Document:

EX-10.1

 Exhibit 10.1 
  

 
 December 24, 2020 

VIA ELECTRONIC MAIL 
 Ying Huang, PhD 

Tel: [***] 
 Email: [***] 

 

	 	Re:	 Offer Letter for Chief Executive Officer 

Dear Ying, 
 Congratulations! We are pleased to offer you a
promotion to the full-time position of Chief Executive Officer at Legend Biotech USA, Inc. (the “Company”). The following is a summary of your compensation package. 

Location: New Jersey, USA 
 Remuneration: Your
base salary will be $642,000 per year and, starting in 2021, you will be eligible to receive an annual bonus of 65% of your annual base salary based on performance targets established by the Company. For 2020, you will remain eligible to receive
your current year-end performance-based bonus target. The annual bonus is based in part on your performance rating. 

Long-Term Incentive Plan: 
 Following your acceptance of
this offer and subject to approval by the Company’s Board, each year you will be granted an annual award of $1,000,000 in restricted stock units (“RSUs”) pursuant to the Company’s 2020 Restricted Share Plan. Each annual grant of
RSUs will vest evenly in three (3) equal installments on each of the first three (3) anniversaries of the grant date, subject to your continued service on each vesting date and any performance objectives established by the Company as set
forth in the applicable award agreement. The terms of your RSUs will be governed by the Company’s 2020 Restricted Share Plan, as amended or revised, and the applicable award agreement. 

You will continue to be eligible to participate in the Company’s option plan and vest in your previously granted options of 1,000,000 shares, subject to
the terms and conditions of the applicable plan documents and agreements. Following your acceptance of this offer and subject to approval by the Company’s Board, you will be granted a total of 300,000 additional option shares
(“Option”), and the option shares will vest evenly in three (3) equal installments on each of the first three (3) anniversaries of the grant date, subject to your continued service on each vesting date and any performance
objectives established by the Company as set forth in the applicable award agreement. The purchase price per share for these 300,000 shares will be at the fair market value on the grant date upon approval by the Company’s Board. The Option will
be subject to and governed by the terms of the Legend Biotech Corporation Share Option Schedule and all other documents and agreements applicable to the Option. 

  
 Legend Biotech USA. Inc.

 10 Knightsbridge Rd, Piscataway, NJ 08854 I 2101 Cottontail Lane, Somerset NJ 08873 

 In the event your employment is terminated without Cause, you will be eligible to receive continued payment
of your base salary for twelve (12) months and accelerated vesting of unvested options and RSUs for twelve (12) months, provided that you sign and do not revoke the Company’s form severance agreement and general release of all known
and unknown claims. As used herein, the term “Cause” means (i) you engage in a material act of misconduct, including but not limited to misappropriation of trade secrets, fraud, or embezzlement, (ii) you commit a crime involving
dishonesty, breach of trust, or physical harm to any person, (iii) you breach the terms of this offer letter or the Proprietary Information Agreement, (iv) you refuse to implement or follow a lawful policy or directive of the Company,
(v) you engage in misfeasance or malfeasance demonstrated by your failure to perform your job duties diligently and/or professionally, or (vi) you violate a Company policy or procedure which harms the Company, including violation of the
Company’s policy concerning sexual harassment, discrimination or retaliation. 
 Company Benefits: You will be eligible to receive health,
dental and vision coverage, as well as subsidized coverage for family members, subject to the terms and conditions of the applicable plans. You will also be eligible to receive accidental death and dismemberment, long-term disability and life
insurance, subject to the terms and conditions of the applicable plans. Further, you will be eligible to participate in the Company’s 401(k) plan, subject to the terms and conditions of the plan. 

Non-Competition: The Intellectual Property Rights Agreement,
Non-Competition, and Confidentiality Agreement between you and the Company (“Proprietary Information Agreement”) continues to govern and apply to your employment with the Company. 

Commencement Date: You transitioned to role as Chief Executive Officer of the Company on September 21, 2020. 

At-Will: Your employment with the Company is at-will. That means that
both you and the Company have the right to terminate employment at any time, with or without advance notice, and with or without cause. You also may be demoted or disciplined and the terms of your employment may be altered at any time, with or
without cause, at the discretion of the Company. No one other than an officer of the Company has the authority to alter this arrangement, to enter into an agreement for employment for a specified period of time, or to make any agreement contrary to
this policy, and any such agreement must be in writing and must be signed by the Company’s Chairman of the Board and by you. 
 This offer letter,
together with the Proprietary Information Agreement, sets forth our entire agreement and understanding regarding the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral. This
offer letter may not be modified in any way except in writing signed by the Company’s Chairman of the Board and you. 

  
 Legend Biotech USA. Inc.

 10 Knightsbridge Rd, Piscataway, NJ 08854 I 2101 Cottontail Lane, Somerset NJ 08873 

 Please confirm your decision to become the Company’s Chief Executive Officer by signing a copy of this
offer letter and returning it to us not later than Dec. 29, 2020. 
  

	
	Sincerely,
	
	/s/ Ye Wang
	Chairman of the Board, Legend Biotech

  
  

Offer Confirmation 
 I, Ying Huang, hereby agree to and accept
the offer by Legend Biotech USA, Inc. 
  

			
	Ying Huang
	
	/s/ Ying Huang
		
	Date:	 	12/24/2020

  
 Legend Biotech USA. Inc.

