Document:

Exhibit 10.2

    

     

    

    
      FORM OF DIRECTOR SUPPORT AGREEMENT

      

      

      THIS DIRECTOR SUPPORT AGREEMENT (this “Support Agreement”) is made and entered into as of July 25, 2019 (the “Execution Date”), by and among South Plains Financial, Inc., a Texas
        corporation (“SPFI”), City Bank, a Texas banking association (“City Bank”), West Texas State Bank, a Texas banking association (“WTSB”), and ____________________, an individual resident
        of the State of Texas (the “Undersigned”).  Terms with their initial letters capitalized and not otherwise defined herein have the meanings given to them in the Agreement (as defined below).

      

      

      RECITALS

      

      

      WHEREAS, the Undersigned is a director of WTSB;

      

      

      WHEREAS, concurrently with the execution of this Support Agreement, SPFI, a wholly-owned subsidiary of SPFI (“Merger Sub”), City Bank and WTSB are entering into that certain Agreement and
        Plan of Merger, dated as of the date hereof (as such agreement may be amended or supplemented from time to time, the “Agreement”), pursuant to which SPFI will acquire for cash all of the issued and outstanding common shares, par value $5.00
        per share, of WTSB (the “WTSB Stock”) and any rights to acquire shares of WTSB Stock through the merger of Merger Sub with and into WTSB, with WTSB surviving the merger (the “Merger”), and which further contemplates that WTSB and City
        Bank will be combined through a bank-level merger, with City Bank continuing as the surviving entity, pursuant to a separate agreement and plan of merger (the “Bank Merger”);

      

      

      WHEREAS, the term “WTSB” as used in this Support Agreement with respect to time periods after the Effective Time shall mean SPFI and City Bank, as successor to WTSB in the Merger and the
        Bank Merger;

      

      

      WHEREAS, the Undersigned, as a director of WTSB, has had access to certain Confidential Information (as defined below), including, without limitation, information concerning WTSB’s business and the
        relationships between WTSB, its vendors and customers, and WTSB’s status and relationship with peer institutions that compete with SPFI, City Bank, and WTSB, and has had access to trade secrets, customer goodwill and proprietary information of WTSB
        and its business that constitute a substantial asset to be acquired by SPFI and City Bank; and

      

      

      WHEREAS, the Undersigned recognizes that SPFI’s and City Bank’s willingness to enter into the Agreement is dependent on the Undersigned entering into this Support Agreement (including the
        anti-piracy/non-solicitation/non-competition covenants below) and, therefore, this Support Agreement is incident thereto.

      

      

      NOW, THEREFORE, for the new Confidential Information the Undersigned will be provided, training that is expected to be made available to the Undersigned and for other good and valuable
        consideration contained herein and in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

      

      

      AGREEMENT

      

      

      1.           Director Support.  The Undersigned agrees to use his or her best efforts to refrain from harming the goodwill and business relationships of SPFI, City Bank, WTSB and their
        respective subsidiaries, and their respective customer and client relationships during the term of this Support Agreement.

      

      

      
        

        
          

      

      
      2.          Non-Disclosure Obligations.  The Undersigned agrees that he or she will not make any unauthorized disclosure, directly or indirectly, of any Confidential Information of SPFI,
        City Bank or WTSB to third parties, or make any use thereof, directly or indirectly for the benefit of anyone other than SPFI, City Bank, WTSB or any of their affiliates.  The Undersigned also agrees that he or she shall deliver promptly to SPFI,
        City Bank or WTSB at any time at its reasonable request, without retaining any copies, all documents and other material in the Undersigned’s possession at that time that contain any Confidential Information of, or property belonging to, SPFI, City
        Bank or WTSB, or Confidential Information or other information regarding third parties learned in such person’s position as a director, officer, employee or shareholder of WTSB.

      

      

