Document:

stro-ex102_221.htm

EXHIBIT 10.2

 

Form as Amended August 2019

SUTRO BIOPHARMA, INC.

2018 Equity Incentive Plan

GLOBAL NOTICE OF PERFORMANCE STOCK UNIT AWARD

Unless otherwise defined herein, the terms defined in the Sutro Biopharma, Inc. (the “Company”) 2018 Equity Incentive Plan (the “Plan”) will have the same meanings in this Global Notice of Performance Stock Unit Award and the electronic representation of this Global Notice of Performance Stock Unit Award established and maintained by the Company or a third party designated by the Company (this “Notice”).  

Name:

Address:

You (“Participant”) have been granted an award of Performance Stock Units (“PSUs”) under the Plan subject to the terms and conditions of the Plan, this Notice and the attached Global Performance Stock Unit Award Agreement (the “Agreement”), including any applicable country-specific provisions in the appendix attached hereto (the “Appendix”), which constitutes part of the Agreement.

Grant Number:

Number of PSUs:

Date of Grant:

Vesting Commencement Date:

	
 
	
Expiration Date:
	
The earlier to occur of: (a) the date on which settlement of all PSUs granted hereunder occurs and (b) the tenth anniversary of the Date of Grant.  This PSU expires earlier if Participant’s Service terminates earlier, as described in the Agreement.
	
 

	
 
	
Vesting Schedule:  
	
Subject to the limitations set forth in this Notice, the Plan and the Agreement, the PSUs will vest in accordance with the following schedule:  [insert applicable performance metrics and vesting schedule]
	
 

By accepting (whether in writing, electronically or otherwise) the PSUs, Participant acknowledges and agrees to the following: 

 

	
 
	
1)
	
Participant understands that Participant’s employment or consulting relationship or Service with the Company or a Parent or Subsidiary or Affiliate is for an unspecified duration, can be terminated at any time (i.e., is “at-will”), except where otherwise prohibited by applicable law, and that nothing in this Notice, the Agreement or the Plan changes the nature of that relationship.  Participant acknowledges that the vesting of the PSUs pursuant to this Notice is subject to Participant’s continuing Service as an Employee, Director or Consultant.  Participant agrees and acknowledges that the Vesting Schedule may change prospectively in the event that Participant’s service status changes between full- and part-time and/or in the event Participant is on a leave of absence, in accordance with Company policies relating to work schedules and vesting of Awards or as determined by the Committee.  

	
 
	
2)
	
This grant is made under and governed by the Plan, the Agreement and this Notice, and this Notice is subject to the terms and conditions of the Agreement and the Plan, both of which are incorporated herein by reference.   Participant has read the Notice, the Agreement and the Plan.  

	
 
	
3)
	
Participant has read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the Company’s securities. 

	
 
	
4)
	
By accepting the PSUs, Participant consents to electronic delivery and participation as set forth in the Agreement.

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SUTRO BIOPHARMA, INC.

2018 Equity Incentive Plan

GLOBAL PERFORMANCE STOCK UNIT AWARD AGREEMENT

 

Unless otherwise defined in this Global Performance Stock Unit Award Agreement (this “Agreement”), any capitalized terms used herein will have the same meaning ascribed to them in the Sutro Biopharma, Inc. 2018 Equity Incentive Plan (the “Plan”). 

Participant has been granted Performance Stock Units (“PSUs”) subject to the terms, restrictions and conditions of the Plan, the Global Notice of Performance Stock Unit Award (the “Notice”) and this Agreement, including any applicable country-specific provisions in the appendix attached hereto (the “Appendix”), which constitutes part of this Agreement.  In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice or this Agreement, the terms and conditions of the Plan shall prevail.

1.Settlement.  Settlement of PSUs will be made within 30 days following the applicable date of vesting under the Vesting Schedule set forth in the Notice.  Settlement of PSUs will be in Shares.  No fractional PSUs or rights for fractional Shares shall be created pursuant to this Agreement.

2.No Stockholder Rights.  Unless and until such time as Shares are issued in settlement of vested PSUs, Participant will have no ownership of the Shares allocated to the PSUs and will have no rights to dividends or to vote such Shares.

3.Dividend Equivalents.  Dividends, if any (whether in cash or Shares), will not be credited to Participant.

4.Non-Transferability of PSUs.  The PSUs and any interest therein will not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis.    

5.Termination.  If Participant’s Service terminates for any reason, all unvested PSUs will be forfeited to the Company forthwith, and all rights of Participant to such PSUs will immediately terminate without payment of any consideration to Participant.  Participant’s Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any) as of the date Participant is no longer actively providing services and Participant’s Service will not be extended by any notice period (e.g., Participant’s Service would not include a period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any). Participant acknowledges and agrees that the Vesting Schedule may change prospectively in the event Participant’s service status changes between full- and part-time and/or in the event Participant is on a leave of absence, in accordance with Company policies relating to work schedules and vesting of awards or as determined by the Committee.  In case of any dispute as to whether and when a termination of Service has occurred, the Committee will have sole discretion to determine whether such termination of Service has occurred and the effective date of such termination (including whether Participant may still be considered to be actively providing Services while on a leave of absence).   

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6.Taxes.  

(a)Responsibility for Taxes.  Participant acknowledges that, regardless of any action taken by the Company or a Parent, Subsidiary or Affiliate employing or retaining Participant (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”) is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer, if any.  Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs and the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  PARTICIPANT SHOULD CONSULT A TAX ADVISER APPROPRIATELY QUALIFIED IN EACH OF THE JURISDICTIONS, INCLUDING COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION.

