Document:

Exhibit 10.6

 

PROGYNY, INC.

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (the “Agreement”) is made and entered into as of               , between Progyny, Inc., a Delaware corporation (the “Company”), and             (“Indemnitee”).

 

RECITALS

 

A.                                    Highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

 

B.                                    Although furnishing of insurance to protect persons serving a corporation and its subsidiaries from certain liabilities has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company require indemnification of the executive officers and directors of the Company and permit indemnification of other officers and certain other persons. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Bylaws, Certificate of Incorporation, and the DGCL expressly provide that their respective indemnification provisions are not exclusive, and contemplate that contracts may be entered into between the Company and members of the Board, officers, and other persons with respect to indemnification;

 

C.                                    The uncertainties relating to such liability insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

D.                                    The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders, and that the Company should act to assure such persons that there will be increased certainty of protection in the future;

 

E.                                    It is reasonable, prudent, and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

 

F.                                     This Agreement is a supplement to and in furtherance of the Company’s Bylaws and Certificate of Incorporation and any resolutions adopted pursuant to such indemnification, and will not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee;

 

G.                                   Indemnitee does not regard the protection available under the Company’s Bylaws and Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve, and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified; and

 

H.                                   Indemnitee may have certain rights to indemnification and insurance provided by other entities or organizations which Indemnitee and such other entities and organizations intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided in this Agreement, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board.

 

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I.                                        This Agreement supersedes and replaces in its entirety any previous indemnification agreement entered into between the Company and the Indemnitee.

 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer or a director from and after the date first written above, the parties agree as follows:

 

1.                                      Indemnity of Indemnitee. The Company agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time in accordance with the terms of this Agreement. In furtherance of the this indemnification, and without limiting the generality of such indemnification:

 

(a)                                 Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee will be indemnified against all Expenses, judgments, penalties, fines, and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim, issue, or matter. This indemnification is provided if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)                                 Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee will be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company. Indemnification will not be provided against such Expenses if made in respect of any claim, issue, or matter in such Proceeding as to which Indemnitee will have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware will determine that such indemnification may be made.

 

(c)                                  Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he or she will be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue, or matter. For purposes of this Section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

 

2.                                      Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company agrees to indemnify and hold Indemnitee harmless against all Expenses, judgments, penalties, fines, and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, any and all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that will exist on the Company’s obligations pursuant to this Agreement will be that the Company will not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, in Sections 6 and 7) to be unlawful.

 

3.                                      Contribution.

 

(a)                                 Whether or not the indemnification provided in Sections 1 and 2 is available, in respect of any threatened, pending, or completed action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), the Company will pay, in the first instance, the

 

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entire amount of any judgment or settlement of such action, suit, or proceeding without requiring Indemnitee to contribute to such payment, and the Company  waives and relinquishes any right of contribution it may have against Indemnitee. The Company will not enter into any settlement of any action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. The Company will not settle any action or claim in a manner that would impose any penalty or admission of guilt or liability on Indemnitee without Indemnitee’s written consent.

 

(b)                                 Without diminishing or impairing the obligations of the Company in the preceding subparagraph, if Indemnitee elects or is required to pay all or any portion of any judgment or settlement in any threatened, pending, or completed action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), the Company will contribute to the amount of Expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit, or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose. To the extent necessary to conform to law, the proportion determined on the basis of relative benefit may be further adjusted by reference to the relative fault of the Company and all officers, directors, or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines, or settlement amounts, as well as any other equitable considerations which the applicable law may require to be considered. The relative fault of the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, will be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their respective conduct is active or passive.

 

(c)                                  The Company agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by the Company’s officers, directors, or employees, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)                                 To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding to reflect: (i) the relative benefits received by the Company and Indemnitee as a result of the events and  transactions giving cause to such Proceeding; and (ii) the relative fault of the Company (and its directors, officers, employees, and agents) and Indemnitee in connection with such events and transactions.

 

4.                                      Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he or she will be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

5.                                      Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company will advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within 30 days after the receipt by the Company of a statement from Indemnitee requesting such advance or advances, whether prior to or after final disposition of such Proceeding. Such statement will reasonably evidence the Expenses incurred by Indemnitee and will include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it is ultimately determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 will be unsecured and interest free.

 

6.                                      Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under

 

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the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions will apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)                                 To obtain indemnification under this Agreement, Indemnitee will submit to the Company a written request with such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company will, promptly on receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such request to the Company, or to provide such a request in a timely fashion, will not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b)                                 On written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), Indemnitee’s entitlement to indemnification will be determined in the specific case:

 

(1) by one of the following four methods, which will be at the election of the Board, unless a Change in Control has occurred:

 

(i)   by a majority vote of the Disinterested Directors, even though less than a quorum;

 

(ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum;

 

(iii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which will be delivered to the Indemnitee; or

 

(iv) if so directed by the Board, by the stockholders of the Company; or

 

(2) if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which will be delivered to the Indemnitee

 

Disinterested Directors are those members of the Board who are not parties to the action, suit, or proceeding that indemnification is sought by Indemnitee.