      For purposes of this Support Agreement, “Confidential Information” means and includes WTSB’s confidential and/or proprietary information and/or trade secrets that have been and/or will be
        developed or used by WTSB during Director’s tenure as a director of WTSB and that cannot be obtained readily by third parties from outside sources.  Confidential Information includes, but is not limited to, the:  information regarding past, current
        and prospective customers and investors and business affiliates, employees, contractors, and the industry not generally known to the public; strategies, methods, books, records, and documents; technical information concerning products, equipment,
        services, and processes; procurement procedures, pricing, and pricing techniques, including contact names, services provided, pricing, type and amount of services used; financial data; pricing strategies and price curves; positions; plans or
        strategies for expansion or acquisitions; budgets; research; financial and sales data; trading methodologies and terms; communications information; evaluations, opinions and interpretations of information and data; marketing and merchandising
        techniques; electronic databases; models and the output from same; specifications; computer programs; contracts; bids or proposals; technologies and methods; training methods and processes; organizational structure; personnel information, including
        compensation and bonuses; payments or rates paid to consultants or other service providers; other such confidential or proprietary information; and notes, analysis, compilations, studies, summaries, and other material prepared by or for WTSB
        containing or based, in whole or in part, on any information included in any of the foregoing.  The term “Confidential Information” does not include any information that (a) at the time of disclosure or thereafter is generally available to
        and known to the public, other than by a breach of this Support Agreement by the disclosing party; (b) was available to the disclosing party, prior to disclosure by SPFI, City Bank or WTSB, as applicable, on a non-confidential basis from a source
        other than the Undersigned and is not known by the Undersigned, after reasonable investigation, to be subject to any fiduciary, contractual or legal obligations of confidentiality; or (c) was independently acquired or developed by the Undersigned
        without violating any obligations of this Support Agreement.  The Undersigned acknowledges that SPFI’s, City Bank’s and WTSB’s respective businesses are highly competitive, that this Confidential Information constitutes valuable, special and unique
        assets to be acquired by SPFI and City Bank in the Merger and constitutes existing valuable, special and unique assets held by WTSB pre-Merger, and that protection of such Confidential Information against unauthorized disclosure and use is of
        critical importance to SPFI and City Bank.

      

      

      3.           Non-Competition Obligations.  The Undersigned agrees that, for the period beginning on the Execution Date and continuing until the date that is two (2) years after the
        Effective Time of the Merger (the “Non-Competition Period”), the Undersigned will not, except as a director or officer of WTSB prior to the Effective Time of the Merger or as set forth on Schedule A hereto, in any capacity, directly
        or indirectly:

      

      

      (a)         compete or engage, anywhere in the geographic area comprised of the sixty (60) mile radius surrounding the locations of WTSB before the Effective Time or, following
        the Effective Time, the locations of City Bank banking centers that were formerly locations of WTSB (the “Market Area”), in a business as a federally insured depository institution;

      

      

      
        

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      (b)        take any action to invest in, own, manage, operate, control, participate in, be employed or engaged by, be a director of, or otherwise be connected in any manner with
        any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or governmental body (each, a “Person”) engaging in a
        business similar to that of SPFI, City Bank, or WTSB anywhere within the Market Area.  Notwithstanding the foregoing, the Undersigned is permitted hereunder to own, directly or indirectly, up to one percent (1.0%) of the issued and outstanding
        securities of any publicly traded financial institution conducting business in the Market Area;

      

      

      (c)          (i)  call on, service, solicit or respond to inquiries for competing business from customers of SPFI, City Bank, or WTSB or any of their respective affiliates if,
        within the twelve (12) months before the Execution Date, the Undersigned, through his or her role as a Director of WTSB, had or made contact with the customer, or obtained information and files about the customer, or (ii) interfere with or damage
        (or attempt to interfere with or damage) any relationship between SPFI, City Bank or WTSB or any of their respective affiliates and any such customer; or

      

      

      (d)         call on, solicit, induce or respond to inquiries to or from any employee of WTSB whom the Undersigned, through his or her role as a Director of WTSB, had contact
        with, knowledge of, or association with in the course of service with WTSB (whether as an employee or a contractor) to terminate his or her employment from or contract with SPFI, City Bank or WTSB or any of their respective affiliates, or assist
        any other Person in such activities;

      

      

      provided, however, that the restrictions in the foregoing (c) and (d) will not prohibit the Undersigned from making any general
        solicitation for customers or employees or publicly advertised employment opportunities (including through employment agencies) or from responding to inquiries made in response to any such general solicitation.

      

      

      The Undersigned may not avoid the purpose and intent of this Section 3 by engaging in conduct within the Market Area from a remote location through means such as telecommunications, written
        correspondence, computer generated or assisted communications or other similar methods.

      

      

      4.           Non-Competition Covenant Reasonable.  The Undersigned acknowledges that the restrictions imposed by this Support Agreement are legitimate, reasonable and necessary to protect
        SPFI’s and City Bank’s acquisition of WTSB and the goodwill and business prospects thereof.  The Undersigned acknowledges that the scope and duration of the restrictions contained herein are reasonable in light of the time that the Undersigned has
        been engaged in the business of WTSB and the Undersigned’s relationship with the customers of WTSB.  The Undersigned further acknowledges that the restrictions contained herein are not burdensome to the Undersigned in light of the other
        opportunities that remain open to the Undersigned.  Moreover, the Undersigned acknowledges that he or she has and will have other means available to him or her for the pursuit of his or her livelihood after the Effective Time of the Merger.

