Document:

ngm-ex101_91.htm

Exhibit 10.1

May 20, 2020

Siobhan Nolan Mangini

Dear Siobhan,

On behalf of NGM Biopharmaceuticals, Inc. ("NGM" or the "Company"), we are pleased that you will be joining the Company as Chief Financial Officer reporting to me. We believe this position represents an extraordinary opportunity, and we look forward to your joining our exceptional team.

Below are details of the compensation and benefits program we are offering as part of your employment with NGM, as well as other terms of your employment. Should you have questions regarding any part of this offer, or wish to receive additional details, please let us know. Your annual base salary will be $425,000.00, less payroll deductions and all required withholdings, paid semi- monthly over 24 pay periods per year. In addition, you will be eligible to participate in the NGM Incentive Bonus Plan. You will also be eligible to receive a one-time sign-on bonus of $75,000.00, payable within the first two pay periods of your employment with NGM. Should you voluntarily resign from NGM within two (2) years from your start date, you will be required to repay the pro-rated portion of the sign-on bonus payment based on the number of months you were employed by the Company following receipt of the sign-on bonus payment.

NGM provides all eligible employees with a comprehensive benefits program. You will have the opportunity to participate in these benefits, which include medical, dental and vision coverage for you and your eligible dependents, if you choose to enroll in them. In addition, we provide life insurance, LTD and AD&D coverage, along with a comprehensive 401(k) program. NGM also provides benefits including Company holidays, vacation, sick leave and Health Care and Dependent Flexible Spending Accounts. The Company may change compensation and benefits from time to time in its discretion. There is a formal performance review period once a year.

An important component of your compensation includes the opportunity for ownership in the Company. After you commence employment, and subject to the approval of our Board of Directors (the "Board"), NGM will grant you an option to purchase 300,000 shares of the Company's common stock (subject to adjustment for stock splits, stock dividends, reclassification and the like) at the fair market value determined by the Board as of the date of grant (the "Option"). The Option will be subject to the terms and conditions of the Company's Amended and Restated 2018 Equity Incentive Plan (the "Plan") and your grant agreement. Your grant agreement will reflect a four year vesting schedule, under which 25% of your Option will vest after 12 months and 1/48th of the total will vest at the end of each month thereafter, until either the Option is fully vested or your employment ends, whichever occurs first.

As a condition of your employment, you will be required to abide by the Company's policies and procedures, including those outlined in our employee handbook. You also agree to read, sign and comply with the Company's Employee Proprietary Information and Inventions Agreement ("Proprietary Information Agreement").

In your work for the Company, you will be expected to not make any unauthorized use of, or disclose, the confidential information or materials, including trade secrets, of any former employer or other third party to whom you owe an obligation of confidentiality. Rather, you will be expected to use only that information generally known and used by persons with training and experience comparable to your own, which information is common knowledge in the industry or otherwise legally available in the public domain, or which is otherwise provided or developed by the Company. By accepting employment with the Company, you are representing to us that you will be able to perform your duties within the guidelines described in this paragraph. You represent further that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company in any manner.

This offer is contingent upon our verification of your employment history. Any intentional misrepresentation concerning your employment history may result in actions up to and including revocation of this offer or termination of your employment at NGM.

