Document:

Document

Exhibit 10.9                            
									
	
		IsoPlexis.com
35 N.E Industrial Rd. Branford,
Connecticut. United States 06405

May 5, 2020
Peter Siesel
Dear Peter,
I am very pleased to provide you with a summary of the terms and conditions of your anticipated employment by IsoPlexis Corporation (the “Company”). The following sets forth the proposed terms and conditions of your offer of employment. We hope that you choose to join the Company and look forward to a mutually beneficial relationship.
1.    Position. Subject to the successful completion of a customary background and reference check, the Company hereby engages you in a full-time exempt position as Chief Commercial Officer and to provide such services as are consistent with the scope of such position and such other services as requested by the Company from time to time.  You will be expected to devote full-time to the performance of your duties at the Company throughout your employment, and we expect that you will perform any and all of your duties and responsibilities in a satisfactory manner and to the best of your abilities at all times.
2.    Starting Date; Location. If you accept this offer, your employment with the Company will begin on or before May 18, 2020. You will perform your duties and responsibilities of employment generally out of your home office and customer site locations. You will be reimbursed for approved business expenses in accordance with the Company’s policies and procedures relating to claims for such reimbursement.
3.    At-Will Relationship. Your employment with the Company is “at will”, meaning that both the Company and you have the right to terminate the employment relationship at any time for any reason.  Accordingly, no provision of this offer letter shall be construed to create an express or implied employment contract, or a promise of employment for any specific period of time. Although your job duties, title, compensation, benefits (if any), as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and an authorized executive officer of the Company.
4.    Compensation; Benefits. Your initial base pay shall be $275,000 annually less payroll deductions and applicable withholdings. In addition, you will annually be granted fifteen (15) days of paid vacation (PTO) prorated for the year 2020 and you may also be eligible for a forty percent (40%) cash bonus, prorated for 2020, dependent upon performance and at the discretion of the Company’s Board of Directors (the “Board”). You are also eligible for health benefits offered by the Company subject to your fulfillment of any eligibility and plan requirements.
5.    Equity Grant. Subject to approval by the Board at its next regularly scheduled meeting, you will be granted an option to purchase 6,500 (six thousand five hundred) shares of the Company’s Common Stock (the “Grant”) pursuant to the Company’s Stock Plan (the “Plan”) and the terms of an Option Agreement which will provide for vesting terms over a forty-eight (48) month period.  Additionally, subject to approval by the Board, you will be granted an option to purchase 3,500 (three thousand five hundred) shares of the Company’s Common Stock (the “Incentive 
Peter Siesel Page 1 of 3

									
	
		IsoPlexis.com
35 N.E Industrial Rd. Branford,
Connecticut. United States 06405

Grant”) pursuant to the Plan and the terms of an Option Agreement which will provide for vesting terms over a forty-eight (48) month period, where such vesting shall be conditioned upon the Company meeting the calendar year 2020 revenue target set forth in the Company’s 2020 revenue plan as defined by the Board (the “Revenue Target”).  The Revenue Target as of the date of this letter is eighteen million ($18,000,000) dollars in total net revenue.  In the event that the Board directs, in its discretion, that the Revenue Target be reduced for any reason, the Incentive Grant will be amended to provide you with the benefit of such reduction as applicable to your milestone-conditioned vesting.
6.    Your Certifications. As a condition of your employment, you hereby certify to the Company that: (a) you are free to enter into and fully perform the duties of your position and that you 
are not subject to (i) any employment, confidentiality, non-competition or other agreement or (ii) any order, judgment or injunction, in either case, that would prohibit or otherwise restrict your performance for the Company; (b) all facts you have presented or will present to the Company are accurate and true, including, but not limited to, all oral and written statements you have made on any job application, resume or c.v., or in any interview or discussion with the Company or its recruiting agent.  The Company acknowledges that you have disclosed the terms related to non-solicitation of employees and customers set forth in Sections 12(a) and 12(b) of your most recent prior employment agreement.  You hereby certify that you will not engage in conduct on behalf of the Company which would be in violation of such terms.
7.    Eligibility to Work. Your employment with the Company is conditioned on your eligibility to work for the Company in the offered position in the United States. Prior to or on the first day of your employment, you must complete Form I-9 for Employment Eligibility Verification and provide to the Company any means of verification noted on the “List of Acceptable Documents.”  Both the Form I-9 and the List of Acceptable Documents are enclosed for your information.
8.    Confidentiality, Inventions and Non-Competition Agreement. The Company considers the protection of its confidential information, proprietary materials and goodwill to be extremely important.  Accordingly, you will be required to execute and abide by the enclosed Confidentiality, Non-Competition and Invention Assignment Agreement, as a condition of this offer of employment.
9.    Miscellaneous. This offer letter constitutes our entire offer regarding the terms and conditions of your prospective employment with the Company. It supersedes any prior agreements, or other promises or statements (whether oral or written) regarding the offered terms of employment.  The terms of your employment shall be governed by the law of the State of Connecticut.  BY ACCEPTING THIS OFFER OF EMPLOYMENT, YOU AGREE THAT ANY CONTROVERSY, DISPUTE OR CLAIM ARISING OUT OF ANY ASPECT OF YOUR EMPLOYMENT WITH THE COMPANY, OR ANY SEPARATION OF EMPLOYMENT (WHETHER VOLUNTARY OR INVOLUNTARY) FROM THE COMPANY, SHALL BE RESOLVED IN A COURT OF COMPETENT JURISDICTION IN CONNECTICUT BY A JUDGE ALONE, AND YOU HEREBY WAIVE AND RENOUNCE YOUR RIGHT TO A TRIAL BEFORE A CIVIL JURY.
10.    Severability & Waiver. If any provisions of the agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable.  If a court finds that any provision of this agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written 
Peter Siesel Page 2 of 3

