Document:

sesenbio_minorirosales-e

     January 5, 2022    Minori Koshiji Rosales, MD, PhD  c/o Sesen Bio, Inc.  245 First St., Suite 1800  Cambridge, Massachusetts 02142    Dear Minori:  It is my pleasure to offer you the position of Chief Development Officer at Sesen Bio (the  “Company” or “Sesen Bio”). Your start date as the Chief Development Officer will be January 24,  2022 (the “Commencement Date”). This letter summarizes important details about your  employment, should you accept this offer (“Letter Agreement”).  This Letter Agreement shall be  effective on January 24, 2022, which shall also be your start date (the “Effective Date”)   1. Title, Position and Duties: You will hold the position of Chief Development Officer with  the Company and you will report to the Chief Executive Officer (“CEO”).  You will have such  duties and responsibilities as are usually performed by the Chief Development Officer of a  Delaware corporation, including such duties as are reasonably and appropriately delegated to you  from time to time by the CEO or the Board of Directors (the “Board”), consistent with your position  as Chief Development Officer, and you will have the authority and resources consistent with such  position, subject to adjustments in resources consistent with normal operating decisions of the CEO    or the Board in the event of changes in strategy or programs or any other changes to resources that  are reasonable in light of the Company’s then current financial condition.    2. Full-Time and Best Efforts:  As the Company’s Chief Development Officer, which is a  full-time position, we expect that you will devote substantially all of your working time to the  performance of your Company duties in a satisfactory manner and to the best of your abilities at all  times.  You shall not engage in any other business or occupation during your employment here,  including, without limitation, any activity that conflicts with the interests of the Company, interferes  with the proper and efficient performance of your duties for the Company, or interferes with your  exercise of judgment in the Company’s best interests.  Approval of the CEO and/or Board will be  required for you to serve on other outside boards while you are employed by the Company,  including any outside for-profit boards, which approval shall not be unreasonably withheld, delayed  or conditioned. Notwithstanding the foregoing, you will be permitted to serve as an officer, director  or trustee of any charitable, educational or non-profit organization, without the Company’s prior  consent, provided that such services do not interfere with the performance of your duties to the  Company or represent an actual or apparent conflict of interest with your role at the Company.     3. Compensation: You shall receive an annualized salary of $395,000 (“Base Salary”), pro- rated for the calendar year 2022 based on your employment commencement date, and paid in  accordance with the Company's standard payroll practices, and subject to all applicable tax  reporting and withholding.  In January 2023, you will be considered for a merit review in  conjunction with your performance review (which generally is conducted annually) and consistent  with the Company’s compensation practices, as determined by the Board in its sole discretion.  

 