 

(c)                                  If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b), the Independent Counsel will be selected as provided in this Section 6(c). The Independent Counsel will be selected by the Board and notify the Indemnitee by written notice. Within 10 days after such notice has been given, Indemnitee may deliver the Company a written objection to such selection. But, that objection may only be asserted on the ground that the Independent Counsel does not meet the requirements of “Independent Counsel” as defined in Section 13, and the objection will include with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If no Independent Counsel will have been selected and not objected to within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a), either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection made by the Indemnitee to the Company’s selection of Independent Counsel or for the appointment of a person selected by the court or by such other person as the court designates to serve as Independent Counsel. The person with respect to whom all objections are so resolved or the person so appointed will act as Independent Counsel under Section 6(b). The Company will pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b), and the Company will pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed. In no event will Indemnitee be liable for fees and expenses incurred by such Independent Counsel.

 

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(d)                                 In making a determination with respect to entitlement to indemnification under this Agreement, the person or persons or entity making such determination will presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its Board or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)                                  Indemnitee will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and actions, or failure to act, of any director, officer, agent, or employee of the Enterprise will not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it will in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Company. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)                                   If the person, persons, or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification has not have made a determination within 60 days after receipt by the Company of the request, the requisite determination of entitlement to indemnification will be deemed to have been made, and Indemnitee will be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons, or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation or information relating thereto. The provisions of this Section 6(f) will not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting to be held within 75 days after such receipt, and such determination is made at that annual meeting, or (B) a special meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made at that special meeting.

 

(g)                                 Indemnitee will cooperate with the person, persons. or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing such person, persons, or entity on reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board, or stockholder of the Company will act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons, or entity making such determination will be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Company indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)                                 The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption, and uncertainty. In the event that any action, claim, or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it will be presumed that Indemnitee has been successful on the

 

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merits or otherwise in such action, suit, or proceeding. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)                                    The termination of any Proceeding or of any claim, issue, or matter in any Proceeding, by judgment, order, settlement or conviction, or on a plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

7.                                      Remedies of Indemnitee.

 

(a)                                 In the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within 10 days after receipt by the Company of a written request for such payment, or (v) payment of indemnification is not made within 10 days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6, Indemnitee will be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee will commence such proceeding seeking an adjudication within one year following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company will not oppose Indemnitee’s right to seek any such adjudication.

 

(b)                                 In the event that a determination has been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 will be conducted in all respects as a de novo trial on the merits, and Indemnitee will not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)                                  If a determination has been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)                                 In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company will pay on his or her behalf, in advance, any and all expenses (of the types described in the definition of Expenses) actually and reasonably incurred by him or her in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses, or insurance recovery.

 

(e)                                  The Company will be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding, and enforceable, and will stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company will indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, will (within 10 days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses, or insurance recovery, as the case may be.

 

(f)                                   Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement will be required to be made prior to the final disposition of the Proceeding.

 

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8.                                      Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)                                 The rights of indemnification as provided by this Agreement will not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of Board, or otherwise. No amendment, alteration, or repeal of this Agreement or of any provision of this Agreement will limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration, or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Bylaws, and this Agreement, it is the intent of the parties of this Agreement that Indemnitee will enjoy all greater benefits so afforded by such change. No right or remedy in this Agreement conferred is intended to be exclusive of any other right or remedy, and every other right and remedy will be cumulative and in addition to every other right and remedy given under this Agreement or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)                                 To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents, or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise that such person serves at the request of the Company, the Company will procure such insurance policy or policies under which the Indemnitee will be covered in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent, or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

(c)                                  The Company acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement of expenses, or insurance provided by other entities or organizations (collectively, the “Secondary Indemnitors”). The Company agrees that (i) it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) it will be required to advance the full amount of expenses incurred by Indemnitee and will be liable for the full amount of all Expenses, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the Company’s Certificate of Incorporation or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and (iii) it irrevocably waives, relinquishes, and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation, or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company will affect the foregoing and the Secondary Indemnitors will have a right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section 8(c).

 

(d)                                 Except as provided in Section 8(c), in the event of any payment under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)                                  Except as provided in Section 8(c), the Company will not be liable under this Agreement to make any payment of amounts otherwise indemnifiable under this Agreement if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise.

 

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(f)                                   Except as provided in Section 8(c), the Company’s obligation to indemnify or advance Expenses under this Agreement to Indemnitee who is or was serving at the request of the Company as a director, officer, employee, or agent of any other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise.

 

9.                                      Exceptions to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company will not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)                                 for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing will not affect the rights of Indemnitee or the Secondary Indemnitors in Section 8(c);

 

(b)                                 for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law;

 

(c)                                  in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law;

 

(d)                                 with respect to remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in the last paragraph of this Section 9);

 

(e)                                  a final judgment or other final adjudication is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination);

 

(f)                                   in connection with any claim for reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act or Section 954 of the Dodd-Frank Act, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement); or

 

(g)                                 on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled.

 

For purposes of this Section 9, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

Any provision herein to the contrary notwithstanding, the Company will not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act, or in any registration statement filed with

 

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the SEC under the Securities Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K promulgated under the Securities Act currently generally requires the Company to undertake, in connection with any registration statement filed under the Securities Act, to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any such undertaking will supersede the provisions of this Agreement and to be bound by any such undertaking.

 

10.                               Duration of Agreement. All agreements and obligations of the Company contained herein will continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and will continue thereafter so long as Indemnitee will be subject to any Proceeding (or any proceeding commenced under Section 7) by reason of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement will be binding on and inure to the benefit of and be enforceable by the parties of this Agreement and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors, and personal and legal representatives.

 

11.                               Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations under this Agreement through an irrevocable bank line of credit, funded trust, or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.                               Enforcement.

 

(a)                                 The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying on this Agreement in serving as an officer or director of the Company.

