Document:

Exhibit 10.1

  

  

  

  
    ADMA BIOLOGICS, INC.

     

    FORM OF RETENTION AWARD AGREEMENT

     

    THIS RETENTION AWARD AGREEMENT (the "Agreement") is entered into as of September 29, 2021 (the “Effective Date”), by and between ADMA Biologics, Inc.
      (the “Company”) and [____] (“Employee”).

     

    Employee and the Company are parties to that certain Amended and Restated Employment Agreement, dated as of January 29, 2019, as may be amended from time
      to time (the “Employment Agreement”).

     

    Employee is a valued employee, and the Company has determined that it is appropriate to award a Retention Award to Employee as an incentive for Employee
      to continue in employment with the Company.

     

    NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

     

    1.          Retention Award.

     

    (a)        In addition to amounts due and payable to Employee under
        the Employment Agreement, the Company is offering Employee a Retention Award, consisting of [__] restricted stock units, as described on Schedule A hereto (the “RSUs”) and a cash bonus award in the
        aggregate amount of $[__] (the “Cash Bonus Award” and together, with the award of the RSUs, the “Retention Award”), subject to applicable tax withholding requirements and the terms of this Agreement.

     

    (i)          The Cash Bonus Award will be paid to Employee in two
        equal installments, on September 30, 2021 and June 15, 2022, respectively.

     

    (ii)         The RSUs shall be subject to vesting as set forth on Schedule A hereto.

     

    (b)          Notwithstanding anything in this Agreement to the
        contrary, the Retention Award will be earned and become due and payable to Employee upon the Employee’s continued employment with the Company through March 31, 2023, or, if earlier, termination of the Employee by the Company without Cause (as
        defined in the Employment Agreement) or resignation by the Employee for Good Reason (as defined in the Employment Agreement) (the earliest of such dates, the “Retention Date”). In the event Employee is terminated by the Company for Cause or
        Employee resigns without Good Reason, in either case, prior to the Retention Date, (i) Employee’s right to the Cash Bonus Award shall terminate, and Employee shall repay any previously paid portion of the Cash Bonus Award, (for purposes of clarity,
        such amounts, if repaid, shall be net of applicable federal, state and local tax withholding), to the Company within forty-five (45) calendar days after such termination of employment and (ii) any unvested RSUs as of the date of such termination of
        employment shall be forfeited and cancelled. The Company may offset any amount owed by Employee to the Company under this Agreement against any compensation otherwise payable to Employee from the Company, consistent with applicable law. By
        accepting the Cash Bonus Award, Employee agrees and acknowledges that the Company may deduct the amount of the Cash Bonus Award from Employee’s wages or other compensation if Employee’s employment terminates for Cause or following a resignation by
        Employee without Good Reason as described above prior to the Retention Date.

     

    

    
      
        

    

    
    (c)          If Employee is terminated by the Company without Cause,
        in accordance with the Employment Agreement, or resigns for Good Reason, in accordance with the Employment Agreement, prior to March 31, 2023, then on such date as Employee ceases to be employed by the Company, (i) any unpaid amounts of the Cash
        Bonus Award not previously paid shall become immediately due and payable to Employee; (ii) any unvested Time-Based RSUs (as defined in Schedule A) shall become fully vested; and (iii) any unvested
        Milestone-Based RSUs (as defined in Schedule A) shall be forfeited and cancelled.

     

    (d)          If the Company announces a Change of Control (as
        specifically defined in section 2.5(b) for a Change of Control event in the Employment Agreement) prior to March 31, 2023, any unpaid amounts of the Cash Bonus Award not previously paid shall be paid to the Employee in a lump sum at the closing of
        such Change of Control transaction (for purposes of clarity, whether the Employee is terminated or not in connection with such Change of Control); and (ii) the Time-Based RSUs and the Milestone‐Based RSUs shall become
        fully vested immediately prior to the closing of such Change of Control transaction.

     

    (e)          Receipt of the Retention Award shall not affect
        Employee’s eligibility to receive any other retention, transition or transaction bonus that may be payable to Employee.

     

    2.          Compliance with Law. 

        This Agreement is intended to comply with the requirements of section 409A of the Internal Revenue Code or an exemption (specifically, the short-term deferral exemption of section 409A), and shall in all respects be administered in accordance with
        section 409A and the terms and conditions of the Employment Agreement.

     

    3.          Creditors; Successors. 

        None of the rights or benefits under this Agreement shall be subject to the claims of any of Employee’s creditors, and Employee shall not have the right to alienate, anticipate, pledge, encumber or assign any of the rights or benefits under this
        Agreement.  Employee will in all respects be an unsecured creditor of the Company.  This Agreement will be binding on Employee’s heirs, executors and administrators, and on the successors and assigns of the Company.