Your employment relationship is at-will. Accordingly, you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time and for any reason, with or without cause or advance notice. If, on or within 18 months after the effective date of a change in control, your employment is terminated without cause and other than as a result of your death or disability, or you resign for good reason, and subject to you signing the Company's standard form of release within the time period specified by the Company and allowing it to become effective in accordance with its terms and your compliance with your obligations under your Proprietary Information Agreement, you will receive the following severance benefits: (a) continuation of your base salary for a six-month period, (b) payment of the premiums for you and your eligible dependents to continue your health insurance benefits for the first six months of such coverage, or such earlier date as you (or your dependents, as applicable) cease to be eligible for continuation coverage and (c) full vesting acceleration of any unvested outstanding equity awards (together, the "Severance Benefits"). The Severance Benefits will be subject to the definitions and additional terms and conditions set forth by the Company. This letter, together with your Proprietary Information Agreement, forms the complete and exclusive statement of your agreement with the Company concerning this offer. The terms of this letter supersede any other representations or agreements made to you by any party, whether oral or written. The terms of our agreement cannot be changed (except those changes expressly reserved to the Company's discretion in this letter) other than by a written agreement signed by you and a duly authorized officer of the Company. This agreement is to be governed by the laws of the state of California without reference to its conflicts of law principles. In case any provision contained in this agreement shall, for any reason, be held invalid or unenforceable in any respect, such invalidity or unenforceability will not affect the other provisions of this agreement, and such provision will be construed and enforced so as to render it valid and enforceable consistent with the general intent of the parties insofar as possible under applicable law. With respect to the enforcement of this agreement, no waiver of any right hereunder will be effective unless it is in writing. This agreement may be executed in more than one counterpart, and signatures transmitted electronically will be deemed equivalent to originals. As required by law, this offer is subject to satisfactory proof of your identity and right to work in the United States.

Siobhan, we are thrilled that you have decided to accept our employment offer. Under the terms described above, please sign and date this letter and the Proprietary Information Agreement, and return them by May 25, 2019. It is our expectation that you will join NGM in July 2020.

NGM is an ambitious undertaking, and we fully expect our company to become a force in the development and commercialization of pharmaceutical therapies. To this end, we are assembling a team of uniquely qualified individuals with extraordinary knowledge, skills and drive. Your leadership of the finance, accounting, business development and investor relations areas will be a critical part of our success and we look forward to you joining our team.

	
	
 

Sincerely,

	
 

	
/s/ David J. Woodhouse

	
David J. Woodhouse, Ph.D.

	
Chief Executive Officer

 

Exhibit A - Employee Proprietary Information and Inventions Agreement

 

			
	
Understood and Accepted.
	
 
	
 

	
 
	
 
	
 

	
Date: May 25, 2020
	
 
	
/s/ Siobhan Nolan Mangini

	
 
	
 
	
Siobhan Nolan ManginiExhibit
10.4

 

FINANCIAL
AND CONSULTING SERVICES AGREEMENT 

 

THIS
FINANCIAL AND CONSULTING SERVICES AGREEMENT (“Agreement”) entered into this 19th day of May, 2020 (the “Effective
Date”)

 

B
E T W E E N:

BALLANTYNE
STRONG, INC. (“BTN”)

 

and

 

ITASCA
FINANCIAL LLC (“IF”)

 

WHEREAS
Larry G. Swets, Jr. (“Swets”) is the managing member of and conducts business through IF;

 

AND
WHEREAS in order to capitalize on Swets’ considerable, unique and invaluable skills, expertise, experience and institutional
knowledge and to enable Swets to provide services as described herein, BTN wishes to retain IF to cause Swets to assist BTN with
its strategic direction and capital raising efforts, and to provide such other services as further described herein;

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as
follows:

 

FINANCIAL
AND CONSULTING SERVICES 

 

	1.	BTN
    hereby retains IF to provide the services set out in Appendix “A” to this Agreement (the “Services”).
	 	 
	2.	IF
    agrees that it shall make Swets reasonably available to provide the Services on behalf of IF and to cause Swets to devote
    the necessary time and energy to ensure the Services are carried out to the reasonable satisfaction of BTN as set forth in
    this Agreement.
	 	 
	3.	In
    carrying out the Services, Swets shall be under the direct supervision and approval of BTN’s board of directors (including
    its committees) and management and work closely and collaboratively with BTN’s management team and other professionals
    engaged by BTN.

 

FEES

 

	4.	BTN
    shall pay IF (i) a retainer fee of USD$50,000, payable $25,000 at execution of this Agreement and $25,000 at the 60 day anniversary
    of this agreement, and ii) a monthly fee of USD$20,000, payable starting at execution of this Agreement. BTN will also pay
    a fee of $100,000 at termination of this agreement by either party in a combination of cash and stock at the discretion of
    BTN, and if any such fee is paid in stock then BTN will also grant IF unlimited piggyback registration rights for such stock.
    In addition, IF shall be reimbursed by BTN for reasonable, documented, out of pocket expenses incurred in connection with
    the provision of the Services.
	 	 