									
	
		IsoPlexis.com
35 N.E Industrial Rd. Branford,
Connecticut. United States 06405

construed and enforced as so limited.  The failure of either party to enforce any provision of this agreement shall not be construed as a waiver or limitation of that party’s right to subsequently enforce such agreement.
You may accept this offer of employment by signing the enclosed additional copy of this offer letter. Your delivery of a signed copy of this offer letter and the enclosed executed Confidentiality, Non-Competition and Invention Assignment Agreement to me will evidence your agreement with the terms and conditions set forth herein and therein.
We are pleased to offer you the opportunity to join the Company. We are confident that you will make an important contribution to our unique and exciting enterprise.
						
	Sincerely,	
		
	/s/ Sean Mackay	
		
	Sean Mackay	
	Co-Founder and CEO	
	IsoPlexis Corporation	

			
	AGREED TO AND ACKNOWLEDGED 
	AS OF THE DATE SET FORTH ABOVE:
	
	/s/ Peter Siesel
	
	Peter Siesel

Peter Siesel Page 3 of 3Exhibit 10.2

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

IIP-AZ
1 LLC

 

a Delaware limited liability company

 

Effective as of November 22, 2017

 

     

     

    

 

LIMITED LIABILITY COMPANY AGREEMENT

of

IIP-AZ
1 LLC

 

This LIMITED LIABILITY COMPANY AGREEMENT (“Agreement”)
of IIP-AZ 1 LLC (the “Company”) is effective as of the 22nd day of November, 2017.

 

1.                 
Formation of Limited Liability Company. IIP Operating Partnership, LP, a Delaware limited partnership (the “Member”),
through its attorney in fact, formed the Company as a limited liability company pursuant to the provisions of the Delaware Limited Liability
Company Act (as such may be amended or succeeded from time to time, the “Act”). The rights and obligations of the Member
and the administration of the Company shall be governed by this Agreement and the Act. To the extent this Agreement is inconsistent in
any respect with the Act, this Agreement shall control.

 

2.                 
Member. The Member is the sole member of the Company.

 

3.                 
Purpose. The Company may engage in any and all businesses or activities in which a limited liability company may be engaged
under applicable law (including, without limitation, the Act).

 

4.                 
Name. The name of the Company shall be “IIP-AZ 1 LLC.”

 

5.                 
Principal Place of Business; Other Places of Business. The principal place of business of the Company is 11440 West Bernardo
Court, Suite 220, San Diego, CA 92127. The Company may have such other offices as the Member may designate from time to time.

 

6.                 
Designated Agent for Service of Process. The agent for service of process in Delaware as of the effective date of this Agreement
is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801.

 

7.                 
Term of Company. The Company commenced on the date the Certificate of Formation was properly filed with the Secretary of
State of the State of Delaware and shall exist in perpetuity or until its business and affairs are earlier wound up following proper dissolution.

