Document:

Exhibit 10.14

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (this “Agreement”) is made as of this 15th day of July, 2015 by and between Specialists On Call, Inc.,
(“SOC” or the “Company”), a Delaware corporation with offices located at 1768 Business Center
Drive, Suite l00, Reston, Virginia 20190, and Banerjee, Sean, (“Employee”), a current resident of [****].

 

RECITALS

 

WHEREAS, Employee
is willing to be employed by the Company and the Company is willing to employ him on the terms, covenants, and conditions hereinafter
set forth.

 

NOW, THEREFORE,
in consideration of the employment of Employee by SOC, the compensation paid to Employee, and the mutual promises contained herein,
the Company and Employee agree as follows:

 

AGREEMENT

 

		1.	DUTIES. Employee
                                         will be employed in the position of Chief Technology Officer commencing on August 3rd,
                                         2015 (the “Effective Date”), the responsibilities of which position
                                         include management of the Company’s operations, development and execution of the
                                         Company’s strategic business plan, as well as such other activities as are typically
                                         entrusted to the Chief Technology Officer of a corporation. Employee agrees to faithfully
                                         and diligently perform his assigned duties. Employee will at all times report to, and
                                         his activities will at all times be; subject to the direction and control of, the Chief
                                         Executive Officer. Employee will use his best efforts on behalf of the Company and will
                                         abide by all lawful policies and decisions made by the Company, as well as all applicable
                                         federal, state and local laws, regulations and ordinances. Employee will act in the best
                                         interests of the Company at all times. Employee will devote his best attention, skill,
                                         energy and efforts to the performance of such duties, and will reasonably cooperate with
                                         the Company in the advancement of the best interests of the Company.

 

		2.	PLACE OF EMPLOYMENT.
                                         Employee will perform his services under this Agreement primarily at the Company’s
                                         headquarters (presently in Reston, Virginia, with future headquarters to be mutually
                                         agreed upon by the parties hereto).

 

		3.	COMPENSATION & BENEFITS.

 

		a.	Base Salary. SOC shall pay
                                         Employee an annual salary of $260,000 (the “Base Salary”), less applicable
                                         payroll deductions and tax withholdings, payable on the Company’s normal payroll
                                         schedule. Employee is eligible to receive increases in Base Salary from time to time
                                         based on his performance as determined by, and in the sole discretion of, the Board or
                                         the Board’s Compensation Committee.

 

		b.	Annual Target Cash Incentive
                                         Bonus. Employee will be eligible to earn, on an annual basis, a cash incentive award
                                         with a target amount of 40% of his Base Salary, based on achievement of pre-set performance
                                         objectives, which may include recognized revenue, annual EBITDA and operational criteria
                                         (each, a “Bonus”). Within the first 60 days of each calendar year
                                         of this Agreement, the Board or the Board’s Compensation Committee shall promulgate
                                         new parameters for Employee to meet in order to be eligible for the Bonus, and the Board
                                         reserves discretion to pay amounts over the target Bonus for superior performance.

 

     

     

    

 

		c.	Stock Option Award. Promptly
                                         following the Effective Date, Employee shall receive an option to purchase shares of
                                         the Company’s common stock, under the terms of the Company’s 2014 Equity
                                         Incentive Plan (the “Plan”) in accordance with the grant agreement
                                         attached hereto as Exhibit A (the “Option Agreement”).

 

		d.	Health and Welfare Benefits.
                                         Employee is eligible to participate, on the same general basis and subject to the same
                                         rules and regulations as other Company executive employees, in the Company’s standard
                                         benefit plans as such benefits or plans may be established, amended or terminated from
                                         time to time.

 

		e.	Paid Time Off. Employee shall
                                         be entitled to enjoy up to four (4) weeks of paid time off in any calendar year of employment,
                                         which may be used for both vacation and sick time. Paid time off for vacation will be
                                         taken by Employee at such times and intervals as will be agreed to by the Company and
                                         Employee in good faith.