	5.	BTN
    shall provide reasonable support and shall otherwise make its staff reasonably available to IF in connection with the provision
    of the Services by IF hereunder. 

 

    	1

    	 

    

 

TERM

 

	6.	The
    term of this Agreement shall begin on the Effective Date and shall continue until either party terminates this Agreement.
    BTN or IF may terminate this Agreement at its sole discretion at any time with prior written notice of at least 30 calendar
    days to the other party, however BTN and IF agree not to terminate for 3 months after Effective Date of this Agreement.

 

PROVISION
OF SERVICES

 

	7.	Except
    as may be otherwise set forth in this Agreement, IF agrees that BTN shall not be responsible for providing: a vehicle, equipment,
    tools, licencing fees, or insurance coverage in connection with the provision of the Services by IF. 
	 	 
	8.	IF
    shall be entitled to determine Swets’ schedule and methodology to ensure that the Services rendered by IF are completed
    within any reasonable project timetable.
	 	 
	9.	BTN
    agrees that IF may recommend hiring and entering into contracts with third-party service providers if considered necessary
    or expedient by BTN for the provision of the Services, in which case authorization from BTN will not be unreasonably withheld
    or delayed.
	 	 
	10.	It
    is agreed that IF shall act as an independent contractor in the provision of all Services under this Agreement. Accordingly,
    IF shall bear all liability for remittances for any personal or corporate taxes, payroll taxes, insurance premiums or any
    other duties, levies or taxes. For greater certainty, BTN and IF agree that nothing in this Agreement creates an employer
    and employee relationship between them or between BTN (or any of its affiliates) and Swets. 
	 	 
	11.	IF
    agrees that, unless requested otherwise by BTN, it shall cause Swets to provide the Services from the office of IF in the
    United States. 
	 	 
	12.	IF
    agrees to indemnify and save harmless BTN from any taxes, payroll withholding taxes, FICA, insurance premiums or any other
    duties, levies or taxes associated with any payment to IF in respect of the Services provided to BTN under this Agreement.
    Notwithstanding the foregoing, if BTN requests IF to cause Swets to provide any of the Services outside of the United States
    and BTN is consequently required to deduct or withhold amounts on account of withholding taxes in respect of any fees or reimbursement
    of expenses paid hereunder, BTN shall pay such additional amounts to IF as are necessary to ensure that after the payment
    of such additional amounts IF receives an amount equal to the sum it would have received if no such deductions or withholdings
    had been made.

 

NON-EXCLUSIVITY

 

	13.	BTN
    acknowledges and agrees that IF’s provision of the Services hereunder is non-exclusive and IF and Swets shall be entitled
    to enter into contracts for service or employment with other entities from time to time, subject to compliance with the terms
    outlined in this Agreement and continued provision of the Services to the reasonable satisfaction of BTN.

 

CONFIDENTIALITY

 

	14.	IF
    agrees that it will not retain, use, misuse or disclose, directly or indirectly, to any third party, any of BTN’s Confidential
    Information (as defined in this Section 14). IF understands and agrees that for purposes of this Agreement, “Confidential
    Information” includes all confidential and proprietary information and trade secrets of any of BTN and its subsidiaries
    and affiliates, as well as any other non-public information furnished by BTN, or any of its subsidiaries or affiliates, to
    IF. Confidential Information does not include: (a) information that was available to the general public at the time it was
    disclosed or which through no act or omission of IF, becomes publicly available; (b) information that IF rightfully possessed
    independent of any obligation of confidentiality; (c) information that IF rightfully receives without obligation of confidentiality
    from any third-party; or (d) information IF develops independently without using any Confidential Information. IF recognizes
    that such Confidential Information is a unique asset of BTN, or its subsidiaries or affiliates, developed and perfected over
    a considerable time and at substantial expense to such parties and the wrongful or improper disclosure of which may cause
    injury, loss of profits and loss of goodwill to BTN or its subsidiaries and affiliates.

