Document:

Exhibit

Exhibit 10.4

Market Stock Unit Award Granted in 2017        4

Market Stock Unit Award Granted in 2018
Summary of Key Provisions
	
				
	Purpose
	s To advance the interests of Andeavor (the “Company”) by motivating plan participants to contribute to the long-term success and progress of the Company.

	Eligibility
	s All senior executives and employees in the Company as approved by the Compensation Committee of Andeavor’s Board of Directors.

	Plan
	s These awards are granted under the general terms and conditions of the Andeavor Amended and Restated 2011 Long-Term Incentive Plan.

	Market Stock Unit
	s A Market Stock Unit Award is a grant of stock units in which the number of shares of the Company’s common stock earned at vesting is based on the stock price performance.  

	Performance Period
	s The performance period for the Market Stock Unit Award granted in 2018 is 36 months (February 13, 2018 through February 13, 2021).

	Vesting
	s The Market Stock Unit Award will vest at the end of the 36 month performance period. 

	Timing of Payout
	s The Market Stock Unit Award will be settled in common stock of the Company within 21⁄2 months after the end of the performance period.  

	Calculation of Market Stock Unit Award at Vesting
	s The number of shares earned at time of vesting will be calculated as follows:
Shares Earned at Vesting* = A times (C/B)

	 
	Symbol
	Description

	A
	# of Targeted Market Stock Units at Grant

	B
	Average closing stock price for the 30 trading days** prior to the Grant Date

	C
	Average closing stock price for the 30 trading days** prior to the Vesting Date

	 
	* Shares Earned at Vesting is capped at 200% of number of Targeted Market Stock Units at Grant.  

	 
	** Normal dividends are assumed to have been reinvested on the date they are paid in order to calculate the average 30-trading day stock price.

	Payout Range
	s The payout for the Market Stock Unit Award can range from 50% to 200% based on stock price appreciation.  However, there is no payout if the average closing stock price for the 30 trading days prior to the Vesting Date (or Change in Control) has decreased by more than 50% from the average closing stock price for the 30 trading days prior to the Grant Date.  

	
				
	Termination of Employment 
	s Death/Disability - The payout of the award will be pro-rated based on the number of full months worked within the performance period divided by 36 and issued assuming target performance. Shares will be issued as soon as administratively practical. 

s Retirement - The payout of the award will be pro-rated based on the number of full months worked within the performance period divided by 36 and adjusted for actual performance results at the end of the performance period.  Shares will be issued within 21⁄2 months after the end of the performance period. 
 
s Voluntary Termination (except as set forth below), Termination for Cause including a violation of Andeavor’s Code of Business Conduct, or involuntary termination without eligibility for severance under a Company sponsored severance plan - Award will be forfeited.  

s Involuntary Termination under circumstances qualifying for severance compensation under any severance plan sponsored by the Company (not in connection with a Change in Control) - The payout of the award will be pro-rated based on the number of full months worked (minimum of 12 months required) within the performance period divided by 36 and adjusted for actual performance results at the end of the period.  Shares will be issued within 21⁄2 months after the end of the performance period. 

s Involuntary Termination or Voluntary Termination for Good Reason within two years following a Change in Control - The full award (as converted as described below) will be paid out as soon administratively practical.

s Separation Under Severance/Separation Agreement - If an employee is terminated pursuant to a severance or separation agreement under any circumstance, the Committee may, at its discretion, further reduce the award payout percentage beyond the pro-rated reduction described above.  

	Good Reason (under Change in Control only)
	Good Reason means the occurrence of any of the following:
s without Participant's express written consent, the assignment to Participant of any duties inconsistent with the employment of Participant immediately prior to the Change in Control, or a significant diminution of Participant's positions, duties, responsibilities and status with the Company from those immediately prior to a Change in Control or a diminution in Participant's titles or offices as in effect immediately prior to a Change in Control, or any removal of Participant from, or any failure to reelect Participant to, any of such positions;
s a material reduction by the Company in Participant's Base Salary, as in effect immediately prior to a Change in Control;
the failure by the Company to continue benefits, including but not limited to, thrift, pension, life insurance, and health plans, substantially equal in value, in the aggregate, to those in which Participant is participating or is eligible to participate at the time of the Change in Control except as otherwise required by the terms of such plans as in effect at the time of any Change in Control;
s the failure by the Company to continue in effect any incentive plan or arrangement in which Participant is participating at the time of a Change in Control (or to substitute and continue other plans or arrangements providing the Participant with substantially similar benefits), except as otherwise required by the terms of such plans as in effect at the time of any Change in Control;
s the occurrence of an event that meets the criteria set forth under the Company's relocation policy, as in effect from time to time, with respect to which either (i) the Participant fails to provide express written consent to the relocation or (ii) the Company fails to provide the relocation benefit set forth in such policy; or
s any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company.

