Document:

onvo-ex102_49.htm

Exhibit 10.2

 

CONSULTING AGREEMENT

 

This Consulting Agreement (the “Agreement”) is made effective as of August 25, 2020 (the “Effective Date”), by and between Organovo, Inc., a Delaware corporation, with its principal place of business being 440 Stevens Avenue, Suite 200, Solana Beach, CA 92075 (the “Company”) and Danforth Advisors, LLC, a Massachusetts limited liability corporation, with its principal place of business being 91 Middle Road, Southborough, MA 01772 (“Danforth”). The Company and Danforth are herein sometimes referred to individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, the Company possesses know-how and proprietary technology related to 3D bioprinting and drug discovery; and

 

WHEREAS, Danforth has expertise in financial and corporate operations and strategy;

and

 

WHEREAS, Danforth desires to serve as an independent consultant for the purpose of providing the Company with certain strategic and financial advice and support services, as more fully described in Exhibit A attached hereto, (the "Services"); and

 

WHEREAS, the Company wishes to engage Danforth on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which are hereby acknowledged, the Parties agree and covenant as follows.

 

	
 
	
1.
	
Services of Consultant. Danforth will assist the Company with matters relating to the Services. The Services are more fully described in Exhibit A attached hereto. Danforth and the Company will review the Services on a monthly basis to prioritize and implement the tasks listed on Exhibit A.
	
 

 

	
 
	
2.
	
Compensation for Services. In full consideration of Danforth’s full, prompt and faithful performance of the Services, the Company shall compensate Danforth a consulting fee more fully described in Exhibit A (the “Consulting Fee”). Danforth shall, from time to time, but not more frequently than once per calendar month, provide the Company with an itemized invoice for Services rendered for that month, and such invoice will be paid upon 30 days of receipt. Each month the Parties shall evaluate jointly the current fee structure and scope of Services. Danforth reserves the right to an annual increase in consultant rates of up to 4%, effective January 1 of each year. Upon termination of this Agreement pursuant to Section 3, no compensation or benefits of any kind as described in this Section 2 shall be payable or issuable to Danforth after the effective date of such termination. In addition, the Company will reimburse Danforth for reasonable out-of- pocket business expenses, including but not limited to travel and parking, incurred by Danforth in performing the Services hereunder, upon submission by Danforth of supporting documentation in accordance with Company’s travel policy (attached as Exhibit B) and reasonably acceptable to the Company. Any such accrued expenses in any given three (3) month period that exceed $1,000 shall be submitted to the Company for its prior written approval.
	
 

 

 

 

All Danforth invoices and billing matters should be addressed to:

 

			
	
Company Accounts Payable Contact:
	
 
	
Jordan Beltran, Assistant Controller

	
 
	
 
	
Accounts Payable

	
 
	
 
	
Email: AP@organovo.com

	
 
	
 
	
Phone: 858-224-1000

	
 
	
 
	
Organovo, Inc.

	
 
	
 
	
440 Stevens Avenue, Suite 200 Solana Beach, CA 92075

 

All Company payments and billing inquiries should be addressed to:

 

			
	
Danforth Accounting:
	
 
	
Betsy Sherr bsherr@danforthadvisors.com (508) 277-0031

	
 
	
 
	
Danforth Advisors PO Box 335

	
 
	
 
	
Southborough, MA 01772

 

	
 
	
3.
	
Term and Termination. The term of this Agreement will commence on the Effective Date and will continue for a two year term (“Term”) This Agreement may be terminated by either Party hereto: (a) with Cause (as defined below), upon 30 days prior written notice to the other Party; or (b) without cause upon 60 days prior written notice to the other Party. For purposes of this Section 3, “Cause” shall include: (i) a breach of the terms of this Agreement which is not cured within 30 days of written notice of such default or (ii) the commission of any act of fraud, embezzlement or deliberate disregard of a rule or policy of the Company.
	
 

 

	
 
	
4.
	
Time Commitment. Danforth will devote such time to perform the Services under this Agreement as may reasonably be required.
	
 

 

	
 
	
5.
	
Place of Performance. Danforth will perform the Services at such locations upon which the Company and Danforth may mutually agree. Danforth will not, without the prior written consent of the Company, perform any of the Services at any facility or in any manner that might give anyone other than the Company any rights to or allow for disclosure of any Confidential Information (as defined below).
	