        2  4. Annual Bonus:  You will be eligible for an annual target bonus of up to 40% of your Base  Salary, based upon achievement of both corporate and individual goals, as determined by the  Board or a designed committee of the Board (“Annual Bonus”), and shall be subject to all  applicable tax reporting and withholding. The determination of whether an Annual Bonus will be  granted, and the amount of any such bonus, will be solely determined by the Board or a designated  committee of the Board in its sole discretion based on factors upon which the Board alone may  choose to rely. All Annual Bonuses, if any, will be payable no later than March 15 of the year  following the year in which they were earned.  Your 2022 bonus will be prorated for the period  January __, 2022 to December 31, 2022.  Please note that you must be employed on the date  Annual Bonuses, if any, are paid, in order to be eligible for and to earn such a payment, as such  bonuses also serve as retention incentives. The fact that you may receive a bonus in one year does  not mean you will receive one in any other year.  5. Stock Option:  Subject to and upon approval by the Board or a designated committee of  the Board, you will be granted, on your Commencement Date, a nonstatutory stock option to  purchase 623,000 shares of Common Stock, $0.001 par value per share, of the Company (the  “Common Stock”), which option is granted pursuant to the inducement grant exception under  Nasdaq Rule 5635(c)(4) and not pursuant to the Company’s 2014 Stock Incentive Plan (the “Plan”)  or any other equity incentive plan of the Company, as an inducement that is material to your  employment with the Company (the “Inducement Grant”).  The Inducement Grant shall have an  exercise price equal to the closing price of the Common Stock on the Nasdaq Global Market on the  date of the Inducement Grant and shall vest as to 25% of the shares subject to the Inducement  Grant on the first anniversary of the date of the Inducement Grant and as to an additional 6.25% of  the shares underlying the Inducement Grant at the end of each successive three-month period  thereafter until the fourth anniversary of the date of the Inducement Grant.  The Inducement Grant  shall be subject to such other terms as are customary for the Company’s options under the Plan and  the previously approved form of stock option agreement under the Plan.  The Board or a  designated committee of the Board will consider annually whether to grant additional equity  awards to its employees and you will be eligible to be considered for such additional annual equity  grants.  6. Employee Benefits:  The Company offers a comprehensive benefit package that includes  group health, dental and vision plans as well as life and disability and time-off benefits. Your  eligibility to participate in these plans and receive benefits thereunder is subject to the plan  documents governing such benefits. Notwithstanding the foregoing, you understand and agree that  nothing contained herein will require the Company to establish or maintain any fringe benefits and  any such benefits may be modified, amended, terminated or cancelled at any time by the Company  in its sole and absolute discretion with or without prior notice.  7. Vacation Time:  As a full-time employee of the Company, you will be eligible for our  Unlimited Vacation Time off program.  8. Term of Employment; Restrictive Covenant Agreement:  It is important for you to  understand that you are an employee “at will”. This means that you have the right to terminate your  employment relationship with Sesen Bio at any time with or without notice, for any reason or no  reason.  Similarly, the Company has the right to terminate its employment relationship with you,  with or without notice, at any time for any or no reason.  As a condition of your employment with  the Company, you will be required to execute the enclosed Employee Non-Competition, Non- 

 

        3  Solicitation, Confidentiality, and Assignment Agreement. Your employment and this Letter  Agreement will be governed by the laws of the Commonwealth of Massachusetts.  9. Severance Benefits:  Notwithstanding the foregoing, in the event that Sesen Bio terminates  your employment without “Cause” or you resign with “Good Reason” (each term as defined below  and in either case a “Qualifying Termination”), you will be eligible for the benefits outlined in sub- paragraphs A or B below (the “Severance Benefits”), subject to the terms set forth in this Letter  Agreement:  A. If a Qualifying Termination occurs: (i) Sesen Bio will pay you severance in the form  of continuation of your Base Salary for a total of 12 months (“Severance Period”), such  amount to be paid in accordance with the Company’s then current payroll practices, except  as otherwise specified in this Letter Agreement, beginning on the Company’s first regular  payroll date that occurs after the Payment Date (as defined below), and (ii) subject to the  terms and conditions provided for in COBRA, and subject to your timely election of  COBRA and copayment of premium amounts at the active employee’s rate, the Company  shall pay its then current share of premium payments for group health and dental insurance  after the termination date through the earliest of (1) your Severance Period as outlined  above, (2) the date you become employed with benefits substantially comparable to the  benefits provided under the corresponding Company plan, and (3) the date you become  ineligible for COBRA benefits; provided, however, that such Company-paid premiums may  be recorded as additional income pursuant to Section 6041 of the Internal Revenue Code of  1986, as amended (the “Code”) and not entitled to any tax qualified treatment to the extent  necessary to comply with or avoid the discriminatory treatment prohibited by the Patient  Protection and Affordable Care Act of 2010 and the Health Care and Education  Reconciliation Act of 2010 or Section 105(h) of the Code. You shall be responsible for the  entire COBRA premium should you elect to maintain this coverage after the earliest of the  dates specified in Sections 9.A.(ii)(1)-(3) above.  B. If a Qualifying Termination occurs within twelve (12) months after a Change in Control  Transaction (as defined below), then: (i) you will be eligible for the same severance  payments and COBRA premium assistance as set forth in sections 9.A.i-A.ii above,  subject to the same terms, conditions, and limitations as described therein; and (ii) the  vesting of 100% of your then outstanding unvested equity grants shall be accelerated,  such that all unvested equity grants vest and become fully exercisable or non-forfeitable  as of the termination date for a period of 90 days following the termination date; after  such 90-day period, all unvested equity grants will no longer be exercisable.  For the sake of clarity, it shall not be a “Qualifying Termination” if you voluntarily resign without  Good Reason, your employment terminates For Cause or your employment terminates because of  your death or due to your suffering a Disability (as defined below).  C. The Severance Benefits will be subject to the following terms:  i. Solely for purposes of Section 409A of the Code, each salary continuation  payment is considered a separate payment.  ii. Any Severance Benefit under this Letter Agreement will begin only upon the  