 10 Knightsbridge Rd, Piscataway, NJ 08854 I 2101 Cottontail Lane, Somerset NJ 08873lysnex101

  Exhibit 10.1

 

LIBERATED SYNDICATION, INC.

Unrestricted Stock Award Agreement

 

Liberated
Syndication, Inc. (the “Company”), under its 2018 Omnibus
Equity Incentive Plan (the “Plan”), hereby grants to you, the
Holder named below, the number of shares of unrestricted common
stock of Company set forth in the table below (the
“Unrestricted
Shares”). This Unrestricted Stock Award Agreement (the
“Agreement”)
consists of this cover page, the Unrestricted Stock Terms and
Conditions on the following pages and the Plan. Capitalized terms
used but not defined herein have the meanings ascribed to them in
the Plan.

 

	

Name of
Holder:

 

	

Number
of Unrestricted Shares Granted:

 

	

Grant
Date:

 

 

By
signing below, you agree to this Agreement and the Plan. You
acknowledge that you have reviewed these documents and that they
set forth the entire agreement between you and the Company
regarding your rights and obligations in connection with this
Unrestricted Stock Award.

 

HOLDER:                                                                      
                 
                 
                 
  LIBERATED SYNDICATION, INC.

 

 

________________________________                                                                                
By:_______________________________

Name:______________________________                                                                         
Title:______________________________

 

 

 

 

LIBERATED SYNDICATION, INC.

Unrestricted Stock Award Agreement

 

Unrestricted Stock Terms and Conditions

 

1. Award of
Unrestricted Stock.
The Company hereby grants to you, the Holder, as of the Grant Date,
the number of shares of the Company’s common stock, par value
$0.001 per share (“Shares”), subject to the terms
and conditions set forth herein and in the Plan.

 

2. Rights of a
Shareholder. As of the date of grant specified at the
beginning of this Agreement, you will have all of the rights of a
shareholder of the Company with respect to the Shares (including
voting rights and the right to receive dividends and other
distributions), except as otherwise specifically provided in this
Agreement or the Plan.

 

3. Choice of
Law. This Agreement will be construed in accordance with the
laws of the state of Nevada, without regard to its conflicts or
choice of law principles.

 

4. No Right to
Continued Service. This Agreement does not give you a right
to continued Service with the Company or any
Affiliate.

 

5. Binding
Effect. This Agreement is binding in all respects on your
heirs, representatives, successors and assigns, and on the
successors and assigns of the Company.

 

6. Notices.
Every notice or other communication relating to this Agreement
shall be in writing and shall be mailed to or delivered to the
party for whom it is intended at such address as may from time to
time be designated by it in a notice mailed or delivered to the
other party as herein provided. Unless and until some other address
is so designated, all notices or communications by you to the
Company shall be mailed or delivered to the Company at its office
at 5001 Baum Boulevard, Suite 770, Pittsburgh, Pennsylvania 15213,
and all notices or communications by the Company to you may be
mailed to you at the address provided to the Company simlutaneously
with delivery of this Agreement.

 

7. Compliance with
Applicable Legal Requirements. The Company shall not issue
or deliver any Shares unless the issuance and delivery of the
Shares complies with all applicable legal requirements, including
compliance with the provisions of applicable state and federal tax
and securities laws, and the requirements of any securities
exchanges on which the Company’s Shares may, at the time, be
listed.

 

8. Electronic Delivery
and Acceptance. The Company may deliver any documents
related to this Unrestricted Stock Award by electronic means and
request your acceptance of this Agreement by electronic means. You
hereby consent to receive all applicable documentation by
electronic delivery and to participate in the Restrcited Stock
Award through an on-line (and/or voice activated) system
established and maintained by the Company or the Company’s
third-party stock administrator (if any).

 

9. Other Laws; No
Fractional Shares; Withholding. The Company is not obligated by virtue
of any provision of this Agreement to sell or issue Shares in
violation of any laws, rules or regulations. Neither the Company
nor its directors or officers shall have any obligation or
liability to a Holder with respect to this Agreement or the Shares
issuable hereunder for any failure to comply with the
requirements of any applicable law, rules or regulations, including
but not limited to any failure to comply with the requirements of
Section 409A of the Code. The Company shall not issue or deliver
any fractional Shares, nor shall the Company pay any cash in lieu
of fractional Shares. The Company may deduct in cash in connection
with this Agreement any taxes required by law to be withheld and to
require any payments required to enable it to satisfy its
withholding obligations. The Company shall not issue any Shares
under this Agreement unless and until arrangements satisfactory to
the Company have been made to satisfy any tax withholding
obligations applicable with respect to such award. Subject to such terms and
conditions as the Committee may impose, the Company may retain, or
the Committee may, subject to such terms and conditions as it may
establish from time to time, permit Holder to elect to tender,
Shares to satisfy, in whole or in part, the amount required to be
withheld.

 

 

 

 

10. Severability.
In case any one or more of the provisions of this Agreement is
invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this
Agreement will not in any way be affected or impaired
thereby.

 

11. Entire
Agreement. This Agreement, together with the Plan and, if
applicable, any employment or consulting agreement between you and
the Company, constitute the entire agreement between the parties
pertaining to the subject matter contained in it and supersedes all
prior and contemporaneous agreements, representations and
undertakings of the parties, whether oral or written, with respect
to such subject matter.

 

By signing the cover page of this Agreement or otherwise accepting this
Unrestricted Stock Award in a manner approved by the Company, you
agree to this Agreement.

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