      

      

      5.           Consideration.  In consideration for the above obligations of the Undersigned, in addition to those matters set forth in the Recitals to this Support Agreement, WTSB agrees to
        provide the Undersigned with access to new Confidential Information and training relating to WTSB’s business, which will become SPFI’s and City Bank’s business after the Effective Time of the Merger and the Bank Merger, in a greater quantity and/or
        expanded nature than that already provided to the Undersigned.  The Undersigned also will have access to, or knowledge of, new Confidential Information of third parties, such as actual and potential customers, suppliers, partners, joint venturers,
        investors, financing sources, etc., of WTSB prior to the Merger.

      

      

      
        

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      6.           Injunctive Relief and Additional Remedies.  The Undersigned acknowledges that the injury that would be suffered by SPFI, City Bank or WTSB as a result of a breach of the
        provisions of this Support Agreement (including any provision of Section 3) would be irreparable and that an award of monetary damages to SPFI, City Bank or WTSB, as the case may be, for such a breach would be an inadequate remedy.  Consequently,
        each of SPFI, City Bank and WTSB shall have the right, in addition to any other rights it may have, to seek specific performance and injunctive relief to restrain any proposed or actual breach or threatened breach or otherwise to specifically
        enforce any provision of this Support Agreement.  Such equitable remedies are in addition to the right to obtain damages and attorney’s fees, and, notwithstanding SPFI’s, City Bank’s or WTSB’s, as the case may be, right to so seek damages, the
        Undersigned waives any defense that an adequate remedy for SPFI, City Bank or WTSB, as the case may be, exists under law.  If the Undersigned, on the one hand, or SPFI, City Bank or WTSB, on the other hand, must bring suit to enforce this Support
        Agreement, the prevailing party shall be entitled to recover its attorneys’ fees and costs related thereto.

      

      

      7.           Extension of Restrictive Covenant Period.  In the event that SPFI, City Bank or WTSB shall file a lawsuit in any court of competent jurisdiction alleging a breach of Section 3
        by the Undersigned and SPFI, City Bank or WTSB is successful on the merits of such lawsuit, then any time period set forth in this Support Agreement including the time periods set forth in Section 3, will be extended one month for each month the
        Undersigned was in breach of this Support Agreement during such litigation, so that SPFI, City Bank or WTSB, as the case may be, is provided the benefit of the full Non-Competition Period after seeking relief.

      

      

      8.           Effectiveness of this Support Agreement.  This Support Agreement shall become effective on the Execution Date.  This Support Agreement shall automatically terminate and be of
        no further force or effect if the Agreement (once executed) is terminated in accordance with its terms and the Merger does not occur.

      

      

      9.           Waiver; Amendment.  The rights and remedies of the parties hereto are cumulative and not alternative.  Any party may unilaterally waive a right which is solely applicable to
        it.  Such action will be evidenced by a signed written notice.  Neither the failure nor any delay in exercising any right, power or privilege under this Support Agreement by any party hereto will operate as a waiver thereof.  No single or partial
        exercise of any right, power or privilege hereunder will preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver of any party of any right or remedy on any one occasion will not be construed
        as a bar to any right or remedy that such party would otherwise have on any future occasion or to any right or remedy that any other party may have hereunder.  This Support Agreement may be amended, modified or supplemented only by an instrument in
        writing executed by each of the parties hereto.

      

      

      10.         Notices.  All notices, consents, waivers and other communications required or permitted to be given under this Support Agreement shall be in writing and shall be deemed to have
        been duly given if delivered in person, mailed by first class mail (postage prepaid) or sent by email, courier or personal delivery to the parties hereto at the following addresses unless by such notice a different address shall have been
        designated:

      

      

      If to SPFI or City Bank:

      

      

      Mr. Curtis C. Griffith

      Chairman and CEO

      South Plains Financial, Inc.

