Document:

prtk-ex101_348.htm

Exhibit 10.1

PARATEK PHARMACEUTICALS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

Each member of the Board of Directors (the "Board") who is not also serving as an employee of Paratek Pharmaceuticals, Inc. (the "Company") or any of its subsidiaries (each such member, an "Eligible Director") will receive the compensation described in this Non-Employee Director Compensation Policy for his or her Board service. This Non-Employee Director Compensation Policy is effective on January 1, 2020 (the "Effective Date"). An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date for which service begins for a cash payment, or the date of grant for an equity award, as the case may be (e.g., an election to decline the cash payment to be made for a quarter must be made prior to the date the quarter begins). This policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board, and supersedes any prior policies related to compensation of Eligible Directors. 

Annual Cash Compensation 

The annual cash compensation amount set forth below is payable in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal year, with a pro-rated amount paid for the first fiscal quarter in which the Eligible Director provides the service, and regular full quarterly payments thereafter. All annual cash fees are vested upon payment. 

	
 
	
1.
	
Annual Board Service Retainer: 

a. All Eligible Directors: $45,000 

	
 
	
2.
	
Annual Committee Chair Service Retainer: 

	
 
	
a.
	
Chairman of the Audit Committee: $20,000 

	
 
	
b.
	
Chairman of the Compensation Committee: $15,000 

	
 
	
c.
	
Chairman of the Nominating and Corporate Governance Committee: $10,000 

	
 
	
3.
	
Annual Committee Member Service Retainer (other than Chairman): 

	
 
	
a.
	
Member of the Audit Committee: $7,750 

	
 
	
b.
	
Member of the Compensation Committee: $6,000 

	
 
	
c.
	
Member of the Nominating and Corporate Governance Committee: $4,500 

Equity Compensation 

The stock options and restricted stock units set forth below will be granted under the Company's 2015 Equity Incentive Plan (the "Plan”). All stock options granted under this policy will be non-statutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Common Stock on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan). In addition to the vesting schedules described below, in the event of a Change in Control or a Corporate Transaction (each, as defined in the Plan), any unvested portion of the stock options and restricted stock units described below will fully vest and become exercisable as of immediately prior to 

1

FINAL approved by CC (February 19, 2020)

Exhibit 10.1

the effective time of such Change in Control or Corporate Transaction, subject to the Eligible Director's Continuous Service (as defined in the Plan) on the effective date of such transaction. 

 

	
 
	
1.
	
Initial Grant: On the last trading day of the month in which an Eligible Director is initially elected or appointed to the Board (or if there is no trading day in that month on or after the date of election or appointment of the Eligible Director, then on the last trading day of the month following the month in which an Eligible Director is initially elected or appointed to the Board), the Eligible Director will be granted automatically, without further action by the Board or Compensation Committee of the Board, (i) stock options to purchase 10,000 shares of the Company's Common Stock and (ii) Restricted Stock Units (RSUs) representing 15,000 shares of the Company’s Common Stock. The shares subject to each such (i) stock option will vest as to 1/36 of the shares on the last day of the month following the month of the date of grant, and on the last day of each successive month thereafter until fully vested, and (ii) 1/3 of the RSUs will vest on each successive one-year anniversary following the grant date over a three-year period, in either case, subject to the Eligible Director's Continuous Service (as defined in the Plan) through such vesting dates. No Initial Grant will be granted to an Eligible Director who is already serving as a director on the Effective Date. 

	
 
	
2.
	
Annual Grant:  At the Compensation Committee meeting held in January or February of each year for the purpose of granting executives annual equity incentive awards following the Effective Date or, if a Compensation Committee meeting is not held by the end of February of any year, on the last trading date in February of such year following the Effective Date, each Eligible Director who continues to serve as a non-employee member of the Board on such date will be granted automatically, without further action by the Board or Compensation Committee of the Board, a stock option to purchase 7,000 shares of the Company's Common Stock and Restricted Stock Units (RSUs) representing 9,000 shares of the Company’s Common Stock.  The shares subject to each such (i) stock option will vest as to 1/12 of the shares on the one-month anniversary following the vesting commencement date, and on the same calendar date of each successive month thereafter until fully vested, and (ii) RSUs on the one-year anniversary following the grant date, subject, in either case, to the Eligible Director's Continuous Service (as defined in the Plan) through such vesting date.