(b)Withholding.  Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company and/or the Employer to fulfill all Tax-Related Items.  In this regard, Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any withholding obligations for Tax-Related Items by one or a combination of the following:

	
 
	
(i)
	
withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer or any Parent, Subsidiary or Affiliate; or

	
 
	
(ii)
	
withholding from proceeds of the sale of Shares acquired upon settlement of the PSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization and without further consent); or 

	
 
	
(iii)
	
withholding Shares to be issued upon settlement of the PSUs, provided the Company only withholds the number of Shares necessary to satisfy no more than the maximum statutory withholding amounts; or

	
 
	
(iv)
	
Participant’s payment of a cash amount (including by check representing readily available funds or a wire transfer); or

	
 
	
(v)
	
any other arrangement approved by the Committee and permitted under applicable law;

all under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then unless determined otherwise by the Committee in advance of a Tax-Related Items withholding event, the method of withholding for this PSU will be (iii) above.

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Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for Participant’s tax jurisdiction(s) in which case Participant will have no entitlement to the equivalent amount in Shares and may receive a refund of any over-withheld amount in cash in accordance with applicable law.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested PSUs, notwithstanding that a number of the Shares are held back solely for the purpose of satisfying the withholding obligation for Tax-Related Items. 

Finally, Participant agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items.

7.Nature of Grant.  By accepting the PSUs, Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the PSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs, even if PSUs have been granted in the past; 

(c)all decisions with respect to future PSUs or other grants, if any, will be at the sole discretion of the Company; 

(d)Participant is voluntarily participating in the Plan; 

(e)the PSUs and Participant’s participation in the Plan will not create a right to employment or be interpreted as forming or amending an employment or service contract with the Company, the Employer or any Parent, Subsidiary or Affiliate and shall not interfere with the ability of the Company, the Employer or any Parent, Subsidiary or Affiliate, as applicable, to terminate Participant’s employment or service relationship (if any);

(f)the PSUs and the Shares subject to the PSUs, and the income from and value of same, are not intended to replace any pension rights or compensation;

(g)the PSUs and the Shares subject to the PSUs, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

(h)unless otherwise agreed with the Company, the PSUs and the Shares subject to the PSUs, and the income from and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Parent, Subsidiary or Affiliate; 

(i)the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty;

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(j)no claim or entitlement to compensation or damages will arise from forfeiture of the PSUs resulting from Participant’s termination of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any); and

(k)neither the Company, the Employer nor any Parent, Subsidiary or Affiliate will be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the PSUs or of any amounts due to Participant pursuant to the settlement of the PSUs or the subsequent sale of any Shares acquired upon settlement.

8.No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares.  Participant acknowledges, understands and agrees he or she should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

9.Data Privacy.  Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other PSU grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary or Affiliate for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.

Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number (e.g., resident registration number), salary, nationality, job title, any shares of stock or directorships held in the Company, details of all PSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

Participant understands that Data will be transferred to E*TRADE Financial Services, Solium-Shareworks, or other third party (“Online Administrator”) and its affiliated companies or such other stock plan service provider as may be designated by the Company from time to time, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of Data may be located in the United States or elsewhere, and that the recipients’ country may have different data privacy laws and protections than Participant’s country.  Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of Data by contacting his or her local human resources representative.  Participant authorizes the Company, [Online Administrator], or such other stock plan service provider as may be designated by the Company from time to time, and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.  Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting his or her local human resources representative.  Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis.  If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her employment status or service with the Employer will not be affected; the only consequence of 

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refusing or withdrawing Participant’s consent is that the Company would not be able to grant PSUs or other equity awards to Participant or administer or maintain such awards.  Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative.

Finally, upon request of the Company or the Employer, Participant agrees to provide an executed data privacy consent form (or any other agreements or consents) that the Company or the Employer may deem necessary to obtain from Participant for the purpose of administering Participant’s participation in the Plan in compliance with the data privacy laws in Participant’s country, either now or in the future. Participant understands and agrees that Participant will not be able to participate in the Plan if Participant fails to provide any such consent or agreement requested by the Company and/or the Employer. 

10.Language.  Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of this Agreement.  Furthermore, if Participant has received this Agreement or any other document related to the PSU and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

11.Appendix.  Notwithstanding any provisions in this Agreement, the PSUs will be subject to any special terms and conditions set forth in any appendix to this Agreement for Participant’s country.  Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Appendix constitutes part of this Agreement.

12.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the PSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

13.Acknowledgement.  The Company and Participant agree that the PSUs are granted under and governed by the Notice, this Agreement and the provisions of the Plan (incorporated herein by reference).  Participant: (a) acknowledges receipt of a copy of the Plan and the Plan prospectus, (b) represents that Participant has carefully read and is familiar with their provisions, and (c) hereby accepts the PSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice.  

14.Entire Agreement; Enforcement of Rights.  This Agreement, the Plan and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the purchase of the Shares hereunder are superseded. No adverse modification of or adverse amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the parties to this Agreement (which writing and signing may be electronic). The failure by either party to enforce any rights under this Agreement will not be construed as a waiver of any rights of such party.

