Document:

EX-10.1

 Exhibit 10.1 

FORM OF INDEMNIFICATION AGREEMENT 
 This
Indemnification Agreement (this “Agreement”) is made as of [            ], 2014 by and between MabVax Therapeutics Holdings, Inc. (the “Company”), and
[DIRECTOR OR OFFICER NAME] (the “Indemnitee”). 
 Whereas, the Company and Indemnitee recognize the complexity in
obtaining liability insurance for directors, officers and key employees, the significant increases in the cost of such insurance and the general risks associated in obtaining coverage under such insurance. 

Whereas, The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, and to indemnify
its directors, officers and key employees so as to provide them with the maximum protection permitted by law. 
 Now, therefore, in
consideration for mutual promises made in this Agreement, and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and Indemnitee hereby agree as follows: 

1. Indemnification. 
 1.1.
Third Party Proceedings. The Company shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Company) by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Company, or any subsidiary of the Company, by reason of any action or inaction on
the part of Indemnitee while an officer or director or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against for the cost of defense including, including attorneys’, witness and expert fees and costs (“Expenses”), judgments, fines and amounts paid in settlement (if such settlement is approved in advance by the
Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee in connection with such action, suit or proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in
or not opposed to the best interests of the Company, and, 

 
with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company, or, with respect to any criminal action or proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

1.2. Proceedings By or in the Right of the Company. The Company shall indemnify Indemnitee if Indemnitee was or is a party or is
threatened to be made a party to any threatened, pending or completed action or proceeding by or in the right of the Company or any subsidiary of the Company to procure a judgment in its favor by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or any subsidiary of the Company, by reason of any action or inaction on the part of Indemnitee while an officer or director or by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against Expenses to the fullest extent permitted by law, amounts paid in settlement (if such settlement
is approved in advance by the Company, which approval shall not be unreasonably withheld), in each case to the extent actually and reasonably incurred by Indemnitee in connection with the defense or settlement of such action or suit if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its stockholders, except that no indemnification shall be made in respect of any claim, issue or matter as to which
Indemnitee shall have been finally adjudicated by court order or judgment to be liable to the Company in the performance of Indemnitee’s duty to the Company and its stockholders unless and only to the extent that the court in which such action
or proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses which such court shall deem proper. 

1.3. Success on the Merits. To the fullest extent permitted by applicable law and to the extent that Indemnitee has been successful on
the merits or otherwise in defense of any Proceeding referred to in Section 1.1 or Section 1.2 or the defense of any claim, issue or 

  
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matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. Without limiting the
generality of the foregoing, if Indemnitee is successful on the merits or otherwise as to one or more but less than all claims, issues or matters in a Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee in connection with such successfully resolved claims, issues or matters to the fullest extent permitted by applicable law. If any Proceeding is disposed of on the merits or otherwise (including a disposition without
prejudice), without (1) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Company, (iii) a plea of guilty by Indemnitee, (iv) an adjudication that Indemnitee did not act in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and (v) with respect to any criminal Proceeding, an adjudication that Indemnitee had reasonable cause to believe
Indemnitee’s conduct was unlawful, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto. 

1.4. Witness Expenses. To the fullest extent permitted by applicable law and to the extent that Indemnitee is a witness or otherwise
asked to participate in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding. 

2. No Employment Rights. Nothing contained in this Agreement is intended to create in Indemnitee any right to continued employment. 

3. Expenses; Indemnification Procedure. 

3.1. Advancement of Expenses. To the fullest extent permitted by applicable law, the Company shall advance all Expenses actually and
reasonably incurred by Indemnitee in connection with a Proceeding within thirty (30) days after receipt by the Company of a statement requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.
Such advances shall be unsecured and interest free and shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions

  
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of this Agreement. Indemnitee shall be entitled to continue to receive advancement of Expenses pursuant to this Section 3.1 unless and until the matter of Indemnitee’s entitlement to
indemnification hereunder has been finally adjudicated by court order or judgment from which no further right of appeal exists. Indemnitee hereby undertakes to repay such amounts advanced to the extent that it ultimately is determined by the Board
of Directors that Indemnitee is not entitled to be indemnified by the Company under the other provisions of this Agreement. Indemnitee shall qualify for advances upon the execution and delivery of this Agreement, which shall constitute the requisite
undertaking with respect to repayment of advances made hereunder and no other form of undertaking shall be required to qualify for advances made hereunder other than the execution of this Agreement. 

