Document:

scyx-ex1036_30.htm

 

Exhibit 10.36

 

Our non-employee directors are compensated in accordance with the following policy:

Each non-employee director receives an annual base cash retainer of $35,000 for such service, to be paid quarterly. In addition, the chairman of the Board receives an additional annual base cash retainer of $28,000, to be paid quarterly. 

In addition, each member of a committee receives compensation for service on a committee as follows:

	
 
	
a.
	
The chairperson of the Audit Committee receives an annual cash retainer of $15,000 for this service, paid quarterly, and each of the other members of the Audit Committee receives an annual cash retainer of $7,500, paid quarterly.

	
 
	
b.
	
The chairperson of the Compensation Committee receives an annual cash retainer of $11,000 for this service, paid quarterly, and each of the other members of the Compensation Committee receive an annual cash retainer of $5,500, paid quarterly.

	
 
	
c.
	
The chairperson of the Nominating and Corporate Governance Committee receive an annual cash retainer of $7,500 for this service, paid quarterly, and each of the other members of the Nominating and Corporate Governance Committee receive an annual cash retainer of $3,750, paid quarterly.

The Board has established our non-employee director compensation policy with respect to equity grants to provide that each year on the first business day following the company’s annual meeting of stockholders, each non-employee director will automatically be granted an option to purchase 45,000 shares of the company’s common stock.  These annual grants will have an exercise price per share equal to the fair market value of a share of common stock on the date of grant and will vest in full on the one-year anniversary of the grant date, provided that the non-employee director is providing continuous services on the applicable vesting date. If a new board member joins the Board, the director will be granted an initial option to purchase 70,000 shares. Initial option grants to new board members will have an exercise price per share equal to the fair market value of a share of common stock on the date of grant and will vest over three years following the date of grant, with one-third of the options vesting on the first anniversary of the date of grant and the balance vesting equally monthly over the remaining two-year period.

In addition, each non-employee director may elect to receive nonstatutory stock options in lieu of all or a portion of the cash compensation to which the non-employee director would otherwise be entitled to, as described above. Each non-employee director shall make their election prior to the period in which the compensation is to be earned. For each non-employee director electing to receive a nonstatutory stock option in lieu of such cash compensation, the date on which the nonstatutory stock options will be granted will be the date on which the cash compensation would otherwise have been earned, which is generally the first business day of each fiscal quarterly period, and the number of shares underlying such stock option will be determined by (i) dividing the cash compensation that the non-employee director elects to forgo in exchange for such nonstatutory stock options by 0.65, and (ii) dividing the result by the fair market value of a share of common stock on the date of grant. Each nonstatutory stock option granted in lieu of cash compensation pursuant to a non-employee director’s election will be 100% vested on the date of grant. After a non-employee director has elected to receive nonstatutory stock options in lieu of cash 

 

 

compensation, the option grants made to that non-employee director are awarded automatically pursuant to the previously described policy and no further action is required by the company’s Board.sien-ex1035_511.htm

 

Exhibit 10.35

THIRD AMENDMENT TO 
EMPLOYMENT AGREEMENT WITH JEFFREY M. NUGENT

 

This Third Amendment to Employment Agreement (the “Amendment”), is made between Sientra, Inc., a Delaware corporation (the “Company”) and Jeffrey M. Nugent (“Executive”) (collectively, the “Parties”), dated as of March 12, 2019.

 

RECITALS

 

WHEREAS, the Company and Executive entered into that certain Employment Agreement dated as of November 12, 2015, as amended by that certain Amendment to Employment Agreement dated May 8, 2017 and that certain Second Amendment to Employment Agreement dated March 13, 2018  (collectively the “Employment Agreement”); and

 

WHEREAS, on March 6, 2019 the Board of Directors of the Company (the “Board”) authorized the Company to enter into certain amendments to the Employment Agreement with Executive; and

 

WHEREAS, the Company and Executive desire to amend the Employment Agreement as set forth herein with all terms to be effective as of January 1, 2019 (the “Amendment Effective Date”)

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the Parties hereby agree as follows:

 

AGREEMENT

 

1.Section 3 of the Employment Agreement is hereby deleted in its entirety and the following shall be inserted in lieu thereof:

 

	
 
	
3.
	
Company Benefits.  Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its senior executive employees, provided that such benefits shall be made available on the Effective Date without regard to any waiting period, to the extent permitted by the terms of the benefit plans and applicable law.  The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time. Executive and the Company shall enter into the Company’s standard Indemnification Agreement, which Indemnification Agreement shall be effective as of the Effective Date. The Company shall provide Executive with a one-time payment of $300,000 (the “Relocation Payment”) payable on or before December 31, 2019, for the Executive’s relocation from his principle residence to Santa Barbara county.  If Executive resigns for any reason, except as provided for in Section 6.4, or is terminated for Cause within twelve (12) months of the Amendment Effective Date, Executive agrees to repay the Relocation Payment in full. Unless otherwise approved by the Board, Executive shall not be eligible for 
	
 

1

 

 

	
 
		
any further payments with respect to Executive’s relocation to Santa Barbara county.  
	