 

 

	
 
	
6.
	
Compliance with Policies and Guidelines. Danforth will perform the Services in accordance with all rules or policies adopted by the Company that the Company discloses in writing to Danforth.
	
 

 

 

 

	
 
	
7.
	
Confidential Information. Danforth acknowledges and agrees that during the course of performing the Services, the Company may furnish, disclose or make available to Danforth business, technical, commercial and/or regulatory information, whether disclosed or provided in oral, written, graphic or electronic form including, but not limited to, material, compilations, data, licenses, formulae, models, discoveries, developments, inventions, techniques, patent disclosures, procedures, suppliers, pricing lists, processes, schematics, business plans, forecasts, projections, budgets, protocols, results of experimentation and testing, specifications, marketing plans, strategies and techniques, and all tangible and intangible embodiments thereof of any kind whatsoever (including, but not limited to, any apparatus, biological or chemical materials, animals, cells, compositions, documents, drawings, machinery, patent applications, records and reports), which is owned or controlled by the Company and is marked or designated as confidential at the time of disclosure or is of a type that is customarily considered to be confidential information (collectively the “Confidential Information"). Danforth acknowledges that the Confidential Information or any part thereof is the exclusive property of the Company and shall not be disclosed to any third party without first obtaining the written consent of the Company. Danforth further agrees to take all practical steps to ensure that the Confidential Information, and any part thereof, shall not be disclosed or issued to its affiliates, agents or employees, except on like terms of confidentiality. Notwithstanding the foregoing, Confidential Information shall not include any such information which Consultant can establish (i) was publicly known or made generally available prior to the time of disclosure to Consultant; (ii) becomes publicly known or made generally available after disclosure to Consultant through no wrongful action or inaction of Consultant; or (iii) is in the rightful possession of Consultant, without confidentiality obligations, at the time of disclosure as shown by Consultant’s then-contemporaneous written records; provided that any combination of individual items of information shall not be deemed to be within any of the foregoing exceptions merely because one or more of the individual items are within such exception, unless the combination as a whole is within such exception. The above provisions of confidentiality shall apply for a period of five years.
	
 

 

	
 
	
8.
	
During and after the term of this Agreement, Consultant will hold in the strictest confidence, and take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential Information, and Consultant will not (i) use the Confidential Information for any purpose whatsoever other than as necessary for the performance of the Services on behalf of the Company, or (ii) disclose the Confidential Information to any third party without the prior written consent of an authorized representative of Company, except that Consultant may disclose Confidential Information to the extent compelled by applicable law; provided however, prior to such disclosure, Consultant shall provide prior written notice to Company and seek a protective order or such similar confidential protection as may be available under applicable law. Consultant agrees that no ownership of Confidential Information is conveyed to the Consultant. Without limiting the foregoing, Consultant shall not use or disclose any Company property, intellectual property rights, trade secrets or other proprietary know-how of the Company to invent, author, make, develop, design, or otherwise enable others to invent, author, make, develop, or design identical or substantially similar designs as those developed under this Agreement for any third party. Consultant agrees that Consultant’s obligations under this Section shall continue after the termination of this Agreement. Notwithstanding the foregoing, federal law provides immunity for any disclosure of trade secrets when such disclosure is made to a federal, state, or local government official, or to an attorney, if such disclosure is made solely for 
	
 

 

 

	
 
		
the purpose of reporting or investigating a suspected violation of law. In addition, the law provides immunity for any complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 18 U.S.C. § 1833(b). Disclosures made in compliance with 18 U.S.C. § 1833(b) shall not create liability, either criminally or civilly.”
	
 

 

	
 
	
9.
	