     

    4.          Amendment.  
        This Agreement may be amended only by written agreement between the parties.

     

    5.          Governing Law. 

        This Agreement shall be governed by and interpreted under the laws of the State of New Jersey without giving effect to any conflict of laws provisions.

     

    [Signature Page Follows]

     

    

    
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    IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written.

     

    	 	
            ADMA BIOLOGICS, INC.

          

    

    

    	 	
            By:

          	

          

    	 	
            Name:

          
	 	
            Title:

          
	 	 
	 	
            I accept the Retention Award and agree to the terms of the foregoing Agreement.

          
	 	 
	 	

          
	 	
            Employee

          

     

      

    
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    Schedule A

    

    

    	 	
            Time-Based RSUs

          	 	
            Milestone-Based RSUs

          
	 	 	 	 
	 	
            •     55% of the RSUs (or [___] RSUs)
                shall be subject to time-based vesting (the “Time-Based RSUs”).

          	 	
            •      45% of the RSUs (or [___]
                RSUs) shall be subject to milestone-based vesting (the “Milestone-Based RSUs”).

          
	 	 	 	 
	 	
            o     50% of the Time-Based RSUs shall
                vest on December 31, 2022 (“Initial Vesting Date”).

          	 	
            o     22.2% of the Milestone-Based RSUs
                shall become vested upon the completion of a debt refinancing which adds non‐dilutive capital to the Company’s balance sheet before or during the calendar year ending December 31, 2022.

          
	 	 	 	 
	 	
            o     50% of the Time-Based RSUs shall
                vest in eight (8) equal quarterly installments over a period of two years following the Initial Vesting Date, becoming fully vested on December 31, 2024

          	 	
            o     33.3% of the Milestone-Based RSUs
                shall become vested upon the achievement of a 15% gross margin on BIVIGAM without intermediates by the end of the fourth quarter of 2022.

          
	 	 	 	 
	 	

          	 	
            o     44.5% of the Milestone-Based RSUs
                shall become vested upon the achievement of $35 million in quarterly revenues in or before the fourth quarter of 2022.Exhibit 10.2

  

   

  

  
    Amendment to Amended and Restated Employment Agreement

     

    This Amendment to the Amended and Restated Employment Agreement (“Amendment”)
      is entered into and made effective September 29, 2021 (“Amendment Effective Date”) by and between ADMA Biologics, Inc. (“ADMA”) and Adam S. Grossman ("Executive").

     

    RECITALS

     

    WHEREAS, Executive and ADMA are parties to that certain
      Amended and Restated Employment Agreement effective January 29, 2019 (“Agreement”); and

     

    WHEREAS, Executive and ADMA desire to amend the Agreement as
      set forth herein.

     

    NOW THEREFORE, for good and valuable consideration, the
      sufficiency and receipt of which is hereby acknowledged, Executive and ADMA agree as set forth below.

     

    AGREEMENT

     

    Section 1.  Defined Terms.  Unless otherwise defined within this Amendment, a capitalized term within this Amendment shall have the same meaning ascribed to the same capitalized
      term within the Agreement.

     

    Section 2. Amendment to Option Grants.
      Section 2.5 of the Agreement is hereby renamed “Option and RSU Grants” and Section 2.5(a) of the Agreement is hereby superseded, deleted and replaced, in its entirety, with the following:

     

    “(a) Executive has been granted options to purchase shares of common stock, par value $0.001 per share (the "Shares"), of the Company (the
      "Options") and restricted stock units for the right to receive Shares of the Company (the “Restricted Stock Units”). Notwithstanding anything contained in the option grants or the grant of restricted stock units, the Company and the Executive have
      agreed that (i) if the Executive's employment is terminated by the Company or its successor for any reason other than Cause (as defined below) or by the Executive for Good Reason (as defined below) immediately preceding or within two years after a
      Change of Control (as defined below) of the Company, all Shares underlying such Options or Restricted Stock Units, as well as all Shares underlying any other options or restricted stock units granted in the future to Executive by the Company, shall
      be immediately vested and in the case of the Options, exercisable, upon such termination of employment and with specific respect to such Options (and future options) shall remain exercisable until the earlier of the second anniversary of the
      Executive's termination of employment or the expiration of the ten-year term of the Options (and any future options), and (ii) if the Executive's employment is terminated by the Company or its successor for any reason other than Cause, by the
      Executive for Good Reason, or as a result of the Executive's death or Disability (as defined below) and clause (i) above does not apply, the portion of such Options or Restricted Stock Units (and any future options or restricted stock units) that
      would have vested and in the case of the Options, become exercisable, on or before the first anniversary of the Executive's termination of employment had his employment with the Company continued will become immediately vested and in the case of the
      Options, exercisable, upon such termination of employment and with specific respect to the Options, shall remain exercisable until the earlier of the second anniversary of the Executive's termination of employment or the expiration of the ten-year
      term of the Options (and any future options).”