 

(b)                                 Other than as provided in this Agreement, this Agreement constitutes the entire agreement between the parties with respect to this subject matter and supersedes all prior agreements and understandings, oral, written and implied, between the parties with respect to this subject matter.

 

13.                               Definitions. For purposes of this Agreement:

 

(a)                                 “Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner will exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

 

(b)                                 “Board” means the Board of Directors of the Company.

 

(c)                                  “Change in Control” means the earliest to occur after the date of this Agreement of any of the following events:

 

(i)                                    Acquisition of Stock by Third Party.  Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of the Company representing twenty five percent (25%) or more of the combined voting power of the Company’s then outstanding securities ;

 

(ii)                                Change in Board.  During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (iii) or (iv) of this definition of Change in Control) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election

 

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or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)                            Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

 

(iv)                             Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and

 

(v)                                 Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

 

(d)                                 “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

(e)                                  “Disinterested Director” means a non-executive director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

(f)                                   “Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

 

(g)                                 “Enterprise” means the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(h)                                 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(i)                                    “Expenses” includes all documented and reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also will include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local, or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses will not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(j)                                    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term “Independent Counsel” will not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all

 

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Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(k)                                 “Person” for purposes of the definition of Beneficial Owner and Change in Control set forth above, will have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person will exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(l)                                    “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or her or of any inaction on his or her part while acting as an officer or director of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other Enterprise; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement.

 

(m)                             “Sarbanes-Oxley Act” will mean the Sarbanes-Oxley Act of 2002, as amended.

 

(n)                                 “SEC” will mean the Securities and Exchange Commission.

 

(o)                                 “Securities Act” will mean the Securities Act of 1933, as amended.

 

14.                               Severability. The invalidity or unenforceability of any provision hereof will in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.                               Modification and Waiver. No supplement, modification, termination or amendment of this Agreement will be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or will constitute a waiver of any other provisions hereof (whether or not similar) nor will such waiver constitute a continuing waiver.

 

16.                               Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered under this Agreement. The failure to so notify the Company will not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17.                               Notices. All notices and other communications given or made pursuant to this Agreement will be in writing and will be deemed effectively given:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) 5 days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent:

 

(a)                                 To Indemnitee at the address on the books and records of the Company.

 

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(b)                                 To the Company at:

 

Progyny, Inc. 
 245 5th Avenue

New York, NY  10016

(212) 888-3124

Attention: Legal Department

 

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.                               Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature, electronic mail (including .pdf or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument and be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

19.                               Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and will not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

20.                               Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement will be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably The Corporation Trust Company as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

[SIGNATURE PAGE TO FOLLOW]

 

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The parties have executed this Agreement on and as of the day and year first above written.

 

	
 
    	
PROGYNY, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:Exhibit 10.7

o oprogyny ()   Smarter Fertility Benefits As of July 1, 2019 David Schlanger 86 Slope Drive   Short Hills, NJ 07078 Re: Amended and Restated Employment Agreement with   Progyny. Inc. Dear David: This letter agreement (this "Agreement")   confirms the terms and conditions of your ongoing employment with Progyny,   Inc. ("Progyny" or the "Company"), and replaces your   previous employment letter dated December 14, 2016, as previously amended on   August 18, 2018 (the "Prior Agreement"). This Agreement will be   effective as of July 1, 2019 (the "Effective Date). 1. Your Position;   Salary; Bonus Eligibility. You will continue to be employed on a full-time   basis and based out of our facility located in New York, New York. Effective   July 1, 2019, your base salary shall increase to $41,666.66 per month   ($500,000.00 per year), subject to payroll deductions and applicable   withholdings, paid on the Company's regular payroll pay dates. The Company   may modify your compensation, position, duties and work location from time to   time in its discretion, subject to your rights, if applicable, to severance   as set forth herein. As Chief Executive Officer, you will continue to serve   as a member of the Board, subject to any required Board and/or stockholder   approval. In the event of the termination of your employment for any reason   (whether at your request or the Company's request), or your removal from the   position of Chief Executive Officer, you agree to promptly resign as a member   of the Board, and all positions you hold with the Company or any of its   subsidiaries, effective no later than such termination or removal date.   Throughout this letter, references to approval or determination by the Board   (or similar phrasing) shall mean approval by the Board with you recusing   yourself from any such determination. Normal business hours are from 9:00am   to 6:00pm, Monday through Friday. As an exempt, salaried employee, you will   continue to be expected to work additional hours as required by the nature of   your work assignments. Throughout your employment with the Company, you shall   continue to devote your best efforts and substantially all of your business   time and attention to the business and affairs of the Company, and you agree   that you shall not have any other employment or consulting arrangements as long   as you work for the Company, other than as the Company may expressly agree in   writing. Notwithstanding your full-time business obligation to the Company,   you will continue to be permitted to participate on the boards of directors   of up to two non-competitive for-profit entities, and you may engage in civic   and not-for-profit activities, so long as in any such case, such activities   do not interfere with the performance of your duties hereunder or present a   conflict of interest with the Company and that you have informed the Board of   the general nature of such activities and, as to any other boards of   directors, you provide advance written notice to the Board. Commencing with   the fiscal year ending on December 31, 2019 and thereafter, you will be   eligible to receive an annual discretionary performance and retention bonus   of up to a maximum of 75% of your annual salary, subject to payroll   deductions and applicable withholdings, and, if the Board adopts a bonus plan   applicable to Company executives, subject to the terms and conditions of such   plan. Whether you receive a bonus for any given year, and the amount of any   such bonus, will be determined by the 