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15.Compliance with Laws and Regulations.  The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Shares may be listed or quoted at the time of such issuance or transfer.  Participant understands that the Company is under no obligation to register or qualify the Shares with any state, federal or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares.  Further, Participant agrees that the Company shall have unilateral authority to amend the Plan and this PSU Agreement without Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares.  Finally, the Shares issued pursuant to this PSU Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

16.Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision will be enforced to the maximum extent possible given the intent of the parties hereto.  If such clause or provision cannot be so enforced, then (a) such provision will be excluded from this Agreement, (b) the balance of this Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Agreement will be enforceable in accordance with its terms.  

17.Governing Law and Venue.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state’s conflict of laws rules.  

 

Any and all disputes relating to, concerning or arising from this Agreement, or relating to, concerning or arising from the relationship between the parties evidenced by the Plan or this Agreement, will be brought and heard exclusively in the United States District Court for the District of Northern California or the Superior Court of California, County of San Mateo.  Each of the parties hereby represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning or arising from such dispute, and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning or arising from such dispute which is brought in such courts is improper or that such proceedings have been brought in an inconvenient forum.  

18.No Rights as Employee, Director or Consultant.  Nothing in this Agreement will affect in any manner whatsoever any right or power of the Company, or a Parent, Subsidiary or Affiliate, to terminate Participant’s Service, for any reason, with or without Cause.

19.Consent to Electronic Delivery of All Plan Documents and Disclosures.  By Participant’s acceptance of the Notice (whether in writing or electronically), Participant and the Company agree that the PSUs are granted under and governed by the terms and conditions of the Plan, the Notice and this Agreement.  Participant has reviewed the Plan, the Notice and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and Agreement, and fully understands all provisions of the Plan, the Notice and this Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice and this Agreement.  Participant further agrees to notify the Company upon any change in Participant’s residence address.  By acceptance of the PSUs, Participant agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company and consents to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the SEC, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or information related to the PSUs 

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and current or future participation in the Plan.  Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s discretion.  Participant acknowledges that Participant may receive from the Company a paper copy of any documents delivered electronically at no cost if Participant contacts the Company by telephone, through a postal service or electronic mail to Stock Administration. Participant further acknowledges that Participant will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, Participant understands that Participant must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, Participant understands that Participant’s consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail to Stock Administration.

20.Insider Trading Restrictions/Market Abuse Laws.  Participant acknowledges that, depending on Participant’s country of residence, the broker’s country, or the country in which the Shares are listed, Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect Participant’s ability to directly or indirectly, accept, acquire, sell or attempt to sell or otherwise dispose of Shares, or rights to Shares (e.g., PSUs), or rights linked to the value of Shares, during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws or regulations in the applicable jurisdiction).  Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant placed before possessing the inside information.  Furthermore, Participant may be prohibited from (i) disclosing the inside information to any third party, including fellow employees (other than on a “need to know” basis) and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions and understands that Participant should consult his or her personal legal advisor on such matters.   In addition, Participant acknowledges that he or she read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the Company’s securities.  

21.Foreign Asset/Account, Exchange Control and Tax Reporting. Participant may be subject to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash resulting from his or her participation in the Plan.  Participant may be required to report such accounts, assets, the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in Participant’s country and/or repatriate funds received in connection with the Plan within certain time limits or according to specified procedures.  Participant acknowledges that he or she is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting requirements and should consult his or her personal legal and tax advisors on such matters.

22.Code Section 409A.  For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Internal Revenue Code and the regulations thereunder (“Section 409A”).  Notwithstanding anything else provided herein, to the extent any payments provided under this PSU Agreement in connection with Participant’s termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant’s separation from service from the Company or (ii) the date of Participant’s death following such a separation from service; provided, however, that such deferral 

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shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral.  To the extent any payment under this PSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.  Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

23.Award Subject to Company Clawback or Recoupment.  The PSUs shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant’s employment or other Service that is applicable to Participant.  In addition to any other remedies available under such policy, applicable law may require the cancellation of Participant’s PSUs (whether vested or unvested) and the recoupment of any gains realized with respect to Participant’s PSUs.

BY ACCEPTING THIS AWARD OF PSUS, PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

 

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APPENDIX

SUTRO BIOPHARMA, INC.

2018 Equity Incentive Plan

GLOBAL PERFORMANCE STOCK UNIT AWARD AGREEMENT

 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S.

 

Terms and Conditions

 

This Appendix includes additional terms and conditions that govern the PSUs granted to Participant under the Plan if Participant resides and/or works in one of the countries below.  This Appendix forms part of the Agreement.  Any capitalized term used in this Appendix without definition will have the meaning ascribed to it in the Notice, the Agreement or the Plan, as applicable. 

 

If Participant is a citizen or resident of a country, or is considered resident of a country, other than the one in which Participant is currently working, or Participant transfers employment and/or residency between countries after the Date of Grant, the Company will, in its sole discretion, determine to what extent the additional terms and conditions included herein will apply to Participant under these circumstances.

 

Notifications

 

This Appendix also includes information relating to exchange control, securities laws, foreign asset/account reporting and other issues of which Participant should be aware with respect to Participant’s participation in the Plan.  The information is based on the securities, exchange control, foreign asset/account reporting and other laws in effect in the respective countries as of September, 2018.  Such laws are complex and change frequently.  As a result, Participant should not rely on the information herein as the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time that Participant vests in the PSUs, sells Shares acquired under the Plan or takes any other action in connection with the Plan.

 

In addition, the information is general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure Participant of any particular result.  Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s situation.

 

Finally, if Participant is a citizen or resident of a country, or is considered resident of a country, other than the one in which Participant is currently working and/or residing, or Participant transfers employment and/or residency after the Date of Grant, the information contained herein may not apply to Participant in the same manner.