3.2. Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to his or her right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, but in no event later than seven (7) days after Indemnitee’s
receipt of a summons, legal complaint or written notice of any such action, suit or proceeding. Notice to the Company shall be directed to the Chief Executive Officer of the Company and shall be given in accordance with the provisions of
Section 12.4 below. In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

3.3. Procedure. Any indemnification and advances provided for in Section 1 and this Section 3 shall be made no later than
twenty (20) days after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision of the Company’s Certificate of Incorporation or Bylaws providing for indemnification, is not
paid in full by the Company within twenty (20) days after a written request for payment thereof has first been received by the Company, Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the
unpaid amount of the claim and, subject to Section 11 of this Agreement, Indemnitee shall also be entitled to be paid for the Expenses of bringing such action. It shall be a defense to any such action (other than an action brought to enforce a
claim for Expenses incurred in connection with any action, suit or proceeding in advance of its final 

  
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disposition) that Indemnitee has not met the standards of conduct which make it permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Company and Indemnitee shall be entitled to receive interim payments of Expenses pursuant to Section 3.1 unless and until such defense may be finally adjudicated by court order or judgment from which no
further right of appeal exists. It is the parties’ intention that if the Company contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide, and neither the
failure of the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its stockholders) to have made a determination that indemnification of Indemnitee is proper in the
circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. 

3.4. Notice to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Section 3(b) hereof, the Company has
director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take
all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

3.5. Selection of Counsel. In the event the Company shall be obligated under Section 3.2 hereof to pay the Expenses of any
proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery
of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to
the same proceeding, provided that (i) Indemnitee shall have the right to employ counsel in any such proceeding at Indemnitee’s expense; and 

  
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(ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and Expenses of Indemnitee’s counsel shall
be at the expense of the Company. 
 4. Additional Indemnification Rights; Nonexclusivity. 

4.1. Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest
extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of
any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, such changes shall be deemed to be within the
purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of
directors or an officer, such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

4.2. Nonexclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may
be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested members of the Company’s Board of Directors, the General Corporation Law of Delaware, or otherwise, both as
to action in Indemnitee’s official capacity and as to action in another capacity while holding such office. The Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as a director, officer, employee or agent
of the Company, or any subsidiary of the Company, and shall inure to the benefit of the heirs, executors and administrators of the Indemnitee. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or
not taken while serving in an indemnified capacity even though he or she may have ceased to serve in any such capacity at the time of any action, suit or other covered proceeding. 

  
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 4.3. Other Indemnitors. The Company hereby acknowledges that Indemnitee has or may have in
the future certain rights to indemnification, advancement of expenses and/or insurance provided by other entities and/or organizations (collectively, the “Other Indemnitors”). The Company hereby agrees (i) that it is the
indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary),
(ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, liabilities, penalties, fines and amounts paid in settlement to the extent legally
permitted and as required by the terms of this Agreement and the Certificate of Incorporation or the Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Other Indemnitors
and, (iii) that it irrevocably waives, relinquishes and releases the Other Indemnitors from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Other Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Other Indemnitors shall have a right
of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Other Indemnitors are express third party beneficiaries
of the terms of this Section 4.3. For the avoidance of doubt, nothing in this Section 4.3 limits or is intended to limit the obligations of the Company’s directors and officer liability insurance provider, if any, to the Company
pursuant to any policy of directors and officers liability insurance paid for by the Company. 
 5. Partial Indemnification. If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines or penalties actually or reasonably incurred in the investigation, defense, appeal or settlement
of any civil or criminal action, suit or proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or penalties to which Indemnitee is entitled.

  
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 6. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain
instances, Federal law or public policy may override applicable state law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the
Securities and Exchange Commission (the “SEC”) has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws, and federal legislation prohibits indemnification for
certain ERISA violations. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a
determination of the Company’s right under public policy to indemnify Indemnitee. 
 7. Officer and Director Liability Insurance.
The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors
of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company’s directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, if Indemnitee is
not an officer or director but is a key employee. Notwithstanding the foregoing, but subject to any contractual or other obligations of the Company to provide director and officer liability insurance, the Company shall have no obligation to obtain
or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such
insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by a parent or subsidiary of the Company. 

