Document:

EX-10.1

   

  Exhibit 10.1

   

  381 E. Evelyn Avenue Mountain View CA 94041 Tel: 1.650.963.9884

   

   

  July 26, 2021

   

  William Billings
6830 NW 122nd Ave.
Parkland, Florida 33076 

   

  Dear Will,

   

  On behalf of Coursera, Inc. (“the Company”), it is my pleasure to formalize our offer to you for the position of Chief Accounting Officer, VP, Accounting, reporting to Kenneth Hahn, SVP, Chief Financial Officer.  Your primary workplace will be a non-Company site based in Parkland, FL. As such, you will be subject to the terms of the enclosed Company Remote Work Agreement, which is incorporated by reference herein and must be executed prior to beginning your work for the Company.

   

  This is a full-time position.  Your base salary will be $320,000 USD on an annual basis, less applicable withholdings and deductions, payable semi-monthly in accordance with the Company’s usual payroll procedures as presently exist or may exist in the future.  Because the position you are being offered is exempt under the Fair Labor Standards Act (FLSA), you will not be eligible for overtime pay.

   

  You will be eligible to participate in the Coursera Broad Based Compensation Incentive Plan (the “Plan”) pursuant to which you will also be eligible to earn annual cash incentive compensation, with a target percentage equal to 25% of your earnings, less applicable withholdings and deductions, payable in accordance with the Company’s incentive compensation payout procedures as presently exist or may exist in the future.  In accordance with the terms and conditions of the Plan, the actual incentive compensation payout is determined by achievement of individual and company performance objectives and will be prorated in accordance with your start date.

   

  Please understand that the Company reserves the right to alter or amend the Plan periodically as it deems appropriate.  Please also understand that nothing in the Plan, or this letter, changes the at-will nature of your employment with Coursera.

   

  Subject to approval by the Company’s Board of Directors (or a designated committee of the Company’s Board of Directors), you will be granted restricted stock units (“RSUs”) having a value equal to $3,000,000 USD.[1]  The number of RSUs to be granted will be determined by dividing the dollar value of the RSU grant by the average closing price of the Company’s Common Stock during the month of your start date, rounded up to the nearest whole share. The RSUs will vest over a four­-year period with twenty-five percent (25%) of the RSUs vesting on the Company’s first quarterly vesting date following the one-year anniversary of your start date and another six-and-a-quarter percent (6.25%) of the RSUs vesting on each quarterly anniversary thereafter, subject to your continued service on the applicable vesting dates. Upon vesting, the RSUs represent the right to receive shares of our Common Stock subject to applicable withholding taxes but without any 

   

  

   

  obligation to pay an exercise price. The RSUs will be subject to the terms set forth in the Company’s 2021 Stock Incentive Plan and an award agreement approved by the Board.

   

  We are pleased to offer you a signing bonus of $50,000 contingent upon an August 16, 2021 start date. This bonus will be paid in one lump sum in a separate check on the next regularly scheduled pay date after you start employment with the Company.  The signing bonus is taxable, and all regular payroll taxes will be withheld.  In the event that you leave the Company within 12 months of your employment start date, you will be responsible for reimbursing the Company for the entire signing bonus.

   

  You will be eligible for reimbursement for reasonable out-of-pocket costs you incur which are associated with your job duties, subject to the approval of the Company and in accordance with its then applicable business expense guidelines and the Remote Work Agreement.

   

  You will devote your best efforts to the performance of your job for the Company.  While employed at the Company, you will not undertake any other activity that interferes with the performance of your job duties, except as otherwise approved by the Company in advance in writing, nor support (by way of investment or otherwise) any activity that may be competitive with the Company’s business or pose a conflict of interest with that business.  You will follow the Company’s policies and procedures currently in place or developed over time (including but not limited to the Company’s policies prohibiting discrimination and sexual harassment) as made available to you from time to time.

   

  As an employee of the Company, you will have access to certain sensitive, confidential and proprietary information relating to the Company’s business.  In order to safeguard such information, you will be required as a condition of employment to sign the Company’s standard Proprietary Information and Inventions Assignment (PIIA) Agreement for employees in the U.S., a copy of which will be provided for your review and signature on your first day of employment.

   

  You acknowledge that you have been instructed not to use, and you agree not to use for the benefit of the Company, any confidential information or trade secrets of any prior employer or third party.  In particular, you acknowledge and agree that you have returned to any prior employers all tangible expressions of confidential information and trade secrets of or related to such prior employers.  You represent and warrant that you can undertake your obligations to the Company and your duties as a Company employee without breaching any obligation you may have to any prior employer or third party.