 

8.                  Management
of Company. All decisions relating to the business, affairs, and properties of the Company shall be made by the Member. The
Member may appoint one or more managers and/or officers of the Company using any titles and may delegate all or some decision-making
duties and responsibilities to such persons. Any such managers and/or officers shall serve at the pleasure of the Member. To the
extent delegated by the Member, managers and/or officers shall have the authority to act on behalf of, bind, and execute and deliver
documents in the name and on behalf of the Company. In addition, unless otherwise determined by the Member, any officer(s) so
appointed shall have such authority and responsibility as is generally attributable to the holders of such offices in corporations
incorporated under the laws of the State of Delaware. No delegation of authority hereunder shall cause the Member to cease to be a
Member. The following individuals are hereby designated as the initial officers of the Company:

 

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	Name	 	Title
	Alan Gold	 	Executive Chairman
	 	 	 
	Paul Smithers	 	President and Chief Executive Officer
	 	 	 
	Catherine Hastings	 	Chief Financial Officer, Chief Accounting Officer and Treasurer
	 	 	 
	Brian Wolfe	 	Vice President, General Counsel and Secretary

 

9.                 
Other Activities. The Member and its agents, representatives and affiliates may engage or invest in, and devote their time
to, any other business venture or activity of any nature and description (independently or with others), whether or not such other activity
may be deemed or construed to be in competition with the Company. The Company shall not have any right by virtue of this Agreement or
the relationship created hereby in or to such other venture or activity (or to the income or proceeds derived therefrom), and the pursuit
thereof, even if competitive with the business of the Company, shall not be deemed wrongful or improper.

 

10.             
Standards of Conduct. Whenever the Member is required or permitted to make a decision, take or approve an action, or omit
to do any of the foregoing, then the Member shall be entitled to consider only such interests and factors, including its own, as it desires,
and shall have no duty or obligation to consider any other interests or factors whatsoever. To the extent that the Member has, at law
or in equity, duties (including, without limitation, fiduciary duties) to the Company or other person bound by the terms of this Agreement,
the Member acting in accordance with this Agreement shall not be liable to the Company or any such other person for its good faith reliance
on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of the Member otherwise
existing at law or in equity, replace such other duties to the greatest extent permitted under applicable law.

 

11.             
Limited Liability. Except as otherwise required by any non-waivable provision of the Act or other applicable law, the Member
shall not be personally liable in any manner whatsoever for any debt, liability, or other obligation of the Company, whether such debt,
liability, or other obligation arises in contract, tort, or otherwise.

 

12.             
Contributions. The capital contributions of the Member are reflected on the books and records of the Company.

 

13.             
Distributions. Each distribution of cash or other property by the Company shall be made 100% to the Member. Each item of
income, gain, loss, deduction, credit, and other tax items of the Company shall be allocated 100% to the Member.

 

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14.              Indemnification.
The Company shall indemnify and hold harmless the Member to the full extent permitted by law from and against any and all losses,
claims, demands, costs, damages, liabilities, expenses of any nature (including attorneys’ fees and disbursements), judgments,
fines, settlements, and other amounts (collectively, “Costs”) arising from any and all claims, demands, actions,
suits, or proceedings (civil, criminal, administrative, or investigative) (collectively, “Actions”) in which the
Member may be involved, or threatened to be involved as a party or otherwise, relating to the performance or nonperformance of any
act concerning the activities of the Company. In addition, to the extent permitted by law, the Member may cause the Company to
indemnify and hold harmless any managers and/or officers from and against any and all Costs arising from any or all actions arising
in connection with the business of the Company or by virtue of such person’s capacity as an agent of the Company.
Notwithstanding the foregoing, any and all indemnification obligations of the Company shall be satisfied only from the assets of the
Company, and the Member shall have no liability or responsibility therefor.

 

15.             
Dissolution and Winding Up. The Company shall dissolve and its business and affairs shall be wound up pursuant to a written
instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

 

16.             
Amendments. This Agreement may be amended or modified from time to time only by a written instrument executed by the Member.

 

17.             
Governing Law. The validity and enforceability of this Agreement shall be governed by and construed in accordance with the
laws of Delaware without regard to other principles of conflicts of law.

 

[Remainder of page intentionally left blank]

 

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IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement effective as of the date first set forth above.

 

	MEMBER	 	 
	 	 	 
	IIP Operating Partnership, LP	 	 
	a Delaware limited partnership	 	 
	 	 	 
	 	By: 	Innovative Industrial Properties, Inc.,	 	 
	 	 	its sole general partner	 	 
	 	 	 
	 	 	By: 	/s/ Brian Wolfe	 	 
	 	 	Name: 	Brian Wolfe	 	 
	 	 	Title: 	Vice President	 	 
	 	 	 
	COMPANY	 	 
	 	 	 
	IIP-AZ 1 LLC,	 	 
	a Delaware limited liability company	 	 
	 	 	 
	By: IIP Operating Partnership, LP,	 	 
	its sole Member	 	 
	 	 	 
	 	By: 	Innovative Industrial Properties, Inc.,	 	 
	 	 	its sole general partner	 	 
	 	 	 
	 	 	By: 	/s/ Brian Wolfe	 	 
	 	 	Name:	Brian Wolfe	 	 
	 	 	Title: 	Vice President	 	 

 

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