") has not been entered into by August 31, 2021 ("Outside Termination Date"); provided, that the right to terminate this Agreement under Section 6.1(ii) shall not be available to any Party whose failure to comply with its obligations under this Agreement has been the primary cause of or primarily resulted in the failure of the Parties to enter into the Term Sheet by the Outside Termination Date. In the event either Party delivers its notice of termination under Section 6.l(ii), each Party shall remain obligated to use its good faith, commercial best-efforts to negotiate and enter into the Term Sheet during the sixty (60) day notice period."

 

 

OC 287819661v1

 

 

 

 

	 	
			1.3

				
			A new Section 8.15 is hereby inserted into the Agreement as follows:

			

 

"8.15 Publicity and Announcements. No announcements, press releases or publicity (including statements made via Internet/Social Media Platforms) about the existence or any terms of this Agreement or the relationship of the parties hereto

 

will be made by or on behalf of a Party without the prior written approval of the other Party m each instance."

 

2.          Effect of this Amendment. This Amendment constitutes the entire agreement of the Parties with respect to the subject matter hereof, and supersedes all prior oral or written communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter hereof. Except as expressly provided herein, no other changes or modifications to the Agreement are intended or implied by this Amendment, and in all other respects the Agreement is hereby ratified, restated and confirmed by all Parties hereto and shall remain in full force and effect. To the extent that any provision of the Agreement conflicts with any provision of this Amendment, the provision of this Amendment shall control.

 

3.           Binding Effect. This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

 

4.           Notwithstanding any statement to the contrary, the Parties hereto agree that the following terms in this Amendment are incorporated into the Agreement and control and take precedence over any conflicting terms and conditions in the Agreement. Except as expressly modified by this Amendment, any terms not herein modified shall remain in full force and effect as set forth in the Agreement. Capitalized terms used but not otherwise defined in this Amendment have the meaning ascribed to them in the Agreement.

 

5.           In the event of a conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall control.

 

 

 

[Continued on next page]

 

OC 287819661v1

 

2

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

 

 

	
			 

				
			CUSTOMER:

				
			 

			
	 	 	 
	 	CLARIOS, LLC	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 /s/ Claudio Morfe

				
			 

			
	
			 

				
			 

				
			Claudio Morfe,

				
			 

			
	
			 

				
			 

				
			Vice President, General Counsel and Secretary

				
			 

			

 

 

	
			 

				
			SUPPLIER:

				
			 

			
	 	 	 
	 	AQUA METALS, INC.	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 /s/ Stephen Cotton

				
			 

			
	
			 

				
			 

				
			Stephen Cotton,

				
			 

			
	
			 

				
			 

				
			President and Chief Executive Officer

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