 

NO
BREACH OF OTHER OBLIGATIONS

 

	15.	IF
    acknowledges and represents to BTN that:

 

	 	(a)	the
    performance of the Services by IF and any of its employees, representatives and/or agents shall not breach any non-competition
    agreement, non-solicitation agreement or any agreement to keep confidential the proprietary information of any present or
    prior client, employer or proprietor of IF or any third party.
	 	 	 
	 	(b)	IF
    shall not use in the performance of the Services any confidential materials or documents of any third party.
	 	 	 
	 	(c)	it
    is not a party to any agreement or obligation with any third party, which materially conflicts with any obligation of IF under
    this Agreement.

 

GENERAL

 

	16.	Each
    of the parties represents and warrants: (a) it has the power, capacity and authority to execute, deliver and carry out the
    terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this Agreement has
    been duly authorized, executed and delivered by it and constitutes a legal, valid and binding obligation enforceable against
    it in accordance with its terms. 
	 	 
	17.	This
    Agreement shall be governed by and construed in accordance with the laws of Illinois, without reference to its conflict of
    laws principles.
	 	 
	18.	The
    invalidity or unenforceability of any provision of the Agreement shall not affect the validity or enforceability of any other
    provision in this Agreement. Any court is expressly authorized to modify any unenforceable provision of this Agreement instead
    of severing the unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,
    deleting any or all of the offending provision, adding additional language to the provision, or making any other modifications
    it deems warranted to carry out the intent and purpose of the Agreement.
	 	 
	19.	This
    Agreement, including any of the rights, duties or obligations herein, is not assignable or transferable by BTN or IF without
    the prior written consent of the other party, except that BTN may assign this Agreement, including any of the rights, duties
    or obligations herein, to a subsidiary of BTN without consent of IF. Any attempt to assign any of the rights, duties or obligations
    in this Agreement without the applicable written consent is void.
	 	 
	20.	Apart
    from BTN and IF, no other person shall have any rights under this Agreement.
	 	 
	21.	There
    shall be no waiver of breach of any term or condition of this Agreement unless the waiver is in writing signed by the party
    who has not committed the breach.
	 	 
	22.	IF
    and BTN agree that this Agreement represents a new relationship between the parties and not a continuation of any pre-existing
    relationship.

 

    	2

    	 

    

 

	23.	This
    Agreement, including Appendix “A”, contains the entire understanding of the parties with respect to the subject
    matter hereof and thereof, there are no restrictions, agreements, promises, representations, warranties, covenants or other
    undertakings other than those expressly set forth in this Agreement that pertain to the subject matter of this Agreement.
    This Agreement may be amended only by a written instrument duly executed by all of the parties or their respective successors
    or assigns.
	 	 
	24.	Any
    and all notices or other communications hereunder shall be in writing and shall be deemed properly served (i) on the date
    sent if transmitted by hand delivery with receipt therefore, (ii) on the date of transmittal if sent by email if sent on a
    business day, if not, on the next succeeding business day, (iii) one business day after the notice is deposited with an overnight
    courier, or (iv) three (3) days after being sent by registered or certified mail, return receipt requested, first class postage
    prepaid, addressed as follows (or to such new address as the addressee of such a communication may have notified the sender
    thereof):

 

	 	To
    BTN:	Ballantyne
    Strong, Inc.
	 	 	4201
    Congress Street
	 	 	Suite
    175
	 	 	Charlotte,
    NC 28209
	 	 	Attn:
    Mark Roberson
	 	 	Phone:
    704-994-8279
	 	 	Email:
    Mark.Roberson@btn-inc.com

 

	 	To
    IF:	Itasca
    Financial LLC
	 	 	105
    S Maple
	 	 	Itasca,
    IL 60143
	 	 	Attn:
    Larry G. Swets, Jr.
	 	 	Phone:
    630-824-8199
	 	 	Email:
    lswets@itascafinancial.com

 

	25.	Except
    as otherwise specifically provided herein, all costs and expenses incurred in connection with this Agreement and the transactions
    contemplated hereby shall be paid by the party incurring such costs and expenses.
	 	 