  
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 8. Severability. Nothing in this Agreement is intended to require or shall be construed as
requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions
of this Agreement shall be severable as provided in this Section 8. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to
the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms. 

9. Exclusions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement: 
 9.1. Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to proceedings or
claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required
under Section 145 of the Delaware General Corporation Law, but such indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors finds it to be appropriate; 

9.2. Lack of Good Faith. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any proceeding instituted by
Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous; 

9.3. Insured Claims. To indemnify Indemnitee for Expenses or liabilities of any type whatsoever (including, but not limited to,
judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) to the extent such Expenses or liabilities have been paid directly to Indemnitee by an insurance carrier under a policy of officers’ and directors’
liability insurance maintained by the Company; or 

  
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 9.4. Claims under Section 16(b). To indemnify Indemnitee for Expenses or the payment
of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute. 

10. Construction of Certain Phrases. 

10.1. Company. For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and
employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to
such constituent corporation if its separate existence had continued. 
 10.2. Other Enterprises. For purposes of this Agreement,
references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the
request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its
participants, or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in
a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
 11. Attorneys’ Fees.
In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred
by 

  
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Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such
action were not made in good faith or were frivolous. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid
all court costs and expenses, including attorneys’ fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the
court determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous. 
 12.
Miscellaneous. 
 12.1. Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of law. 

12.2. Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this
Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

12.3. Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their
respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

12.4. Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be
deemed sufficient when delivered personally, sent by telegram or facsimile or three business days after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such
party’s address as set forth below or as subsequently modified by written notice. 

  
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 12.5. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument. 
 12.6. Successors and Assigns. This
Agreement shall be binding upon the Company and its successors and assigns, and inure to the benefit of Indemnitee and Indemnitee’s heirs, legal representatives and assigns. 

12.7. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee (other than against the Other Indemnitors), who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company to effectively bring suit to
enforce such rights. 
 12.8. Consent to Jurisdiction. The Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum. 
 * * * * * * 

[Signature Pages follow] 

  
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 The parties hereto have executed this Agreement as of the day and year set forth on the first
page of this Agreement. 
  

			
	MABVAX THERAPEUTICS HOLDINGS, INC.
	
	
                         
                                         
   Sign Here

	By: [NAME]
	Title: [            ]
	
	 AGREED TO AND ACCEPTED
  

	Indemnitee
	
	                                   
                                  Sign Here
	By: [INDEMNITEE NAME]
	Address: [INDEMNITEE ADDRESS]

  
 13Exhibit 10.1

 

EMPLOYMENT AND SEVERANCE AGREEMENT

 

This Employment and Severance Agreement (“Agreement”), dated as of September 7, 2014 (the “Effective Date”), is entered into by and between Brad Timchuk (“Executive”) and TigerLogic Corporation (the “Company”).

 

1.                                      Duties and Scope of Employment.

 

(a)                            Position and Duties.  The Company agrees to employ Executive as its Chief Executive Officer (“CEO”), with all duties and powers customarily associated with such positions.  As the CEO, Executive shall report directly to the Board of Directors of the Company (the “Board”). Executive shall have such duties and authority as may be assigned by the Board.

 

(b)                            Obligations to the Company.  Executive shall devote sufficient time, attention and energies to fulfill his duties as the CEO of the Company.  During his employment with the Company, Executive shall not be engaged in any competitive business activity without the express written consent of the Board (which may be withheld or conditioned at the sole discretion of the Board).  Executive may (i) participate in the activities of professional trade organizations beneficial and related to the business of the Company, (ii) engage in personal investing activities and/or charitable activities consistent with any Company policy conditioning, limiting or otherwise regulating investments and/or charitable activities (which may change from time to time) or (iii) with the advance written consent of the Board, serve as a member of the board of directors or advisory board (or their equivalents in the case of a non-corporate entity) of businesses that are not competitors of the Company, as determined in good faith by the Board, and charitable organizations; provided that activities set forth in these clauses (i), (ii) or (iii) do not, either individually or in the aggregate, interfere or otherwise conflict with the services to be provided by the Executive hereunder (as determined in good faith by the Board).

 

(c)                             No Conflicting Obligations.  Executive represents and warrants to the Company that he has no confidential and/or trade secret information of any of his prior employers (other than such information, if any, which is contained in his unaided memory) and is under no obligations or commitments, whether contractual or otherwise, that are inconsistent with his obligations under this Agreement.  Executive represents and warrants that he will not use or disclose, in connection with his employment by the Company, any trade secrets or other proprietary information in which Executive has any right, title or interest and that his employment by the Company as contemplated by this Agreement shall not infringe or violate the rights of any other person or entity.