	
				
	Change in Control
	s In the event of a Change in Control of the Company, the award will either be (i) assumed and continued by the acquirer or surviving corporation in the transaction, or (ii) will be immediately paid out with the number of shares earned equal to the greater of the Targeted number of Market Stock Units at Grant or the amount calculated as follows:     
Shares Earned at Vesting* = A times (C/B)

	 
	Symbol
	Description

	A
	# of Targeted Market Stock Units at Grant

	B
	Average closing stock price for the 30 trading days** prior to the Grant Date

	C
	Average closing stock price for the 30 trading days** prior to the Change in Control

	 
	* Shares Earned at Vesting is capped at 200% of number of Targeted Market Stock Units at Grant.  

	 
	** Normal dividends are assumed to have been reinvested on the date they are paid in order to calculate the average 30-trading day stock price.

	s If the award is assumed and continued in connection with a Change in Control, the award will be converted into a time-based restricted stock unit award upon consummation of the Change in Control with the number of shares subject to the award determined as set forth above.  Following such conversion, the award will vest based on continued employment through the end of the performance period.

Nothing herein is intended to modify any referenced Plan.  The applicable Plan is the legally governing document and is the final authority on the terms of such Plan unless the Compensation Committee of the Board of Directors (or in the absence of the Compensation Committee, the Board itself) specifies otherwise (either in an Award Agreement or otherwise).Exhibit 10.1

 

Lock-Up Agreement

 

January 4, 2018

 

Ladenburg Thalmann & Co. Inc.

570 Lexington Avenue

11th Floor

New York, New York 10022

 

Re:       Public
Offering of Eyenovia, Inc.

 

Ladies and Gentlemen:

 

The undersigned, an
officer, director or holder of common stock, par value $0.0001 per share (“Common Stock”), or rights to acquire
Common Stock, of Eyenovia, Inc. (the “Company”), understands that Ladenburg Thalmann & Co. Inc., as
the underwriter (“you” or “your”), proposes to enter into an Underwriting Agreement (the
“Underwriting Agreement”) with the Company, providing for the public offering (the “Offering”)
of shares of Common Stock (the “Securities”), pursuant to a registration statement on Form S-1 (as amended,
the “Registration Statement”) to be filed with the Securities and Exchange Commission (the “SEC”).

 

In consideration of
the Company’s and your intention to enter into the Underwriting Agreement and to proceed with the Offering of the Securities,
and for other good and valuable consideration, receipt of which is hereby acknowledged, the undersigned hereby agrees for the benefit
of the Company and you that, without your prior written consent, the undersigned will not, during the period commencing from the
date of the preliminary prospectus and ending one hundred eighty (180) days (the “Lock-Up Period”) after the
date of the final prospectus relating to the Offering (the “Prospectus”), directly or indirectly: (1) offer,
pledge, assign, encumber, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, any shares
of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock owned either of record or beneficially
or may be deemed to be beneficially owned (as defined in Rule 13d-3(a)(2) of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder (the “Exchange Act”)) by the undersigned on the
date hereof or hereafter acquired or (2) enter into any swap or other agreement that transfers, in whole or in part, any of the
economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of Common Stock or such other securities, in cash or otherwise, or (3) make any demand for or exercise any
right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable
for Common Stock, or (4) publicly announce an intention to do any of the foregoing.