   

  Additionally, you will be required to provide the Company, within the first three days of your employment, with documentary evidence of your identity and eligibility for employment in the United States in order to satisfy the requirements of Employment Eligibility Verification (Form 1-9) as required by Federal law.

   

  As a regular employee of the Company, you will be eligible to participate in Company-sponsored benefits that are generally available to all employees of the same classification in accordance with Company policies.  The Company currently provides 5 days of paid sick leave in each year of employment, as well as unlimited paid time off (neither of which accrue, except as required by the law).  You will be provided additional information about these and other benefits on your first day of work.

   

  You are not being promised any particular term of employment and you should be aware that Coursera may rescind this offer letter and/or the Remote Work Agreement at its sole discretion.  Once established, either you or Coursera may terminate the employment relationship at any time for any reason consistent with applicable laws. Likewise, Coursera may reassign you or change the terms and conditions of your employment at any time for any reason. The at-will nature of your employment is not subject to change or modification of any kind except if in writing and signed by you and the CEO of Coursera.

   

  

   

   

  This offer of employment, including the Company’s Remote Work Agreement, contains the entire agreement between you and the Company with respect to any benefit conferred upon you, and all prior agreements, representations, or understandings between us, whether oral or written, are expressly superseded by this offer.

   

  This offer will expire on July 30, 2021 and is contingent upon a successful employment verification of criminal, education, and employment background information and satisfactory reference checks.  This offer can be rescinded based upon data received in the course of these verification efforts in compliance with applicable law.

   

  Please confirm your acceptance of this offer and start date by returning a signed copy of this letter to the sender prior to the expiration date listed above.  The entire Coursera team is looking forward to working with you!

   

  /s/ Richard Jacquet

    

  Richard Jacquet 
Chief People Officer

   

    

  Agreed to and accepted by:

   

  /s/William Billings

   

  Anticipated Start Date:
August 16, 2021

  
 

  [1] This should represent a dollar value.lpth_ex102.htm

EXHIBIT 10.2
  
 
  
 November 5, 2021
  
 This letter replaces and supersedes our prior discussion of yesterday.
  
 LightPath Technologies, Inc 
 2603 Challenger Tech Court 
 Suite 100
 Orlando, Florida 32826
 Attention: Sam Rubin, President and CEO
  
 	  
	 Re:
	 Loan Agreement dated February 26, 2019 by and between LightPath Technologies, Inc. et. Al. and BankUnited, N.A. as amended (the “Loan Agreement”)

  
 Dear Mr. Rubin:
  
 The Lender, and LightPath Technologies, Inc. (sometimes together, the "Parties and the Parties other than Lender, sometimes together the "Borrower Parties") desire to initiate discussions and other communications, whether written or oral (collectively, the "Discussions") about: (a) the Parties' rights, obligations, and performance under the Loan Documents; (b) a possible modification, forbearance, or other resolution of the Loan (a "Workout"); and (c) Lender's goals or requirements for any Workout. The Parties wish to pursue Discussions without litigation, and to assure that Discussions will not affect any future litigation. Lender would not participate in Discussions unless the Parties signed this letter agreement (the “Letter Agreement”). To facilitate and to induce Lender to commence Discussions, the Parties enter into this Letter Agreement. Definitions in the Loans apply in this Letter Agreement, except where this Letter Agreement redefines any term.
  
 No Party is under any obligation to agree to any Workout. Any Party may, with or without notice, terminate Discussions at any time, for any reason or no reason, in its sole discretion, with no liability. An oral agreement provisionally reached may ultimately not become effective, for example because a Party fails to obtain any necessary internal approvals, the Parties fail to agree on the form of written documents or, for any reason or no reason, a Party changes its mind. The Parties may reach agreement on some points, but not all. In these circumstances, and any other circumstances (similar or dissimilar, foreseen or unforeseen), even though the Parties may reach an oral understanding on any issue(s), no Party shall be bound by any oral agreement.
  
 No party shall have any rights or liabilities, either express or implied, on account of (i) the commencement, continuation, or termination of Discussions; or (ii) any oral understanding, unless and until the Parties have (in their sole and absolute discretion) approved, signed, and exchanged a forbearance and restructuring agreement (as evidence of a Workout), and all required consents have been obtained (a "Restructuring Agreement"). Until then, no Party shall rely on the pendency of Discussions or the possibility or hope of a Workout.
  
