Document:

20180813_RIG_Ex_101

		

			

		

		

			Exhibit 10.1

		

		
			August 10, 2018
		

		
			 
		

		
			Mr. Keelan Adamson
		

		
			 
		

		
			Dear Mr. Adamson:
		

		
			 
		

		
			This employment agreement (the “Agreement”) between you and Transocean Offshore Deepwater Drilling Inc. (“TODDI”) supersedes all prior arrangements.  All references in this Agreement to “Transocean” or “Company” shall mean Transocean Ltd. and its affiliates. 
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			Effectiveness: The Agreement is effective August 10, 2018.      

		
			 
		

			
	
			
				 2.
			

			
	
			
			Title: You will serve as Executive Vice President and Chief Operations Officer of Transocean Ltd.

			
	
			
				 3.
			

			
	
			
			Reporting: You will report to the President and Chief Executive Officer of Transocean Ltd. 

			
	
			
				 4.
			

			
	
			
			Remuneration and other Benefits: The compensation and benefits described in this Agreement are subject to the terms and conditions of the underlying policies and/or plan documents and award agreements governing such compensation or benefits. In the event of any discrepancy, the underlying policies, plan documents or award agreements prevail.

		
			 
		

			
	
			
				 a)
			

			
	
			
			Base Salary:  Your annual gross base salary will be $600,000 and paid on the Company’s U.S. Dollar payroll in accordance with normal Transocean payroll policy (the “Base Salary”).  Your annual gross base salary will be reviewed each year by the Compensation Committee (the “Committee”) of the Board of Directors of Transocean Ltd. (the “Board”) and communicated to you in writing. 

			
	
			
				 b)
			

			
	
			
			Performance Award and Cash Bonus Plan of Transocean Ltd.:  In addition to your Base Salary, you continue to be eligible to participate in the Performance Award and Cash Bonus Plan or any successor plan (the “AIP”) in accordance with its applicable terms and to the extent determined by the Committee in its sole discretion.  

		
			 
		

			
	
			
				 c)
			

			
	
			
			Transocean Ltd. 2015 Long-Term Incentive Plan (LTIP):  You continue to be eligible to participate in the LTIP in accordance with its applicable terms and to the extent determined by the Committee, in its sole discretion.    

		
			 
		

		
			

		 

 

		

			 

		

		

		
			 
		

			
	
			
				 5.
			

			
	
			
			Compensation Condition:  Any compensation (including benefits) to be paid under this Agreement shall, to the extent required by applicable Swiss laws and the Company’s articles of association, be subject to shareholder approval at the general meeting of shareholders of the Company.  

		
			 
		

			
	
			
				 6.
			

			
	
			
			Clawback:  You agree that any compensation paid for your service with the Company under this Agreement shall be subject to forfeiture or reimbursement by you upon first request by the Company if shareholder approval is not obtained at the general meeting of shareholders of the Company to which the respective proposal of the Board regarding the compensation for the Company’s Executive Management Team has been submitted.  

		
			 
		

			
	
			
				 7.
			

			
	
			
			Payment of Taxes:  You are responsible for payment of any taxes and the preparation and the filing of any tax returns required pursuant to your employment with Transocean. You are required to annually submit certain information to Transocean’s current tax advisors. 

		
			 
		

			
	
			
				 8.
			

			
	
			
			Tax Treatment:  Transocean makes no representations as to the tax treatment, favorable or otherwise, of compensation or benefits provided to you pursuant to your employment with Transocean.  The Company undertakes to use commercially reasonable efforts to structure and deliver the compensation and benefits outlined in this Agreement in such a way as to avoid taxation and penalties under Section 409A of the United States Internal Revenue Code (“Section 409A”).  Notwithstanding the foregoing, Transocean shall not be responsible for any adverse tax consequences to which you may be subject, including any taxation or other penalties under Section 409A. 

		
			 
		

			
	
			
				 9.
			

			
	
			
			Deductions:  Transocean will deduct from any compensation and benefits pursuant to this Agreement the applicable employee contributions to social security schemes and pension fund as well as applicable taxes and withholding, if any, payable by you in accordance with the applicable laws and regulations.

		
			 
		

			
	
			
				 10.
			

			
	
			
			Secondment |  Place of Work:  TODDI has the right to second you to an affiliate of Transocean Ltd.  When you perform work in Switzerland, you will be seconded to Transocean Management Services GmbH.  When you perform work outside the United States and Switzerland you will be seconded to GlobalSantaFe Offshore Services Inc.    