      5219 City Bank Parkway

      Lubbock, Texas  79407

      Facsimile:  (806) 791-5331

      Electronic mail: cgriffith@city.bank

      With a copy (which shall not constitute notice) to:

      

      

      
        

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      Mrs. Heather A. Eastep

      Hunton Andrews Kurth LLP

      2200 Pennsylvania Avenue NW

      Washington, DC  20037

      Facsimile:  (202) 778-2201

      Electronic mail: heastep@HuntonAK.com

      

      

      If to WTSB:

      

      

      Mr. R. Jay Phillips

      Chairman and CEO

      West Texas State Bank

      1501 West University Boulevard

      Odessa, Texas  79764

      Facsimile: (434) 570-8728

      Electronic mail: rjayphillips@wtstatebk.com

      

      

      With a copy (which shall not constitute notice) to:

      

      

      Mr. Sanford M. Brown

      Alston & Bird LLP

      2200 Ross Avenue

      Suite 2300

      Dallas, Texas  75201

      Facsimile: (214) 922-3899

      Electronic mail: Sanford.brown@alston.com

      

      

      If to the Undersigned:

      

      

      At the address set forth on the Undersigned’s signature page hereto.

      

      

      All notices sent by mail as provided above shall be deemed delivered three (3) days after deposit in the mail, all notices sent by courier as provided above shall be deemed delivered one (1) day
        after being sent and all notices sent by email shall be deemed delivered upon confirmation of receipt.  All other notices shall be deemed delivered when actually received.  Any party to this Support Agreement may change its address for the giving
        of notice specified above by giving notice as provided herein.  Notices permitted to be sent via email shall be deemed delivered only if sent to such persons at such email addresses as may be set forth in writing (and confirmation of receipt is
        received by the sending party).

      

      

      11.         Successors and Assigns.  This Support Agreement shall be binding upon and shall inure to the benefit of SPFI, City Bank, WTSB and their respective successors and assigns,
        including, without limitation, any successor by merger, consolidation or stock purchase of SPFI, City Bank, WTSB and any Person that acquires all or substantially all of the assets of SPFI, City Bank or WTSB.

      

      

      
        

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      12.         Governing Law; Jurisdiction.  THIS SUPPORT AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD FOR CONFLICT OF LAWS
        PRINCIPLES THEREOF.  ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS VOTING AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MUST BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS, COUNTY OF ECTOR, OR,
        IF IT HAS OR CAN ACQUIRE JURISDICTION, IN THE U.S. DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS (MIDLAND-ODESSA DIVISION), AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURT IN ANY SUCH SUIT, ACTION OR OTHER
        PROCEEDING.

      

      

      13.        Entire Agreement.  This Support Agreement, together with the Agreement and the agreements contemplated thereby, embody the entire agreement and understanding of the parties
        hereto in respect to the subject matter contained herein.  This Support Agreement supersedes all prior agreements and understandings among the parties hereto with respect to such subject matter contained herein.  In the event of a conflict between
        the terms of this Support Agreement and the terms of the Agreement, the terms of the Agreement shall control.

      

      

      14.         No Third-Party Beneficiaries.  Nothing contained in this Support Agreement, express or implied, is intended to confer upon any persons, other than the parties hereto or their
        respective successors, any rights, remedies, obligations or liabilities under or by reason of this Support Agreement.

      

      

      15.         Severability.  If any provision of this Support Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Support Agreement
        will remain in full force and effect.  Any provision of this Support Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.  If any restriction in this
        Support Agreement is held invalid or unenforceable by any court of competent jurisdiction, it is the intention of the parties hereto that the restrictions be reformed by such court in such a manner that protects the business and Confidential
        Information of SPFI, City Bank and WTSB to the maximum extent permissible.

      

      

      16.         Representation by Counsel; Interpretation.  Each party hereto acknowledges that it has had the opportunity to be represented by counsel in the negotiation, preparation and
        execution of this Support Agreement and the transactions contemplated hereby.  Accordingly, any rule of law, including, but not limited to, the doctrine of contra proferentem, or any legal decision which
        would require interpretation of any claimed ambiguities in this Support Agreement against the drafting party has no application and is expressly waived.  The provisions of this Support Agreement shall be interpreted in a reasonable manner to effect
        the intent of the parties hereto.

      

      

      17.         Section Headings, Construction.  The headings of Sections in this Support Agreement are provided for convenience only and will not affect its construction or interpretation. 
        All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Support Agreement unless otherwise specified.  All words used in this Support Agreement will be construed to be of such gender or number, as the
        circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.

      

      

      18.         Counterparts.  For the convenience of the parties hereto, this Support Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an
        original but all of which shall constitute one and the same instrument.  An email or electronic scan in “.pdf” format of a signed counterpart of this Support Agreement will be sufficient to bind the party or parties whose signature(s) appear
        thereon.