 	 
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 The terms described below are for discussion purposes only. Neither the terms set forth below nor those terms set forth in any other term sheet nor the preparation, distribution, response, or failure to respond to same shall constitute Lender's offer, agreement, or commitment to enter into a Workout.
  
 The terms set forth below and those included in any term sheet, and any Discussions, including any statement that is or could be deemed an admission of any fact, liability, or other matter, or of the satisfaction of any condition, except as this Letter Agreement expressly states, shall: (a) constitute settlement discussions; (b) not be discoverable or disclosable; (c) not be admissible in evidence for any purpose; (d) not be deemed an admission; and (e) not affect the Parties' rights and obligations.
  
 The following terms and conditions are proposed for the Restructuring Agreement:
  
 	  
	 1.
	 The maturity date for Loan Number 8405 shall be April 15, 2023 subject to acceleration should a further default occur under the Restructuring Agreement.

	  
	  
	  

	  
	 2.
	 Commencing November 1, 2022 and continuing monthly thereafter until maturity, the Borrower shall make equal monthly payments of $100,000 with payments applied first to interest, costs and expenses and then to principal.

	  
	  
	  

	  
	 3.
	 Contractual rate of interest will accrue during the term of the Restructuring Agreement as long as no additional event of default occurs up until August 1, 2022; following August 1, 2022 (or prior thereto if an additional default occurs), default interest shall accrue.

	  
	  
	  

	  
	 4.
	 Upon execution of the Restructuring Agreement, Borrower shall pay the Bank a fee of $50,000.00.

	  
	  
	  

	  
	 5.
	 The Lender will waive compliance for the Fixed Charge Coverage Ratio (as defined in the Loan Agreement) covenant for the period ending September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022 and waive the maximum Total Leverage Ratio of 4.00 to 1.00 for the same period ending September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022. Bank Waiver letter for the September 30, 2021 will be issued within 1 business day upon the execution of this Letter Agreement but no later than Tuesday, November 9th at 2:00 p.m. The proposed covenant waivers for December 31, 2021, March 31, 2022 and June 30, 2022 will be included in the Restructure Agreement.

	  
	  
	  

	  
	 6.
	 Borrower will execute two ACH Processing and Security Attachment forms concurrently upon the signing of the Letter Agreement. Borrower’s intraday credit exposure will be changed to a prefunding status up to $500,000 which will be immediately effective.

	  
	  
	  

	  
	 7.
	 Borrower will send a Corporate Credit Card cancellation letter to the Bank on or before 1/31/2022 which will direct the Bank to terminate the Corporate Credit cards usage and availability of $300,000.

  
 	 
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	 8.
	 All Loans will mature and be fully due and payable on April 15, 2023. After which a 4% exit fee will be earned on the outstanding principal balance due on all Loans due as of April 15, 2023.

	  
	  
	  

	  
	 9.
	 Borrower Parties shall acknowledge itemized balances outstanding and waive and release all defenses, setoffs and counterclaims against the Lender.

	  
	  
	  

	  
	 10.
	 Borrower Parties will execute and deliver all documents deemed necessary by the Lender or its legal counsel and must close on or before December 31, 2021.

	  
	  
	  

	  
	 11.
	 Borrower Parties will be responsible for payment of all fees, costs and expenses in connection with this Letter Agreement and the Restructuring Agreement, including, but not limited to, Lender’s legal fees and costs, third party appraisals, costs of searches and diligence.

    
 The Discussions are subject to the following conditions (collectively, the "Conditions"):
  
 No representation, offer, concession or statement of any kind made by any person or party during the course of the Discussions shall constitute a waiver by any party of any claims, rights, remedies, or defenses such party may have, or shall in any manner modify, terminate or otherwise affect the Loans or the relationship between or among the parties under the Loans or otherwise, or result in an admission against interest or be evidence of any kind or otherwise be binding upon any party, unless hereafter memorialized in the Restructuring Agreement and other documents executed in connection therewith (collectively, “Restructuring Documents”). The Discussions shall be deemed to be discussions in the nature of settlement negotiations and shall not be admitted into evidence in any litigation or proceeding among any of the parties to this Letter Agreement, and no statement made by anyone during the course of the Discussions shall be deemed an admission or evidence of any kind.
  