     

    
      
        

    

    
    Section 3. Exclusion. The
      following is hereby appended as a new subsection 2.5(c) of the Agreement:

     

    Notwithstanding the foregoing, all references in this Section 2.5 to restricted stock units and restricted stock unit grants shall not apply
      to that certain restricted stock unit grant contemplated in the Retention Award Agreement by and between the Executive and the Company, dated as of September 29, 2021.

     

    Section 4.  Amendment to Rights of Executive Upon Termination.   Section 3.2(b)
      of the Agreement is hereby superseded, deleted and replaced, in its entirety, with the following:

     

    “(b)          In the event that Executive's
        employment is terminated (i) by the Company pursuant to Section 3.1(e) without Cause, (ii) due to a resignation by Executive pursuant to Section 3.4 for Good Reason or (iii) any termination resulting from a Change of Control in which this Agreement
        is not assumed by the successor to the Company (if assumption is required for this Agreement to be binding upon such successor), the Company shall have no further obligation to Executive under this Agreement except for payment to Executive of (A)
        his accrued, but unpaid Base Salary through the date of termination, (B) any unreimbursed expenses, subject to any right of set-off, (C) in the event the Executive elects continued coverage under COBRA, the Company will reimburse Executive for the
        same portion of Executive's family COBRA health insurance premium that it paid during the Executive's employment up until the earlier of (i) the date eighteen (18) months after the date of Executive's termination and (ii) the date on which the
        Executive is eligible for comparable health benefits with another company or business entity; provided, however, that in the event Executive's employment is terminated for the reasons stated above in this Section 3.2(b) immediately preceding or
        within two years following a Change of Control (including, without limitation, the failure of a successor to assume), the Company will reimburse Executive for the same portion of Executive's family COBRA health insurance premium that it paid during
        the Executive's employment up until the earlier of (i) the date twenty-four (24) months after the date of Executive's termination and (ii) the date on which the Executive is eligible for comparable health benefits with another company or business
        entity, (D) any Target Bonus that has not been paid from the prior performance year to the extent the Board of Directors has determined in good faith that the goals have been attained, payable within 30 days of the date of termination, (E) a
        severance payment equal to eighteen (18) months Base Salary plus one and one half (1.5) times the annual Target Bonus payable in 18 monthly, equal installments after termination; provided, however, that in the event Executive's employment is
        terminated for the reasons stated above in this Section 3.2(b) immediately preceding or within two years following a Change of Control (including, without limitation, the failure of a successor to assume), such severance payment will be equal to
        twenty-four (24) months Base Salary plus two (2) times the annual Target Bonus, payable in a lump sum within five business days of his termination, and (F) the accelerated vesting of the Shares underlying the Options and Restricted Stock Units as
        provided under Section 2.5, as applicable.”

     

    
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    Section 5.  Governing Law. This
      Amendment and any controversy arising out of or relating to this Amendment shall be governed by and construed in accordance with the internal laws of the State of New Jersey.

     

    Section 6.  Amendment Limited. 
      Except as expressly provided herein, each of the provisions of the Agreement shall remain in full force and effect following the execution of this Amendment.

     

    Section 7.  Counterparts; Facsimile. 

      This Amendment may be executed by facsimile signature and in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

     

    Section 8.  Conflicts.  In the
      event of any conflict or inconsistency between the provisions of this Amendment and the provisions of the Agreement, the provisions of this Amendment shall control.

     

    Section 9.  Amendment.  On and
      after the execution of this Amendment, each reference in the Agreement to the Agreement shall mean and be a reference to the Agreement as
      modified by this Amendment.

     

    [Remainder of page intentionally left blank; signature page follows]

     

    
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    IN WITNESS WHEREOF, ADMA and Executive have executed this Amendment as of the date set forth below.

    

    

    	
            ADAM S. GROSSMAN

          	
             ADMA BIOLOGICS, INC.

          
	 	 
	
            Signature:

          	
            /s/ Adam S. Grossman

          	 	
            Signature:

          	
            /s/ Steven A. Elms

          	 

    

    

    	
            Print:

          	
            Adam S. Grossman

          	
            Print:

          	
            Steven A. Elms

          
	 	 	 	 
	
            Date:

          	
            September 29, 2021

          	
            Title:

          	
            Chairman of the Board of Directors

          
	 	 	 	 
	 	 	
            Date:

          	
            September 29, 2021

          

    

      

    

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