Intellectual Property. Danforth agrees that all ideas, inventions, discoveries, creations, manuscripts, properties, innovations, improvements, know-how, designs, developments, apparatus, techniques, methods, and formulae that Danforth conceives, makes, develops or improves as a result of performing the Services, whether or not reduced to practice and whether or not patentable, alone or in conjunction with any other party and whether or not at the request or upon the suggestion of the Company (all of the foregoing being hereinafter collectively referred to as the “Inventions”), shall be the sole and exclusive property of the Company. Danforth hereby agrees in consideration of the Company’s agreement to engage Danforth and pay compensation for the Services rendered to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged that Danforth shall not, without the prior written consent of the Company, directly or indirectly, consult for, or become an employee of, any company which conducts business in the Field of Interest anywhere in the world.  As used herein, the term “Field of Interest” shall mean the research, development, manufacture and/or sale of the products resulting from the Company’s technology. The limitations on competition contained in this Section 8 shall continue during the time that Danforth performs any Services for the Company, and for a period of three months following the termination of any such Services that Danforth performs for the Company. If any part of this section should be determined by a court of competent jurisdiction to be unreasonable in duration, geographic area, or scope, then this Section 8 is intended to and shall extend only for such period of time, in such area and with respect to such activity as is determined to be reasonable. Except as expressly provided herein, nothing in this Agreement shall preclude Danforth from consulting for or being employed by any other person or entity.
	
 

 

	
 
	
10.
	
Non Solicitation. All personnel representing Danforth are employees or contracted agents of Danforth. Accordingly, they are not retainable as employees or contractors by the Company and the Company hereby agrees not to solicit, attempt to hire or retain their services for so long as they are employees or contracted agents of Danforth and for one year thereafter. Should the Company violate this restriction, it agrees to pay Danforth liquidated damages equal to thirty 30% of the employee’s starting annual base salary and target annual bonus for each Danforth contracted agent hired by the Company in violation of this Agreement, plus Danforth’s reasonable attorneys’ fees and costs incurred in enforcing this agreement should the Company fail or refuse to pay the liquidated damages amount in full within 30 days following its violation. The above notwithstanding, it is not a breach of this provision to hire an individual who applies to Client’s job posting without being recruited by Client, in which case no liquidated damages shall be owed.
	
 

 

	
 
	
11.
	
Placement Services. In the event that Danforth is asked to refer potential employees to the Company, does refer a potential employee to the Company and that individual is hired, Danforth shall receive a fee equal to 20% of the employee’s starting annual base salary and target annual bonus (unless the individual had applied for a position prior to the referral by Danforth, in which case no fee is owed). This fee is due and owing whether an individual is hired, directly or indirectly on a permanent basis or on a contract or consulting basis by the Company, as a result of Danforth’s efforts during the Term of this Agreement. Such payment is due within 30 days of the 
	
 

 

 

	
 
		
employee’s start date.
	
 

 

	
 
	
12.
	
No Implied Warranty. Danforth represents and warrants to the Company that Danforth possesses the business, professional and technical expertise and the resources, including without limitation equipment, facilities and employees to perform these Services. Except for any express warranties stated herein, the Services are provided on an "as is" basis, and the Company disclaims any and all other warranties, conditions, or representations (express, implied, oral or written), relating to the Services or any part thereof. Further, in performing the Services Danforth is not engaged to disclose illegal acts, including fraud or defalcations, which may have taken place. The foregoing notwithstanding, Danforth will promptly notify the Company if Danforth becomes aware of any such illegal acts during the performance of the Services. Because the Services do not constitute an examination in accordance with standards established by the American Institute of Certified Public Accountants (the “AICPA”), Danforth is precluded from expressing an opinion as to whether financial statements provided by the Company are in conformity with generally accepted accounting principles or any other standards or guidelines promulgated by the AICPA, or whether the underlying financial and other data provide a reasonable basis for the statements.
	
 

 

	
 
	
13.
	
Indemnification. Consultant agrees to indemnify and hold Danforth hereto, its directors, officers, agents and employees harmless against any claim based upon circumstances alleged to be inconsistent with such representations and/or warranties contained in this Agreement. Further, Danforth shall indemnify and hold harmless the Company against any claims, losses, damages or liabilities (or actions in respect thereof) that arise out of or are based on the Services performed hereunder, except for any such claims, losses, damages or liabilities arising out of the negligence or willful misconduct of the Company or any of its subcontractors.
	
 

 

	
 
	
14.
	
Independent Contractor. Danforth is not, nor shall Danforth be deemed to be at any time during the term of this Agreement, an employee of the Company, and therefore Danforth shall not be entitled to any benefits provided by the Company to its employees, if applicable. Danforth’s status and relationship with the Company shall be that of an independent contractor and consultant. Danforth shall not state or imply, directly or indirectly, that Danforth is empowered to bind the Company without the Company's prior written consent. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. Danforth will be solely responsible for payment of all charges and taxes arising from his or her relationship to the Company as a consultant.
	