 

		f.	Expense Reimbursement. Employee
                                         is authorized to incur ordinary and necessary business expenses in the course of his
                                         duties. Any reimbursements will be paid to Employee in accordance with the Company’s
                                         prevailing policy and practice relating to reimbursement as established or amended from
                                         time to time, but in no event more than sixty (60) days after the submission of such
                                         reimbursement request with all required substantiation and documentation of such expenses
                                         as required in the sentence below. Employee must provide substantiation and documentation
                                         of these expenses to the reasonable satisfaction of the Controller of the Company and
                                         consistent with those required of other executive officers of the Company, to receive
                                         reimbursement. Solely for clarity of compliance with Section 409A of the Internal Revenue
                                         Code (the “Code”), if any reimbursements payable to Employee are subject
                                         to the provisions of Section 409A of the Code, any such reimbursements will be paid no
                                         later than December 31 of the year following the year in which the expense was incurred,
                                         the amount of expenses reimbursed in one year will not affect the amount eligible for
                                         reimbursement in any subsequent year, and the right to reimbursement will not be subject
                                         to liquidation or exchange for another benefit.

 

		4.	DEFINITIONS

 

		a.	“Cause” means
                                         (1) conviction of, or plea of guilty or no contest to, a felony; (2) the commission by
                                         Employee of a willful and harmful act of fraud, embezzlement, or misappropriation; (3)
                                         gross insubordination, which will be defined as willful and unreasonable refusal of Employee
                                         to follow the written directives of the Board following written notice from the collective
                                         Board and sixty (60) days in which to demonstrate adherence to such written directive;
                                         or (4) Employee’s material breach of any written agreement between Employee and
                                         the Company, including this Agreement or the Confidentiality Agreement (as defined below)
                                         and fails to cure such breach (to the extent the Company reasonably determines that such
                                         actions or omissions are curable) within thirty (30) days of receipt of written notice
                                         by Company of such breach. If, within ninety (90) days subsequent to Employee’s
                                         termination for any reason other than by the Company for Cause, the Company determines
                                         that Employee’s employment could have been terminated for Cause pursuant to clause
                                         (2) above, Employee’s employment will be deemed to have been terminated for Cause
                                         for all purposes, and Employee will be required to disgorge to the Company all amounts
                                         received pursuant to this Agreement or otherwise on account of such termination that
                                         would not have been payable to Employee had such termination been by the Company for
                                         Cause.

 

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		b.	“Disability”
                                         means a physical or mental disability for a continuous period of not less than six (6)
                                         months in which Employee is unable to perform his duties under this Agreement.

 

		c.	“Good Reason”
                                         means, without Employee’s written consent, (1) a material adverse reduction in
                                         Employee’s duties, responsibilities or authority; (2) a material reduction in Base
                                         Salary (which the parties agree is a reduction of at least ten percent (10%)); (3) the
                                         requirement that Employee’s primary work location is moved to a location that increases
                                         Employee’s one-way commute by more than one hundred (100) miles (except upon a
                                         relocation of the Company’s headquarters in accordance with Section 2 hereof);
                                         or (4) a material breach of this Agreement, the Plan or the Option Agreement by the Company
                                         or any successor.

 

To terminate
employment for Good Reason, Employee must (i) provide written notice to the full Board within sixty (60) days after the first
occurrence of the event giving rise to the utilized Good Reason setting forth the basis for resignation, (ii) allow the Company
at least thirty (30) days from receipt of such written notice to cure such event, and (iii) if such event is not reasonably cured
within such period, Employee must resign from all positions he then holds with the Company, effective not later than ninety (90)
days after the expiration of the cure period. Notwithstanding the foregoing, during Employee’s employment with the Company
(the “Term”), in the event that the Board reasonably believes that Employee may have engaged in conduct that could
constitute Cause hereunder, the Board may, in its sole and absolute discretion, suspend Employee from performing Employee’s
duties hereunder for up to sixty (60) days, and in no event shall any such suspension constitute an event pursuant to which Employee
may terminate employment with Good Reason or otherwise constitute a breach hereunder; provided, that no such suspension shall
alter the Company’s obligations under this Agreement during such period of suspension.

 

		d.	An “Involuntary Termination”
                                         is a Separation from Service caused by either (1) a termination by the Company (or any
                                         successor entity) without “Cause” (defined below) and other than due to death
                                         or “Disability” (defined below) or (2) a resignation for “Good Reason”
                                         (defined below).