 

     

     

    

 

The restrictions in
the immediately preceding paragraph shall not apply to:

 

(a) the sale of the Securities to be sold
pursuant to the Underwriting Agreement;

 

(b) transfers of shares of Common Stock
or any security convertible into or exercisable or exchangeable for Common Stock (i) as a bona fide gift, or gifts, (ii) to
an immediate family member or a trust for the direct or indirect benefit of the undersigned or such immediate family member of
the undersigned, (iii) by will or intestacy, or (iv) pursuant to a qualified domestic order or in connection with a divorce
settlement; provided, that the transferee shall sign and deliver a letter agreement substantially in the form of this letter agreement
prior to such transfer;

 

(c) equity securities issued pursuant to
the Company’s equity incentive plans in effect as of the date hereof or pursuant to bona fide equity incentive plans hereafter
established, and the exercise of options granted under the Company’s equity incentive plans; provided that the shares
of Common Stock delivered upon such exercise are subject to the restrictions set forth in the immediately preceding paragraph;

 

(d) transfers of shares of Common Stock
to the Company (i) as forfeitures to satisfy tax withholding and remittance obligations of the undersigned in connection with
the vesting or exercise of equity awards granted pursuant to the Company’s equity incentive plans, or (ii) pursuant
to a net exercise or cashless exercise by the stockholder of outstanding equity awards pursuant to the Company’s equity incentive
plans;

 

(e) the establishment of a trading plan
that complies with Rule 10b5-1 under the Exchange Act; provided, however, that (i) the restrictions shall apply in
full force to sales or other dispositions pursuant to such Rule 10b5-1 plan during the Lock-Up Period and (ii) no public announcement
or disclosure of entry into such Rule 10b5-1 plan is made or required to be made, including any filing with the SEC under Section
13 or Section 16 of the Exchange Act;

 

(f) transfers of shares of Common Stock
to a charity or education institution;

 

(g) if the undersigned is or, directly
or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Common
Stock to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be;

 

(h) transactions relating to the Common
Stock acquired in open market transactions after the completion of the Offering; and

 

(i) the transfer
of Common Stock pursuant to a change of control of the Company after the Offering, that has been approved by the independent members
of the Company’s board of directors, provided, that in the event that such change of control is not completed, the
Securities owned by the undersigned shall remain subject to the restrictions herein. For purposes of this clause (i), “change
of control” shall mean the consummation of any bona fide third party tender offer, merger, consolidation or other similar
transaction made to all holders of Securities the result of which is that any “person” (as defined in Section 13(d)(3)
of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act)
of more than 50% of the voting capital stock of the Company;

 

     

     

    

 

provided that, in the case of clauses
(b), (f), (g) and (h), no filing under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership
of shares of Common Stock or other public announcement shall be required or voluntarily made by the undersigned or the recipient
during the Lock-Up Period (other than a filing on Form 5 and any required Schedule 13G (or 13G/A) or Form 13F filing); provided
further that, in the case of any transfer or distribution pursuant to clauses (b), (f) and (g), (1) the recipient agrees
to be bound in writing by the same restrictions set forth herein for the duration of the Lock-Up Period and (2) any such transfer
shall not involve a disposition for value.

 

In furtherance of the
foregoing, the Company and any duly appointed transfer agent for the registration or transfer of the securities described herein,
are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of
this letter agreement.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this letter agreement. All authority herein
conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs
or personal representatives of the undersigned.

 

The undersigned understands
that the undersigned shall be released from all obligations under this letter agreement upon the earlier to occur of: (i) the Registration
Statement does not become effective and the Company files with the SEC a notice of withdrawal of the Registration Statement pursuant
to Rule 477 of the Securities Act of 1933, as amended, (ii) the Underwriting Agreement does not become effective by February 28,
2018, or, if after becoming effective, the Underwriting Agreement (other than the provisions thereof which survive termination)
shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, or (iii) the Company
provides written notice to you that the Company does not intend to proceed with the Offering.

 

The undersigned, whether
or not participating in the Offering, understands that you are entering into the Underwriting Agreement and proceeding with the
Offering in reliance upon this letter agreement.

 

If the undersigned
is an officer or director of the Company, (i) you agree that, at least three (3) business days before the effective date of any
release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, you will notify the Company
of the impending release or waiver, and (ii) the Company shall agree in the Underwriting Agreement to announce the impending release
or waiver by press release through a major news service at least two (2) business days before the effective date of the release
or waiver. Any release or waiver granted by you hereunder with respect to any such officer or director shall only be effective
two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a)
the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing
to be bound by the same terms described in this letter to the extent and for the duration that such terms remain in effect at the
time of the transfer.

 

     

     

    

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

 

 

 

	 	Very truly yours,
	 	 
	 	Signature: /s/Tsontcho Ianchulev
	 	 
	 	Print Name: Tsontcho Ianchulev

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