 

        4  date of your “separation from service” (as defined under Section 409A(a)(2)(A)(i) of  the Code and Treas. Reg. §1.409A-1(h)) which occurs on or after the date of  termination of the employment. To the extent that the termination of your  employment does not constitute a separation from service under Section  409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further  services that are reasonably anticipated to be provided by you to the Company, or  any of its parents, subsidiaries or affiliates, at the time your employment terminates),  any severance benefits payable that constitute deferred compensation under Section  409A of the Code shall be delayed until after the date of a subsequent event  constituting a separation from service under Section 409A(a)(2)(A)(i) of the Code  and Treas. Reg. §1.409A-1(h). For purposes of clarification, this section shall not  cause any forfeiture of benefits on your part, but shall only act as a delay until such  time as a “separation from service” occurs.  Further, if you are a “specified employee” (as that term is used in Section 409A of the Code and  regulations and other guidance issued thereunder) on the date your separation from service becomes  effective, any severance benefits payable hereunder that constitute non-qualified deferred  compensation under Section 409A of the Code shall be delayed until the earlier of (i) the business  day following the six-month anniversary of the date your separation from service becomes  effective, and (ii) the date of your death, but only to the extent necessary to avoid such penalties  under Section 409A of the Code. On the earlier of (A) the business day following the six-month  anniversary of the date your separation from service becomes effective, and (B) your death, the  Company shall pay you in a lump sum the aggregate value of the non-qualified deferred  compensation that the Company otherwise would have paid you prior to that date as described  above. Neither the Company nor you shall have the right to accelerate or defer the delivery of any  such payments or benefits except to the extent specifically permitted or required by Section 409A of  the Code. The Company makes no representation or warranty and shall have no liability to you or  any other person if any provision of this Letter Agreement is determined to constitute deferred  compensation subject to Section 409A of the Code, but do not satisfy an exemption from, or the  conditions of, Section 409A of the Code.  iii. Sesen Bio’s obligations to make the above Severance Benefits payments will be  contingent upon your execution of and compliance with a release of claims in a form  reasonably acceptable to the Company (the “Release”), which Release must be signed  and any applicable revocation period with respect thereto must have expired by the  sixtieth (60th) day following the date of termination (i.e., last employment day with the  Company).  The Severance Benefits payments shall be paid or commence on the first  payroll period following the date the waiver and release becomes effective (the  “Payment Date”).  Notwithstanding the foregoing, if the 60th day following the date of  termination occurs in the calendar year following the termination, then the Payment  Date shall be no earlier than January 1 of such subsequent calendar year.  In addition,  you must comply with all post-employment obligations, including those in the  Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment  Agreement that you shall sign as a condition of employment, in order to be entitled to  the Severance Benefits.  In the event that you are in breach of any post-employment  obligations, the Company shall cease providing the Severance Benefits.  