      

      

      
        

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      IN WITNESS WHEREOF, the undersigned have executed this Support Agreement as of the date first above written.

      

      

      	 	
              SOUTH PLAINS FINANCIAL, INC.

            
	 	 	 
	 	
              By:

            	

            
	 	 	
              Curtis C. Griffith, Chairman & Chief Executive Officer

            
	 	 	 
	 	
              CITY BANK

            
	 	 	 
	 	
              By:

            	

            
	 	 	
              Cory T. Newsom, President & Chief Executive Officer

            
	 	 	 
	 	
              WEST TEXAS STATE BANK

            
	 	 	 
	 	
              By:

            	

            
	 	 	
              R. Jay Phillips, Chairman & Chief Executive Officer

            

      

      

      
        	
                 

              	
                DIRECTOR

              
	
                 

              	
                 

              	 
	 	  
	
                 

              	
                Name:

              	 

      

      

      

      
        [Signature Page to Director Support Agreement]

      

      

      

      
        

        
          

      

      SCHEDULE A

      

      

      EXISTING CAPACITYExhibit

July 22, 2019

Pam Carroll

Dear Pam:

As we have discussed, this letter separation and transition agreement (this “Agreement”) confirms the terms of the remainder of your employment with Genocea Biosciences, Inc. (the “Company”) and your separation from the Company, as follows:

1.Transition Period and Separation Date.
(a)    Effective as of July 22, 2019 (the “Transition Date”) through the date that your employment terminates (the “Separation Date”), you will continue to be employed by the Company on a full-time basis.  Provided that you comply in full with your obligations hereunder, it is expected that the Separation Date will be August 13, 2019.  The period beginning on the Transition Date and concluding on the Separation Date is referred to herein as the “Transition Period”.
(b)    During the Transition Period, you will continue to receive your base salary, payable at the rate in effect as of the date hereof, and to participate in all employee benefit plans of the Company in accordance with the terms of those plans.  During the Transition Period, you will perform duties as may be assigned to you from time to time by the President and CEO or his designee, and to assist with the transition of your duties and responsibilities to any Company designees.  You will continue to devote your best professional efforts to the Company, and to abide by all Company policies and procedures as in effect from time to time.
(c)    The Company may terminate your employment during the Transition Period upon notice to you.  If the Company terminates your employment for Cause (as defined herein) or if you voluntarily resign, you will not be eligible to receive the severance benefits described in Section 3 hereof.  For purposes of this Agreement, Cause, as determined by the Company in its reasonable judgment, means (i) your failure to perform, or negligence in the performance of, your duties and responsibilities to the Company or any of its Affiliates (as defined below); (ii) your material breach of this Agreement or any other agreement between you and the Company or any of its Affiliates; (iii) your commission of a felony or other crime involving moral turpitude; or (iv) other conduct by you that is or could reasonably be 

expected to be harmful to the business interests of the Company or any of its Affiliates.  For purposes of this Agreement, “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise.
2.    Final Salary and Vacation Pay.  You will receive, on the Separation Date, pay for all work you performed for the Company through the Separation Date, to the extent not previously paid, as well as pay, at your final base rate of pay, for any vacation days you had earned but not used as of the Separation Date, determined in accordance with Company policy and as reflected on the books of the Company.  You will receive the payments described in this Section 2 regardless of whether or not you sign this Agreement.

3.    Severance Benefits.  In consideration of your acceptance of this Agreement and subject to your meeting in full your obligations under it, including your obligation to execute a post-employment general release and waiver of claims in the form attached hereto as Exhibit A (the “Release”) and your Continuing Obligations, and in full consideration of any rights you may have under the letter agreement between you and the Company dated June 28, 2016 (the “Employment Agreement”), which you signed on June 30, 2016:

(a)    The Company will pay you your salary, at your final base rate of pay, for a period of six (6) months following the Separation Date (the “Severance Period”).  Severance payments will be made in the form of salary continuation and will begin on the next regular Company payday which is at least thirty (30) business days following the Separation Date.  The first payment will be retroactive to the day following the Separation Date.
(b)    Except for the accelerated vesting benefit detailed in this Section, your rights and obligations with respect to any stock options granted to you by the Company (the “Options”) shall be governed by the Genocea Biosciences, Inc. Amended and Restated 2014 Equity Incentive Plan (the “Plan”) [Stock Option Agreements dated, 7/18/16, 2/28/17, 2/8/18, 11/6/18, 2/7/19 (the “Award Agreements”]. The Plan Administrator will take all actions necessary to accelerate the vesting of Options that would otherwise vest over the six (6) months immediately following the Separation Date if you remained employment throughout such six (6) month period. The acceleration of vesting will be effective as of the Separation Date.  After giving effect to such acceleration of vesting, all remaining unvested Options shall be forfeited as of the Separation Date without payment of any consideration in accordance with their terms.  
(c)    If you are enrolled in the Company’s group medical, dental and/or vision plans on the Separation Date, you may elect to continue your participation and that of 