		
			 
		

			
	
			
				 11.
			

			
	
			
			Working Time:  You are employed on a full-time basis. You shall continue to dedicate full time, attention and energy to the business of Transocean. 

		 

 

	Any overtime work or additional tasks performed by you are fully compensated by your Base Salary.

		
			 
		

			
	
			
				 12.
			

			
	
			
			Vacation:  You are eligible for 25 vacation days per year in accordance with Transocean’s Travel Allowance and Vacation Days Policy.  

			
	
			
				 13.
			

			
	
			
			Employment Regulations:  In addition to these terms and conditions, you are subject to Transocean’s policies, procedures and practices, as from time-to-time issued and applicable for Transocean’s employees and which may be modified from time to time by Transocean. You confirm receipt of the following documents and understand their content: 

		
			Employee Patent and Secrecy Agreement 
		

		
			Transocean Ltd. 2015 Long-Term Incentive Plan (LTIP) 
		

		
			Performance Award and Cash Bonus Plan of Transocean Ltd. (AIP)
		

		
			Relocation Policy
		

		
			Transocean Code of Integrity
		

		
			Transocean Executive Stock Ownership Policy
		

		
			Transocean Insider Trading Policy
		

		
			Vacation Travel Allowance and Vacation Days Policy
Incentive Compensation Recoupment Policy
		

		
			 
		

			
	
			
				 14.
			

			
	
			
			Termination:  Either party may terminate the employment relationship as per month end by giving 12 months written notice.  During a notice period you will continue to receive your Base Salary at the rate in effect as of such date along with an amount equal to the pro-rata portion of your AIP in the year of termination assuming target achievement.  The Company shall have the right to release you from your obligation to work (i.e., place you on garden leave) during the notice period.    

			
	
			
				 15.
			

			
	
			
			Severance Pay:  In accordance with the Swiss Federal Ordinance Against Excessive Compensation in Public Corporations (the “Minder Legislation”), you are not eligible to participate in the Executive Severance Benefit Policy.

		
			 
		

			
	
			
				 16.
			

			
	
			
			Confidentiality:  Except in the proper performance of your duties or with the written consent of Transocean, you shall not during employment nor at any time thereafter disclose to any person or use for your own purpose or that of others and shall during employment use your best endeavors to prevent the publication or disclosure of any information of a private, confidential or secret nature concerning the business or affairs of Transocean or of any person having dealings with Transocean and which comes to your knowledge during the course of or in connection with your employment. 

		
			 
		

		
			

		 

		

			3

		

		

			 

		

 

		

			
	
			
				 17.
			

			
	
			
			Data Protection:  You agree that Transocean may forward your data for processing purposes to its affiliated companies in Switzerland, the European Union or any other location.

		
			 
		

			
	
			
				 18.
			

			
	
			
			Severability:  If any provision of this Agreement shall be determined or held to be invalid, illegal or unenforceable, including if such invalidity, illegality or unenforceability is due to the Minder Legislation, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. The parties shall negotiate in good faith, to the extent possible, a provision or provisions that are economically similar to the provision or provisions determined or held to be invalid, illegal or unenforceable, including such invalidity, illegality or unenforceability due to the Minder Legislation, taking into account the intentions of the parties at the date of this Agreement, it being understood that failure of an agreement on such replacement provisions shall not in any way affect the validity, legality and enforceability of the remaining provisions of this Agreement. 

		
			 
		

			
	
			
				 19.
			

			
	
			
			Applicable Law and Jurisdiction:  The validity, interpretation, construction and performance of this Agreement shall in all respects be governed by the laws of the State of Texas, without reference to principles of conflict of law.  Any legal suit, action or proceeding arising out of or relating to this Agreement shall be brought in either the federal District Court for the Southern District of Texas—Houston Division or in a judicial district court of Harris County, Texas.

		
			 
		

		
			 
		

		
			 
		

		
			Please confirm your understanding and acceptance of the above terms and conditions by signing and returning to us a copy of this Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

		

			 

		

 

		

		
			Sincerely, 
		

		
			 
		

		
			 
		

		
			Transocean Offshore Deepwater Drilling Inc.
		