 

        5  iv. The Company’s obligations to pay or provide the Severance Benefits will be  contingent upon your having tendered your resignation from any position on the  Board, if applicable (and any other boards on which you serve at the request of the  Company), effective as of the date of termination.  v. You agree to give prompt written notice of any reemployment during the  Severance Period or CIC Severance Period that results in eligibility for comparable  medical and dental benefits.  If the Company makes any overpayment of COBRA  Benefits, you agree to promptly return any such overpayment to the Company.  The  foregoing shall not create any obligation on your part to seek reemployment after the  date of termination of your employment.  10. Definitions:  For purposes of this Letter Agreement, “for Cause” shall mean the Company  has complied with the “Cause Process”, as defined below, following your committing one or more  of the following (each a “Cause Condition”): (i) an act of material dishonesty involving the  Company, embezzlement, or misappropriation of assets or property of the Company; (ii) gross  negligence or willful misconduct in connection with the performance of your duties, theft, fraud or  breach of fiduciary duty to the Company; (iii) your willful, sustained, or repeated failure to  substantially perform the duties or obligations of your position (other than due to illness or injury);  (iv) a violation of federal or state securities law; (v) the conviction of a felony or any crime  involving moral turpitude, including a plea of nolo contendere; (vi) a material breach of any of the  Company’s written policies related to conduct, ethics, equal employment or harassment; or (vii) a  material breach of your Non-Competition, Non-Solicitation, Confidentiality and Assignment  Agreement.   “Cause Process” shall mean that (i) the Company reasonably determines, in good faith, that one of  the Cause Conditions has occurred; (ii) the Company notifies you in writing of the first occurrence  of the Cause Condition within thirty (30) days of the Board becoming aware of such condition; (iii)  the Company cooperates in good faith with your efforts, for a period not less than thirty (30) days  following such notice (the “Cause Cure Period”), to remedy the Cause Condition; (iv)  notwithstanding such efforts, the Cause Condition continues to exist; and (v) the Company  terminates your employment within thirty (30) days after the end of the Cause Cure Period,  provided that the Company will not be required to provide a Cause Cure Period in the event that a  Cause Condition (x) is of the type described in clauses (iv), (v) or (vi) of the first sentence of this  Section 10; (y) is incapable of being cured; or (z) is required to be publicly disclosed under  applicable securities law or stock exchange rule.  If you cure to the Company’s satisfaction any Cause Condition during the applicable Cause Cure  Period, Cause shall be deemed not to have occurred.  If the Company is not required to provide a  Cause Cure Period, the Cause Process will be satisfied if the Company notifies you in writing of the  first occurrence of the Cause Condition within thirty (30) days of the Board becoming aware of such  condition and terminates your employment within thirty (30) days of such notice.  You are eligible for  no more than two “cure” opportunities during your employment.  “Change in Control Transaction” shall mean (i) a merger or consolidation of the Company with or  into another corporation under circumstances where the stockholders of the Company immediately  prior to such merger or consolidation do not own after such merger or consolidation shares  representing at least fifty percent (50%) of the voting power of the Company or the surviving,  

 

