Document:

EX-10.2

 Exhibit 10.2 
  

					
	

		  
 BIND Therapeutics, Inc.

325 Vassar Street

Cambridge, MA 02139
		  
 www.bindtherapeutics.com

phone 617.491.3400
 fax
617.491.0351

 March 10, 2015 
 HAND
DELIVERED 
  

	 	Re:	Employment Terms 

 Dear Andrew: 

Reference is made to (i) that certain employment offer letter, dated as of June 19, 2012, by and between BIND Therapeutics, Inc.,
formerly known as BIND Biosciences, Inc. (the “Company”), and you (the “Employment Terms”), (ii) that certain letter regarding employment terms dated August 28, 2013 by and between the Company and you
which amended certain of the Employment Terms (the “Severance Terms”) and (iii) that certain Employee Confidentiality, Non-competition and Assignment of Intellectual Property Agreement, dated as of June 25, 2012, by and
between you and the Company (the “NDA”). This letter hereby amends, restates and replaces the Severance Terms in their entirety. Capitalized terms used in this letter without definition have the meanings given to such terms on
Exhibit A. 
 The Employment Terms are hereby amended such that if the Company terminates your employment without Cause or you resign
your employment for Good Reason (in either event, a “Qualifying Termination”), subject to your execution of a release acceptable to the Company (the “Release”) within the 30-day period following your Separation from
Service, the expiration of any revocation period provided in the Release and your continued compliance with the terms of the NDA, the Company will pay you the Severance Amount in substantially equal installments in accordance with the Company’s
ordinary payroll practices over the Severance Period. 
 Subject to your timely executing (and not revoking) the Release as described above
and your continued compliance with the terms of the NDA, if the Qualifying Termination is (i) a CEO Termination Event, then each outstanding Company stock option held by you shall immediately vest and become exercisable with respect to 100% of
the shares of Company common stock subject thereto, or (ii) a COC Termination Event, then each outstanding equity award of the Company held by you that was granted on or after September 1, 2013, including, without limitation, each stock
option, shall immediately vest and, if applicable, become exercisable with respect to 100% of the shares of Company common stock subject thereto. Except as otherwise provided in clause (i) of the immediately preceding sentence, the vesting of
each equity award of the Company granted prior to September 1, 2013 shall accelerate in accordance with the terms and conditions of the agreement evidencing such award. 

In addition, subject to your timely executing (and not revoking) the Release as described above and your continued compliance with the terms
of the NDA, if following your Qualifying Termination you timely elect continued group medical insurance coverage pursuant to COBRA, the Company will directly pay or reimburse you for the applicable premiums for you and your eligible dependents
during the period commencing on the date of your Separation from Service and ending on the earliest to occur of (a) the final day of the Severance Period, (b) the date you and/or your eligible dependents are no longer eligible for COBRA
and (c) the date you become eligible to receive medical insurance coverage from a subsequent employer. Notwithstanding the foregoing, if the Company determines that it cannot provide such reimbursement of premiums to you without potentially
violating applicable law, the Company shall in lieu thereof provide to you a taxable monthly payment in an amount equal to the monthly COBRA premium that you would be required to pay to continue your group medical insurance coverage in effect

 
on the date of your termination of employment (based on the premium for the first month of COBRA coverage), which payment will be made regardless of whether you elect COBRA continuation coverage
and will commence in the month following the month in which your Separation from Service occurs and end on the earliest to occur of (x) the final day of the Severance Period, (y) the date you and/or your eligible dependents are no longer
eligible for COBRA and (z) the date you become eligible to receive medical insurance coverage from a subsequent employer. 
 Each
installment payment provided under this letter or the Employment Terms shall at all times be considered a separate and distinct payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
Notwithstanding anything in this letter or the Employment Terms to the contrary, to the extent required to avoid a prohibited distribution under Section 409A of the Code, the benefits provided under this letter or the Employment Terms will not
be provided to you until the earlier of (a) the expiration of the six-month period measured from the date of your Separation from Service with the Company or (b) the date of your death. Upon the first business day after expiration of the
relevant period, all payments delayed pursuant to the preceding sentence will be paid in a lump sum and any remaining payments due will be paid as otherwise provided herein or in the Employment Terms. Notwithstanding anything herein to the contrary,
in the event that any compensation or benefit that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code becomes payable upon the occurrence of a Qualified Sale, such compensation or benefit
shall not be paid unless such Qualified Sale constitutes a “change in control event” within the meaning of Section 409A of the Code. 

Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or
substantially all of the Company’s business and/or assets shall assume the obligations under this letter and the Employment Terms and agree expressly to perform the obligations under this this letter and the Employment Terms in the same manner
and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this letter and the Employment Terms, the term “Company” shall include any successor to the
Company’s business and/or assets which executes and delivers the assumption agreement described in the preceding sentence or which becomes bound by the terms of this letter and the Employment Terms by operation of law. No provision of this
letter or the Employment Terms shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you). No waiver by either party of
any breach of, or of compliance with, any condition or provision of this letter or the Employment Terms by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. This
letter and the Employment Terms represent the entire understanding of the parties hereto and thereto with respect to the subject matter hereof and thereof and supersede all prior arrangements and understandings regarding same. The validity,
interpretation, construction and performance of this letter and the Employment Terms shall be governed by the laws of the Commonwealth of Massachusetts without regard to conflicts of law. All amounts payable under this letter are subject to required
tax withholdings. The invalidity or unenforceability of any provision or provisions of this letter or the Employment Terms shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
This letter may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

Except as expressly set forth in this letter, the Employment Terms and the NDA shall remain unchanged and shall continue in full force and
effect according to their respective terms. 

  
 2 

 
			
	Sincerely,
	
	BIND THERAPEUTICS, INC.
		
	By:		 /s/ Daniel S. Lynch

	Name:		Daniel Lynch
	Title:		Chairman of the Board of Directors

  

	
	Acknowledged and Agreed:
	
	 /s/ Andrew Hirsch

	Andrew Hirsch

  
 3 

 Exhibit A 

Definitions 
 For purposes
of the letter agreement to which this Exhibit A is attached (the “Severance Agreement”), the following defined terms have the following meanings. Capitalized terms used in this Exhibit A without definition have the
meanings given to them in the Severance Agreement. 
 1. The Company shall have “Cause” to terminate your employment or
service upon (i) your failure to substantially perform your duties with the Company or comply with, in any material respect, any of the Company’s policies to which you are subject; (ii) a determination by the Company that you failed
in any material respect to carry out or comply with any lawful and reasonable directive of the Company; (iii) your breach of a material provision of any agreement between you and the Company; (iv) your conviction, or plea of no contest or
nolo contendere, or the imposition of unadjudicated probation on you for any felony or crime involving moral turpitude; (v) your unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or
any of its affiliates’) premises or while performing your duties and responsibilities for the Company (or any of its affiliates); or (vi) your commission of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of
fiduciary duty against the Company or any of its affiliates. 
 2. “First Payroll Date” means the Company’s first
ordinary pay date following the date that is 40 days after the date of your Separation from Service. 
 3. For the sole purpose of
determining your right to separation payments and benefits under the Severance Agreement, your resignation will be for “Good Reason” if you resign your employment (i) at any time during the period that commences on the date
that is 6 months after the date of a Trigger Event (as defined below) and ends on the first anniversary of the date of the Trigger Event (such period, the “Covered Period”) or (ii) within 30 days after any of the following:
(A) a change in your principal work location despite your stated disagreement with such a change, to a location more than 60 miles from the Company’s current location in Cambridge, Massachusetts (travel for Company business shall not be
deemed a change in principal work location); (B) a material reduction by the Company without your consent in your base salary or benefits (provided, that if the Company’s Board of Directors has determined that it is in the best interests
of the Company to reduce compensation and benefits generally, such reduction shall not constitute Good Reason if (1) the reduction of the salary and benefits is proportionate to the reduction imposed on other executives of the Company of
similar seniority and (2) the reduction does not reduce the salary and benefits by more than 20% below the level then in effect); or (C) a material reduction (other than a reduction that constitutes a Trigger Event) by the Company without
your consent in your duties, position, title, or responsibilities (unless such reduction occurs after a Qualified Sale in which case a mere change in title or reporting responsibilities will not constitute Good Reason). 