		
			 
		

		
			 
		

		
			/s/ Howard DavisAugust 10, 2018
		

		
			__________________________________________________________________________
		

		
			Howard DavisDate
		

		
			EVP, Chief Administrative Officer & 
		

		
			Chief Information Officer
		

		
			 
		

		
			Accepted and Agreed:
		

		
			 
		

		
			 
		

		
			/s/ Keelan AdamsonAugust 13, 2018
		

		
			__________________________________________________________________________
		

		
			Keelan AdamsonDate
		

		
			 
		

		
			 
		

		 

		

			5Exhibit 10.2

 

INCENTIVE STOCK OPTION AGREEMENT

FOR EMPLOYEES

UNDER ROCKET PHARMACEUTICALS, INC.

AMENDED AND RESTATED 2014 STOCK OPTION AND INCENTIVE PLAN

	 	 		 
	 	
Name of Optionee:

		
[•]

	 	 		 
	 	
Number of Option Shares:

		
[Total number of shares underlying the Stock Option]

	 	 		 
	 	
Option Exercise Price per Share:

		
[Exercise price per share equal to the Fair Market Value of a share of common stock RCKT, determined by the last reported sale price of a share of RCKT’s common stock as reported on the NASDAQ Global Market as of the Grant Date]

	 	 		 
	 	
Grant Date:

		
[Date of grant of the Stock Option (for a new employee, typically his/her start date)]

	 	 		 
	 	
Expiration Date:

		
[No more than 10 years from Grant Date]

Pursuant to the Rocket Pharmaceuticals, Inc. Amended and Restated 2014 Stock Option and Incentive Plan as amended through the date hereof (the “Plan”), Rocket Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of Common Stock, par value $0.01 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan.

1.             Exercisability Schedule.  No portion of the Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in the Plan) to accelerate the exercisability schedule hereunder, the Stock Option shall become vested and exercisable with respect to the following number of Option Shares on the dates indicated so long as the Optionee remains an employee of the Company or a Subsidiary (as defined in the Plan) on such dates:

 

	
Incremental Number of

Option Shares Exercisable

	 	
Exercisability Date

	
                       (    %)

	 	                                
	
                       (    %)

	 	                                 
	
                       (    %)

	 	                                 
	
                      (    %)

	 	                                 
	
                      (    %)

	 	                                 

 

Once exercisable, the Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

2.             Manner of Exercise.

(a)          The Optionee may exercise the Stock Option only in the following manner: from time to time on or prior to the Expiration Date, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased.

(b)          Payment of the purchase price for the Option Shares (the “Option Purchase Price”) may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the Option Purchase Price, provided that, in the event that the Optionee chooses to pay the Option Purchase Price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or (iv) a combination of (i), (ii) and (iii) above. Payment instruments will be received subject to collection.

(c)          The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full Option Purchase Price, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the Option Purchase Price by previously owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the Shares attested to.

(d)          The shares of Stock purchased upon exercise of the Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such transfer and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to the Stock Option unless and until the Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock.

 

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(e)          The minimum number of shares with respect to which the Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which the Stock Option is being exercised is the total number of shares subject to exercise under the Stock Option at the time.

(f)           Notwithstanding any other provision hereof or of the Plan, no portion of the Stock Option shall be exercisable after the Expiration Date.

3.             Termination of Employment.  If the Optionee’s employment by the Company or a Subsidiary is terminated, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below.

(a)          Termination Due to Death.  If the Optionee’s employment terminates by reason of the Optionee’s death, then any unvested portion of the Stock Option shall become fully vested and exercisable as of the date of the Optionee’s death and the Stock Option may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from such date or until the Expiration Date, if earlier.

(b)          Termination Due to Disability.  If the Optionee’s employment terminates by reason of the Optionee’s permanent and total Disability (as defined herein), then any unvested portion of the Stock Option shall become fully vested and exercisable as of the date of the determination of such Disability by the Administrator and the Stock Option may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from such date or until the Expiration Date, if earlier. “Disability” means, as determined by the Administrator in its discretion exercised in good faith, the Optionee’s inability to engage in the activities required by the Optionee’s position at the Company by reason of any medically determinable and documented physical or mental impairment which can reasonably be expected to result in death or to last for a continuous period of not less than 24 months. A determination of Disability may be made by a physician selected or approved by the Administrator and, in this respect, Optionee shall submit to an examination by such physician upon request by the Administrator.