 

None.

10quot-ex101_181.htm

Exhibit 10.1

 

CONSULTING AGREEMENT

This Consulting Agreement is entered into as of August 30, 2019 (“Effective Date”) by and between Quotient Technology Inc., with its principal place of business at 400 Logue Avenue, Mountain View, CA 94043 (“Company”) and Mir Aamir (“Consultant”).

1.Engagement of Services.  Company may from time to time issue Statement(s) of Work in the form attached to as Exhibit A (“SOW”).  Subject to the terms of this Agreement, Consultant will, to the best of its ability, render the Services (the “Services”) set forth in the SOW(s) executed by the parties (the “Project(s)”) by the completion dates set forth therein.  The manner and means by which Consultant chooses to complete the Projects are in Consultant's sole discretion and control.  Consultant agrees to exercise the highest degree of professionalism, and to utilize its expertise and creative talents in completing such Projects.  Consultant will perform the Services necessary to complete the Projects in a timely and professional manner consistent with industry standards, and at a location, place and time which the Consultant deems appropriate.  Consultant will keep the Company advised as to Consultant’s progress in performing the Services under this Agreement, and will, as requested by the Company, prepare written reports with respect to such progress. Consultant may not subcontract or otherwise delegate its obligations under this Agreement without Company's prior written consent.  The terms of this Agreement will also apply to any work relating to Company’s business performed by Consultant prior to the Effective Date.  Consultant will provide, at Consultant’s own expense, a place of work and all equipment, tools and other materials necessary to complete the Services; however, to the extent necessary to facilitate performance of the Services, Company may, in its discretion, make its equipment or facilities available to Consultant at Consultant’s request.  While on the Company’s premises, Consultant agrees to comply with Company’s then-current access rules and procedures, including those related to safety, security and confidentiality.  Consultant agrees and acknowledges that Consultant has no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including stored computer files, email messages and voice messages) and that Consultant’s activities, including the sending or receiving of any files or messages, on or using those systems may be monitored, and the contents of such files and messages may be reviewed and disclosed, at any time, without notice.   Consultant will ensure that each of its employees, consultants and agents who will have access to any Confidential Information or perform any Services has entered into a binding written agreement that is expressly for the benefit of Company and protects Company’s rights and interests to at least the same degree as Section 4.  Company reserves the right to refuse or limit Consultant’s use of any employee, consultant or agent or to require Consultant to remove any employee, consultant or agent already engaged in the performance of the Services.  Company’s exercise of such right will in no way limit Consultant’s obligations under this Agreement.

2.Compensation.  Company shall compensate Consultant as set forth in the applicable SOW.  Consultant will be responsible for all expenses incurred in performing Services under this Agreement; provided, however Consultant will be reimbursed for expenses that are expressly provided for in a SOW or that have been approved in advance in writing by Company, provided Consultant has furnished such documentation for authorized expenses as Company may reasonably request.  Payment of Consultant’s fees and expenses will be in accordance with terms and conditions set forth in the applicable SOW.  

3.Independent Contractor Relationship.  Consultant’s relationship with Company will be that of an independent contractor and nothing in this Agreement should be construed to 

 

 

create a partnership, agency, joint venture, or employer-employee relationship between Company and any of Consultant’s personnel.  Consultant is not the agent of Company and is not authorized to make any representation, contract, or commitment on behalf of Company. Consultant (if Consultant is an individual) and Consultant’s personnel will not be entitled to any of the benefits which Company may make available to its employees, such as group insurance, profit-sharing or retirement benefits.  Consultant will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Consultant’s performance of Services and receipt of fees under this Agreement.  Company will regularly report amounts paid to Consultant by filing Form 1099-MISC with the Internal Revenue Service as required by law.  Because Consultant is an independent contractor, Company will not withhold or make payments for social security; make unemployment insurance or disability insurance contributions; or obtain worker’s compensation insurance on Consultant’s behalf.  If Consultant is an individual or a sole proprietor, Consultant agrees to accept exclusive liability for complying with all applicable state and federal laws governing self-employed individuals, including obligations such as payment of taxes, social security, disability and other contributions based on fees paid to Consultant, its agents or employees under this Agreement.  Consultant hereby agrees to indemnify and defend Company against any and all such taxes or contributions, including penalties and interest.  If Consultant is reclassified by a state or federal agency or court as the Company's employee, Consultant will become a reclassified employee and will receive no benefits from the Company, except those mandated by state or federal law, even if by the terms of the Company's benefit plans or programs of the Company in effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits.

4.Trade Secrets - Intellectual Property Rights.

4.1 Confidential Information.  Consultant agrees during the Term of this Agreement (as defined herein) and thereafter that it will take all steps reasonably necessary to hold Company’s Confidential Information in trust and confidence, will not use Confidential Information in any manner or for any purpose not expressly set forth in this Agreement, and will not disclose any such Confidential Information to any third party without first obtaining Company’s express written consent on a case-by-case basis.  By way of illustration but not limitation “Confidential Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques; and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding the skills and compensation of other employees of Company.  Notwithstanding the other provisions of this Agreement, nothing received by Consultant will be considered to be Company Confidential Information if (1) it has been published or is otherwise readily available to the public other than by a breach of this Agreement; (2) it has been rightfully received by Consultant from a third party without confidential limitations; (3) it has been independently developed for Consultant by personnel or agents having no access to the Company Confidential Information; or (4) it was known to Consultant prior to its first receipt from Company.