4. “Qualified Sale” shall mean the sale of all or substantially all of the assets or issued and outstanding capital stock of
the Company, or merger or consolidation involving the Company in which stockholders of the Company immediately before such merger or consolidation do not own immediately after such merger or consolidation capital stock or other equity interests of
the surviving corporation or entity representing more than fifty percent (50%) in voting power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger or consolidation. 

5. “Separation from Service” means a “separation from service” within the meaning of Section 409A of the Code.

 6. “Severance Amount” means (i) with respect to a Qualifying Termination
(a) by the Company without Cause while you are employed as the Company’s Chief Executive Officer or during the 1-year period after the date following the date of the Severance Agreement on which the Company first appoints any individual
other than you as Chief Executive Officer of the Company (such first appointment, the “Trigger Event”) or (b) by you for Good Reason during the Covered Period, an amount equal to the sum of 12 months of your then-current base
salary rate plus an additional amount equal to 3.33% of your then-current annual base salary for each full calendar month elapsed in the year the Qualifying Termination occurs as of the date of your employment termination (a termination of
employment described in clause (i) of this definition, a “CEO Termination Event”); (ii) with respect to a Qualifying Termination that occurs within the three (3) months immediately preceding or the twelve
(12) months immediately following a Qualified Sale, an amount equal to 12 months of your then-current base salary rate (a “COC Termination Event”), and (iii) with respect to any other Qualifying Termination, an amount
equal to your then-current base salary rate for a period of six (6) months plus one month for each full year of continuous service to the Company up to the date of your termination of employment, not to exceed twelve (12) months in the
aggregate, in the case of clauses (i), (ii) and (iii) hereof, without duplication. 
 7. “Severance Period” means
the period beginning on the First Payroll Date and ending (i) with respect to a CEO Termination Event or a COC Termination Event, 12 months thereafter and (ii) with respect to any other Qualifying Termination, 6 months plus one month for
each full year of continuous service to the Company up to the date of your termination of employment, not to exceed 12 months in the aggregate, thereafter. 

* * * * * 

  
 2Exhibit
10.1

 

CONVERTIBLE
PROMISSORY NOTE 

THIS
NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE
SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT COVERING THIS NOTE OR SUCH SHARES UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY OF AN OPINION
OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. THIS NOTE IS ALSO SUBJECT TO RESTRICTIONS ON TRANSFER.

Regen
BioPharma, Inc. 

Issue
Date: March 3, 2015  Principal Amount: $100,000

1. Terms.
For value received, the Regen BioPharma, Inc., a Nevada corporation (the “Company”) hereby absolutely and unconditionally
promises to pay to the order of______________, a Colorado limited liability company (the "Lender") ON DEMAND AT ANY
TIME AFTER March 3, 2016 (the “Maturity Date”), the principal amount of One Hundred Thousand Dollars ($100,000) and
interest on the whole amount of said principal sum outstanding and remaining from time to time unpaid (the “Note”),
commencing from the date hereof and continuing until payment in full of this Note or conversion as hereinafter provided, at an
annual rate equal to ten percent (10%) simple interest. Interest shall be payable quarterly upon demand or upon conversion pursuant
to Section 2 hereunder. Interest shall be computed on the basis of the actual number of days elapsed divided by 365. Principal
and interest shall be payable in lawful money of the United States of America, at the principal place of business of the Lender
or at such other place as the Lender may have designated from time to time in writing to the Company.

2. Conversion.

2.1
Conversion Right. The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid
principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue
Date, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed
or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”).
The Lender shall have the right to convert one hundred percent (100%) of the Principal Amount immediately upon execution of this
agreement and any accrued interest may be converted as well.