        6  resulting or parent corporation, as the case may be, (ii) a transfer of shares representing fifty percent  (50%) or more of the voting power of the Company to any person who was not, on the Effective  Date, a holder of stock of any class or preference or any stock option of the Company, (iii) a  liquidation of the Company, or (iv) a sale or other disposition of all or substantially all of the  Company’s assets.  “Good Reason” shall mean you have complied with the “Good Reason Process” as defined below,  following the occurrence of one or more of the following events: (i) any material diminution in your  duties, authority or responsibilities, (ii) any material diminution in your Base Salary; (iii) the  relocation of your primary place of work more than fifty (50) miles from Rockville, Maryland, or  (iv) the material breach by the Company of any provision of this Letter Agreement or any other  employment-related agreement between the Company and you (as defined below).  “Good Reason Process” shall mean that (i) you reasonably determine in good faith that one of the  foregoing “Good Reason” conditions has occurred; (ii) you notify the Company in writing of the  first occurrence of the Good Reason condition within thirty (30) days of the first occurrence of such  condition; (iii) you cooperate in good faith with the Company’s efforts, for a period not less than  thirty (30) days following such notice (the “Cure Period”) to remedy the condition; (iv)  notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you terminate  your employment within thirty (30) days after the end of the Cure Period.  If the Company cures the  Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.  “Disability” shall mean your inability (as determined by the Company in good faith) to perform the  essential functions of your position due to physical or mental disability (after taking into account the  Company’s obligation to provide reasonable accommodations in accordance with the Americans  with Disabilities Act of 1990 or analogous state law), which continues for a period of 90 days  (whether or not consecutive) during any 12-month period. In connection with any determination  regarding your possible Disability, you shall have the right to provide to the Company, and the  Company shall consider in good faith, any physical or mental evaluation performed by a competent  physician of your selection.  11. Modified Section 280G Cutback: Notwithstanding any other provision of this Letter  Agreement, except as set forth in Section 11.B, in the event that the Company undergoes a “Change  in Ownership or Control” (as defined below), the following provisions shall apply:  A. The Company shall not be obligated to provide to you any portion of any  “Contingent Compensation Payments” (as defined below) that you would otherwise be  entitled to receive to the extent necessary to eliminate any “excess parachute payments” (as  defined in Section 280G(b)(1) of the Code) for you. For purposes of this Section 11, the  Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated  Payments” and the aggregate amount (determined in accordance with Treasury Regulation  Section 1.280G-1, Q/A-30 or any successor provision) of the Contingent Compensation  Payments so eliminated shall be referred to as the “Eliminated Amount.”  B. Notwithstanding the provisions of Section 11.A, no such reduction in Contingent  Compensation Payments shall be made if (1) the Eliminated Amount (computed without  regard to this sentence) exceeds (2) 100% of the aggregate present value (determined in  

 

        7  accordance with Treasury Regulation Section 1.280G-1, Q/A-31 and Q/A-32 or any  successor provisions) of the amount of any additional taxes that would be incurred by you if  the Eliminated Payments (determined without regard to this sentence) were paid to you  (including, state and federal income taxes on the Eliminated Payments, the excise tax  imposed by Section 4999 of the Code payable with respect to all of the Contingent  Compensation Payments in excess of your “base amount” (as defined in Section 280G(b)(3)  of the Code), and any withholding taxes). The override of such reduction in Contingent  Compensation Payments pursuant to this Section 11.B shall be referred to as a “Section 11.B  Override.” For purpose of this paragraph, if any federal or state income taxes would be  attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be  computed by multiplying the amount of the Eliminated Payment by the maximum combined  federal and state income tax rate provided by law.  C. For purposes of this Section 11 the following terms shall have the following  respective meanings:  i. “Change in Ownership or Control” shall mean a change in the ownership or  effective control of the Company or in the ownership of a substantial portion of the  assets of the Company determined in accordance with Section 280G(b)(2) of the  Code.  ii. “Contingent Compensation Payment” shall mean any payment (or benefit) in  the nature of compensation that is made or made available (under this Letter  Agreement or otherwise) to a “disqualified individual” (as defined in Section  280G(c) of the Code) and that is contingent (within the meaning of Section  280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the  Company.  D. Any payments or other benefits otherwise due to you following a Change in  Ownership or Control that could reasonably be characterized (as determined by the  Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be  made until the dates provided for in this Section 11.D. Within 30 days after each date on  which you first become entitled to receive (whether or not then due) a Contingent  Compensation Payment relating to such Change in Ownership or Control, the Company  shall determine and notify you (with reasonable detail regarding the basis for its  determinations) (1) which Potential Payments constitute Contingent Compensation  Payments, (2) the Eliminated Amount and (3) whether the Section 11.B Override is  applicable. Within 30 days after delivery of such notice to you, you shall deliver a response  to the Company (the “Executive Response”) stating either (A) that you agree with the  Company’s determination pursuant to the preceding sentence or (B) that you disagrees with  such determination, in which case you shall set forth (x) which Potential Payments should be  characterized as Contingent Compensation Payments, (y) the Eliminated Amount, and (z)  whether the Section 11.B Override is applicable. In the event that you fail to deliver an  Executive Response on or before the required date, the Company’s initial determination  shall be final. If you state in the Executive Response that you agree with the Company’s  determination, the Company shall make the Potential Payments to you within three (3)  business days following delivery to the Company of the Executive Response (except for any  