 

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		e.	“Separation from Service”
                                         is a “separation from service” (as defined under Treasury Regulations Section
                                         l.409A-l(h) and without regard to any alternative definition thereunder.

 

		5.	SOLE EMPLOYMENT.
                                         Employee agrees to be solely employed by SOC during the Term and that Employee will not
                                         serve as an employee of any type, of any other Company without the expressed written
                                         consent of the Board.

 

		6.	AT WILL EMPLOYMENT.
                                         Employee and Company acknowledge and agree that Employee’s employment with the
                                         Company is on an “at-will” basis, and in conjunction with the terms of Section
                                         9 below, that either Employee or the Company may terminate Employee’s employment
                                         at any time and for any reason, with or without Cause. The Company requests that, in
                                         the event of resignation, Employee give the Company at least two (2) weeks’ notice.

 

		7.	CONFIDENTIALITY, NON-SOLICITATION
                                         AND NON-COMPETITION. In consideration for the Company entering into this Agreement,
                                         Employee agrees that he will execute the Nondisclosure, Non-solicitation, Confidentiality
                                         and Developments Agreement (the “Confidentiality Agreement”), attached
                                         hereto as Exhibit B. The parties hereto acknowledge and agree that this Agreement
                                         and the Confidentiality Agreement shall be considered separate contracts, and the Confidentiality
                                         Agreement will survive the termination of this Agreement for any reason.

 

		8.	EMPLOYEE REPRESENTATIONS.
                                         Employee represents and warrants to the Company that-

 

		a.	Employee is entering into
                                         this Agreement voluntarily and that Employee’s employment hereunder and compliance
                                         with the terms and conditions hereof will not conflict with or result in the breach by
                                         Employee of any agreement to which Employee is a party or by which Employee may be bound;

 

		b.	Employee has not violated,
                                         and in connection with Employee’s employment with the Company will not violate,
                                         any non-solicitation, non-competition, or other similar covenant or agreement of a prior
                                         employer by which Employee is or may be bound; and

 

		c.	in connection with Employee’s
                                         employment with the Company, Employee will not use any confidential or proprietary information
                                         Employee may have obtained in connection with employment with any prior employer.

 

		9.	TERMINATION. On
                                         any termination of Employee’s employment, the Company will pay Employee for all
                                         accrued but unpaid base salary, the Company will pay outstanding expense reimbursement
                                         requests in accordance with the Company’s expense reimbursement policy and the
                                         Company will comply with its obligations under any 401(k) retirement plan, health or
                                         life or disability insurance plan (collectively, the “Vested Rights”).
                                         Except as otherwise set forth in this Section 9, and except for the Vested Rights,
                                         Employee will have no rights to any compensatory payments or benefits of any kind from
                                         the Company or any successor thereto after the date on which his employment with Company
                                         terminates (the “Termination Date”). Upon any termination of Employee’s
                                         employment for any reason, except as may otherwise be requested by the Company in writing
                                         and agreed upon in writing by Employee, Employee shall resign from any and all directorships,
                                         committee memberships, and any other positions Employee holds with the Company or any
                                         other member of the Company Group.

 

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		a.	Termination for Cause or Resignation
                                         that is Not for Good Reason. If the Company terminates Employee’s employment
                                         for Cause, or if Employee resigns other than for circumstances that constitute Good Reason,
                                         Employee will immediately tender his resignation from the Board. Employee will have no
                                         right to any future payments or benefits under this Agreement or otherwise (other than
                                         the Vested Rights) and the Company will have no obligation to make any such other future
                                         payments or provide any such future benefits for periods from and after the Termination
                                         Date.