(c)          Termination for Cause.  If the Optionee’s employment terminates for Cause (as defined herein), (i) any portion of the Stock Option outstanding on the date of termination may be exercised, to the extent exercisable on such date, for a period of two business days from the date of termination or until the Expiration Date, if earlier, and (ii) any portion of the Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect.  “Cause” means, unless otherwise provided in an employment agreement between the Company and the Optionee, a determination by the Administrator that the Optionee shall be dismissed as a result of:  (i) any material breach by the Optionee of any agreement between the Optionee and the Company; (ii) the conviction of, indictment for or plea of nolo contendere by the Optionee to a felony or a crime involving moral turpitude; or (iii) any material misconduct or willful and deliberate non-performance (other than by reason of the Optionee’s permanent and total Disability) by the Optionee of the Optionee’s duties to the Company.

 

3

(d)          Other Termination.  If the Optionee’s employment terminates for any reason other than the Optionee’s death, the Optionee’s total and permanent Disability or Cause, and unless otherwise determined by the Administrator, (i) any portion of the Stock Option outstanding on the date of termination may be exercised, to the extent exercisable on such date, for a period of three months from the date of termination or until the Expiration Date, if earlier, and (ii) any portion of the Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect.

The Administrator’s determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives or legatees.

The Optionee acknowledges that he or she may be required to exercise the Stock Option within a limited period of time following the date of termination of his or her employment with the Company in order to comply with the requirements of Section 422 of the Internal Revenue Code of 1986, as amended, (the “Code”) applicable to “incentive stock options” (as defined therein).

4.             Incorporation of Plan.  Notwithstanding anything herein to the contrary, the Stock Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the meanings specified in the Plan, unless a different meaning is specified herein.

5.             Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. The Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

6.             Acceleration of Vesting.  Notwithstanding any provision of the Plan or this Agreement to the contrary, if a Sale Event (as defined in the Plan) occurs and the Optionee’s service as an employee of the Company or a Subsidiary is terminated by the Company or such Subsidiary without Cause or by the Optionee for Good Reason (as defined herein) within 12 months following the Sale Event, 100% of the shares subject to the Stock Option shall become immediately vested and exercisable.  “Good Reason” means without the Optionee’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Optionee describing the applicable circumstances (which notice must be provided by the Optionee within ninety (90) days of the Optionee’s knowledge of the applicable circumstances), of one or more of the following:  (a) any material, adverse change in the Optionee’s duties, responsibilities, authority, title, or reporting structure; (b) a material reduction in the Optionee’s base salary or bonus opportunity; or (c) a geographical relocation of the Optionee’s principal office location by more than fifty (50) miles.

 

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7.             Status of the Stock Option. The Stock Option is intended to qualify as an “incentive stock option” under Section 422 of the Code, but the Company does not represent or warrant that the Stock Option qualifies as such.  The Optionee should consult with his or her own tax advisors regarding the tax effects of the Stock Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements. To the extent any portion of the Stock Option does not so qualify as an “incentive stock option,” such portion shall be deemed to be a non-qualified stock option. If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the transfer of such shares to him or her, or within the two-year period beginning on the day after the grant of the Stock Option, he or she will so notify the Company within 30 days after such disposition.

8.             Tax Withholding.  The Optionee shall, not later than the date as of which the exercise of the Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause the minimum required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value (as defined in the Plan) that would satisfy the minimum withholding amount due.

9.             No Obligation to Continue Employment.  Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Optionee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time.

10.           Integration. This Agreement constitutes the entire agreement between the parties with respect to the Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter.

11.           Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the Optionee:  (a) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (b) waives any privacy rights the Optionee may have with respect to the Relevant Information; (c) authorizes the Relevant Companies to store and transmit such information in electronic form; and (d) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Optionee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law.

12.           Notices. Notices hereunder shall be mailed or delivered to the Company at its offices (with the address as of the Grant Date set forth in the signature page hereto) and shall be mailed or delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

(Signatures follow.)

 

5

	 	
ROCKET PHARMACEUTICALS, INC.

	 	 	 
	 	
By:

	 
	 	 	 
	 	
Name:

	 
	 	 	 
	 	
Title:

	 
	 	 	 
	 	
Address:

	
430 East 29th Street, Suite 1040

New York, NY 10016, U.S.A

 

This Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.  Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Optionee (including through an online acceptance process) is acceptable.

	
Dated:

	 	 	 
	 	 	
Optionee’s Signature

	 	 	 
	 	 	
Optionee’s name and address:

	 	 	 
	 	 	
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

(Signature Page to Incentive Stock Option Agreement)

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