 

 

	
 
	
15.
	
Records. Upon termination of Danforth’s relationship with the Company, Danforth shall deliver to the Company any property or Confidential Information of the Company relating to the Services which may be in its possession including products, project plans, materials, memoranda, notes, records, reports, laboratory notebooks, or other documents or photocopies and any such information stored using electronic medium.
	
 

 

	
 
	
16.
	
Data Protection. Depending on the Services Service Provider performs, Danforth may be required to access, collect, retain, disclose or otherwise process individually identifiable health information or information identifying or, in combination with other information, identifiable to a living individual (“Personal Data”). For purposes of this Agreement, 
	
 

 

 

	
 
		
“Processing” (and its conjugates, including, without limitation, “Process”) means any operation or set of operations that is performed upon Personal Data, including, without limitation, any collection, recording, retention, organization, storage, adaptation, alteration, retrieval, consultation, blocking erasure use, disclosure, access, transfer, or destruction, whether or not by electronic means. In that event, Danforth agrees to collect and process Personal Data solely as described in this Agreement and not use such Personal Data further for any other purpose or in any other manner except where such further use is required by applicable law, regulation or governmental authority. Further, Danforth agrees to abide by all applicable data protection and privacy laws while performing the Services, and shall afford Personal Data all the protections applicable to Confidential Information as set forth in this Agreement. Danforth shall maintain appropriate safeguards to ensure the confidentiality and security of the Personal Data and shall inform Company within three
	
 

(3) days about any unauthorized or unintentional access to or disclosure of Personal Data (“Security Breach”), including the timing and nature of the Security Breach, and provide all reasonable assistance to remedy the Security Breach. Where applicable data protection laws require the parties to enter into additional agreements or undertakings, including international data transfer agreements, Danforth shall undertake to ensure that all necessary agreements are implemented and in place. In the event of a Security Breach, Danforth shall also

 

	
 
	
(i)
	
reasonably cooperate with Company in connection with the investigation of such Security Breach and not make any public announcements relating to such Security Breach without Company’s prior written approval;

 

	
 
	
(ii)
	
take all necessary and appropriate corrective action, including without limitation, at the request of Company and at the expense of Danforth, provide notice to all persons whose Personal Information may have been affected by such Data Security Breach, whether or not such notice is required by applicable law; and

 

	
 
	
(iii)
	
reimburse Company for all reasonable costs, including attorneys’ fees, Company may incur in connection with remediation efforts.

 

	
 
	
17.
	
Notices.  Any notice under this Agreement shall be in writing (except in the case of verbal communications, emails and teleconferences updating either Party as to the status of work hereunder) and shall be deemed delivered upon electronic delivery via email with confirmed receipt, personal delivery, one day after being sent via a reputable nationwide overnight courier service or two days after deposit in the mail or on the next business day following transmittal via facsimile. Notices under this Agreement shall be sent to the following representatives of the Parties:
	
 

 

If to the Company:

 

	
 
	
Name:
	
Organovo, Inc.

	
 
	
Title:
	
Legal Department

	
 
	
Address:
	
440 Stevens Avenue, Suite 200, Solana Beach, CA 92075 

	
 
	
Phone:
	
858-224-1000

	
 
	
E-mail:
	
legal@organovo.com 

 

 

If to Danforth:

	
 
	
Name:
	
Gregg Beloff

	
 
	
Title:
	
Managing Director

	
 
	
Address:
	
91 Middle Road Southborough, MA 01772

	
 
	
Phone:
	
(617) 686-7679

	
 
	
E-mail:
	
gbeloff@danforthadvisors.com

 

	
 
	
18.
	
Assignment, Subcontracting, and Successors. This Agreement may not be assigned by a Party without the consent of the other which consent shall not be unreasonably withheld, except that each Party may assign this Agreement and the rights, obligations and interests of such Party, in whole or in part, to any of its Affiliates, to any purchaser of all or substantially all of its assets or to any successor corporation resulting from any merger or consolidation of such Party with or into such corporation. Danforth may not engage subcontractors under this Agreement without the Company’s prior written approval.
	
 

 

	
 
	
19.
	
Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party. In the event of such force majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder.
	
 

 

	
 
	
20.
	