    

 

Board in its   good faith discretion based upon the Company's and your achievement of objectives   and milestones to be determined on an annual basis by the Board. Except as   otherwise specified in Section 5 of this Agreement, (i) you must remain an   active employee through the date of payment of any such bonus in order to   earn and receive that bonus and (ii) you will not be eligible for, and will   not earn, any bonus (including a prorated bonus) if your employment   terminates for any reason before the applicable bonus payment date. 2. Stock   Options. You have previously been granted options to purchase shares of the   Company's Common Stock, which are described in Annex A (such options together   with any other options that may be granted to you in the future, shall   collectively be referred to in this Agreement as ..Options") and shall   continue in full force and effect in accordance with their respective terms   (including, without limitation, the terms in Sections 5(b) and 5(c) below).   3. Benefits. You will continue to be eligible to participate in the Company's   employee benefit plans of general application as they· may exist from time to   time, subject to any eligibility requirements imposed by such plans. As a   Company employee, you will continue to accrue PTO pursuant to the Company's   policies and procedures. The Company reserves the right to change or otherwise   modify, in its sole discretion, the benefits offered to employees to conform   to the Company's general policies as they may be changed from time to time.   4. Confidentiality. As an employee of the Company, you will continue to have   access to certain confidential information of the Company and you may, during   the course of your employment, develop certain information or inventions that   will be the property of the Company. To protect the interests of the Company,   you will need to sign the ..Proprietary Information, Inventions and Non­   Solicitation/Non-Competition Agreement" in the form attached hereto as   Exhibit A as a condition to the effectiveness of this Agreement. We wish to   impress upon you that we do not want you to, and we hereby direct you not to,   use or disclose any confidential or proprietary material of any former   employer in your work for the Company, bring onto Company premises any   unpublished documents or property belonging to any former employer or other   person to whom you have an obligation of confidentiality, or violate any   other obligations you may have to any former employer or other third party.   You agree that you have not, and during the period that you render services   to the Company, will not (i) engage in any employment, business or activity   that is in any way competitive with the business or proposed business of the   Company, or (ii) assist any other person or organization in competing with   the Company or in preparing to engage in competition with the business or   proposed business of the Company. You represent that your signing of this   Agreement and the Proprietary Information, Inventions and Non­ Solicitation!   Non-Competition Agreement and your employment with the Company will not   violate any agreement currently in place between you and any current or past   employers, or between you and any other parties. 5. At-Will Employment;   Termination of Employment; Severance. a. At-Will Employment. Your employment   with the Company will be ..at will." You may terminate your employment   with Company at any time and for any reason whatsoever (or no reason) simply   by notifying the Company. Likewise, the Company may terminate your employment   at any time, with or without Cause (as defined below) or advance notice. Your   employment with the Company may also be terminated due to your death or   disability. Neither the vesting of any option described in this Agreement   (nor any other provision of this Agreement or any other agreement between you   and the Company), nor your participation in any stock option, incentive   bonus, or other benefit program in the future, is to be regarded as assuring   you of continuing employment for any particular period of time. Your   employment at-will status can only be modified in a written agreement signed   by you and by a duly authorized officer of the Company (other than you). b.   Termination Without Cause or Resignation for Good Reason Not in Connection   with an Acquisition. In the event your employment with the Company (or its   subsidiaries) is 2 

    

 

terminated by   the Company (or its subsidiaries) without Cause or you resign for Good Reason   (as defined below), in each case other than during the Change of Control   Severance Period (as defined below), then provided such termination   constitutes a "separation from service" (as defined under Treasury   Regulation Section 1.409A-l(h), without regard to any alternative defmition   thereunder, a "Separation from Service"), and provided that you   remain in compliance with the terms of this Agreement, the Company shall provide   you with the following severance benefits: (i) Severance Pay. The Company   shall pay you, as severance, the equivalent of twelve (12) months of your   base salary in effect as of your employment termination date, subject to   standard payroll deductions and withholdings. Subject to Section 7(a), this   severance amount will be paid in installments in the form of continuation of   your base salary payments, paid on the Company's ordinary payroll dates,   commencing on the Company's first regular payroll date that is more than 60   days following such termination of your employment (the "Starting   Date"), and shall be for any accrued base salary for the 60-day period   plus the period from the 60th day until the regular payroll pay date, if   applicable, and all salary continuation payments thereafter, if any, shall be   made on the Company's regular payroll dates. (ii) Bonus. The Company shall   pay you your current year target bonus in effect at the time of termination,   prorated (based on completed months of service) to the date of termination.   Such amount will be paid on the Starting Date. For any bonus amounts relating   to the prior year, you will be eligible to receive such bonus to the extent   earned as determined by the Board or Company in its sole discretion, payable   on the Starting Date, or if not yet determined, then within 60 days following   such board of Company determination. (iii) Health Insurance. Provided that   you timely elect continued coverage under COBRA, the Company shall pay your   COBRA premiums to continue your coverage (including coverage for eligible   dependents, if applicable) ("COBRA Premiums") through the period   (the "COBRA Premium Periotf') starting on the date of your Separation   from Service and ending on the earliest to occur of: (i) the duration of the   salary continuation period set forth in Section 5(b)(i) above; (ii) the date   you become eligible for group health insurance coverage through a new   employer; and (iii) the date you cease to be eligible for COBRA continuation   coverage for any reason, including plan termination, subject to Section 7(a).   In the event you become covered under another employer's group health plan or   otherwise cease to be eligible for COBRA during the COBRA Premium Period, you   must immediately notify the Company of such event. Notwithstanding the   foregoing, if the Company determines, in its sole discretion, that it cannot   pay the COBRA Premiums without a substantial risk of violating applicable law   (including, without limitation, Section 2716 of the Public Health Service   Act), the Company instead shall pay to you, on the first day of each calendar   month, a fully taxable cash payment equal to the applicable COBRA premiums   for that month (including premiums for you and your eligible dependents who   have elected and remain enrolled in such COBRA coverage), subject to   applicable tax withholdings (such amount, the "Special Cash   Payment"), for the remainder of the COBRA Premium Period. You may, but   are not obligated to, use such Special Cash Payments toward the cost of COBRA   premiums. In the event the Company opts for the Special Cash Payments, then   on the thirtieth (30th) day following your Separation from Service, the   Company will make the first payment to you under this paragraph, in a lump   sum, equal to the aggregate Special Cash Payments that the Company would have   paid to you through such date had the Special Cash Payments commenced on the   first day of the first month following the Separation from Service through   such thirtieth (30th) day, with the balance of the Special Cash Payments paid   thereafter on the schedule described above, subject to Section 7(a). (iv)   Vesting Acceleration; Extension of time to Exercise. The vesting of any   then-unvested shares subject to the Options shall be accelerated in an amount   equal to twelve (12) months of vesting, up to the full vesting of the grant,   such that the accelerated vesting shares subject to the Options shall be   deemed immediately vested and exercisable as of your last day of employment.   Additionally the Options shall be exercisable for twelve (12) months following   your last day of employment. In addition, if any other form of equity   compensation is awarded to you during your 3 