 

 

4.2 Third Party Information.  Consultant understands that Company has received and will in the future receive from third parties confidential or Confidential Information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and use it only for certain limited purposes.  Consultant agrees to hold Third Party Information in confidence and not to disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or to use, except in connection with Consultant’s work for Company, Third Party Information unless expressly authorized in writing by an officer of Company.

4.3 No Conflict of Interest.  Company acknowledges that Consultant may provide similar services to third parties, provided however that Consultant may not, during the Term of this Agreement, perform any work (whether as an employee, consultant, advisor or owner) for any entity that is engaged in competition with the Company.  Consultant further agrees that Consultant shall terminate this Agreement immediately upon accepting any employment, consulting or advisory relationship with any competitor of the Company.  Consultant further agrees during the Term to notify the Company in advance before accepting any employment or consulting relationship with any third party so that the Company may assess, in its sole discretion, whether such entity is competitive with the Company, and Company agrees to notify Consultant of the result of its assessment.  Consultant agrees during the Term of this Agreement not to accept work or enter into a contract or accept an obligation in direct conflict with Consultant’s obligations under this Agreement or the scope of Services rendered for Company.  Consultant warrants that to the best of its knowledge, there is no other existing contract or duty on Consultant’s part inconsistent with this Agreement.  Consultant further agrees not to disclose to Company, or bring onto Company’s premises, or induce Company to use any confidential information that belongs to anyone other than Company or Consultant. Breach of this section constitutes a material breach of this Agreement.

4.4 Work Product.  Consultant agrees that any and all Work Product (as defined below) shall be the sole and exclusive property of Company. Consultant agrees to promptly make full written disclosure to Company, will hold in trust for the sole right and benefit of Company, and hereby assigns to Company, or its designee, all right, title, and interest in and to any and all deliverables, technology, inventions, original works of authorship, developments, concepts, improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, which Consultant may solely or jointly conceive or develop or reduce to practice during the course of performing Services for Company (collectively referred to as the "Work Product").  

4.5 Waiver or Assignment of Other Rights.  If Consultant has any rights to the Work Product that cannot be assigned to Company including but not limited to “artist’s rights” or “moral rights”, Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Company with respect to such rights, and agrees, at Company’s request and expense, to consent to and join in any action to enforce such rights.  If Consultant has any right to the Work Product that cannot be assigned to Company or waived by Consultant, Consultant unconditionally and irrevocably grants to Company during the term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to make, have made, modify, use, and sell, reproduce, create derivative works of, distribute, publicly perform and publicly display by all means now known or later developed, such rights.

 

 

4.6 Assistance.  Consultant agrees to cooperate with Company or its designee(s), both during and after the Term of this Agreement, in the procurement and maintenance of Company's rights in the Work Product and to execute, when requested, any other documents deemed necessary by Company to carry out the purpose of this Agreement.  Consultant will assist Company (including but not limited to executing documents) to obtain, and from time to time enforce, United States and foreign intellectual and proprietary rights relating to the Work Product in any and all countries.  Consultant will execute, verify and deliver assignments of such intellectual or proprietary rights to Company or its designee.  Consultant’s obligation to assist Company set forth hereunder will continue beyond the termination of this Agreement, but Company will compensate Consultant at a reasonable rate after such termination for the time actually spent by Consultant at Company’s request on such assistance.  In the event Company is unable for any reason, after reasonable effort, to secure Consultant’s signature on any document needed in connection with the actions specified above in this Section 4.6, Consultant hereby designates and appoints Company and its duly authorized officers and agents as its agent and attorney-in-fact, which appointment is coupled with an interest, to act for and in its behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by Consultant.  Consultant hereby waives and quitclaims to Company any and all claims, of any nature whatsoever, which Consultant now or may hereafter have for infringement of any intellectual or proprietary rights assigned hereunder to Company.

4.7 Background Technology.  Company acknowledges that Consultant may use in the course of performing the Services or incorporate in the deliverables inventions, original works of authorship, developments, improvements, and trade secrets that Consultant can prove with written evidence were made by Consultant prior to engagement with Company or licensed by Consultant from a third party (collectively referred to as "Background Technology").  Background Technology belongs to Consultant, and is not assigned by the Consultant hereunder.  If in the course of Services for Company, Consultant incorporates into a deliverable, the Work Product, or any other Company product, process or machine a Background Technology owned by Consultant or in which it has an interest, Company is hereby granted and has a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license including the right to sublicense to make, have made, modify, use, and sell, reproduce, create derivative works of, distribute, publicly perform and publicly display the Background Technology as part of or in connection with such deliverable, Work Product, product, process or machine. However, in no event will Consultant incorporate into the Work Product any software code licensed under the GNU GPL or LGPL or any similar “open source” license.  Consultant represents and warrants that Consultant has an unqualified right to license to Company all Background Technology as provided in this section.

5.Consultant Representations and Warranties.  Consultant hereby represents and warrants that (a) the Work Product will be an original work of Consultant and any third parties involved in the Project will have executed assignment of rights reasonably acceptable to Company; (b) neither the Work Product nor any element thereof will infringe the intellectual or proprietary rights of any third party; (c) the Services and Work Product will comply with laws and regulations, and with Company’s requirements and the description and specifications set forth in the SOW; (d) Consultant will not grant, directly or indirectly, any rights or interest whatsoever in the Work Product to third parties; (e) Consultant has full right and power to enter into and perform this Agreement without the consent of any third party; (f) Consultant will take all necessary precautions to prevent injury to any persons (including employees of Company) or damage to property 

 

 

(including Company’s property) during the term of this Agreement; and (g) should Company permit Consultant to use any of Company’s equipment, tools, or facilities during the term of this Agreement, Consultant will be responsible for any injury to any person (including death) or damage to property (including Company's property) arising out of use of such equipment, tools or facilities, whether or not such claim is based upon its condition or on the alleged negligence of Company in permitting its use.

