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Exhibit 10.2

VALLON PHARMACEUTICALS, INC. NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM
Non-employee members of the board of directors (the “Board”) of Vallon Pharmaceuticals, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”). This Program has been adopted under the Company’s 2018 Equity Incentive Plan (the “Equity Plan”) and shall be effective on June 9, 2022 (the “Effective Date”). The cash and equity compensation described in this Program shall be paid or be granted, 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. This Program shall remain in effect until it is revised or rescinded by further action of the Board.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. 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. No Non-Employee Director shall have any rights hereunder, except with respect to stock options granted pursuant to the Program. 
1.         Cash Compensation. Non-Employee Directors shall be granted the cash compensation described below, effective July 1, 2022.
(a)        Annual Retainers. Each Non-Employee Director shall receive an annual cash retainer of $30,000 for service on the Board.
(b)        Additional Annual Retainers. In addition, each Non-Employee Director shall receive the following additional annual cash retainers, as applicable:
(i)     Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service. 
(iii)     Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $10,000 for such service. 
(iv)    Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $5,000 for such service. 
(c)        Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid 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 positions described in Section 1(b), 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.
(d)       Election to Receive Stock Option in Lieu of Cash. After January 1, 2022, Non-Employee Directors shall have the ability to elect to receive the annual retainer set forth in 

Exhibit 10.2

Section 1(a) above in an award of a stock option in lieu of cash pursuant to an election form provided by the Company. Non-Employee Directors must complete and deliver the election form to the Company (which shall be irrevocable) at least 15 days prior to the end of the calendar quarter that ends immediately prior to the next annual meeting of the Company’s stockholders; provided that the election cannot be made during a regular or special blackout period within the meaning of the Company’s Insider Trading and Securities Law Compliance Policy.  In the event that a Non-Employee Director makes an irrevocable election to receive a stock option in lieu of cash, he or she shall be automatically granted, effective on July 1 immediately following the annual meeting (provided that he or she continues to serve as a Non-Employee Director as of that date), a stock option to purchase that number of shares of the Company’s common stock determined by dividing (i) the aggregate amount of the annual retainer set forth in Section 1(a) above that would otherwise payable to the Non-Employee Director for the one-year period commencing on July 1 immediately following the annual meeting, by (ii) the per share Black-Scholes valuation as of the grant date, utilizing the same assumptions that the Company uses in preparation of its financial statements, with the resulting quotient rounded down to the nearest whole share (the “Retainer Award”).  
2.         Annual Retainer for Chairperson of the Board. A Non-Employee Director serving as Chairperson of the Board as of July 1 of any calendar year shall be automatically granted a restricted stock unit award with a value equal to $20,000 (the “Award Value”), which amount shall be converted to a number of shares using the average closing per-share price of the Company’s common stock, as reported on nasdaq.com, rounded to four decimal places, for the 30 trading days immediately preceding the date of grant (with any resulting fractional shares rounded down to the nearest whole share) and shall vest and become payable in substantially equal quarterly installments during the one-year period commencing on July 1 and ending the following June 30 (the “Service Period”), subject to the Non-Employee Director’s continued service on the Board during the applicable Service Period. A Non-Employee Director who is initially elected or appointed as Chairperson of the Board other than as of July 1 of a calendar year shall be automatically granted a restricted stock unit award as described above on the date of such election or appointment; provided, however, that the Award Value shall be multiplied by a fraction, the numerator of which is the number of days during the period commencing on (and including) the date of the initial election or appointment and ending on (and including) the last day of the applicable Service Period, and the denominator of which is the 365 days. Unless the Board otherwise determines, no portion of the restricted stock unit award granted hereunder which is unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested thereafter. 
3.         Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. 
(a)        Initial Awards. Each Non-Employee Director who is initially elected or appointed to the Board on or after the Effective Date shall be automatically granted a stock option to purchase 15,000 shares of the Company’s common stock on the date of such initial election or appointment. The awards described in this Section 2(a) shall be referred to as “Initial Awards”. No Non-Employee Director shall be granted more than one Initial Award.
(b)        Subsequent Awards.  A Non-Employee Director who (i) is serving on the Board as of the date of any annual meeting of the Company’s stockholders occurring on or after the Effective Date and has been serving as a Non-Employee Director for at least six months as of the date of such meeting, and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be automatically granted a stock option to purchase 