 

(d)                            Other Employment Agreements Superseded.  Except as otherwise provided herein, this Agreement supersedes all previous employment agreements and offer letters between Executive and the Company, except with respect to requirements for continued compliance with federal immigration laws and Executive’s obligation to comply with the Company’s rules and standards of conduct, including those set forth in employee Handbook or code of conduct applicable to employees, generally. If Executive’s employment terminates for any reason or for no reason, he shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be established under the Company’s then existing employee benefit plans as of the date of termination.

 

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2.                                      At-Will Employment.  Executive’s employment with the Company constitutes “at-will” employment; accordingly, the Company or Executive may terminate Executive’s employment at any time for any reason (or no reason), and with Cause or Without Cause and with or without advance notice, except as specifically provided otherwise herein.  Executive’s employment shall terminate automatically in the event of his death.

 

3.                                      Compensation and Benefits.

 

(a)                                 Base Salary.  The Company shall pay Executive as compensation for his services an annualized base salary of Two Hundred Forty Thousand dollars ($240,000.00) (the “Base Salary”), less applicable deductions and withholdings, payable in periodic installments in accordance with the Company’s regular payroll practices in effect from time to time.  The Base Salary shall be reviewed and shall be subject to increase from time to time at the sole discretion of the Board.

 

(b)                                 Vacation.  Executive shall be eligible to receive paid time-off each year, including up to three weeks of vacation time per year, in accordance with the standard procedures and policies established by the Company and as may be modified from time to time.

 

(c)                                  Discretionary Bonus.  Executive shall be eligible for a discretionary bonus to be awarded from time to time by the Compensation Committee with the target of up to 50% of the Base Salary.

 

(d)                                 Employee Benefits.  For so long as Executive is employed by the Company hereunder (and such other time periods referenced in Section 4), Executive shall be entitled to participate in any employee benefit plans and programs (including any and all health, dental, vision, insurance programs and 401(k) plans) which are maintained by the Company for and generally available to similarly-situated employees of the Company, all in accordance with the terms and subject to the conditions of such plans and programs as in effect from time to time.  Such benefit plans and programs may be modified from time to time at the sole discretion of the Board.

 

(e)                                  Business Expenses.  Executive shall be authorized to incur necessary and reasonable expenses in connection with his duties hereunder.  Expenses shall be incurred pursuant to, and consistent with, policies and procedures as established by the Company and as may be modified from time to time.  The Company shall reimburse Executive for such expenses upon presentation of an itemized accounting and appropriate supporting documentation, in accordance with Company policy and procedures.

 

(f)                                   Equity Awards.  Executive may from time to time be granted equity awards under the Company’s equity incentive plan as then in effect.  Such grants, if any, shall be at the discretion of the Compensation Committee; provided, however, that in connection with Executive’s appointment as the CEO, Executive shall be entitled to receive a an incentive and/or nonqualified stock option to purchase up to 500,000 shares of the Company’s common stock at such exercise price as will be determined by the Compensation Committee at the time of grant in accordance with the terms and conditions of the applicable equity incentive plan and all applicable laws and regulations, which stock option will be an incentive stock option to the

 

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maximum extent possible under applicable law.  Conforming with the Company’s recent practices, such stock option grant shall be subject to the Company’s standard vesting terms, as follows, subject to your continued employment with the Company and subject to Section 4(b) below: (i) twenty-five percent (25%) of the shares underlying the option will vest and become exercisable on the first anniversary of the vesting commencement date, which shall be the Effective Date, and (ii) the remaining shares will vest and become exercisable with respect to one forty-eighth (1/48th) thereof on each monthly anniversary of the vesting commencement date thereafter. Executive will be required to sign appropriate stock options agreements governing the terms of any grants under the equity incentive plan.