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your eligible dependents in those plans for a period of time pursuant to the federal law known as “COBRA” or similar applicable state law (together, “COBRA”).  You may make such an election whether or not you accept this Agreement.  However, if you accept this Agreement and you timely elect to continue your participation and that of your eligible dependents in such plans, the Company will contribute its portion to the premium costs of your COBRA continuation coverage at the same rate that it contributes from time to time to group medical, dental, and/or vision insurance premiums for its active employees until the earlier of (i) the end of the Severance Period or (ii) the date you and your dependents are no longer entitled to coverage under COBRA or Company plans (the “COBRA Period”).  Notwithstanding the foregoing, in the event that the Company’s payment of the COBRA premium contributions as described in this Section would subject the Company to any tax or penalty under Section 105(h) of the Internal Revenue Code of 1986, as amended, the Patient Protection and Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other applicable law, in each case, as determined by the Company, then you and the Company agree to work together in good faith to restructure such benefit.

4.    Acknowledgement of Full Payment and Withholding.   

(a)    You acknowledge and agree that the payments provided under Section 2 of this Agreement are in complete satisfaction of any and all compensation or benefits due to you from the Company, whether for services provided to the Company or otherwise, through the Separation Date and that, except as expressly provided under this Agreement, no further compensation or benefits are owed or will be paid to you.   

(b)    All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law and all other lawful deductions authorized by you.   

5.    Status of Employee Benefits, Paid Time Off, Expenses and Equity Awards 

(a)    Subject to Section 3(c), your participation in all employee benefit plans of the Company will end as of the Separation Date, in accordance with the terms of those plans.    

(b)    Within two (2) weeks following the Separation Date, you must submit your final expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement, and, in accordance with Company policy, reasonable substantiation and documentation for the same.  The Company will reimburse you for your authorized and documented expenses within thirty (30) days of receiving 

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such statement pursuant to its regular business practice. 

(c)    Your rights and obligations with respect to any equity awards granted to you by the Company which had vested as of the Separation Date shall be governed by the applicable equity plan, grant agreement and any agreements or other requirements applicable to those equity awards.  All equity awards which are unvested as of the Separation Date have been cancelled as of that date. 

6.    Continuing Obligations, Confidentiality and Non-Disparagement.   

(a)    You acknowledge that you continue to be bound by your obligations under the  At-Will Employment, Confidential Information, Invention Assignment and Non-Competition Agreement with the Company that you entered into on October 2, 2018 and the Non-Disclosure Agreement will that Company that you entered into on October 9, 2018 (collectively, the “Employee Agreements”, attached hereto as Exhibit A), that survive the termination of your employment by necessary implication or the terms thereof (the “Continuing Obligations”). 

(b)    Subject to Section 9(b) of this Agreement, you agree that you will not disclose this Agreement or any of its terms or provisions, directly or by implication, except to members of your immediate family and to your legal and tax advisors, and then only on condition that they agree not to further disclose this Agreement or any of its terms or provisions to others.   

(c)    Subject to Section 9(b) of this Agreement, you agree that you will never disparage or criticize the Company or its Affiliates (as defined below), or any of their business, management or products or services, and that you will not otherwise do or say anything that could disrupt the good morale of employees of the Company or any of its Affiliates or harm the interests or reputation of the Company or any of its Affiliates.

7.    Return of Company Documents and Other Property.  In signing this Agreement, you represent and warrant that you have returned to the Company any and all documents, materials and information (whether in hardcopy, on electronic media or otherwise) related to the business of the Company and its Affiliates (whether present or otherwise), and all keys, access cards, credit cards, computer hardware and software, telephones and telephone-related equipment and all other property of the Company or any of its Affiliates in your possession or control.  Further, you represent and warrant that you have not retained any copy or derivation of any documents, materials or information (whether in hardcopy, on electronic media or otherwise) of the Company or any of its Affiliates.  Recognizing that your employment with the Company terminates as of the Separation Date, you represent and warrant that you will not, following the Separation Date, for any purpose, attempt to access or use any computer or 

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computer network or system of the Company or any of its Affiliates, including without limitation the electronic mail system.  Further, you acknowledge that you have disclosed to the Company all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, all information which you have password-protected on any computer equipment, network or system of the Company or any of its Affiliates. 

