Document:

Seres - Non-Employee Director Compensation Program

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BioXcel Therapeutics, Inc.
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Non-Employee Director Compensation Program
(Effective as of May 19, 2022)
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Non-employee members of the board of directors (the “Board”) of BioXcel Therapeutics, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company and subject to any limits on non-employee director compensation set forth in the Equity Plan (as defined below).  This Program shall remain in effect until it is revised or rescinded by further action of the Board.  This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  As of its effectiveness, the terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors, except for equity compensation previously granted to a Non-Employee Director.  
Cash Compensation
The schedule of annual retainers (the “Annual Retainers”) for the Non-Employee Directors is as follows:
	Position
	Amount

	Base Board Fee
	$60,000

	Chair of the Board or Lead Independent Director
	$35,000

	Chair of Audit Committee
	$20,000

	Chair of Compensation Committee
	$15,000

	Chair of Nominating and Corporate Governance Committee
	$10,000

	Member of Audit Committee (non-Chair)
	$10,000

	Member of Compensation Committee (non-Chair)
	$7,500

	Member of Nominating and Corporate Governance Committee (non-Chair)
	$5,000

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US-DOCS\132225403.2

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For the avoidance of doubt, the Annual Retainers in the table above are additive and a Non-Employee Director shall be eligible to earn an Annual Retainer for each position in which he or she serves. The Annual Retainers shall be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter.  In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable position, for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable.  
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Equity Compensation 
Each Non-Employee Director shall be granted options to purchase shares of the Company’s common stock (each, an “Option”) as set forth in the following table. Each Option shall be granted under and subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be subject to an award agreement, including attached exhibits, in substantially the form previously approved by the Board.  
	Option
	Number of Shares

	Initial Option
	30,000

	Subsequent Option 
	17,000

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A.Initial Option.  Each Non-Employee Director who is initially elected or appointed to the Board after the effectiveness of this Program shall receive the Initial Option on the date of such initial election or appointment.  No Non-Employee Director shall be granted more than one Initial Option.
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B.Subsequent Option. A Non-Employee Director who (i) has been serving as a Non-Employee Director on the Board for at least six months as of the date of any annual meeting of the Company’s stockholders and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be automatically granted a Subsequent Option on the date of such annual meeting. For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive the Initial Option in connection with such election, and shall not receive a Subsequent Option on the date of such meeting as well.   
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C.Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Option, but to the extent that they are otherwise entitled, will receive, after termination of employment with the Company and any parent or subsidiary of the Company, a Subsequent Option. 

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US-DOCS\132225403.2

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D.Terms of Options Granted to Non-Employee Directors.
1.  Exercise Price.  The per-share exercise price of each Option granted to a Non-Employee Director shall equal the Fair Market Value (as defined in the Equity Plan) of a share of the Company’s common stock on the date the Option is granted. 
2.Vesting.  
a.Initial Options. Each Initial Option shall vest and become exercisable in three substantially equal annual installments following the date of grant, such that the Initial Option shall be fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director continuing in service as a Non-Employee Director through each such vesting date.
b.Subsequent Options. Each Subsequent Option shall vest and become exercisable on the earlier of the first anniversary of the date of grant or the day immediately prior to the date of the next annual meeting of the Company’s stockholders occurring after the date of grant, in either case, subject to the Non-Employee Director continuing in service as a Non-Employee Director through such vesting date.   
c.Forfeiture of Options.  Unless the Board otherwise determines, any portion of an Initial Option or Subsequent Option which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director shall be immediately forfeited upon such termination of service and shall not thereafter become vested and exercisable.  All of a Non-Employee Director’s Initial Options and Subsequent Options shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
3.Term.  The maximum term of each Option granted to a Non-Employee Director hereunder shall be ten (10) years from the date the Option is granted. 
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US-DOCS\132225403.2ex_409424.htm

Exhibit 10.1

 

SECOND AMENDMENT TO LEASE AGREEMENT

 

THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made and executed as of the 20th day of April, 2022 (the “Amendment Effective Date”), by and between BROWNSVILLE NAVIGATION DISTRICT OF CAMERON COUNTY, TEXAS, a navigation district organized, created and existing under and by virtue of the laws of the State of Texas, with its domicile in Brownsville, Cameron County, Texas (“District”), and RIO GRANDE LNG, LLC, a Texas limited liability company (“Lessee”).

 

RECITALS

 

WHEREAS, District and Lessee entered into that certain Lease Agreement dated March 6, 2019, as amended by that certain First Amendment dated April 30, 2020 (the “Lease”).

 

WHEREAS, District and Lessee wish to amend the Lease on the terms and conditions set forth herein.

 

AMENDMENT

 

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

 

1.    Amendments.

 

	 	
			a.

				
			Section 1(b) of the Lease shall be deleted and replaced with the following language:

			

 

“This Lease and all rights and obligations hereunder shall become effective and the Primary Term shall commence on the date (the “Effective Date”) indicated in the written notice submitted by Lessee to District, and countersigned by the District, substantially in the form of Exhibit G confirming the earlier to occur of Lessee or Lessee’s Affiliate having made its FID for the first Phase of the LNG Facility or readiness to mobilize to the Premises to begin construction activities (the “Effective Date Notice”). The Effective Date shall be no later than May 6, 2023; provided that Lessee shall have the right, exercisable in its sole discretion if it has not yet been able to issue the Effective Date Notice, to extend the Effective Date to May 6, 2024 by providing District with written notice of its election no later than the close of business on May 5, 2023.”