    

 

employment   ("Other Equity"), the vesting of any of the then-unvested equity   that would have vested over the following twelve months shall be accelerated   and deemed vested on the date of termination and paid or delivered in   accordance with the award agreement, subject to Section 7(a). c. Termination   Without Cause or Resignation for Good Reason in Connection with an Acquisition.   In the event your employment with the Company (or its subsidiaries) is   terminated by the Company (or its subsidiaries) without Cause, or you resign   for Good Reason, in either case (x) during the period (the "Change of   Control Severance Period'') commencing with the date that is one (1) month   prior to the execution of a defmitive agreement governing an Acquisition (as   defined below) and ending on the two (2) year anniversary of the closing of   the same Acquisition, or (y) within two (2) years after the closing of any   other Acquisition, then provided such termination constitutes a Separation   from Service, and provided that you remain in compliance with the terms of   this Agreement, the Company shall provide you with the following severance   benefits: (i) Severance Pay. The Company shall pay you, as severance, the   Severance Payments, under the terms and conditions set forth in Section   5(b)(i) above. (ii) Bonus. The Company shall pay you (A) your bonus for the   year prior to the year of termination, to the extent not previously paid,   calculated under the terms and conditions set forth in Section 5(b)(ii) above   and (B) a pro rata portion of the bonus for the year in which the termination   occurs calculated under the terms and conditions set forth in Section   5(b)(ii) above based on the number of days worked in such year. Such payments   to be made within sixty days of the date of termination, subject to Section   7(a). (iii) Health Insurance. The Company shall pay your COBRA Premiums or   Special Cash Payment, as applicable, through the COBRA Premium Period, under   the terms and conditions set forth in Section 5(b)(iii) above. (iv) Vesting   Acceleration; Extension of time to Exercise. The vesting of any then-unvested   shares subject to the Options shall be accelerated such that 100% of the   shares subject to the Options shall be deemed immediately vested and   exercisable as of your last day of employment. Additionally the Options shall   be exercisable for twelve (12) months following your last day of employment.   In addition, any Other Equity shall be deemed 100% vested and paid or   delivered in accordance with the applicable award agreement, subject to   Section 7(a). d. Resignation without Good Reason; Termination for Cause;   Death or Disability. If at any time the Company terminates your employment   for Cause, you resign your employment without Good Reason, or your employment   terminates upon your death or disability, then (i) you will no longer vest in   the Options or Other Equity, (ii) all payments of compensation by the Company   to you hereunder will terminate immediately (except as to amounts already   earned), and (iii) you will not be entitled to any severance benefits (except   as otherwise below related to Disability (as defined in the applicable option   plan)). In addition, you shall resign from all positions and terminate any   relationships as an employee, advisor, officer or director with the Company   and any of its affiliates (including without limitation any subsidiaries),   each effective on the date of termination. Notwithstanding the foregoing, if   your employment terminates as a result of your Disability (as defined in the   applicable option plan pursuant to which your Option is granted), the Option   shall be exercisable for twelve (12) months following your last day of employment.   6. Conditions to Recei pt of Severance Benefits. The receipt of any severance   benefits as described in Section 5 above will be subject to and conditioned   upon your signing and not revoking a separation agreement and release of   claims in a form reasonably satisfactory to the Company (the "Separation   Agreement") within the time period specified therein, but in any event   no later than sixty (60) days following your Separation from Service date. No   severance benefits of any kind will be paid or provided until the Separation   Agreement becomes effective. Pursuant to or in connection with any 4 

    