6.Indemnification and Limitation of Liability. 

6.1 Indemnification.  Consultant will indemnify and hold harmless Company, its officers, directors, employees, sublicensees, customers and agents from any and all claims, losses, liabilities, damages, expenses and costs (including attorneys’ fees and court costs) which result from a breach or alleged breach of any representation or warranty of Consultant (a “Claim”) set forth in Section 5 of this Agreement, or a determination by a court or agency that the Consultant is not an independent contractor.  Company will give Consultant written notice of any such Claim and Consultant has the right to participate in the defense of any such Claim at its expense.  From the date of written notice from Company to Consultant of any such Claim, Company will have the right to withhold from any payments due Consultant under this Agreement the amount of any defense costs, plus additional reasonable amounts as security for Consultant's obligations under this Section 6. Company acknowledges that the foregoing does not require separate professional liability insurance coverage.

6.2 Limitation of Liability.  IN NO EVENT SHALL COMPANY BE LIABLE TO CONSULTANT OR TO ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOST PROFITS OR LOSS OF BUSINESS, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHER THEORY OF LIABILITY, REGARDLESS OF WHETHER COMPANY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. IN NO EVENT SHALL COMPANY’S LIABILITY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT EXCEED THE AMOUNTS PAID BY COMPANY TO CONSULTANT UNDER THIS AGREEMENT FOR THE SERVICES, DELIVERABLES OR INVENTION GIVING RISE TO SUCH LIABILITY.

 

7.Term; Termination.

7.1 Term. The term of this Agreement (“Term”) is from the Effective Date set forth above, ending as of December 31, 2020, subject to earlier termination by mutual agreement of the parties or as set forth below.  

7.2 Termination by Company.  Company may terminate this Agreement for Cause upon five (5) days’ prior written notice to Consultant.  For purposes of this Agreement, “Cause” shall be defined as follows:  (a) Consultant’s death or disability; (b) Consultant’s material breach of this Agreement or any other agreement between Consultant and the Company; (c) Consultant’s acceptance of full-time employment with a third party; or (d) Consultant’s conviction for any crime. Company may also terminate this Agreement for convenience upon thirty (30) days’ prior written notice to Consultant.

 

 

7.3 Termination by Consultant.  Consultant may terminate this Agreement at any time upon written notice to the Company.  

7.4 Effect of Termination.  During and for a period of two (2) years immediately following termination of this Agreement by either party, Consultant agrees not to directly or indirectly solicit or induce any employee or independent contractor to terminate or breach an employment, contractual or other relationship with Company.  Upon termination of the Agreement or earlier as requested by Company, Consultant will deliver to Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other material containing or disclosing any Work Product, Third Party Information or Confidential Information of Company.  Consultant further agrees that any property situated on Company's premises and owned by Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. All of Consultant’s then-outstanding unvested equity awards shall cease vesting on the termination date of this Agreement.

8.General Provisions.

8.1 Governing Law.  This Agreement will be governed and construed in accordance with the laws of the State of California, USA, as applied to transactions taking place wholly within California between California residents.  The parties hereby expressly consent to the personal jurisdiction of the state and federal courts located in Santa Clara County, California, USA for any lawsuit arising from or related to this Agreement that is permitted under this Agreement.  

8.2 No Publicity.  Consultant may not, without Customer’s written consent, disclose to any third party that Company is a customer of Consultant, or use Customer’s trade name, trademark, or logo. 

8.3 Injunctive Relief.  Consultant agrees that it would be impossible or inadequate to measure and calculate Company's damages from any breach of the covenants set forth in Section 4.  Accordingly, Consultant agrees that if Consultant breaches Section 4, Company will have available, in addition to any other right or remedy available, the right to obtain from any court of competent jurisdiction an injunction restraining such breach or threatened breach and specific performance of any such provision.  Consultant further agrees that no bond or other security shall be required in obtaining such equitable relief and Consultant hereby consents to the issuances of such injunction and to the ordering of such specific performance.

8.4 Severability.  If any provision of this Agreement is held by a court of competent jurisdiction to be contrary to law, such provision will be changed and interpreted so as to best accomplish the objectives of the original provision to the fullest extent allowed by law and the remaining provisions of this Agreement will remain in full force and effect.

8.5 No Assignment.  This Agreement may not be assigned by Consultant without Company’s written consent, and any such attempted assignment will be void and of no effect.

 

 

8.6 Notices.  All notices, demands or consents required or permitted under this Agreement will be in writing.  Notice will be considered delivered and effective when (a) personally delivered; (b) two days following transmission if sent by facsimile with confirmation of receipt; (c) one (1) day after posting when sent by reputable private overnight carrier (e.g.,  DHL, Federal Express, etc.); or (d) five (5) days after posting when sent by certified United States mail.  Notice will be sent to the parties at the addresses set forth on the first page of this Agreement or at such other address as will be given by either party to the other in writing. Notice to Company will also be emailed to Legal at legal@quotient.com.