 

4.                                      Payments and Benefits Following Termination of Employment.

 

(a)                                 Termination by the Company Without Cause or by the Executive due to an Involuntary Termination: Severance Payment. This Agreement may be terminated at any time by the Company Without Cause or by the Executive due to an Involuntary Termination by written notice of termination to the other party setting forth the effective termination date and a reasonably detailed explanation of the basis of such termination.  If the Company elects to terminate Executive’s employment Without Cause, or if Executive resigns due to an Involuntary Termination, Executive shall receive all Accrued Obligations (as defined below).  In addition, and subject to Section 4(d) of this Agreement, if the Company terminates Executive’s employment Without Cause, or Executive resigns due to an Involuntary Termination, then Executive shall be eligible for a lump sum payment equal to six (6) months of Base Salary as in effect at the time of  termination, plus an additional one month of Base Salary for each full year of employment with the Company up to a maximum of 12 months, in the aggregate, of Base Salary less applicable withholding taxes (the “Severance Payment”).  The Severance Payment shall be subject to applicable withholdings and other deductions as may be required by law from time to time or otherwise authorized by the Executive.

 

(b)                                 Termination in Connection  with a Change of Control.  If the employment of Executive is terminated Without Cause or Executive resigns due to an Involuntary Termination within 12 months after a Change of Control (as defined below), then subject to Section 4(f) of this Agreement, Executive shall, in addition to the benefits set forth in Section 4(a) of this Agreement be entitled to acceleration of the vesting of all outstanding stock awards under any equity incentive plan of the Company to the extent permitted under the terms of any such plan at the time such awards are granted and under applicable laws and regulations.

 

(c)                                  Termination for Cause or Resignation Other than Due to An Involuntary Termination.  This Agreement may be terminated at any time by the Company with Cause or by the Executive for any reason other than due to an Involuntary Termination by written notice of termination to the other party setting forth the effective termination date.  In the case of resignation without Involuntary Termination, Executive shall provide a 30-day notice to the Company.  In the case of termination by the Company for Cause, the notice of termination shall set forth a reasonably detailed explanation of the basis on which the Company claims Cause for the termination.  In the event that (i) Executive’s employment is terminated by the Company at any time for Cause or (ii) Executive terminates his employment at any time for any reason other than an Involuntary Termination, then, in any such case, upon the termination of Executive’s employment, the Executive shall be entitled to receive from the Company all Accrued

 

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Obligations.  Executive shall not be entitled to receive any other payments or benefits by or from the Company except as otherwise required pursuant to COBRA and the terms of any Company employee benefit plan, including, without limitation, any Company equity incentive plan.

 

(d)                                 Conditions to Receipt of Severance Payment.  As a prior condition to Executive receiving any Severance Payment under Section 4(a), as applicable, of this Agreement, Executive shall satisfy the following conditions.

 

(i)                                     Release.  Executive shall execute a Separation Agreement and Release (the “Release”) within such period as is specified in the Release and this Section 4(d) after termination of Executive’s employment (whether by the Company or by Executive) and not later revoke such Release.  The form of Release shall be provided to Executive within five days following the termination of Executive’s employment.  Executive shall forfeit all rights to the Severance Payment unless such Release is signed and delivered and no longer subject to revocation (if applicable) within 45 days following the date of Executive’s termination; provided that the foregoing requirements of this Section 4(d) are met, the Severance Payments shall be made on the 60th day following the date of Executive’s termination.

 

(ii)                                  Other Conditions and Agreements.  Executive shall comply with the nonsolicitation obligations set forth in Section 9 of this Agreement and with his obligations under the Company’s At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement.

 

(e)                                  Termination Due to Death or Disability.  This Agreement shall terminate immediately upon the death or Disability of the Executive.  In any such case, the Executive, or Executive’s estate, shall be entitled to receive from the Company all Accrued Obligations and shall be entitled to no other payments or benefits by the Company except as otherwise required for a direct family dependents pursuant to COBRA and the terms of any Company employee benefit plan, including, without limitation, any Company equity incentive plan or disability insurance plans.

 

(f)                                   Parachute Payments.  If any payment or benefit Executive would receive in connection with a Change of Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either delivered in full, or delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in payments or benefits constituting a “parachute payment” is necessary, reduction shall occur in the following order:  reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event the acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in reverse order of the date of grant of Executive’s stock awards.   Unless Company and the grantee otherwise agree in writing, any determination required under

 

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this Section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable good faith interpretations concerning the application of Section 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section.

 

(g)                                  Definitions.

 

(i)                                     “Accrued Obligations” shall mean: (A) Executive’s full Base Salary accrued as of the last day of Executive’s employment with the Company; (B) a cash payment covering all accrued and unused paid time off (if any) earned through the last day of Executive’s employment with the Company; and (C) any unreimbursed business expenses under Section 3(e).