Expenses 

The Company will reimburse Eligible Directors for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and/or Committee meetings. 

 

 

 

 

 

 

2

FINAL approved by CC (February 19, 2020)eprt-ex102_108.htm

Exhibit 10.2

April 29, 2020

Hillary P. Hai

Re:Amendment No. 1 to Separation Agreement and Release 
Dear Hillary:

This Amendment No. 1, dated as of April 29, 2020 (“Amendment No. 1”), to the Separation Agreement and Release, dated as of March 16, 2020 ("Agreement"), amends the agreement reached concerning the separation of your employment with SCF Realty Servicing Company LLC, a subsidiary of Essential Properties Realty Trust, Inc. The term “Company” shall mean Essential Properties Realty Trust, Inc., a Maryland corporation, collectively with its current and former parent companies, subsidiaries and affiliates, and their respective current and former successors, predecessors, assigns, representatives, agents, attorneys, stockholders, partners, officers, directors and employees, both individually and in their official capacities.

Pursuant to Section 11 of the Agreement, it may be amended by a written instrument executed by you and the Company, and the parties to the Agreement desire to amend the Agreement by this Amendment No. 1; except as amended hereby, all of the terms of the Agreement shall remain in full force and effect and are hereby confirmed in all respects.

1.You hereby agree that the severance benefits to be paid under the Agreement are due solely from the Company and that Insperity PEO Services, L.P. (collectively with its current and former parent companies, subsidiaries, and other affiliated companies as well as any of their current and former insurers, directors, officers, agents, shareholders and employees, "Insperity") has no obligation to pay the severance benefits, even though the payments may be processed through Insperity.

2.You, and anyone claiming through you, including your spouse, issue, agents, representatives, guardians, assigns, dependents, heirs, executors, administrators, and attorneys, hereby irrevocably waive, release, and discharge Insperity, from any and all claims that you now have, including, but not limited to, all claims arising from, growing out of, or in any way connected with, directly or indirectly, your employment relationship with the Company, or the separation of that relationship, or otherwise, as described in Section 3 of the Agreement.

3.The parties acknowledge that Insperity is a third-party beneficiary to the Agreement as so amended by this Amendment No. 1.

4.This Amendment No. 1shall constitute an amendment to the Agreement, which shall remain in full force and effect as amended by this Amendment No. 1.

5.Notwithstanding Section 6 of the Agreement, this Amendment No. 1 and the Agreement as amended hereby and the provisions of your Employment Agreement that survive your termination of employment, contain the entire agreement between you and the Company and supersedes any prior or contemporaneous oral or written statements or understandings.  Except as 

 

 

amended hereby, all of the terms of the Agreement shall remain in full force and effect and are hereby confirmed in all respects.

6.This Amendment No. 1 is expressly made subject to the provisions of the applicable and valid laws, rules, regulations, and judicial and administrative decisions of the United States of America and the State of New Jersey (excluding the conflict-of-law principles thereof), and if any provision(s) of this Amendment No. 1 shall ever be invalidated or struck down because of a conflict with any such laws, rules, regulations, or decisions, the invalidation shall affect said provision(s) only, and any and all provisions of this Amendment No. 1 that are not so invalidated or struck down shall continue in full force and effect.

7.This Amendment No. 1 may be executed in two (2) or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.

	
	
/s/ Hillary P. Hai

         Hillary P. Hai

 

Date: April 29, 2020

Essential Properties Realty Trust, Inc.

 

	
	
/s/ Peter M. Mavoides

Peter M. Mavoides

Its: President and Chief Executive Officer

 

Date: April 29, 2020

 

 

 

 

ACTIVE 256528666

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