 

		b.	Termination for Death or Disability.
                                         Employee’s employment and his service on the Board will terminate immediately on
                                         his death. If Employee’s employment is terminated due to Employee’s death
                                         or Disability, then Employee shall (subject to clause (d) below) receive a cash lump-sum
                                         payment in an amount equal to the Bonus (if any) Employee would have earned in respect
                                         of the fiscal year in which the termination occurs (as determined by the Company in its
                                         sole discretion), based on the level at which the applicable performance objectives for
                                         such fiscal year are in fact attained, had Employee continued in the Company’s
                                         employ through the date such Bonus would have become due and payable, pro-rated based
                                         on number of days served in that Bonus year, which amount shall be paid at the same time
                                         that annual bonuses are paid to other senior executives of the Company. Except as set
                                         forth in the immediately preceding sentence, if the Company or Employee decides to terminate
                                         Employee’s employment due to Disability, then, to the extent consistent with Federal
                                         and state law, Employee will have no right to any future payments or benefits under this
                                         Agreement or otherwise (other than the Vested Rights) and the Company will have no obligation
                                         to make any such other future payments or provide any such future benefits for periods
                                         from and after the Termination Date. A termination due to death or Disability is not
                                         an Involuntary Termination for purposes of this Agreement.

 

		c.	Involuntary Termination.
                                         If at any time the Employee suffers an Involuntary Termination, then subject to Employee’s
                                         obligations below, Employee shall (subject to clause (d) below) receive the following
                                         (collectively, the “Severance Benefits”):

 

		i.	continued payment of Base
                                         Salary at the rate in effect on the effective date of Separation from Service, ignoring
                                         any decrease in Base Salary that forms the basis for Good Reason, for the twelve (12)
                                         month period following such Separation from Service, with such payment made on the sixtieth
                                         (60th) day following Separation from Service; and

 

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		ii.	a cash lump-sum payment
                                         in an amount equal to the Bonus (if any) Employee would have earned in respect of the
                                         fiscal year in which the termination occurs (as determined by the Company in its sole
                                         discretion), based on the level at which the applicable performance objectives for such
                                         fiscal year are in fact ·attained, had Employee continued in the Company’s
                                         employ through the date such Bonus would have become due and payable, pro-rated based
                                         on number of days served in that Bonus year, which amount shall be paid at the same time
                                         that annual bonuses are paid to other senior executives of the Company.

 

		d.	Severance Obligations. Notwithstanding
                                         any provision herein to the contrary, the payment of any amount or provision of any benefit
                                         pursuant to this Section 9 (other than the Vested Rights) shall be conditioned
                                         upon the following: (1) Employee delivering to the Company an effective, irrevocable
                                         general release of claims in favor of the Company and any successor thereto, in substantially
                                         the form attached to this Agreement as Exhibit C (the “Release”)
                                         within sixty (60) days following Employee’s Separation from Service; (2) Employee’s
                                         continued compliance with the Confidentiality Agreement (including the one-year post-
                                         termination non-competition and non-solicit clauses contained therein); and (3) compliance
                                         with all other post-termination obligations contained in this Agreement and the Confidentiality
                                         Agreement.

 

		e.	Effect of Termination. Upon
                                         the termination of this Agreement, for any reason, or upon the termination or end of
                                         Employee’s employment hereunder, for any reason, Employee shall: (i) immediately
                                         discontinue the use of any and all trade names, trademarks, trade secrets, copyrights,
                                         copyrighted materials, other intellectual property of the Company, and (ii) return all
                                         such materials.

 

		f.	Additional Payment Terms.
                                         Except as may be otherwise expressly provided to the contrary in this Agreement or by
                                         law, nothing in this Agreement will be construed as requiring Employee to be treated
                                         as employed by the Company following the Termination Date for purposes of any employee
                                         benefit plan or arrangement in which Employee may participate at such time. Upon any
                                         termination hereunder, any and all sums that Employee owes to the Company will be repaid
                                         before any post-termination payments are made to Employee pursuant to this Agreement.

 

		10.	RETURN OF PROPERTY.
                                         Upon termination of this Agreement, Employee shall deliver to the Company all property
                                         which is SOC’s property or in any way related to SOC’s business (including
                                         but not limited to keys, records, notes, data, memoranda, models, and equipment) that
                                         is in Employee’s possession or under Employee’s control.