 

(ii)                                  “Involuntary Termination” except as provided below, for all purposes under this Agreement, “Involuntary Termination” means Executive’s resignation or other termination of employment due to the occurrence of any of the following events: (A) without Executive’s express written consent, the substantial reduction of Executive’s duties or responsibilities relative to Executive’s duties or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Vice President of the Company remains as such following a Change of Control and is not made the Vice President of the acquiring corporation) shall not constitute “Involuntary Termination”; (B) without Executive’s express written consent, a material reduction by the Company in Executive’s base compensation as in effect immediately prior to such reduction; (C) without Executive’s express written consent, a material reduction by the Company in the kind or level of employee benefits package is significantly reduced; (D) Executive’s relocation to a facility or a location more than 50 miles from Executive’s then present location, without Executive’s express written consent; (E) any purported termination of Executive by the Company which is not for death, Disability or for Cause; or (F) the failure of the Company to obtain the assumption of this Agreement by any successors.  Moreover, a resignation by Executive shall not be considered to be a resignation due to an Involuntary Termination unless (A) Executive notifies the Company of the event constituting the Involuntary Termination within 30 days of the occurrence of such event, (B) the Company fails to remedy such event within 30 days after receiving such notice and (C) Executive resigns more than 31 days, but not more than 60 days, after the Company receives such notice and before the Company remedies the event.

 

(iii)                               “Cause” shall mean a termination of Executive’s employment for any of the following reasons:  (A) gross and willful failure to perform services; (B) conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, if such felony either is work-related or materially impairs Executive’s ability to perform services for the Company; (C) a material breach of fiduciary duty, including fraud, embezzlement, dishonesty or any intentional action that materially injures the Company as

 

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determined in good faith by the Company’s Board of Directors; or (D) a material breach of the At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement.  In all of the foregoing cases, the Company shall provide written notice to Executive indicating in reasonable detail the event or circumstances that constitute Cause under this Agreement and the Company will provide Executive 45 days to cure such breach or failure prior to termination for Cause.  During such 45-day cure period, the Company may place Executive on unpaid leave.  A termination of Executive’s employment by the Company in any other circumstance or for any other reason will be a termination “Without Cause.”

 

(iv)                              “Disability” shall mean Executive is physically or mentally unable regularly to perform his duties hereunder for a period in excess of 60 consecutive days or more than 90 days in any consecutive 12 month period.  The Company shall make a good faith determination of whether Executive is physically or mentally unable to regularly perform his duties subject to its review and consideration of any physical and/or mental health information provided to it by Executive.

 

(v)                                 “Change of Control” shall mean:  (A) any “person” (a such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) who becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities, provided, however, that Change in Control shall not include any change resulting from any capital financings of the Company; or (B) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or (C) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least (50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 

5.                                      Successors.

 

(a)                            Company’s Successors.  This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets.  The Company shall require any successor, by agreement in form and substance reasonably satisfactory to the Executive, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets that becomes bound by this Agreement.

 

(b)                            Executive’s Successors.  This Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

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6.                                      Arbitration.  In the event of any dispute or claim relating to or arising out of Executive’s employment relationship or its termination, Executive and the Company agree that (a) any and all disputes between Executive and the Company (or any of its agents, officers, directors, or employees, each of whom is an intended beneficiary of this agreement to arbitrate) must be resolved exclusively through final and binding arbitration, (b) as a result of this mutual agreement to arbitrate, both Executive and the Company are waiving any and all rights to a trial before a court and/or jury, but all remedies that would be available in court will be available in arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery and (v) the Company shall pay all arbitration forum fees, but each party shall be responsible for its own attorney fees and legal costs except as otherwise provided by law.  This agreement to arbitrate does not apply to claims that may be brought before the National Labor Relations Board.

 

7.                                      WAIVER OF RIGHT TO JURY.  EXECUTIVE AND THE COMPANY UNDERSTAND AND AGREE THAT THE ARBITRATION OF DISPUTES AND CLAIMS UNDER THIS AGREEMENT SHALL BE INSTEAD OF A TRIAL BEFORE A COURT OR JURY.

 

8.                                      Confidential Information.  Executive shall abide by the Company’s rules and regulations.  Executive agrees to maintain the confidentiality of all confidential, proprietary, and trade secret information of the Company.  Executive shall abide by the terms of the At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement.