 Lender (i) is not precluded or estopped from the immediate enforcement of any of its remedies under the Loans, at law or in equity, (ii) does not hereby, and is in no way obligated to, forbear from the immediate enforcement of any of its remedies under the Loans, at law or in equity, and (iii) does not hereby, and is in no way obligated to, waive any default or event of default (whether now existing or hereafter arising and whether asserted or unasserted) or any of Lender’s rights or remedies, legal or equitable.
  
 No agreements, representations, statements, warranties or any other understandings made or reached during or emanating from the Discussions shall be utilized for any purpose whatsoever or be binding to any extent unless and until memorialized in the formal Restructuring Documents and signed by the parties thereto.
  
 Neither this Letter Agreement nor the Discussions shall be construed as in any manner modifying the Loans or the rights or obligations of the parties thereunder or relating thereto. Without limiting the foregoing, neither the execution of this Letter Agreement nor conducting the Discussions shall: (i) relieve Borrower Parties from any obligations they may have under the Loans; (ii) provide Borrower Parties with any claims arising out of the Discussions or with defenses to any actions or proceedings of Lender, or (iii) provide Lender with any claims arising out of the Discussions or any defenses to any actions or proceedings initiated by Borrower Parties.
  
 	 
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 Unless otherwise expressly provided in the signed Restructuring Documents, the acceptance of any payment by Lender with respect to or in connection with the Loans shall not constitute (i) a modification of the Loans (or any of the documents set forth in the Loans), (ii) a waiver of any default or event of default, or (iii) a waiver of any of Lender’s rights and remedies under the Loans, at law or in equity.
  
 This Letter Agreement is solely for the benefit of the parties hereto and no other person or entity shall have any rights or claims of any kind by reason of the Discussions or the execution of this Letter. Lender may (in its sole discretion) terminate the Discussions at any time without cause and without notice and without incurring any liability whatsoever, whether before or after formal Lender approval.
  
 This Letter Agreement shall be governed by and construed in accordance with the laws of the State of Florida without regard to principles of conflicts of law.
  
 Upon execution of the Letter Agreement, we shall present this Proposal to the Lender. If approved, the Borrower Parties agree to enter into a Restructuring Agreement which shall contain the terms described herein as well as any and all other terms of a forbearance deemed necessary by the Lender or its legal counsel including, but not limited to, Borrower Parties' acknowledgment of adequate consideration and that all modifications to the Loans and any payments made under the Restructuring Agreement constitute fair and adequate consideration. Should the Lender approve the above transaction, the Lender will direct its legal counsel to prepare the Restructuring Documents and will proceed with a closing which must be finalized and executed on or before December 31, 2021 at 3:00 p.m. Notwithstanding the foregoing, as noted above, the Lender reserves all of its rights and remedies unless and until the Restructuring Documents are signed by the parties.
  
 This Letter Agreement may be executed in counterparts, each of which together or separately shall constitute an original and, when taken together, shall be considered one and the same agreement. Delivery of an executed counterpart of this Letter Agreement by facsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Letter Agreement.
  
 This Letter Agreement shall: (a) fully apply to all Discussions whether or not they refer to this Letter Agreement; (b) survive termination of Discussions; (c) bind and benefit the Parties and their successors and assigns; (d) constitute the entire agreement about Discussions; and (e) not be construed more strictly against the drafter. Each Party executing this Letter Agreement represents that it has the full authority and legal power to do so.
  
 Each Party confirms that it: (a) is represented by legal counsel of its choice (or has consciously made a decision not to consult with legal counsel), (b) has consulted with counsel about this Letter Agreement; (c) is fully aware of the terms of this Letter Agreement; and (d) has entered into this Letter Agreement voluntarily and without coercion or duress of any kind.
  
 	 
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 If this Letter Agreement correctly reflects your understanding, please sign this Letter Agreement where indicated and return it to the Bank, along with a $25,000.00 payment done via an email authorization to debit the Borrower's account with the Bank, representing a good faith deposit, which will be non-refundable and applied towards the Bank's legal fees incurred. Acceptance of the outlined proposal along with submission of a good faith deposit in the amount of $25,000 must be submitted to the Lender on or before Monday November 8, 2021 at 11:00 a.m.
  
 If you have any questions regarding the above, please call me at (305) 569-3423.
  
 	Respectfully,	
	 	 	 
	/s/ Monica Antongeorgi	
	 Monica Antongeorgi
 Senior Vice President
	 
	 		 
	 Agreed:
	  

	  
	  
	  

	 LightPath Technologies, Inc.
	  

	 	  	 
	 By:
	 /s/ Sam Rubin 
	  

	  
	 Sam Rubin, CEO
	  

   
 	 
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