Headings. The Section headings are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.
	
 

 

	
 
	
21.
	
Integration; Severability. This Agreement is the sole agreement with respect to the subject matter hereof and shall supersede all other agreements and understandings between the Parties with respect to the same. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected.
	
 

 

	
 
	
22.
	
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California , excluding choice of law principles. The Parties agree that any action or proceeding arising out of or related in any way to this Agreement shall be brought solely in a Federal or State court of competent jurisdiction sitting in the State of California.
	
 

	
 
	
23.
	
Attorneys’ Fees. In any court action at law or equity that is brought by one of the Parties to this Agreement to enforce or interpret the provisions of this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that Party may be entitled.
	
 

 

	
 
	
24.
	
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one agreement.
	
 

 

If you are in agreement with the foregoing, please sign where indicated below, whereupon this Agreement shall become effective as of the Effective Date.

 

 

 

 

	
DANFORTH ADVISORS, LLC

 
	
 
	
 
	
ORGANOVO, INC

	
By:
	
/s/ Chris Connors
	
 
	
 
	
By:
	
/s/ Taylor Crouch

	
 
	
 
	
 
	
 
	
 
	
 

	
Print Name:
	
Chris Connors
	
 
	
 
	
Print Name:
	
Taylor Crouch

	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
President
	
 
	
 
	
Title:
	
Chief Executive Officer / President

 

 

 

 

 

EXHIBIT A

 

Description of Services and Schedule of Fees

 

Danforth will perform mutually agreed to finance and accounting functions which are necessary to support the management and operations of the Company, certain of which are set forth below.

 

 

Transition Support Prior to Organovo’s Annual Meeting

 

	
 
	
•
	
In anticipation of a potential Change of Control, Consultant will spend a maximum of 20 hours of time between the Effective Date and the Company’s Annual Meeting on September 15, 2020, coming up to speed on the Company’s financial systems and preparing for a transition to take place following the Annual Meeting, assuming that the shareholders approve the proposed Change of Control.

 

CFO Services ($375/hour): Christopher Heberlig

 

Assuming that Organovo’s shareholders approve the proposed Change of Control, and subject to approval by the Company’s Board of Directors following the Annual Meeting, Consultant may provide the following services:

 

	
 
	
•
	
Serve as an officer of the Company

	
 
	
•
	
Participate in longer-term strategic planning process

	
 
	
•
	
Participate in financing activities, including additional capital raises and/or debt and equity restructurings
	
 

	
 
	
•
	
Oversee the finance and accounting functions, including the Danforth engagement team

	
 
	
•
	
Board, Audit, Compensation, and Corporate Governance committee meeting preparation, support and attendance
	
 

	
 
	
•
	
Provide finance support for operational planning

	
 
	
•
	
Participate in supplier contract negotiation and cost reduction planning

	
 
	
•
	
Assist with corporate and business development/licensing initiatives

	
 
	
•
	
Perform financial modeling, planning and analysis

	
 
	
•
	
Strategic opportunity assessment

	
 
	
•
	
Stock option plan management

	
 
	
•
	
Capitalization table managementonvo-ex103_46.htm

 

Exhibit 10.3

 

	
 
	
 
	
Organovo, Inc.

440 Stevens Avenue, Suite 200

Solana Beach, CA 92075

 

September 15, 2020

 

Jeffrey Miner, Ph.D. 

4572 Pauling Ave.

San Diego, CA 92122

 

Dear Jeff:

On behalf of Organovo Inc., (“Organovo”) it is our great pleasure to extend you an offer of employment as Chief Scientific Officer of Organovo and Organovo Holdings, Inc. (the “Company”), contingent on approval by the Company’s Board of Directors (the “Board”), reporting to Keith Murphy, Executive Chairman. In making this offer, we are expressing our enthusiastic support for the skills and commitment you will bring to our exciting team. We are pleased to offer you the following:

 

Salary: Your base salary for this exempt position will be $225,000.00 per year, paid bi-weekly and subject to deductions and income tax withholding as required by law or the policies of the Company. Future increases will be considered by the Compensation Committee in its review or executive compensation.

 

Benefits: The Company will be evaluating its benefits offerings and you will receive the benefits appropriate to the Company’s final offerings suitable for this level position after this review is completed and new benefits offerings are finalized.