	26.	Time
    shall be of the essence of this Agreement. 
	 	 
	27.	This
    Agreement may be executed in any number of counterparts and by facsimile with the same effect as if all parties to this Agreement
    had signed the same document and all counterparts will be construed together and will constitute one and the same instrument
    and any facsimile signature shall be taken as an original.

 

		ARBITRATION	

 

	28.	Any
    dispute, controversy, or claim arising out of or related to in any way to this Agreement shall be submitted to and decided
    by binding arbitration in Chicago, Illinois. Arbitration shall be administered under the laws of the American Arbitration
    Association (“AAA”) in accordance with the AAA’s Employment Arbitration Rules in effect at the time the
    arbitration is commenced. The AAA’s rules are also available online at www.adr.org. Discovery in any arbitration proceeding
    shall be conducted according to the AAA’s Employment Arbitration Rules. To the extent not provided for in the AAA’s
    Employment Arbitration Rules, the Arbitrator has the power to order discovery upon a showing that discovery is necessary for
    a party to have a fair opportunity to present a claim or defense.

 

    	3

    	 

    

 

	29.	This
    agreement to arbitrate covers all grievances, disputes, claims, or causes of action that otherwise could be brought in a federal,
    state, or local court or agency under applicable federal, state, or local laws, including claims IF may have against BTN or
    against its officers, directors, supervisors, managers, employees, or agents in their capacity as such or otherwise, or that
    BTN may have against IF. The claims covered by this agreement to arbitrate include, but are not limited to, claims for breach
    of any contract or covenant (express or implied), tort claims, claims for wages, or other compensation due, claims for wrongful
    termination (constructive or actual), claims for discrimination or harassment (including, but not limited to, harassment or
    discrimination based on race, age, color, sex, gender, national origin, alienage or citizenship status, ancestry, creed, religion,
    marital status, partnership status, military status, unfavorable discharge from military service, order of protection status,
    predisposing genetic characteristics, medical condition, psychological condition, mental condition, criminal accusations and
    convictions, arrest record, expunged or sealed convictions, disability, pregnancy, sexual orientation, or any other trait
    or characteristic protected by federal, state, or local law), and claims for violation of any federal, state, local, or other
    governmental law, statute, regulation, or ordinance relating to the matters set forth below.
	 	 
	30.	IF
    and BTN expressly intend and agree that: (a) class action and representative action procedures shall not be asserted, nor
    will they apply, in any arbitration; (b) each will not assert class action or representative action claims against the other
    in arbitration or otherwise; and (c) IF and BTN shall only submit their own, individual claims in arbitration and will not
    seek to represent the interests of any other person. Further, IF and BTN expressly intend and agree that any claims by IF
    will not be joined, consolidated, or heard together with claims of any other employee.
	 	 
	31.	Any
    arbitral award determination shall be final and binding upon the parties. Judgment on the award rendered by the arbitrator
    may be entered in any court having jurisdiction thereof.
	 	 
	32.	If
    any provision of this agreement to arbitrate is adjudged to be void or otherwise unenforceable, in whole or in part, the void
    or unenforceable provision shall be severed and such adjudication shall not affect the validity of the remainder of this agreement
    to arbitrate.

 

DUTIES
& INDEMNITY

 

	33.	Notwithstanding
    anything to the contrary contained in this Agreement, to the fullest extent permitted by applicable law, the parties hereto
    expressly agree that neither IF nor Swets (IF and Swets together, the “Service Provider”) (including any officer,
    director, partner, principal, employee, representative, agent or other affiliate of the Service Provider) shall have any fiduciary
    duties or obligations to BTN, or any other person/entity or group of persons/entities that is or may become a party to, beneficiary
    of or otherwise bound by this Agreement.