 

9.                                      Nonsolicitation.  For a period of one (1) year following the termination of Executive’s employment for any reason, Executive agrees that he shall not, directly or indirectly, (a) divert or attempt to divert from the Company (or any subsidiary of, or another entity controlled by, the Company) any business of any kind in which it is engaged, including, without limitation, the solicitation of or interference with any of it suppliers or customers or (b) solicit, hire, recruit, or employ any person or entity who is employed by or has a contractual relationship with the Company, or encourage any person or entity who is employed by or has a contractual relationship with the Company to terminate their employment or contractual relationship with the Company.

 

10.                               Miscellaneous Provisions.

 

(a)                            Notice.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by overnight courier, U.S. registered or certified mail, return receipt requested and postage prepaid.  Mailed notices shall be addressed to Executive at the home address which he most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

 

(b)                            Modifications and Waivers.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive).  No waiver by either party of any breach of, or of compliance with, any condition or

 

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provision of this Agreement 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.

 

(c)                             Entire Agreement. No other agreements, representations or understandings (whether oral or written) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter of this Agreement.  This Agreement, the At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement, and applicable equity incentive plans (and related agreements) contain the entire understanding of the parties with respect to the subject matter hereof.

 

(d)                            Taxes.  All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges that are required to be withheld by applicable law.

 

(e)                             Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California.

 

(f)                              Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

 

(g)                             No Assignment.  This Agreement and all rights and obligations of Executive hereunder are personal to Executive and may not be transferred or assigned by Executive.

 

(h)                            Headings.  The headings of the sections contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this Agreement.

 

(i)                                Counterparts.  This Agreement may be executed in multiple counterparts (including facsimile and electronic “.pdf” copies thereof), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(j)                               Compliance with Section 409A.  The parties intend that this Agreement (and all payments and other benefits provided under this Agreement) be exempt from the requirements of Section 409A of the Code and the regulations and ruling issued thereunder (collectively “Section 409A”), to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise.  To the extent Section 409A is applicable to such payments, the parties intend that this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under Section 409A.  Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions.  Without limiting the generality of the foregoing, and notwithstanding any other provision of this Agreement to the contrary:

 

(i)                                     if at the time Executive’s employment terminates, Executive is a “specified employee,” as defined in Treasury Regulation Section 1.409A-1(i) and determined using the identification methodology selected by the Company from time to time, or if none, the

 

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default methodology, any and all amounts payable under this Agreement on account of such termination of employment that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid in a lump sum on the first day of the seventh month following the date on which Executive’s employment terminates or, if earlier, upon Executive’s death, except (i) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury Regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Treasury Regulation Section 1.409A1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (ii) benefits which qualify as excepted welfare benefits pursuant to Treasury Regulation Section 1.409A 1(a)(5); and (iii) other amounts or benefits that are not subject to the requirements of Section 409A;

 

(ii)                             a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h) after giving effect to the presumptions contained therein, and, for purposes of any such provision of this Agreement, references to a “terminate,” “termination,” “termination of employment,” “resignation,” “resign” and like terms shall mean separation from service;

 

(iii)                          each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement, including, without limitation, under Section 4(a), shall be treated as a right to a series of separate payments;

 

(iv)                         with regard to any provision in this Agreement, including, without limitation, Section 3(e), that provides for reimbursement of expenses or in-kind benefits, except for any expense, reimbursement or in-kind benefit provided pursuant to this Agreement that does not constitute a “deferral of compensation,” within the meaning of Treasury Regulation Section 1.409A-1(b) (including, without limitation, by reason of the safe harbor set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion), (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred; and

 

(v)                            in no event shall the Company or any of its parents, subsidiaries or affiliates, be liable for any additional tax, interest or penalty that may be imposed on Executive by Section 409A or damages for failing to comply with, or be exempt from, Section 409A.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer or member of the Board, as of the day and year first above written.

 

 

	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brad Timchuk
    
	
 
    	
 
    	
Name:   Brad Timchuk
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TIGERLOGIC   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Philip D. Barrett
    
	
 
    	
 
    	
Name:   Philip D. Barrett
    
	
 
    	
 
    	
Title:   Director, Chairman of Compensation
    
	
 
    	
 
    	
Committee
    

 

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