 

		11.	KEY MAN INSURANCE.
                                         At any time during the Term, the Company shall have the right to insure the life of Employee
                                         for the sole benefit of the Company, in such amounts, and with such terms, as it may
                                         determine. All premiums payable thereon shall be the obligation of the Company. Employee
                                         shall have no interest in any such policy, but agrees to cooperate with the Company in
                                         procuring such insurance by submitting to physical examinations, supplying all information
                                         required by the insurance company, and executing all necessary documents, provided that
                                         no financial obligation is imposed on Employee by any such documents.

 

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		12.	TAXES. The Company
                                         may withhold from any payments made under this Agreement all applicable taxes, including
                                         but not limited to income, employment, and social insurance taxes, as shall be required
                                         by law. Employee acknowledges and represents that the Company has not provided any tax
                                         advice to Employee in connection with this Agreement and that Employee has been advised
                                         by the Company to seek tax advice from Employee’s own tax advisors regarding this
                                         Agreement and payments that may be made to Employee pursuant to this Agreement, including
                                         specifically, the application of the provisions of Section 409A of the Code to such payments.

 

		13.	SET OFF; MITIGATION.
                                         The Company’s obligation to pay Employee the amounts provided and to make the arrangements
                                         provided hereunder shall be subject to set-off, counterclaim, or recoupment of amounts
                                         owed by Employee to the Company or its affiliates; provided, however, that,
                                         to the extent any amount so subject to set-off, counterclaim, or recoupment is payable
                                         in installments hereunder, such set-off, counterclaim, or recoupment shall not modify
                                         the applicable payment date of any installment, and to the extent an obligation cannot
                                         be satisfied by reduction of a single installment payment, any portion not satisfied
                                         shall remain an outstanding obligation of Employee and shall be applied to the next installment
                                         only at such time the installment is otherwise payable pursuant to the specified payment
                                         schedule. Employee shall not be required to mitigate the amount of any payment or benefit
                                         provided pursuant to this Agreement by seeking other employment or otherwise, and the
                                         amount of any payment or benefit provided for pursuant to this Agreement shall not be
                                         reduced by any compensation earned as a result of Employee’s other employment or
                                         otherwise.

 

		14.	WAIVER AND MODIFICATIONS.
                                         This Agreement may be modified, and the rights, remedies and obligations contained in
                                         any provision hereof may be waived, only in accordance with this Section 14. No
                                         waiver by either party of any breach by the other or any provision hereof will be deemed
                                         to be a waiver of any later or other breach thereof or as a waiver of any other provision
                                         of this Agreement. This Agreement may not be waived, changed, discharged or terminated
                                         orally or by any course of dealing between the parties, but only by an instrument in
                                         writing issued and signed by either of Employee or by the Board, the party against whom
                                         any waiver, change, discharge or termination is sought. No modification or waiver by
                                         the Company will be effective without the written consent of the Board at the time of
                                         such modification or waiver.

 

		15.	ASSIGNMENT. Employee
                                         acknowledges that the services to be rendered by him hereunder are unique and personal
                                         in nature. Accordingly, Employee may not assign any of his rights or delegate any of
                                         his duties or obligations under this Agreement. The rights and obligations of the Company
                                         under this Agreement may be assigned by the Company to an affiliate or an entity which
                                         shall succeed to or acquire substantially all of the business conducted by Company. Subject
                                         to the foregoing, this Agreement will inure to the benefit of, and will be binding upon,
                                         the successors and assigns of the Company.

 

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		16.	ENTIRE AGREEMENT.
                                         This Agreement, including all exhibits hereto, constitutes the entire understanding of
                                         the parties and supersedes and cancels any and all previous agreements, representations
                                         or understandings, written or oral, made prior to the date hereof between Employee and
                                         the Company relating to the subject matter hereof and any other documents earlier presented
                                         to Employee.

 

		17.	SEVERABILITY.
                                         If any covenants or such other provisions of this Agreement are found to be invalid or
                                         unenforceable by a final determination of a court of competent jurisdiction, (a) the
                                         remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable
                                         term or provision hereof shall be deemed replaced by a term or provision that is valid
                                         and enforceable and that comes closest to expressing the intention of the invalid or
                                         unenforceable term or provision hereof.

 

		18.	COUNTERPARTS.
                                         This Agreement may be executed in two or more counterparts, each of which will be deemed
                                         to be an original, but all of which together will constitute one and the same instrument.