 

termination of   service to the Company, you shall also resign from all positions and   terminate any relationships as an employee, advisor, officer or director with   the Company and any of its affiliates (including without limitation any   subsidiaries), each effective on the date of termination. For avoidance of   doubt, under no circumstances will you receive severance benefits under both   Sections S(b) and 5(c) herein. 7. Tax Matters. a. It is intended that all of   the severance benefits and other payments payable under this Agreement   satisfy, to the greatest extent possible, the exemptions from the application   of Code Section 409A provided under Treasury Regulations 1.409A-l(b)(4),   1.409A-l(b)(5) and 1.409A-l(b)(9), and this Agreement will be construed to   the greatest extent possible as consistent with those provisions, and to the   extent no so exempt, this Agreement (and any defmitions hereunder) will be   construed in a manner that complies with Section 409A. For purposes of Code   Section 409A (including, without limitation, for purposes of Treasury   Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any   installment payments under this Agreement (whether severance payments,   reimbursements or otherwise) shall be treated as a right to receive a series   of separate payments and, accordingly, each installment payment hereunder   shall at all times be considered a separate and distinct payment.   Notwithstanding any provision to the contrary in this Agreement, if you are   deemed by the Company at the time of your Separation from Service to be a   "specified employee" for purposes of Code Section 409A(a)(2)(B)(i),   and if any of the payments upon Separation from Service set forth herein   and/or under any other agreement with the Company are deemed to be "deferred   compensation", then to the extent delayed commencement of any portion of   such payments is required in order to avoid a prohibited distribution under   Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section   409A, such payments shall not be provided to you prior to the earliest of (i)   the expiration of the six-month period measured from the date of your   Separation from Service with the Company, (ii) the date of your death or   (iii) such earlier date as permitted under Section 409A without the imposition   of adverse taxation. Upon the first business day following the expiration of   such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred   pursuant to this Paragraph shall be paid in a lump sum to you, and any   remaining payments due shall be paid as otherwise provided herein or in the   applicable agreement. No interest shall be due on any amounts so deferred. b.   To the extentthe Parachute Payment Vote (as defined below) is permitted by   the Regulations (as defined below), and you agree to waive (as would be   required under the Regulations) the right to all or any portion of the   payment or benefit you would receive pursuant to an Acquisition as a result   of the provisions of this Agreement that would (i) constitute a   "parachute payment" within the meaning of Section 280G of the Code,   and (ii) be subject to the excise tax imposed by Section 4999 of the Code   (the "At-Risk Payments"), the Company shall use commercially   reasonable efforts to timely solicit stockholder approval of the At-Risk   Payments (the "Parachute Payment Vote") in accordance with the   requirements of Treasury Regulations § 1.280G-l, Q&A-7 or any successor   thereto (the "Regulations"). c. Excise Taxes. Notwithstanding any   other provision of this Agreement to the contrary, if any payment or benefit   you . would receive from the Company under this Agreement or otherwise   (including, without limitation, any payment, benefit, entitlement or   distribution paid or provided by the person or entity effecting the change in   control) in connection with an Acquisition (the "Total Payments")   (a) constitute "parachute payments" within the meaning of Section   280G of the Code, and (b) but for this Section 7(c), would be subject to the   excise tax imposed by Section 4999 of the Code, then you will be entitled to   receive either (i) the full amount of the Total Payments (taking into account   the full value of the equity awards), or (ii) a portion of the Total Payments   having a value equal to $I less than three (3) times your "base   amount" (as such term is defined in Section 280G(b)(3)(A) of the Code),   whichever of clauses (i) and (ii), after taking into account applicable   federal, state, and local income and employment taxes and the excise tax   imposed by Section 4999 of the Code, results in your receipt, on an . after-tax   basis, of the greatest portion of the Total Payments. Any determination   required under this Section 7(c) shall be made in writing by the independent   public accountants of the Company (the 5 

    

 