8.    Employee Cooperation.  You agree to cooperate with the Company and its Affiliates hereafter with respect to all matters arising during or related to your employment, including but not limited to all matters in connection with any governmental investigation, litigation or regulatory or other proceeding which may have arisen or which may arise following the signing of this Agreement.  The Company will reimburse your out-of-pocket expenses incurred in complying with Company requests hereunder, provided such expenses are authorized by the Company in advance.  

9.    General Release of Claims. 

(a)    In exchange for the special severance pay and benefits provided to you under this Agreement, to which you would not otherwise be entitled, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, on your own behalf and that of your heirs, executors, administrators, beneficiaries, personal representatives and assigns, you agree that this Agreement shall be in complete and final settlement of any and all causes of action, rights and claims, whether known or unknown, that you have had in the past, now have, or might now have, in any way related to, connected with or arising out of your employment or your other association with the Company or any of its Affiliates or the termination of the same or pursuant to the Employment Agreement, Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the wage and hour, wage payment and/or fair employment practices laws and statutes of the state or states in which you have provided services to the Company or any of its Affiliates (each as amended from time to time), and/or any other federal, state or local law, regulation or other requirement, and you hereby release and forever discharge the Company, its Affiliates and all of their respective past, present and future directors, shareholders, officers, members, managers, general and limited partners, employees, employee benefit plans, administrators, trustees, agents, representatives, predecessors, successors and assigns, and all others connected with any of them, both individually and in their official capacities, from any and all such causes of action, rights and claims. This release shall not apply to (i) claims for indemnification in your capacity as an officer or director of the Company under the Company's Certificate of Incorporation, Bylaws or written agreement, if any, providing for director or officer indemnification, (ii) rights to receive insurance payments under any policy maintained by the 

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Company and (iii) rights to receive retirement benefits that are accrued and fully vested as of the Separation Date. 

(b)    Nothing contained in this Agreement shall be construed to prohibit you from filing a charge with or participating in any investigation or proceeding conducted by the federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that you hereby agree to waive your right to recover monetary damages or other individual relief in any such charge, investigation or proceeding or any related complaint or lawsuit filed by you or by anyone else on your behalf.  Nothing in this Agreement or the Employee Agreements limits, restricts or in any other way affects your communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity.

(c)    This Agreement, including the general release of claims set forth in Section 9(a), creates legally binding obligations and the Company and its Affiliates therefore advise you to consult an attorney before signing this Agreement.  In signing this Agreement, you give the Company and its Affiliates assurance that you have signed it voluntarily and with a full understanding of its terms; that you have had sufficient opportunity of not less than twenty-one (21) days, before signing this Agreement, to consider its terms and to consult with an attorney, if you wished to do so, or to consult with any other of those persons to whom reference is made in Section 6(b) above; and that, in signing this Agreement, you have not relied on any promises or representations, express or implied, that are not set forth expressly in this Agreement.
(d)    You agree to sign the Release by the later of seven (7) days following the Separation Date and twenty-one (21) days following the date hereof (and in no event before the Separation Date).  You further agree that a signed and unrevoked Release is an express condition to your receipt and retention of the severance benefits described in Section 3 above.
10.    Miscellaneous. 

(a)    This Agreement constitutes the entire agreement between you and the Company, and supersedes all prior and contemporaneous communications, agreements and understandings, whether written or oral, with respect to your employment, its termination and all related matters, excluding only the Continuing Obligations and your obligations with respect to the securities of the Company, all of which shall remain in full force and effect in accordance with their terms.  

(b)    This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by you and the Chief Executive Officer of the 

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Company or his or her expressly authorized designee. The captions and headings in this Agreement are for convenience only, and in no way define or describe the scope or content of any provision of this Agreement.  

(c)    The obligation of the Company to make payments to you or on your behalf under this Agreement, and your right to retain the same, is expressly conditioned upon your continued full performance of your obligations under this Agreement and the Continuing Obligations  

(d)    This is a Massachusetts contract and shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of another jurisdiction.  You agree to submit to the exclusive jurisdiction of the courts of the Commonwealth of Massachusetts in connection with any dispute arising out of this Agreement. 