 

		19.	NOTICES. All notices
                                         and other communications hereunder will be in writing and will be given by hand delivery
                                         to the other party or by registered or certified mail, return receipt requested, postage
                                         prepaid, addressed as follows:

 

	If to Employee:	 	At the most recent address for Employee as reflected in the payroll records of the Company.
	 	 	 
	If to the Company:	 	Specialists On Call, Inc
	 	 	1768 Business Center Drive Suite 100
	 	 	Reston, Virginia 20190

 

or to such other address
as either party will have furnished to the other in writing in accordance herewith, Notice and communications will be effective
when actually received by the addressee.

 

		20.	SECTION 409A COMPLIANCE.
                                         It is intended that all of the benefits and payments under this Agreement satisfy, to
                                         the greatest extent possible, the exemptions from the application of Section 409A of
                                         the Code provided under Treasury Regulations l.409A-l(b)(4), l.409A-l(b)(5) and l.409A-l(b)(9),
                                         and this Agreement will be construed to the greatest extent possible as consistent with
                                         those provisions. If not so exempt, this Agreement (and any definitions hereunder) will
                                         be construed in a manner that complies with Section 409A of the Code, and incorporates
                                         by reference all required definitions and payment terms. For purposes of Section 409A
                                         of the Code (including, without limitation, for purposes of Treasury Regulation Section
                                         l.409A-2(b)(2)(iii)), the right to receive any installment payments under this Agreement
                                         (whether severance payments, reimbursements or otherwise) will be treated as a right
                                         to receive a series of separate payments and, accordingly, each installment payment hereunder
                                         will at all times be considered a separate and distinct payment. Notwithstanding the
                                         foregoing, to the extent that the Agreement or any payment or benefit under this Agreement
                                         or the plans referenced herein shall be deemed not to comply with Section 409A of the
                                         Code, then neither Company nor its respective designees or agents shall be liable to
                                         Employee or any other person for any actions, decisions or determinations made in good
                                         faith.

 

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		21.	GOVERNING LAW.
                                         This Agreement, the employment relationship contemplated herein and any claim arising
                                         from such relationship, whether or not arising under this Agreement, will be governed
                                         by and construed in accordance with the internal laws of the Commonwealth of Virginia,
                                         without giving effect to the principles of choice of law or conflicts of laws of such
                                         state and this Agreement will be deemed to be performable in the Commonwealth of Virginia.
                                         Any claims or legal actions by one party against the other arising out of the relationship
                                         between the parties, c6htemplated herein (whether or not arising under this Agreement)
                                         may only be commenced and maintained in the state or federal court located in the Commonwealth
                                         of Virginia, and Employee hereby submits to the jurisdiction and venue of any such court.

 

		22.	SECTIONS HEADINGS.
                                         This descriptive section headings herein have been inserted for convenience only and
                                         will not be deemed to define, limit, or otherwise affect the construction of any provision
                                         hereof.

 

		23.	CONFIDENTIALITY OF THIS
                                         AGREEMENT. Employee will not disclose the terms of this Agreement to any person
                                         or entity, except that Employee may disclose such information (i) that is required by
                                         subpoena or court order, (ii) to an attorney or tax or financial adviser to the extent
                                         necessary to obtain professional advice, or (iii) to the extent necessary to enforce
                                         this Agreement. In addition, Employee may disclose such information to members of Employee’s
                                         immediate family.

 

		24.	COMPLIANCE WITH OTHER
                                         COMPANY DOCUMENTS. In the event of any conflict between any term of this Agreement,
                                         including all exhibits attached hereto, and any such Company contract, policy, procedure,
                                         guideline or other publication, the terms of this Agreement and exhibits attached hereto
                                         will control.

 

		25.	LEGAL REPRESENTATION.
                                         The parties understand that this is a legally binding Agreement and acknowledge and agree
                                         that they have had a reasonable opportunity to consult with legal counsel of their choice
                                         prior to execution.