8.7 Survival.  The following provisions will survive termination of this Agreement: Sections 4, 6, 7.3, and 8.

8.8 Export.  Consultant agrees not to export, directly or indirectly, any U.S. source technical data acquired from Company or any products utilizing such data to countries outside the United States, which export may be in violation of the United States export laws or regulations.

8.9 Waiver.  No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach.  No waiver by Company of any right under this Agreement will be construed as a waiver of any other right.  Company will not be required to give notice to enforce strict adherence to all terms of this Agreement.

8.10 Defend Trade Secrets Act of 2016.  Pursuant to the Defend Trade Secrets Act of 2016, Consultant is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

8.11 Entire Agreement.  This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between the parties.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by both parties.  The terms of this Agreement will govern all SOWs and Services undertaken by Consultant for Company.  In the event of any conflict between this Agreement and a SOW, the SOW will control, but only with respect to the Services set forth herein.

 

 

In Witness Whereof, the parties have caused this Consulting Agreement to be executed by their duly authorized representative.

 

	
QUOTIENT TECHNOLOGY INC.

	
 

	
By:
	
/s/ Jillian Slagter

	
 

	
Jillian Slagter

	
(Printed Name)

	
 

	
Title:
	
 Chief HR Officer

	
 

	
MIR AAMIR

	
 

	
/s/ Mir Aamir

	
(Signature)

	
 

 

 

Statement of Work 

Effective as of the Effective Date

 

This Statement of Work is governed by the terms of the Consulting Agreement in effect between Quotient Technology Inc. (“Company”) and Mir Aamir (“Consultant”).  In the event that any item in this Statement of Work is inconsistent with that Agreement, the terms of this Statement of Work will govern.

1.Services.  Consultant shall advise the Company in any area of his expertise (the “Services”), as requested by the Company’s the Board of Directors or CEO.  Consultant shall perform no more than eight (8) hours of Services per week.  Consultant understands and agrees that he may not communicate on behalf of, referencing, or representing Client, in any manner with any customer, partner or prospect of Client without prior written approval by Client’s CEO.

2.Cash Compensation.  Consultant shall not be entitled to any cash compensation for the Services.  

3.Equity Compensation.

A.The equity awards set forth in Schedule 1 hereto (the “Equity Awards”), which were granted to Consultant while Consultant served as an employee for the Company, shall continue to vest during the Term, and shall continue to be governed in all respects by the terms of the governing plan documents, grant notices and equity agreements.  Any remaining equity awards granted to Consultant while an employee (i) are hereby amended to provide that vesting will cease and (ii) any unvested portion of such awards will be forfeited, in each case as of Consultant’s last day of employment with the Company.  The terms of such remaining equity awards will otherwise remain unchanged.

B.If, during the Term, Client consummates a Change of Control (as defined below), then Client will accelerate the vesting of the Equity Awards such that Consultant will be deemed vested and in the case of stock options and stock appreciation rights, will be deemed exercisable in those shares that would have vested and become exercisable had he remained in continuous service through December 31, 2020.

C.If Client terminates Consultant’s services with the Company for convenience pursuant to Section 7.2 of the Consulting Agreement prior to December 31, 2020, (i) any unvested portion of the Equity Awards shall remain outstanding through December 31, 2020 or the occurrence of a Change of Control (whichever is earlier) so that any acceleration benefits can be provided for if a Change of Control occurs before such date, and (ii) if subsequent to such termination, a Change of Control occurs prior to December 31, 2020, then Client will accelerate the vesting of the Equity Awards such that Consultant will be deemed vested and in the case of stock options and stock appreciation rights, will be deemed exercisable in those shares that would have vested and become exercisable had he remained in continuous service through December 31, 2020.  If no Change of Control occurs prior to December 31, 2020, any unvested portion of the Equity Awards automatically will be forfeited without having vested.  If Client terminates the Consulting Agreement for Cause, or Consultant terminates the Consulting Agreement for any reason, then the Equity Awards will terminate as of the last day of the Term and will not be subject to any acceleration in the event of a subsequent Change of Control.

 

 

D.Definition of Change of Control.  For purposes of this Statement of Work, “Change of Control” means the occurrence of any of the following events:

(1)any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of Client representing 50% or more of the total voting power represented by Client’s then outstanding voting securities; or

(2)the consummation of the sale or disposition by Client of all or substantially all of Client’s assets; or

(3)the consummation of a merger or consolidation of Client with any other corporation, other than a merger or consolidation which would result in the voting securities of Client outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of Client or such surviving entity or its parent outstanding immediately after such merger or consolidation.

Notwithstanding the foregoing, a transaction will not be a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.  

4.Term.  This Statement of Work shall terminate upon the termination of the Consulting Agreement.

 

 

In Witness Whereof, the parties have caused this Statement of Work Agreement to be executed by their duly authorized representative.

 

	
QUOTIENT TECHNOLOGY INC.