The
number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the principal
amount of this Note to be converted (the “Conversion Amount”) by the applicable Conversion Price as defined in this
Section 2 then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice
of Conversion”), delivered to the Company by the Lender on such conversion date (the “Conversion Date”).

2.2
Conversion Price. The “Conversion Price” shall be defined as a 65% discount to the lowest Trading Price (as
defined below) for the Common Stock during the thirty (30) Trading Day (as defined below) period ending on the latest complete
Trading Day prior to the Conversion Date. “Trading Price” means the closing bid price on the Over-the-Counter Bulletin
Board, or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”)
designated by the Lender (i.e. Bloomberg) or, if the OTCQB is not the principal trading market for such security, the closing
bid price of such security on the principal securities exchange or trading market where such security is listed or traded or,
if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of
any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If
the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be
the fair market value as mutually determined by the Company and the Lender. “Trading Day” shall mean any day on which
the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other securities market on
which the Common Stock is then being traded. “Trading Volume” shall mean the number of shares traded on such Trading
Day as reported by such Reporting Service. The Conversion Price shall be equitably adjusted for stock splits, stock dividends,
rights offerings, combinations, recapitalization, reclassifications, extraordinary distributions and similar events by the Company
relating to the Lender’s securities.

2.3
Method of Conversion. Subject to Section 2.1, this Note may be converted by the Lender by submitting to the Company a
Notice of Conversion by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to
5:00 p.m., New York, New York time. The Lender shall not be required to physically surrender this Note to the Company unless the
entire unpaid principal amount of this Note is so converted. The Lender and the Company shall maintain records showing the principal
amount so converted and the dates of such conversions so as not to require physical surrender of this Note upon each such conversion.
In the event of any dispute or discrepancy, such records of the Company shall, prima facie, be controlling and determinative in
the absence of manifest error. Notwithstanding the foregoing, if any portion of this Note is converted as aforesaid, the Lender
may not transfer this Note unless the Lender first physically surrenders this Note to the Company, whereupon the Company will
forthwith issue and deliver upon the order of the Lender a new Note of like tenor, registered as the Lender (upon payment by the
Lender of any applicable transfer taxes) may request, representing in the aggregate the remaining unpaid principal amount of this
Note.

Upon
receipt by the Company from the Lender of a facsimile transmission, e-mail, or other reasonable means of communication of a Notice
of Conversion meeting the requirements for conversion, the Company shall issue and deliver or cause to be issued and delivered
to or upon the order of the Lender certificates for the Common Stock issuable upon such conversion within five (5) business days
after such receipt. Upon receipt by the Company of a Notice of Conversion, the Lender shall be deemed to be the Lender of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest
on this Note shall be reduced to reflect such conversion. All rights with respect to the portion of this Note being so converted
shall forthwith terminate except the right to receive the Common Stock or other securities as herein provided on such conversion.
In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Company is participating
in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request
of the Lender, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock
issuable upon conversion to the Lender by crediting the account of Lender’s Prime Broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system.

2.4
Timing of the sale of Common Shares. Upon expiration of Rule 144, the Company will, at the request of the Investor, remove
the sale restrictions on one sixth (1/6) of the shares that resulted from conversions made through the issuance of this note,
each month, for a period of six months, with all restrictions being removed by the Company by the expiration of the six month
subsequent to Rule 144.

2.5
Concerning the Shares. The shares of Common Stock and/or Preferred Stock  issuable
upon conversion of this Note may not be sold or transferred unless (i) such shares are sold pursuant to an effective registration
statement under the Act or (ii) the Company or its transfer agent shall have been furnished with an opinion of counsel (which
opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that
the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration or (iii) such
shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) ("Rule 144") or (iv)
such shares are transferred to an "affiliate" (as defined in Rule 144) of the Company who agrees to sell or otherwise transfer
the shares only in accordance with this Section 2.5 and who is an Accredited Investor as the term Accredited Investor is defined
in Rule 501 of Regulation D, promulgated under the Act. 