 

	 	
			b.

				
			Exhibit G of the Lease shall be deleted and replaced with Exhibit A attached hereto.

			

 

2.    Governing Law. This Amendment shall be governed by, construed and enforced in accordance with the laws of the State of Texas.

 

3.    Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one and the same agreement.

 

4.    No Other Amendment. Except as expressly amended hereby, the terms and provisions of the Lease remain in full force and effect and are ratified and confirmed by District and Lessee in all respects as of the date hereof.

 

5.    Miscellaneous Provisions. The terms of this Amendment are hereby incorporated by reference into the Lease. This Amendment shall be binding upon and shall inure to the benefit of all parties hereto and their respective successors and assigns. The recitals set forth in the recitals above are incorporated herein by this reference. Captions and headings throughout this Amendment are for convenience and reference only and the words contained therein shall in no way be held to define or add to the interpretation, construction, or meaning of any provision.

 

 

[Signature Pages Follows]       

 

 

 

 

 

  IN WITNESS WHEREOF, District and Lessee have caused this Amendment to be executed as of the Amendment Effective Date.

 

DISTRICT:

 

BROWNSVILLE NAVIGATION DISTRICT OF CAMERON COUNTY, TEXAS

 

By: /s/ Sergio Tito Lopez

Name: Sergio Tito Lopez

Title: Chairman of the Board of Navigation and Canal Commissioners of the Brownsville Navigation District of Cameron County, Texas

 

 

STATE OF TEXAS

 

COUNTY OF CAMERON

 

This instrument was acknowledged before me on the 20th day of April, 2022, by SERGIO TITO LOPEZ as Chairman of the Board of Navigation and Canal Commissioners of the BROWNSVILLE NAVIGATION DISTRICT OF CAMERON COUNTY, TEXAS.

 

 

/s/ Margarita Recio                                    

Notary Public in and for the State of Texas

 

(Official Seal)                                    

 

 

LESSEE:

 

RIO GRANDE, LLC

 

      By: /s/ Matt Schatzman

Name: Matt Schatzman

Title: President and Chief Executive Officer

 

 

STATE OF TEXAS

 

COUNTY OF HARRIS

 

This instrument was acknowledged before me on the 20th day of April, 2022, by Matt Schatzman as President of RIO GRANDE LNG, LLC, a Texas limited liability company.

 

 

/s/ Jammy R. Bratlie                                    

Notary Public in and for the State of Texas

 

(Official Seal)                                    

 

 

 

 

 

EXHIBIT A

 

FORM OF EFFECTIVE DATE NOTICE

 

EFFECTIVE DATE NOTICE

 

WHEREAS, BROWNSVILLE NAVIGATION DISTRICT OF CAMERON COUNTY, TEXAS, a navigation district organized, created and existing under and by virtue of the laws of the State of Texas, with its domicile in Brownsville, Cameron County, Texas (“District”), and RIO GRANDE LNG, LLC, a Texas limited liability company (“Lessee”) have entered into that certain Lease Agreement dated April 30, 2019 (the “Lease”) for the Premises located on property situated at the Port of Brownsville in Cameron County, Texas and more particularly described in the Lease; and

 

WHEREAS, the Lessee now desires to confirm the Effective Date of the Term and other matters as set forth in this Effective Date Notice (the “Notice”);

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and under the Lease, and of the benefits to be derived herefrom and therefrom, the parties hereby agree as follows:

 

Section 1.        Lessee hereby notifies and confirms to District that Lessee or Lessee’s Affiliate [has made its FID for the first Phase of the LNG Facility / is ready to mobilize to the Premises to begin construction activities], and the Effective Date under the Lease is [__________], 202[__].

 

Section 2.        The amount of the credit against Rent due under Section 2(b) of the Lease as of the Effective Date is set forth on Schedule 1 attached hereto, which credit shall be applied against installments of Rent as set forth on said Schedule 1.

 

Section 3.        Capitalized terms used herein shall have the meaning ascribed to them in the Lease, unless expressly provided herein.

 

Section 4.        Except as amended, modified or supplemented by this Notice, the parties hereby reaffirm all terms, covenants and conditions contained in the Lease and acknowledge and agree that the same remain in full force and effect.

 

Section 5.        This Notice may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts to this Notice may be executed and delivered by facsimile or electronic mail transmission, and signatures transmitted by facsimile or electronic mail transmission shall be deemed to be original signatures.

 

[Signature Page Follows]

 

[Remainder of this page intentionally left blank]

 

 

 

 

IN TESTIMONY WHEREOF, Lessee has caused this Notice to be executed by its proper officers thereunto duly authorized on the Effective Date.

 

	 	
			RIO GRANDE LNG, LLC

			
	 	 	 
	 	 	 
	 	
			By:

				 
	 	
			Name:

				 
	 	
			Title:

				 

 

	
			STATE OF TEXAS

				
			§

			
	
			COUNTY OF

				 	
			§

			

 

This instrument was acknowledged before me on the _____ day of ___________________, 202__, by _______________________ in his/her capacity as ________________________ of RIO GRANDE LNG, LLC, a Texas limited liability company.

	 	 
	 	
			Notary Public in and for the State of Texas

			

 

 

 

 

 

SCHEDULE 1

(to Effective Date Notice)

 

[to be attached]

 

 

 

 

 

 

	 	 
	
			Exhibit G to Lease Agreement

				
			Page  4

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