Exhibit 10.2

7,500 shares of the Company’s common stock on the date of such annual meeting. The awards described in this Section 2(b) shall be referred to as “Subsequent Awards”.  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 an Initial Award in connection with such election and shall not receive any Subsequent Award on the date of such meeting as well.
(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 Award pursuant to Section 2(a) above, but to the extent that they are otherwise entitled, will receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section 2(b) above.
(d)       Terms of Awards Granted to Non-Employee Directors
(i)         In General.  Each restricted stock unit award and each stock option under this Program shall be granted under and shall be subject to the terms and provisions of the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company and shall be granted subject to the execution and delivery of award agreements in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of restricted stock unit awards and stock options hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement.
(ii)        Exercise Price. The per share exercise price of each stock option granted to a Non-Employee Director shall equal the Fair Market Value of a share of common stock on the date the option is granted.
(iii)       Vesting. Each Initial Award shall vest and become exercisable in substantially equal quarterly installments during the two-year period commencing on the date of grant, and each Retainer Award and each Subsequent Award shall vest and become exercisable in substantially equal quarterly installments during the one-year period commencing on the applicable date of grant, in each case subject to the Non-Employee Director continuing in service on the Board through each such vesting date.  Unless the Board otherwise determines, no portion of a Retainer Award, Initial Award or Subsequent Award which is unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested and exercisable thereafter. Upon a Change in Control, all outstanding equity awards granted under the Equity Plan, and any other equity incentive plan maintained by the Company, that are held by a Non-Employee Director shall become fully vested and exercisable, irrespective of any other provisions of the Plan or any award agreement.
(iv)       Term. The term of each stock option granted to a Non-Employee Director shall be ten years from the date the option is granted.
4.         Compensation Limits. Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of Non-Employee Director compensation set forth in the Equity Plan, as in effect from time to time.
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Exhibit 10.2

						
		Courtesy Translation. In case of discrepancy, the Spanish version shall prevail.

	

CARTA DE RESOLUCION DEL CONTRATO SUSCRITO ENTRE LA ZARDOYA OTIS, S.A. Y EL PRESIDENTE

	

TERMINATION LETTER OF THE SERVICES AGREEMENT BETWEEN ZARDOYA OTIS, S.A. AND THE CHAIRMAN

	Don Bernardo Calleja 
Calle Golfo de Salónica, 73
28033 Madrid
	Mr. Bernardo Calleja 
Calle Golfo de Salónica, 73
28033 Madrid

	27 de mayo de 2022
	May 27th, 2022
	Estimado Sr. Calleja:
Como Ud. Conoce, las acciones de Zardoya Otis, S.A. (la Sociedad) han sido excluidas de cotización como consecuencia de la OPA lanzada por Otis Worldwide Corporation para adquirir las acciones de la Sociedad de las que no era titular.
	Dear Sr. Calleja:
As you know, the shares of Zardoya Otis, S.A. (the “Company”) were delisted earlier this month when Otis Worldwide Corporation executed the squeeze out provision to acquire the remaining interest in the Company that it did not already own.

	Le escribimos en relación con el contrato suscrito entre Ud. y Zardoya Otis, S.A. (la “Sociedad”) el 26 de enero de 2021, modificado el 3 de febrero de 2021(el “Contrato”).
Con fecha de hoy, el Consejo de Administración ha ratificado su nombramiento como Presidente del mismo, si bien continuará como Consejero No ejecutivo, lo que implica que el cargo no será remunerado. 
Por la presente le informamos de que, como consecuencia de la exclusión de cotización de la Sociedad, y de acuerdo con lo aprobado en el día de hoy por el Consejo de Administración, se ha decidido resolver el Contrato con efectos 31 de mayo de 2022.
	We are writing to you in relation to the services agreement signed between yourself and the Company on January 26, 2021as amended on February 3, 2021 (the “Contract”).
On the date hereof, the Board of Directors has ratified your appointment as Chairman of the Board of Directors, but the continuation will be as Non Executive Director and, therefore, no remuneration will be granted. 
We hereby inform you that, as a consequence of the delisting, and in accordance with the resolution passed today by the Company’s Board of Directors, the Contract has been terminated, effective May 31, 2022. 

	En prueba de su conformidad con cuanto antecede, le rogamos proceda a firmar la presente carta y nos devuelva copia firmada como prueba de su aceptación y conformidad.	In witness of your agreement with the foregoing, we ask you to sign this letter and return it to us as proof of your acceptance and assent.

		
		
	Atentamente/Sincerelly,	Aceptado y conforme/Accepted and agreed
	Zardoya Otis, S.A.	Madrid, a 27 de Mayo de 2022
	P.p.	
		

Exhibit 10.2

						
	/s/ DA LOREA GARCIA JAUREGUI    	/s/ D. BERNARDO CALLEJA FERNANDEZ   
	Da Lorea Garcia Jauregui	D. Bernardo Calleja Fernández

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