	
 

	
By:
	
/s/ Jillian Slagter

	
 

	
 

	
Jillian Slagter

	
(Printed Name)

	
 

	
Title:
	
Chief HR Officer

	
 

	
MIR AAMIR

	
/s/ Mir Aamir

	
(Signature)

 

 

 

 

 

Schedule 1

 

Equity Awards

 

	
Award

Number
	
Grant

Date
	
Granted

Shares

	
 
	
 
	
 

	
Options
	
 
	
 

	
00000599
	
2/17/2016
	
35,250

	
00001006
	
2/17/2016
	
364,750

	
00003288
	
2/14/2017
	
200,000

	
00003991
	
3/1/2018
	
347,000

	
00004526
	
3/1/2019
	
399,372

	
 
	
 
	
 

	
RSUs
	
 
	
 

	
R0001795
	
2/17/2016
	
31,250

	
R0001796
	
8/5/2016
	
125,000

	
R0003298
	
2/14/2017
	
75,000

	
00003978
	
3/1/2018
	
254,000

	
00004512
	
3/1/2019
	
200,803

 

 

 

STATEMENT OF WORK

EFFECTIVE AS OF THE EFFECTIVE DATE

This Statement of Work is governed by the terms of the Consulting Agreement in effect between Quotient TECHNOLOGY INC. (‘‘Company’’) and MIR Aamir (‘‘Consultant’’). In the event that any item in this Statement of work is inconsistent with that Agreement, the terms of this Statement of Work will govern.

1.Services.     Consultant shall advise the Company in any area of his expertise (the ‘‘Services’’), as requested by the Company's the Board of Directors or CEO. Consultant shall perform no more than eight (8) hours of Services per week. Consultant understands and agrees that he may not communicate on behalf of, referencing, or representing Client, in any manner with any customer, partner or prospect of Client without prior written approval by Client’s CEO.

2.Cash Compensation.     Consultant shall not be entitled to any cash compensation for the Services.

5.3.Equity Compensation.

A.The equity awards set forth in Schedule l hereto (the ‘‘Equity Awards’’), which were granted to Consultant while Consultant served as an employee for the Company, shall continue to vest during the Term, and shall continue to be governed in all respect the terms of the governing plan documents, grant notices and equity agreements. Any remaining equity awards granted to Consultant while an employee (i) are hereby amended to provide that vesting will cease and (ii) any unvested portion of such awards will be forfeited, in each case as of Consultant's last day of employment with the Company. The terms of such remaining equity awards will otherwise remain unchanged.

B.If. during the Term. Client consummates a Change of Control (as defined below), then Client will accelerate the vesting of the Equity Awards such that Consultant will be deemed vested and in the case of stock options and stock appreciation rights, will be deemed exercisable in those shares that would have vested and become exercisable had he remained in continuous service through December 31, 2020.

C.If Client terminates Consultant’s services with the Company for convenience pursuant to Section 7.2 of the Consulting Agreement prior to December 31, 2020, (i) any unvested portion of the Equity Awards shall remain  outstanding  through  December  31, 2020 or the occurrence of a Change of Control (whichever is earlier) so that any  acceleration benefits can be provided for if a Change of Control  occurs before  such date, and (ii) if subsequent to such termination, a Change of Control occurs prior to December 31, 2020, then Client will accelerate the vesting of the Equity Awards such that Consultant will be deemed vested and in the case of stock options and stock appreciation rights, will be deemed exercisable in those shares that would have vested and become exercisable had he remained in continuous service through December 31, 2020. If no Change of Control occurs prior to December 31, 2020, any unvested portion of the Equity Awards automatically will be forfeited without having vested. If Client terminates the Consulting Agreement for Cause, or Consultant terminates the Consulting Agreement for any reason, then the Equity Awards will terminate as of the last day of the Term and will not be subject to any acceleration in the event of a subsequent Change of Control.

 

 

D.Definition of Change of Control. For purposes of this Statement of Work. ‘‘Change of Control” means the occurrence of any of the following events:

(1)any ‘‘person’’ (as such term is used in Sections l3(d) and l4(d) of the Securities Exchange Act of l934, as amended) becomes the ‘‘beneficial owner’’ (as defined in Rule l3d-3 under said Act), directly or indirectly, of securities of Client representing 50% or more of the total voting power represented by Client' s then outstanding voting securities; or

(2)the consummation of the sale or disposition by Client of all or substantially all of Client's assets; or

(3)the consummation of a merger or consolidation of Client with any other corporation, other than a merger or consolidation which would result in the voting securities of Client outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or  its  parent) at  least 50% of the total voting power represented by the voting securities of Client or such surviving entity or its parent outstanding immediately after such merger or consolidation.

Notwithstanding the foregoing, a transaction will not be a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.

4.Term.     This Statement of Work shall terminate upon the termination of the Consulting Agreement.

 

 

SCHEDULE l

Equity Awards

 

	
Award

Number
	
Grant

Date
	
Granted

Shares

	
 
	
 
	
 

	
Options
	
 
	
 

	
00000599
	
2/17/2016
	
35,250

	
00001006
	
2/17/2016
	
364,750

	
00003288
	
2/14/2017
	
200,000

	
00003991
	
3/1/2018
	
347,000

	
00004526
	
3/1/2019
	
399,372

	
 
	
 
	
 

	
RSUs
	
 
	
 

	
R0001795
	
2/17/2016
	
31,250

	
R0001796
	
8/5/2016
	
125,000

	
R0003298
	
2/14/2017
	
75,000

	
00003978
	
3/1/2018
	
254,000

	
00004512
	
3/1/2019
	
200,803

 

 

 

A.IN WITNESS WHEREOF, the parties have caused this Statement of Work Agreement to be executed by their duly authorized representative.

 

	
QUOTIENT TECHNOLOGY INC.

	
 
	
 

	
BY:
	
/s/ Jillian Slagter

	
 
	
 

	
Jillian Slagter

	
 

	
(Printed Name)

	
 
	
 

	
Title:
	
Chief HR Officer

	
 
	
 

	
MIR AAMIR

	
 
	
 
	
 

	
Mir Aamir

	
 

	
(Signature)

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