 

Bonus: You are eligible to participate in the Company's Short-Term Incentive Plan, which is established annually by the Compensation Committee. Your target incentive bonus for fiscal 2021 will be 35% of your base salary; however, the actual bonus received will be based upon the Company's performance and your achievement of individual performance goals established by the Compensation Committee. Your fiscal 2021 bonus payment will be subject to required deductions, and withholdings and will be calculated on a prorated basis based on your W-2 earnings. The Company's Compensation Committee shall have the sole discretion to determine whether you have earned any bonus set forth in this paragraph, and if so, the amount of any such bonus.

 

Equity Package: In addition, subject to approval by the Board's Compensation Committee after your start date, we are pleased to offer you a Stock Option Award (the "Stock Option"). The Stock Option will be exercisable for 100,000 shares of the Company's common stock (the "Option Shares") (equal to approximately 2% of the Company's outstanding common stock as of the date of grant. The exercise price for the Option Shares will be set at the closing market price of the Company's common stock on the Nasdaq Stock Market on the date the Compensation Committee approves the grant. One-fourth (1/ 4th) of the Option Shares will vest one year from your start date at the Company (the "Vesting Commencement Date"), and the remaining Option Shares will vest on a quarterly basis thereafter over a period totaling four years from the Vesting Commencement Date, subject to your continuous service through such date.

 

 

 

The Company intends to grant the equity awards as "inducement grants" within the meaning of Nasdaq Marketplace Rule 5635(c)(4) (the "Inducement Grant Rules"). While the equity grants will be granted outside of the Company's 2012 Equity Incentive Plan (the "Plan"), the other terms and conditions applicable to the options and RSUs will be consistent with those applicable to options and RSUs granted to the Company's executive officers under the Plan, as described in the applicable Stock Option Agreement and RSU Agreement. The Company will file a Registration Statement on Form S-8 to cover the issuance of the equity awards and the sale of the underlying shares of Company's common stock.

 

Severance and Change in Control: You are eligible to participate in the Company's Severance and Change in Control Plan (the "Plan"), which is attached hereto, as a Tier 2 Employee. The Plan has been approved by the Board and may be modified by the Board in the future.

 

Start Date: Should you find our offer attractive and contingent upon Board approval, we would like your start date to be September 15, 2020.

 

This employment offer is contingent upon you signing our Employee Confidentiality Agreement providing legally required evidence of your right to work in the United States as well as Organovo's successful completion of your references and background check. In consideration of your employment, you also agree to conform to the policies and standards of the Company.

 

Your employment as Chief Scientific Officer is a part-time position. While you render services to the Company, you agree to reserve sufficient time for our business activity (expected to be at least half-time) and to obtain the Board's approval for any changes to this expectation, pursuant to the Company's Corporate Governance Guidelines. The Board agrees to handle any such requests promptly and in good faith.

 

Your employment will be "at-will" and either party may terminate the relationship at any time with or without cause and with or without notice.

 

By your signature below, you acknowledge that you will be an exempt employee and that this offer letter supersedes any prior offer letters, arrangements or discussions between you and the Company (and its wholly-owned subsidiary Organovo Inc.), and represents the entire agreement between you and Organovo, and that no verbal or written agreements, promises or representations that are not specifically stated in this offer, are or will be binding upon Organovo. Any additions or modifications of these terms must be in writing and signed by you and Chair of the Compensation Committee. On the first day of employment, you will be required to provide the Company with the legally required proof of your identity and authorization to work in the United States. In addition, by signing this offer letter, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.

 

 

 

We hope that you'll accept this offer and look forward to welcoming you aboard! Please feel free to call me if you have any questions.

 

Sincerely,

 

/s/ Keith Murphy

Keith Murphy

Executive Chairman

 

To accept this job offer:

	
 
	
•
	
Sign and date this job offer letter where indicated below.
	
 

	
 
	
•
	
Return a signed and dated document back within 5 days of the date of this letter. A copy of the document should be retained for your records. The document should be scanned and returned electronically to HR@organovo.com.
	
 

 

 

 

	
 
	
Accept Job Offer
	
 
	
 
	
 

	
 
	
by signing and dating this offer letter, I, (name), accept this offer of employment from Organovo, Inc.
	
 

	
 
	
 
	
 

	
 
	
Signature:
	
/s/ Jeff Miner

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