 

        8  Potential Payments which are not due to be made until after such date, which Potential  Payments shall be made on the date on which they are due). If you state in the Executive  Response that you disagree with the Company’s determination, then, for a period of sixty  (60) days following delivery of the Executive Response, you and the Company shall use  good faith efforts to resolve such dispute. If such dispute is not resolved within such 60-day  period, such dispute shall be settled exclusively by arbitration in Pennsylvania, in  accordance with the rules of the American Arbitration Association then in effect. Judgment  may be entered on the arbitrator’s award in any court having jurisdiction. The Company  shall, within three (3) business days following delivery to the Company of the Executive  Response, make to you those Potential Payments as to which there is no dispute between the  Company and you regarding whether they should be made (except for any such Potential  Payments which are not due to be made until after such date, which Potential Payments shall  be made on the date on which they are due). The balance of the Potential Payments shall be  made within three (3) business days following the resolution of such dispute.  E. The Contingent Compensation Payments to be treated as Eliminated Payments shall  be determined by the Company by determining the “Contingent Compensation Payment  Ratio” (as defined below) for each Contingent Compensation Payment and then reducing the  Contingent Compensation Payments in order beginning with the Contingent Compensation  Payment with the highest Contingent Compensation Payment Ratio. For Contingent  Compensation Payments with the same Contingent Compensation Payment Ratio, such  Contingent Compensation Payment shall be reduced based on the time of payment of such  Contingent Compensation Payments with amounts having later payment dates being reduced  first. For Contingent Compensation Payments with the same Contingent Compensation  Payment Ratio and the same time of payment, such Contingent Compensation Payments  shall be reduced on a pro rata basis (but not below zero) prior to reducing Contingent  Compensation Payment with a lower Contingent Compensation Payment Ratio. The term  “Contingent Compensation Payment Ratio” shall mean a fraction the numerator of which is  the value of the applicable Contingent Compensation Payment that must be taken into  account by you for purposes of Section 4999(a) of the Code, and the denominator of which  is the actual amount to be received by you in respect of the applicable Contingent  Compensation Payment. For example, in the case of an equity grant that is treated as  contingent on the Change in Ownership or Control because the time at which the payment is  made or the payment vests is accelerated, the denominator shall be determined by reference  to the fair market value of the equity at the acceleration date, and not in accordance with the  methodology for determining the value of accelerated payments set forth in Treasury  Regulation Section 1.280G-1Q/A-24(b) or (c)).  F. The provisions of this Section 11 are intended to apply to any and all payments or  benefits available to you under this Letter Agreement or any other agreement or plan of the  Company under which you receive Contingent Compensation Payments.  12. General: The offer of employment in this Letter Agreement is subject to the completion of  references and your consent to, and results satisfactory to the Company of, a reference and  background check. By signing below, you represent that you are not bound by any employment  contract, restrictive covenant or other restriction preventing or limiting you from entering into  employment with or performing your duties or responsibilities for the Company, or which is in any  

 

        9  way inconsistent with the terms of this Letter Agreement. You also agree that you do not have in  your possession, and will not disclose to anyone at the Company, bring onto Company premises, or  use in the course of your employment at the Company at any time, any confidential information or  trade secrets belonging to any former employer or to any other entity.  You further agree that you  will not, as a Sesen Bio employee, engage in any conduct that would constitute a breach of any  obligation you may have to a former employer, including but not limited to any covenants not to  solicit or compete.  After the Effective Date, this Letter Agreement (and Employee Non-Competition, Non-Solicitation,  Confidentiality and Assignment Agreement, the plans, documents, and policies referenced herein)  shall constitute our entire agreement regarding the terms and conditions of your employment with  the Company and shall supersede any prior agreements or other promises or statements (whether  oral or written) regarding the terms of your employment.  The terms described herein cannot be  modified except in writing by you and the Company.  Failure of either party to this Letter  Agreement to insist upon strict compliance with any of the terms, covenants or conditions hereof  will not be deemed a waiver of such terms, covenants or conditions. In the event of any  inconsistency between this Letter Agreement and any other contract between the Company and you,  including the Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment  Agreement, the provisions of this Letter Agreement will prevail.  We are thrilled to have you join the leadership team at Sesen Bio.  Please contact me if you have  any questions or need more information.  Sincerely      /s/ Thomas R. Cannell, DVM    Thomas R. Cannell, DVM  President and Chief Executive Officer    I accept the above terms of employment as stated:  /s/ Minori Koshiji Rosales, MD, PhD  1/5/2022  Minori Koshiji Rosales, MD, PhD  Date  Enclosure: Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment  AgreementDocument