"Accountants"),   whose determination shall be conclusive and binding for all purposes upon you   and the Company. For purposes of making the calculations required by this   Section 7(c), the Accountants may make reasonable assumptions and   approximations concerning applicable taxes and may rely on reasonable,   good-faith interpretations concerning the application of Sections 2800 and   4999 of the Code. If there is a reduction pursuant to this Section 7(c) of   the Total Payments to be delivered to you, such reduction shall occur in the   following order: (i) any cash severance payable by reference to your base   salary or annual bonus, (ii) any other cash amount payable to you, (iii) any   benefit valued as a "parachute payment," and (iv) acceleration of   vesting of any equity award. This Section 7(c) shall not apply, however, to   any payment or benefit if the application of Section 280G(b)(5) of the Code   to such payment or benefit results in such payment or benefit not   constituting a parachute payment under Section 280G(b)(2). For the avoidance   of doubt, in the event additional Total Payments are made to you after the   application of the cutback in this Section 7(c), which additional Total   Payments result in the cutback no longer being applicable, the Company shall   pay you an additional amount equal to the value of the Total Payments which   were originally cutback. The Company shall determine at the end of each   calendar year whether any such restoration is necessary based on additional   Total Payments (if any) made during such calendar year, and shall pay such restoration   not later than March 15 of the following calendar year. 8. Definitions. For   purposes of this Agreement: a. "Acquisition" means either of the   following transactions: (i) a Deemed Liquidation Event (as defined in the   Company's Restated Certificate of Incorporation currently in effect); or (ii)   a sale by the Company's stockholders of outstanding shares of the Company's   capital stock in one transaction, or a series of related transactions,   representing a majority of voting power of the Company's all then outstanding   shares of capital stock; provided, however, that if the holders of the   Company's Preferred Stock waive treatment of any such transaction as a   "Liquidation Event" as permitted by the Company's Restated   Certificate of Incorporation currently in effect, such transaction shall   nonetheless be an Acquisition hereunder. Notwithstanding the foregoing, upon   the consummation of an initial public offering of the Company's securities,   the definition of "Acquisition" shall have the same meaning as a   "Change in Control" as defined in the Progyny, Inc. 2019 Equity   Incentive Plan. b. "Cause" for your employment termination will be   deemed to exist at any time after the occurrence of one of more of the   following: (i) your commission of, conviction for, or guilty plea to, a   felony or crime involving moral turpitude; (ii) a willful refusal by you to   comply with the lawful, material and reasonable instructions of the Company   (or its subsidiaries), or to otherwise materially perform your duties as   lawfully and reasonably determined by the Company (or its subsidiaries), in   each case that is not cured by you (if such refusal is of a type that is   capable of being cured) within 15 days of written notice being given to you   of such refusal; (iii) any willful act or acts of dishonesty undertaken by   you and intended to result in your (or any other person's) material gain or   personal enrichment at the expense of the Company, its subsidiaries or any of   its or their customers, partners, affiliates, or employees; (iv) any willful   act of gross misconduct by you which is injurious to the Company or its   subsidiaries; or (v) any material breach by you of your obligations under any   agreement between you and the Company or its subsidiaries, including without   limitation this Agreement or your Proprietary Information, Inventions and   Non-Solicitation/Non-Competition Agreement, that is not cured by you (if such   breach is of a type that is capable of being cured) within 15 days of written   notice being given to you of such breach. c. "Good Reason" means   the occurrence of any of the following without your prior written consent:   (i) a material reduction in your then-current annual base salary; except for   a reduction (not to exceed 10%) that is part of a proportional reduction of   the base salaries of all Company executives; (ii) relocation of your   principal place of employment to a place that increases your one-way commute   by more than thirty (30) miles as compared to your then-current principal   place of employment immediately prior to such relocation; or (iii) a material   and adverse change in your duties and responsibilities (it being agreed that   a change in duties and responsibilities following an Acquisition that is   inherent in the Company becoming a part of a larger business organization   shall not constitute a 6 

    

 

material   adverse change); provided, however, that a resignation by you shall not be   considered to be for a "Good Reason" under this agreement unless   (i) you provide written notice to the Board of the occurrence of the event   which you contend constitutes Good Reason within thirty (30) days after the   date such event occurs, which notice states your intention to resign for a   "Good Reason" under this Agreement as a result thereof, (ii) the   Company does not effect a cure with respect to such event withip thirty (30)   days after receipt of such written notice, and (iii) you thereafter resign   and cease to perform services as an employee of the Company within ten (10)   days after the expiration of the Company's·cure period. Good Reason shall   also include you resigning from all Company positions for any reason during   the Change of Control Severance Period but no earlier than nine months after   an Acquisition. You agree to provide 60 days prior written notice to the   Company of your decision to resign pursuant to this provision. 9.   Arbitration. As a condition of your ongoing employment with Company, you and   the Company agree to submit to mandatory fmal, binding and confidential   arbitration any and all disputes, claims or controversies arising out of,   related to or connected with your employment with the Company, including, but   not limited to, claims of discrimination, harassment, unpaid wages, breach of   contract (express or implied), wrongful termination; torts, claims for stock   or stock options, as well as claims based upon any federal, state or local   ordinance, statute, regulation or constitutional provision, including, but   not limited to, the Age Discrimination in Employment Act, 29 U.S.C. § 621, et   seq., the Employee Retirement Income Security Act (ERISA), 29 U.S.C. § 1001,   et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e, et   seq., and 42 U.S.C. § 1981, and any and all state or local laws prohibiting   discrimination or regulating any terms or conditions of employment   "Arbitrable Claims"). Arbitration shall be the exclusive method by   which to resolve all Arbitrable Claims and shall be final and binding upon   the parties. BY AGREEING TO THIS ARBITRATION PROCEDURE, YOU AND THE COMPANY   HEREBY WAIVE ANY RIGHTS EITHER MAY HAVE TO TRIAL BY JURY IN REGARD TO   ARBITRABLE CLAIMS. The arbitration shall be conducted pursuant to the Federal   Arbitration Act, 9 U.S.C. § 1-16, and to the fullest extent permitted by law,   in New York, New York by a single arbitrator conducted by JAMS, Inc.   (''JAMS") under the then-applicable JAMS rules (which can be found at   http://www.jamsadr.com/rulesclauses). In addition, all claims, disputes, or   causes of action under this section, whether by you or the Company, must be   brought in an individual capacity, and shall not be brought as a plaintiff   (or claimant) or class member in any purported class or representative   proceeding, nor joined or consolidated with the claims of any other person or   entity. The Arbitrator may not consolidate the claims of more than one person   or entity, and may not preside over any form of representative or class   proceeding. To the extent that the preceding sentences regarding class claims   or proceedings are found to violate applicable law or are otherwise found   unenforceable, any claim(s) alleged or brought on behalf of a class shall   proceed in a court of law rather than by arbitration. In any arbitration   proceeding, you will have the right to be represented by legal counsel at   your own expense (subject to applicable law requiring that the Company pay   the fees and/or costs of your legal counsel). The arbitrator shall: (a) have   the authority to compel adequate discovery for the resolution of the dispute   and to award such relief as would otherwise be available under applicable law   in a court proceeding; and (b) issue a written statement signed by the   arbitrator regarding the disposition of each claim and the relief, if any,   awarded as to each claim, the reasons for the award, and the arbitrator's   essential findings and conclusions on which the award is based. The   arbitrator, and not a court, shall also be authorized to determine whether   the provisions of this paragraph apply to a dispute, controversy, or claim   sought to be resolved in accordance with these arbitration proceedings. The   Company shall pay all costs and fees in excess of the amount of court fees   that you would be required to incur if the dispute were filed or decided in a   court of law. Nothing in this Agreement is intended to prevent either you or   the Company from obtaining injunctive relief in court to prevent irreparable   harm pending the conclusion of any such arbitration. 10. Entire Agreement.   This Agreement, together with the Proprietary Information, Inventions and   Non-Solicitation/Non-Competition Agreement and the equity documentation   referred to herein, will form the complete and exclusive statement of your   employment agreement with the Company. It supersedes any other agreements or   promises with respect to your employment made to you by anyone, whether oral   or written, and other than those changes expressly reserved to the Company's   7 

