Document:

Exhibit 10.1

 

 

Pete A. Meyers

121 Ridgeway Street

Mt. Vernon, NY 10552

 

April 24, 2017

 

Dear Pete:

 

I am pleased to extend this conditional offer of employment to you for the position of Chief Financial Officer with Eagle Pharmaceuticals, Inc. (the “Company” or “Eagle”).  The following would be the basic terms of your employment with the Company contingent upon your completion of a background check and drug test to the satisfaction of the Company, proof of eligibility for U.S. employment and the completion of satisfactory references:

 

Department:        Finance

 

Reporting to:       Scott Tarriff

 

Start Date:            May 15, 2017

 

Duties:  Your initial position will be Chief Financial Officer performing such duties as are normally associated with this position and such duties as are assigned to you from time to time.  This is a full-time position.

 

Initial Salary:     $400,000 annually, subject to applicable withholdings as permitted and required by law.  Your salary will be paid in accordance with the Company’s normal payroll practices.  Your salary may be reviewed periodically and adjusted by Eagle to reflect performance and responsibilities.  Any salary increases received during the first year of employment will be pro-rated.

 

Benefits:   In accordance with the terms, including eligibility criteria, of applicable plan documents, you may participate in the Company’s health insurance program for you and your eligible dependents starting on your date of employment.

 

Additionally, you may participate in the Company’s 401(k) plan, life insurance program and long-term disability plan upon meeting the Company’s specified eligibility requirements for each plan.

 

All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion.

 

Cash Bonus:   Your target cash bonus for 2017 will be 60% of your annual base salary (the “Bonus”), determined in accordance with the Company’s Bonus Plan, as may be amended from time to time.  Such bonus will be earned subject to the achievement of performance objectives approved by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) and

 

 

paid in accordance with Eagle’s standard compensation practices.  The Bonus, if any, will be subject to applicable payroll deductions and withholdings.  At the end of each calendar year, the Company will determine whether you earned the Bonus and the amount of any Bonus pursuant to the terms of the Company’s Bonus Plan.  No amount of the Bonus is guaranteed, and you must be an employee in good standing on the Bonus payment date to be eligible to receive a Bonus.  The Bonus, including the target percentage, is subject to change in the Company’s sole discretion.

 

Vacation:   You will be eligible to accrue up to four weeks of paid vacation annually prorated from date of hire for the first calendar year, which accrues each bi-monthly pay period.

 

Stock Options:   It will be recommended to the Compensation Committee that you be granted options to purchase 50,000 shares of Eagle common stock at an exercise price equal to the closing market price on the date of grant. Upon approval your 50,000 options will vest in accordance with the standard vesting schedule under Eagle’s 2014 Equity Incentive Plan which states that one-fourth (1/4th) of the shares vest one year after your start date (the “Vesting Commencement Date”); the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary of the Vesting Commencement Date, subject to your Continuous Service as of each such date.  The option awards shall be subject to the terms and conditions of Eagle’s 2014 Equity Incentive Plan and an award agreement thereunder.

 

As a condition of your employment with Eagle, you will be required to sign, execute and abide by the terms of the Company’s standard Proprietary Information, Invention Assignment, Non-Competition and Non-Solicitation Agreement. You also acknowledge that you are aware of no obligations, contractual or otherwise, relating to a prior employer or any other entity for which you rendered services or are affiliated which would prevent or prohibit you from performing fully your job responsibilities now or in the future. You specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties to the Company.  You agree not to bring to the Company or use in the performance of your responsibilities at the Company any materials or documents of a former employer that are not generally available to the public, unless you have obtained express written authorization from the former employer for their possession and use.  You also agree to honor all obligations to former employers during your employment with the Company.  The Company will not be liable for or pay the cost of defense you may incur for any potential breaches of contract, common law or other commitments arising from any of your current or previous employers.  Based on your representations to us, we understand that no such commitments, restrictions or obligations exist which would prevent you from acting on our behalf, now or in the future.

 

Your employment with the Company is “at-will” which means it is not for a specified term and may be terminated by you or the Company at any time for any reason, with or without cause.  Once an employee, you will be subject to Eagle’s practices and procedures which will be provided to you on your first day, as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.

 

If you accept this conditional offer of employment, please sign below and return the signed copy to me as soon as convenient.  By signing this letter, you acknowledge that the terms described in this letter, together with the Proprietary Information, Invention Assignment, Non-Competition and Non-Solicitation Agreement attached hereto, set forth the entire understanding between us and supersede any prior representations or agreements, whether written or oral; there are no terms, conditions, representations, warranties or covenants other than those contained herein.  No term or provision of this letter may be amended, waived, released, discharged or modified except in writing, signed by you and an authorized officer of the Company, except that the Company may, in its sole discretion, adjust incentive compensation, stock plans, benefits, job titles, locations, duties, responsibilities, and reporting relationships.

 

2

 

All new hires are required to prove eligibility to work in the United States in accordance with Federal law and complete an I-9 form.  On your first day of employment, please provide us with employment eligibility documentation. On or before your start date you will also be given a welcome packet containing other pertinent forms and materials for you to complete upon your Start Date.