 

    	4

    	 

    

 

	34.	The
    parties hereto also expressly agree that the Service Provider, including any officer, director, partner, principal, employee,
    representative, agent or other affiliate of Service Provider, (each hereinafter referred to as an “Indemnitee”)
    shall not have any liability, responsibility or accountability whatsoever in damages or otherwise to the shareholders of BTN
    or to BTN (including its affiliates) for any debt, obligation, or liability of, or loss suffered by BTN or its affiliates
    that arises out of any act or omission performed or omitted by such Indemnitee, except to the extent of acts or omissions
    that constitute fraud, gross negligence, willful misconduct or a knowing violation of law by such Indemnitee. Each Indemnitee
    shall be indemnified by BTN, and BTN hereby agrees to defend, indemnify, pay, protect and hold harmless the Indemnitee (on
    the demand of and to the satisfaction of such Indemnitee), to the fullest amount available or permitted under law, from and
    against any and all liabilities, obligations, losses, damages, actions, judgments, suits, proceedings, costs, expenses and
    disbursements of any kind or nature arising by reason of the fact that such Indemnitee is or was providing Services to BTN
    (including its affiliates) or is or was serving as a director, officer or other representative of BTN or a subsidiary of BTN
    at the request of BTN except to the extent of acts or omissions that constitute fraud, gross negligence, willful misconduct
    or a knowing violation of law by such Indemnitee. The foregoing indemnification includes, without limitation, all reasonable
    legal fees, costs and expenses of defense, appeal and settlement of any and all suits, actions or proceedings instituted against
    such Indemnitee or BTN (including its affiliates) and all costs of investigation in connection therewith that may be imposed
    on, incurred by or asserted against the Indemnitee or BTN (including its affiliates) in any way relating to or arising out
    of, or alleged to relate to or arise out of, any action or inaction on the part of BTN (including its affiliates), or on the
    part of the Indemnitee, except to the extent of acts or omissions that constitute fraud, gross negligence, willful misconduct
    or a knowing violation of law by such Indemnitee. If any action, suit or proceeding shall be brought, filed, served, or be
    pending against BTN (including its affiliates) or the Indemnitee relating to or arising out of, or alleged to relate to or
    arise out of, any action or inaction on either of their parts, the Indemnitee shall have the right to employ, at the sole
    expense of BTN, separate counsel of its choice in such action, suit or proceeding. 
	 	 
	35.	Any
    expenses (including reasonable attorneys’ fees) incurred by any Indemnitee in defending any action, suit or proceeding
    shall be paid by BTN in advance of the final disposition of such matter if such Indemnitee expressly agrees to repay in full
    all such amounts if such Indemnitee shall ultimately be determined not to be entitled to indemnification under this Agreement.

 

[Signature
page follows.]

 

    	5

    	 

    

 

DATED
this 19th day of May, 2020.

 

	 	BALLANTYNE
    STRONG, INC. 
	 	 
	 	Per:	/s/
    Mark Roberson
	 	Name:	Mark
    Roberson
	 	Title:	Chief
    Executive Officer

 

	 	ITASCA
    FINANCIAL LLC
	 	 	 
	 	Per:	/s/
    Larry G. Swets, Jr.
	 	Name:	Larry
    G. Swets, Jr.
	 	Title:	Managing
    Member

 

[Signature
Page to the Financial and Consulting Services Agreement]

 

    	6

    	 

    

 

APPENDIX
“A”

Services

As
an advisor to BTN’s board of directors (including its committees) and management, IF shall:

 

	 	1.	Work
    with the investment banking firm retained by BTN as the firm explores strategic alternatives, including capital raising.
	 	 	 
	 	2.	Work
    with management on the corporate development and capital raising efforts.
	 	 	 
	 	3.	Work
    with management to engage and assist the direction of outside counsel specifically focused on capital raising.
	 	 	 
	 	4.	Work
    with management on improving communications with external parties including current and prospective shareholders.
	 	 	 
	 	5.	Such
    other services as BTN and IF shall agree.

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