 

 

2.Except as specifically provided for in this Amendment, the terms of the Employment Agreement shall be unmodified and shall remain in full force and effect. In the event that any provision of this Amendment and the Employment Agreement conflict, the provisions of this Amendment shall govern.

 

3.This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, and such counterparts shall together constitute one and the same instrument.  This Amendment shall govern by and be construed in accordance with the laws of the State of California applicable to contracts made and to be performed in wholly within the State, and without regard to the conflicts of laws principles thereof.  For the avoidance of doubt, the Amendment shall become part of the Employment Agreement and therefore subject to its terms.

 

 

 

 

[SIGNATURE PAGE FOLLOWS]

2

 

 

SIENTRA, INC.

 

 

	
/s/ Nicholas J. Simon

	
 

	
Name: Nicholas J. Simon

On behalf of the Board of Directors

 

 

 

EXECUTIVE

	
 
	
	
/s/ Jeffrey M. Nugent

	
Name: Jeffrey M. Nugent

 

3sien-ex1036_535.htm

 

Exhibit 10.36

SIENTRA, INC.

 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED 

STRATEGIC ADVISORY CONSULTING AGREEMENT

 

This Second Amendment to that certain Second Amended and Restated Strategic Advisory Agreement (the “Second Amendment”), is made between Sientra, Inc., a Delaware corporation (the “Company”) and Keith J. Sullivan (“Consultant”) (collectively, the “Parties”), dated as of March 12, 2019 (the “Amendment Effective Date”).

 

RECITALS

 

WHEREAS, the Parties entered into that certain Second Amended and Restated Strategic Advisory Agreement as amended by the First Amendment to Second Amendment and Restated Strategic Advisory Consulting Agreement effective August 6, 2018 (collectively the “Advisory Agreement”); and 

 

WHEREAS, the Company and Consultant desire to amend the Advisory Agreement as set forth herein with all terms to be effective as of the Amendment Effective Date.

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the Parties hereby agree as follows:

 

AGREEMENT

 

1.Section 4 of the Advisory Agreement is hereby amended to replace the following phrase “Consultant shall provide Services to Sientra commencing on the Effective Date and ending on December 31, 2019 (the “Term”)” with “Consultant shall provide Services to Sientra commencing on the Effective Date and ending on December 31, 2019 (the “Term”)”

 

2.Exhibit B to the Advisory Agreement is amended to include the following paragraph:

 

In addition, for the period January 1, 2019 through December 31, 2019 Consultant shall be granted a further 40,000 time-based RSUs, which shall vest in arrears in four quarterly installments as follows: (i) 10,000 shares shall vest on the first business day after the quarter ending March 31, 2019, (ii) 10,000 shares shall vest on the first business day after the quarter ending June 30, 2019, (iii) 10,000 shares shall vest on the first business day after the quarter ending September 30, 2019, and (iv) 10,000 shares shall vest on the first business day after the quarter ending December 31, 2019.  Consultant shall further be granted an additional 20,000 performance-based RSUs the vesting of which is contingent upon the achievement of certain revenue targets for miraDry as set forth by the Board or the Committee and communicated to Consultant in writing. The performance-based RSUs shall vest, provided the performance criteria has been met, on the first business day after Sientra files its Quarterly Report on Form 10-Q or Annual Report on Form 10-K for the applicable time period.  Such grants shall be subject to Consultant’s execution of an RSU agreement with the Company and Consultant’s continued consulting service with the Company through each applicable vesting date.  The RSUs shall be governed by the RSU agreement and related equity incentive plan of the Company, respectively. No performance RSUs will vest if the 

 

 

revenue targets are not achieved, provided, however that in the event (i) of a Change in Control (as defined in the Plan) of Sientra on or prior to the end of the Term, and (ii) Consultant is terminated without Cause (as defined in the Consulting Agreement) prior to the end of the Term, then all of the performance-based RSUs and all unvested time-based RSUs will automatically and without further action vest in full

 

3.Except as specifically provided for in this Amendment, the terms of the Advisory Agreement shall be unmodified and shall remain in full force and effect.  In the event that any provision of this Amendment and the Advisory Agreement conflict, the provision of this Amendment shall govern.

 

4.This Amendment will be effective upon the Amendment Effective Date.

 

5.Unless otherwise defined herein, all capitalized terms shall have the meanings assigned to them in the Advisory Agreement.

 

6.This Amendment may be executed in counterparts, each of which when so executed shall be deemed to be an original, and such counterparts shall together constitute one and the same instrument.  This Amendment shall be governed and construed in accordance with the laws of the State of California applicable to contracts made and to be performed wholly within such State, without regard to the conflicts of laws principles thereof.  This Amendment shall become part of the Advisory Agreement and therefore subject to its terms.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, The parties have executed this Agreement as of the date set forth above.

 

 

	
	
SIENTRA, INC.

 

 

 

 

By: /s/ Jeffrey M. Nugent

 

Title:  Chairman and Chief Executive Officer

 

Address:  420 Fairview Avenue, Suite 200, Santa Barbara, CA 93117

 

Phone: 805-679-8888

 

 

	
KEITH J. SULLIVAN

 

 

 

By: /S/ Keith J. Sullivan

 

Address: 8840 S. Sea Oaks Way, # 304, Vero Beach, FL 32963

 

Phone: 703-304-0481

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