 

This offer of employment is contingent upon: (a) your completion of a background check and drug test, as well as our verification of your employment references to the satisfaction of the Company; and (b) your satisfying the eligibility requirements for employment in the United States.

 

By accepting employment with the Company and signing below, you hereby waive any right to a trial by jury in any action arising from or related to your employment, and agree that any action shall be tried before a court and not before a jury.

 

We are extremely excited about the opportunity we have to build Eagle into a leading specialty pharmaceutical company.  One of the keys to accomplishing this is through the recruitment and retention of talented people. We are looking forward to having you join us and hope that you will accept our offer.

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Scott Tarriff
    
	
 
    	
Scott   Tarriff
    

 

Accepted and agreed this 12 day of May, 2017.

 

	
/s/ Pete A. Meyers
    	
 
    
	
PETE A. MEYERS
    	
 
    

 

Enclosure

 

3STOCK OPTION AGREEMENT

 

TO PURCHASE UP TO [ ] SHARES OF COMMON STOCK

OF SQL TECHNOLOGIES CORP.

 

THIS STOCK OPTION AGREEMENT (this “Agreement”)
is made as of [ ]. 2017 (the “Effective Date”) by and between SQL TECHNOLOGIES CORP, a Florida corporation
(the “Company”), and [ ] (the “Optionee”).

 

WHEREAS, the Optionee subscribed for (i) up
to [ ] shares of the Company’s common stock, no par value per share (“Common Stock”) and (ii) a five-year
option to purchase up to [ ] shares of Common Stock (collectively, the “Securities”), pursuant to the terms
set forth in a Securities Subscription Agreement dated [ ], 2017 (the “Subscription Agreement”). Any capitalized
term not defined herein shall have the meaning of such term as has been set forth in the Subscription Agreement.

 

1.       Grant
of Option. Subject to the terms and conditions set forth in this Agreement, the Company hereby grants to the Optionee the
option, whereby the Optionee shall have the right purchase from the Company, during the period set forth in Section 2, up to [
] shares of Common Stock (“Option Shares”) at an exercise price of US $[ ] per share (the “Exercise
Price”, and such right to purchase the Option Shares at the Exercise Price, the “Option”).

 

2.       Term.
This Agreement and the Option shall be forfeited and terminate automatically, without further action or notice, on the five
(5) year anniversary of the Effective Date (the “Expiration Date”). The right to purchase the Option Shares
under the Option shall vest to the Optionee immediately. Notwithstanding any other provision of this Agreement, the Option shall
not vest or be exercisable if the exercise thereof would result in a violation of any applicable federal or state securities law.

 

3.       Exercise
of Option.

 

(a)       Exercise
of the purchase rights represented by the Option may be made at any time or times on or before the Expiration Date by delivery
to the Company of a duly executed Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it
may designate by notice in writing to the Optionee at the address of such Optionee appearing on the books of the Company) and
surrender of this Agreement, together with payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer
or cashier’s check drawn on a United States bank in immediately available funds. The Option may not be exercised for less
than ten thousand (10,000) Option Shares, and may only be exercised in increments of five thousand (5,000) Option Shares, unless
otherwise agreed to by the Company.

 

(b)       The
Option shall be deemed to have been exercised on the later of the date the Notice of Exercise is delivered to the Company and
the date the Exercise Price is received by the Company. The Option Shares shall be deemed to have been issued, and Optionee or
any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Option has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid
by the Optionee, if any, have been paid.

 

(c)       The
Company and the Optionee agree that, to the extent applicable, unless and until registered under the Securities Act of 1933, as
amended, which registration remains effective, all shares of Common Stock acquired by the Optionee upon exercise of the Option,
may be stamped or otherwise imprinted with legends in substantially the following form:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF ANY EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH
LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

 

    	 	

	 

    	 

    

4.       Adjustments
and Restrictions.

 

(a)       Upon
the occurrence of an event affecting the capitalization of the Company, such as a stock split, reclassification or otherwise,
the Company shall preserve the benefits or potential benefits intended to be made available hereunder, either by equitably increase
or decrease the number of Option Shares, changing the kind of shares available under the Option, or increasing or decreasing the
Exercise Price of the Option.

 

(b)       If
the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation
(where the Company is not the surviving corporation or where there is a change in or distribution with respect to the Common Stock
of the Company), or sell, transfer or otherwise dispose of its property, assets or business to another corporation and, pursuant
to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, shares of common stock
of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever
in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”), are
to be received by or distributed to the holders of Common Stock of the Company, then, from and after the consummation of such
transaction or event, the Optionee shall have the right thereafter to receive, instead of the Option Shares, at the option of
the Optionee, (i) upon exercise of this Option, the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Optionee of the number of shares of Common Stock for which
this Option is exercisable immediately prior to such event or (ii) cash equal to the value of this Agreement as determined in
accordance with the Black-Scholes option pricing formula. For the purposes of this section, “common stock of the successor
or acquiring corporation” shall include stock of such corporation of any class which is not preferred as to dividends or
assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences
of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately
or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this section shall similarly apply to successive reorganizations, reclassifications,
mergers, consolidations or disposition of assets.