Exhibit 10.8

The Hain Celestial Group, Inc. 
Worldwide Headquarters
1111 Marcus Avenue • Lake Success, NY 11042-1034 • phone: +1 (516) 587-5000 • fax: +1 (516) 587-0208 • www.hain.com
______________________________________________________________________________________________________________

March 18, 2021

Personal & Confidential
Mr. David Karch
David.Karch@Hain.com

Dear David:

This amended and restated letter of employment sets forth the terms under which you will serve as Executive Vice President and Global Chief Transformation Officer of The Hain Celestial Group, Inc. (“Hain Celestial” or the “Company”).  You will report directly to Mark Schiller, President and Chief Executive Officer.  Please note that your job responsibilities are subject to change as Hain Celestial’s business needs may require. 

1.As a condition of your employment, and has already been communicated to you, the Company will require you to work from your personal home office and you will not have a physical place of employment assigned to you. A core portion of your job responsibilities will require you to visit Hain’s production locations internationally. Accordingly, the Company expects you to comply with its policies and procedures around telecommuting for executives and its policies regarding the reimbursement of travel related expenses.

2.Your annual base salary will be $525,000 (less required withholdings and elected deductions) and will be paid in accordance with the Company’s payroll practices.

3.You will continue to be eligible to earn an annual incentive award (the “Annual Incentive Award”) under the terms and conditions of an annual incentive plan to be adopted by the Compensation Committee of the Board of Directors.  Your target Annual Incentive Award shall be equal to 85% of your annual base salary.  The amount payable to you under the Annual Incentive Award will be determined by the Compensation Committee in its discretion under the terms of the annual incentive plan, and you must be actively employed by the Company at the time of payment.

4.You will continue to be eligible to participate in the Company’s long-term incentive program.  Beginning in fiscal year 2022, you will be eligible to receive additional awards under the Company’s long-term incentive program, subject to the terms and conditions of such program and at the level as determined by the Compensation Committee.

5.If Hain Celestial terminates your employment without Cause (as defined below for purposes of this paragraph 5), you will be entitled to receive a severance payment of one (1) times your annual base salary in effect at the time of termination and one (1) times your target Annual Incentive Award for the year in which the termination date occurs, payable (less applicable withholdings) in bi-weekly payments, in accordance with the Company’s payroll practices, following the termination of your employment.  Your 

entitlement to the severance payment will be subject to the execution of a separation agreement and release of claims in a form satisfactory to the Company, including an acknowledgment of the continued effectiveness of your post-employment restrictive covenants and other obligations to the Company. The separation agreement and release of claims will not make the severance payment subject to set-off resulting from any post-separation earnings or a duty to mitigate, nor will it require you to compromise or in any other way accept less than the full entitlements under this letter for a termination without Cause. For purposes of this paragraph 5, “Cause” means the following grounds for termination of employment: (a) you are convicted of a felony or enter a plea of guilty or nolo contendere with respect thereto; (b) your continuous failure to substantially perform your reasonably assigned duties for the Company or any subsidiary (other than a failure resulting from your incapacity due to physical or mental illness), which failure has continued for a period of at least thirty (30) days after a written notice of demand for substantial performance, signed by a duly authorized officer of the Company, has been delivered to you specifying the manner in which you have failed substantially to perform; (c) you engage in actual or attempted theft or embezzlement of Company assets; (d) you engage in conduct that is materially harmful to the public reputation of the Company or any subsidiary, other than conduct required by law or regulation; (e) you engage in any act of dishonesty, fraud, or immoral or disreputable conduct; (f) you engage in willful misconduct in the performance of your duties, or materially violate any Company policy or code of conduct (including, without limitation, with respect to harassment); or (g) you materially breach any covenant or condition of this letter or any other agreement between the parties including without limitation any agreement containing provisions relating to confidentiality, assignment of inventions, non-competition, non-solicitation / non-interference, or non-disparagement, or breach your fiduciary duty to the Company or any subsidiary.