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If the terms of this Agreement are acceptable to you, please sign, date and return it to me after your Separation Date and within twenty-one (21) days of the date you receive it.  You may revoke this Agreement at any time during the seven-day period immediately following the date of your signing by notifying me in writing of your revocation within that period.  If you do not revoke this Agreement, then, on the eighth day following the date that you signed it, this Agreement shall take effect as a legally binding agreement between you and the Company on the basis set forth above.  The enclosed copy of this letter, which you should also sign and date, is for your records.

Formalities aside, I want to take this opportunity to thank you for all of your efforts on behalf of the Company and to wish you well in your future endeavors.

Sincerely,

GENOCEA BIOSCIENCES, INC.

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Exhibit A
Post-Employment General Release and Waiver of Claims
[Date]

For and in consideration of certain benefits to be provided to me under the separation and transition agreement between Genocea Biosciences, Inc. (the “Company”) and me, dated as of July 19, 2019 (the “Agreement”), which are conditioned on my signing this General Release and Waiver of Claims (this “Release of Claims”) and on my compliance with the Continuing Obligations, and to which I am not otherwise entitled, and other good and valuable consideration, the receipt and sufficiency of which I hereby acknowledge, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives, successors and assigns, and all others connected with or claiming through me, I hereby release and forever discharge the Company and its affiliates, and all of their respective past, present and future officers, directors, shareholders, employees, employee benefits plans, administrators, trustees, agents, representatives, consultants, successors and assigns, and all those connected with any of them, in their official and individual capacities (collectively, the “Released Parties”), from any and all causes of action, suits, rights and claims, demands, damages and compensation of any kind and nature whatsoever, whether at law or in equity, whether now known or unknown, suspected or unsuspected, contingent or otherwise, which I now have or ever have had against the Released Parties, or any of them, in any way related to, connected with or arising out of my employment and/or other relationship with the Company or any of its affiliates, or pursuant to Title VII of the Civil Rights Act, the Americans With Disabilities Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act (as amended by the Older Workers Benefit Protection Act), the Employee Retirement Income Security Act, the wage and hour, wage payment and fair employment practices laws of the state or states in which I have provided services to the Company (each as amended from time to time) and/or any other federal, state or local law, regulation, or other requirement (collectively, the “Claims”) through the date that I sign this Release of Claims, and I hereby waive all such Claims.

I understand that nothing contained in this Release of Claims shall be construed to prohibit me from filing a charge with or participating in any investigation or proceeding conducted by the federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that I hereby agree to waive my right to recover monetary damages or other individual relief in any such charge, investigation or proceeding or any related complaint or lawsuit filed by me or by anyone else on my behalf.  I further understand that nothing contained herein limits, restricts or in any other way affects my communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to such governmental agency or entity.

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I represent and warrant that, in accordance with Section 7 of the Agreement, I have returned to the Company any and all documents and other property of the Company and its Affiliates that I had in my possession, custody or control on the date my employment with the Company terminated and that I have retained no such property.  Without limiting the foregoing, I also represent and warrant that I have retained no copy of any such documents, materials or information.

I acknowledge that this Release of Claims creates legally binding obligations, and that the Company has advised me to consult an attorney before signing it.  I further acknowledge that I may not sign this Release of Claims prior to the Separation Date (as such term is defined in the Agreement).  In signing this Release of Claims, I give the Company assurance that I have signed it voluntarily and with a full understanding of its terms; that I have had sufficient opportunity of not less than twenty-one (21) days before signing this Release of Claims to consider its terms and to consult with an attorney, if I wished to do so, or to consult with any person to whom reference is made in Section 6(b) of the Agreement; and that I have not relied on any promises or representations, express or implied, that are not set forth expressly in this Release of Claims.  I understand that I will have seven (7) days after signing this Release of Claims to revoke my signature, and that, if I intend to revoke my signature, I must do so in writing addressed and delivered to William Clark prior to the end of the seven (7)-day revocation period. I understand that this Release of Claims will become effective upon the eighth (8th) day following the date that I sign it, provided that I do not revoke my acceptance in accordance with the immediately preceding sentence.

This Release of Claims constitutes the entire agreement between me and the Company and supersedes all prior and contemporaneous communications, agreements and understandings, whether written or oral, with respect to my employment, its termination and all related matters, excluding only the Agreement and the Continuing Obligations (as such term is defined in the Agreement), which shall remain in full force and effect in accordance with their terms.  This Release of Claims may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by me and the Chief Executive Officer of the Company or his/her expressly authorized designee.  

Accepted and agreed:

Signature:    ____________________________
Pam Carroll
    
Date:      ____________________________

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