 

(b)       
The Optionee shall have no rights as a shareholder with respect to any shares of Common Stock covered by the Option until the
date of the issuance of a certificate or certificates for the shares for which the Option has been exercised. No adjustment shall
be made for dividends or distributions or other rights for which the record date is prior to the date such certificate or certificates
are issued.

 

(c)       The
Company shall not be required (i) to transfer on its books any Options Shares that have been sold or otherwise transferred in
violation of any of the provisions of this Agreement or (ii) to treat as owner of such Option Shares or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such shares shall have been so transferred.

 

(d)       The
Option may not be transferred, assigned, sold, hypothecated or pledged by the Optionee without the prior written consent of the
Company. Subject to applicable securities laws, the Option and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Optionee.

 

(e)       Optionee
acknowledges that the Option Shares acquired upon the exercise of the Option, if not registered for resale, will have restrictions
upon resale imposed by state and federal securities laws.

 

(f)       The
Optionee represents and warrants that the Optionee is acquiring the Option and shares of Common Stock issuable upon exercise thereof
for the Optionee's own account as an investment and not with a view toward the sale or distribution thereof.

 

    	 	

	 

    	 

    

5.       Miscellaneous.

 

(a)        All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts to be wholly performed within such state and without
regard to conflicts of law provisions that would result in the application of any laws other than the laws of the State of New
York. Any legal action or proceeding arising out of or relating to this Agreement may be instituted in the courts of the State
of New York sitting in New York County or in the United States of America for the Southern District of New York, and the parties
hereto irrevocably submit to the jurisdiction of each such court in any action or proceeding. Optionee hereby irrevocably waives
and agrees not to assert, by way of motion, as a defense, or otherwise, in every suit, action or other proceeding arising out
of or based on this Agreement and brought in any such court, any claim that Optionee is not subject personally to the jurisdiction
of the above named courts, that Optionee’s property is exempt or immune from attachment or execution, that the suit, action
or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

 

(b)        This
Agreement may not be modified or amended, or the provisions hereof waived, without the prior written agreement of the Company
and Optionee. No course of dealing or any delay or failure to exercise any right hereunder on the part of Optionee shall operate
as a waiver of such right or otherwise prejudice Optionee’s rights, powers or remedies, notwithstanding all rights hereunder
terminate on the Expiration Date. The headings used in this Agreement are for the convenience of reference only and shall not,
for any purpose, be deemed a part of this Agreement. Wherever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by
or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

(c)       Any
notice, request or other document required or permitted to be given or delivered to the Optionee by the Company shall be delivered
in accordance with the notice provisions of the Subscription Agreement.

 

(d)       The
Optionee is responsible for any federal, state, local or other taxes with respect to the Option Shares. The Company does not guarantee
any particular tax treatment or results in connection with the grant or vesting of the Option Shares or the delivery of the Option
Shares.

 

(e)       This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together constitute
one agreement.

 

[Signature Page Follows]

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Stock Option Agreement to be executed as of the Effective Date.

 

	Optionee:	Company:
	 	SQL
    TECHNOLOGIES Corp.
		 
	 	 
	By:	By:
	Name:	Name:John
    P. Campi
	Title:	Title:Chief
    Executive Officer

 

    	 

    	 

    

 

NOTICE OF EXERCISE

 

To: SQL Technologies Corp.

 

(1) The undersigned hereby
elects to purchase                     
Option Shares of the Company pursuant to the terms of the attached Option, and tenders herewith payment of the exercise price
in full, together with all applicable transfer taxes, if any.

 

(2) Please issue a certificate
or certificates representing said Option Shares in the name of the undersigned or in such other name as is specified below:

 

(3) The Option Shares shall
be delivered to the following:

   

(4) The undersigned is
an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended.

 

 

(OPTIONEE)

 

By:_____________________________________

 

Name:_____________________________________

 

Title:_____________________________________

 

Dated:_____________________________________

	 	 	 

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Stock Option Agreement,
execute this form and supply required information.

Do not use this form to exercise the Option.)

 

FOR VALUE RECEIVED, the foregoing Stock Option
Agreement and all rights evidenced thereby, including the Option, are hereby assigned to:

 

                                       
                                         
  

 

whose address is:

 

                                       
                                         
  

 

                                       
                                         
  

 

                                       
                                         
  

 

 

 

	 	 	 
	 	 	Dated:
                        
    ,             
	 	 
	Optionee’s Signature	 	_______________________________________
	 	 
	Optionee’s Address:	 	_______________________________________
	 	 
	 	 	_______________________________________
	 	 
	 	 	_______________________________________

 

 

	 	 	 
	Signature Guaranteed:	 	 

         

	 	 	 

 

NOTE: The signature to this Assignment Form
must correspond with the name as it appears on the face of the Stock Option Agreement, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the foregoing Stock Option Agreement.

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