6.If you are not named Chief Operating Officer, or an equivalent mutually agreeable title, of Hain Celestial before December 31, 2021 and you decide to leave the Company within thirty (30) days thereafter, your separation will be considered a termination by the Company without Cause and you will be entitled to receive a severance payment of one (1) times your annual base salary in effect at the time your employment ends and one (1) times your target Annual Incentive Award for the year in which your employment ends, payable (less applicable withholdings) in bi-weekly payments, in accordance with the Company’s payroll practices, following the end of your employment.  Your entitlement to the severance payment will be subject to the execution of a separation agreement and release of claims in a form satisfactory to the Company, including an acknowledgment of the continued effectiveness of your post-employment restrictive covenants and other obligations to the Company. The separation agreement and release of claims will not make the severance payment subject to set-off resulting from any post-separation earnings or a duty to mitigate, nor will it require you to compromise or in any other way accept less than the full entitlements under this letter for a termination without Cause.

7.You will remain eligible to participate in our group health insurance benefit plan and the Hain Celestial 401(k) Retirement Plan.

8.You will be entitled to up to four (4) weeks of annual paid vacation and other personal leave in accordance with Company policy, which shall be subject in all respects to the terms and conditions of the Company’s paid time off policies, as may be in effect from time to time.

9.You have advised us that you are not a party to or restricted by an agreement with a previous employer that would interfere with or impair in any way your ability to perform the duties of your position with Hain Celestial as described in this letter.  It is a condition of your continued employment with Hain Celestial that you refrain from using or disclosing any proprietary information or trade secrets of any previous employer in the course of your employment with Hain Celestial.  If any previous employer asserts a claim that your employment with Hain Celestial violates any contractual obligations owed by you, or that you have otherwise committed a breach of any contractual or other duty to a previous employer, Hain Celestial may immediately terminate your employment, and such termination will be treated as a termination for cause.  In the event of such a claim, Hain Celestial is not obligated to indemnify you for any damages or to provide a defense against such claims.

10.This letter does not constitute a contract of employment or a guarantee that your employment will continue for any period of time or any specific treatment.  Your employment with us is “at-will” and is therefore terminable by either Hain Celestial or you without Cause, notice or liability.  Your continued employment is subject to, among other things, your satisfactory completion of your job responsibilities and your compliance with Hain Celestial’s policy requirements.

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11.This letter and the Company’s obligations hereunder are intended to comply with or otherwise be exempt from Section 409A and its corresponding regulations, to the extent applicable, and shall be so construed.

12.This letter supersedes all prior or contemporaneous agreements, understandings, negotiations or representations, whether oral or written, express or implied, on this subject, including your offer letter with the Company dated December 15, 2019, provided that this letter shall not supersede or otherwise affect (a) any of your outstanding restricted stock unit or performance share unit awards, (b) the Change in Control Agreement between the Company and you dated as of January 31, 2020 or (c) the Confidentiality, Non-Interference, and Invention Assignment Agreement between the Company and you dated as of January 31, 2020. This letter may not be modified or amended except by a specific, written arrangement signed by you and Hain Celestial's Chief Executive Officer.  The terms of this letter shall be governed by New York law.

Please acknowledge your acceptance of these terms by your signature below.  Afterwards, kindly return one copy to me and keep one copy for your records.

Sincerely,

/s/ Mark L. Schiller

Mark L. Schiller
President and Chief Executive Officer

Accepted:    /s/ David Karch
David Karch

Date:        3/18/21

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