 

		26.	COUNTERPARTS/FACSIMILE
                                         AND/OR ELECTRONICALLY TRANSMITTED SIGNATURES. This Agreement may be executed
                                         in one or more counterparts, all of which taken together will constitute one instrument.
                                         A facsimile copy and/or electronically transmitted copy of a signature on this Agreement
                                         will be acceptable as and deemed to be an original signature.

 

		27.	SURVIVAL OF CERTAIN PROVISIONS.
                                         Provisions of this Agreement will survive any termination of employment if specifically
                                         provided herein or if required to accomplish the purposes of such provision.

 

(SIGNATURE PAGE TO FOLLOW)

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above written as an instrument under seal.

 

	EMPLOYER	 	 
	 	 	 
	Specialists On Call, Inc.	 	 
	 	 	 
	By:	/s/ Hammad Shah	 	 	 
	 	Hammad Shah	 	Date:
	 	Chief Executive Officer	 	 

 

	eMPLOYEE	 	 
	 	 	 
	Sean Banerjee	 	 
	 	 	 
	/s/ Sean Banerjee	 	 	 
	Signature:	 	Date:

 

 

10wor-ex101_33.htm

EXHIBIT 10.1

WORTHINGTON INDUSTRIES, INC.

2010 STOCK OPTION PLAN

(Third Amendment)

 

This Third Amendment (this “Third Amendment”) to the Worthington Industries, Inc. 2010 Stock Option Plan (as previously amended, the “Plan”) is adopted as of June 24, 2020 subject to shareholder approval.

WHEREAS, pursuant to Section 12 of the Plan, the Board of Directors (the “Board”) of Worthington Industries, Inc. (the “Company”) may amend the Plan with the approval of the shareholders of the Company.

WHEREAS, the Board desires to amend the Plan in order to extend the amount of time during which options may be granted; and reduce the number of common shares in respect of which common shares may be granted; 

NOW, THEREFORE, the Board hereby amends the Plan subject to and effective upon approval by the shareholders of the Company, as follows:

Section 5. of the Plan is hereby amended in its entirety to read as follows:

 

5.Duration of, and Common Shares Subject to, Plan 

 

(a)Term of Plan.  This Plan will become effective upon the Effective Date and shall remain in effect until terminated by the Board; provided, however, that no Stock Option may be granted under this Plan after September 30, 2029 and no Incentive Stock Option may be granted later than June 29, 2020.  

 

(b)Common Shares Subject to Plan.  The maximum number of Common Shares in respect of which Awards may be granted under this Plan, subject to adjustment as provided in Section 10 of this Plan, is 3,000,000 Common Shares. No Participant may be granted Awards under this Plan in any one calendar year with respect to more than 250,000 Common Shares.  Termination of the Plan shall not preclude the Company from complying with the terms of Awards outstanding on the date of termination.

 

(c)Common Share Usage.  For the purpose of computing the total number of Common Shares available for Awards under this Plan, there shall be counted against the foregoing limitations the number of Common Shares subject to issuance upon exercise or settlement of Awards as of the dates on which such Awards are granted. The following Common Shares which were previously subject to Awards shall again be available for Awards under the Plan: (i) Common Shares subject to the portion of an Award that is forfeited, terminated or unexercised before expiration, prior to June 30, 2020; (ii) Common Shares subject to the portion of an Award that is settled in cash or other than through the issuance of Common Shares, prior to June 30, 2020; (iii) Common Shares granted through the assumption of, or in substitution for, outstanding awards granted by a company to individuals who become Employees as a result of a merger, consolidation, acquisition or other corporate transaction involving such company and the Company.  Common Shares which may be issued under this Plan may be either authorized and unissued Common Shares or previously issued Common Shares which have been reacquired by Worthington. No fractional Common Shares shall be issued under this Plan. 

 

IN WITNESS WHEREOF, Worthington has caused this Third Amendment to be executed by its duly authorized officer effective as of June 24, 2020.

 

			
	
 
	
 
	
WORTHINGTON INDUSTRIES, INC.

	
 
	
 
	
 

	
 
	
By:
	
/s/Dale T. Brinkman

	
 
	
 
	
Dale T. Brinkman,

	
 
	
 
	
Senior Vice President – Administration,

	
 
	
 
	
General Counsel and Secretary

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