Subject
to the removal provisions set forth below, until such time as the shares of Common Stock and/or Preferred Stock  issuable
upon conversion of this Note have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction
as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of issuable
upon conversion of this Note that has not been so included in an effective registration statement or that has not been sold pursuant
to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in
the following form, as appropriate:

"NEITHER
THE ISSUANCE OR  SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE LENDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS
NOT REQUIRED UNDER SAID ACT."

The
legend set forth above shall be removed and the Company shall issue to the Lender a new certificate therefore free of any transfer
legend if (i) the Company or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock and/or Preferred
Stock  may be made without registration under the Act and the shares are so sold or transferred, (ii) such Lender provides
the Company or its transfer agent with reasonable assurances that the Common Stock and/or Preferred Stock  issuable upon
conversion of this Note (to the extent such securities are deemed to have been acquired on the same date) can be sold pursuant
to Rule 144 or (iii) in the case of the Common Stock and/or Preferred Stock  issuable upon conversion of this Note, such
security is registered for sale by under an effective registration statement filed under the Act or (iv) otherwise may be sold
pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately
sold.

2.6 
Incentive to Convert on or prior to 180 Days from Issue Date.  Each Lender who converts principal into Common Stock
of the Company on or prior to 180 days from Issuance shall receive one share of Preferred Series “A” Stock of the
Company for each share of Common Stock received through conversion.  Lenders who convert principal into Common Stock of the
Company after 180 from Issuance shall receive no shares of Preferred Stock of the Company. 

3. Prepayment.
Notwithstanding anything to the contrary contained herein, the Company shall have the right, exercisable on not less than three
(3) Trading Days prior written notice to the Lender, to prepay the outstanding Note in part or in full, including outstanding
principal and accrued interest. Any notice of prepayment hereunder shall be delivered to the Lender at its registered addresses
and shall state that the Company is exercising its right to prepay the Note and the date of prepayment, which shall be not more
than three (3) Trading Days from the date of the prepayment notice. Upon receipt of a prepayment notice, Lender shall have the
right, but not the obligation, to accelerate the conversion period specified in Section 2.1 and convert that portion of the outstanding
principal balance which is subject to prepayment to Common Shares as provided for in Section 2.

4. Events
of Default.

4.1
The following shall constitute events of default (individually an "Event of Default"):

(a)
default in the payment, when due or payable, of an obligation to pay interest or principal under this Note, which default is not
cured by payment in full of the amount due within thirty (30) days from the date that the Lender receives notice of the occurrence
of such default;

(b)
filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Company,
which filing or proceeding, is not dismissed within ninety (90) days after the filing or commencement thereof; or

(c)
failure of the Company to comply in any way with the terms, covenants or conditions contained in this Note.

4.2
If an Event of Default shall occur and be continuing, the Lender may, at its option, declare this Note to be immediately due and
payable without further notice or demand, whereupon this Note shall become immediately due and payable without presentment, demand
or protest, all of which are hereby waived by the Company. 

5. Transfer
of Note. This Note may not be transferred or assigned other than a transfer or assignment to an Affiliate of the Lender. As
used herein, the term “Affiliate” means an entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Lender.

6. Certain
Waivers. The Company hereby expressly and irrevocably waives presentment, demand, protest, notice of protest and any other
formalities of any kind.

7. Amendment,
Modification or Termination. This Note may only be modified, amended, or terminated (other than by payment in full) by an
agreement in writing signed by the Company and the Lender. No waiver of any term, covenant or provision of this Note shall be
effective unless given in writing by the Lender.

8. Governing
Law. This Note and the obligations of the Company hereunder shall be governed by and interpreted and determined in accordance
with the laws of the State of California (excluding the laws and rules of law applicable to conflicts or choice of law).

IN
WITNESS WHEREOF, this Note has been duly executed on behalf of the undersigned on the day and in the year first above written.

	REGEN
    BIOPHARMA, INC. 	 
	 	 
	/s/: David
    R. Koos	March 3, 2015
	David R. Koos 	 
	Chairman and
    CEO 	 

 

The
foregoing Convertible Promissory Note is hereby accepted and agreed to by the undersigned on and as of the date first above written.

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