    

 

discretion in   this letter, this letter can only be modified in a written agreement signed   by you and a duly authorized officer of the Company. 8 

    

 

11. Acceptance.   To indicate your acceptance of this Agreement, please sign and date this   Agreementand the ProprietaryInformation, Inventionsand   Non-Solicitation/Non-Competition Agreement and return the signed copies to   me. Very truly yours, PROGYNY, INC. I have read and understood this Agreement   and hereby acknowledge, accept and agree to the terms as set forth above. 9 

    

 

o<?oprogyny   ()Smarter Fertility Benefits EXHffiiTA NON-DISCLOSURE AND NON-COMPETE   AGREEMENT In consideration of my employment or continued employment by   Progyny, Inc., its subsidiaries, parents, affiliates, predecessors,   successors and assigns (together, the "Company") and the   compensation now and hereafter paid to me, I hereby enter into this   Non-Disclosure and Non-Compete Agreement (the "Agreement") and   agree as follows: and object codes, data, programs, other works of   authorship, know-how. improvements, discoveries, developments, designs and   techniques and any other 1. NONDISCLOSURE. 1.1 Recognition of Company's Rights;   Nondisclosure. I understand and acknowledge that my employment by the Company   creates a relationship of confidence and trust with respect to the Company's   Proprietary Information (defined below) and that the Company has a   protectable interest therein. At all times during my employment and   thereafter, I will hold in strictest confidence and will not disclose, use,   lecture upon or publish any of the Company's Proprietary Information, except   as such disclosure, use or publication may be required in connection with my   work for the Company, or unless an officer of the Company expressly   authorizes such in writing. I will obtain the Company's written approval   before publishing or submitting for publication any material (written,   verbal, or otherwise) that relates to my work at the Company and/or   incorporates any Proprietary Information. I hereby assign to the Company any   rights I may have or acquire in such Proprietary Information and recognize   that all Proprietary Information shall be the sole property of the Company   and its assigns. I will take all reasonable precautions to prevent the   proprietary trademarks, technology, patents,copyrights, and other   intellectual property; (b) information regarding research, development, new   products, marketing and selling, business plans, budgets and unpublished   financial statements, licenses, prices and costs, margins, discounts, credit   terms, pricing and billing policies, quoting procedures, methods of obtaining   business, forecasts, future plans and potential strategies, financial   projections and business strategies, operational plans, financing and   capital-raising plans, activities and agreements, internal services and   operational manuals, methods of conducting Company business, suppliers and   supplier information, and purchasing; (c) information regarding customers and   potential customers of the Company, including customer lists, names,   representatives, their needs or desires with respect to the types of products   or services offered by the Company, proposals, bids, contracts and their   contents and parties, the type and quantity of products and services provided   or sought to be provided to customers and potential customers of the Company   and other non-public information relating to customers and potential   customers; (d) information regarding any of the Company's business partners   and their services, including names; representatives, proposals, bids,   contracts and their contents and parties, the type and quantity of products   and services received by the Company, and other non-public inadvertent or   accidental Information. disclosure of Proprietary 1.2 Proprietary   Information. The term "Proprietary Information" shall mean any and   all confidential and/or proprietary knowledge, data or information of the   Company, its affiliates, parents and subsidiaries, whether having existed,   now existing, or to be developed during my employment. information relating   to business partners; (e) information regarding personnel, employee lists,   compensation, and employee skills; and (f) any other non-public information   which a competitor of the Company could use to the competitive disadvantage   Byway ofillustrationbutnotlimitation,   "ProprietaryInformation"includes (a) trade secrets, inventions,   ideas, processes, formulas, source 

    

 

confidentiality,   and I will not bring onto the premises of the Company any unpublished   documents or any property belonging to any former employer or any other   person to whom I have an obligation of confidentiality unless consented to in   writing by that former employer or person. of the Company. Notwithstanding   the foregoing, it is understood that, at all such times, I am free to use   information which is generally known in the trade or industry through no   breach of this agreement or other act or omission by me; I am free to   disclose information to the U.S. Securities and Exchange Commission(the   "SEC") pursuantto its governmental authority; I am free to disclose   information as otherwise required by applicable law, rule or regulation; and   I am free to discuss the terms and conditions of my employment with others to   the extent permitted by law. 2. DUTY OF LOYALTY DURING EMPLOYMENT. I agree   that during the period of my employment by the Company I will not, without   the Company's express written consent, directly or indirectly engage in any   employment or business activity which is directly or indirectly competitive   with, or would otherwise conflict with, my employment by the Company. 1.3   Third Party Information. I understand, in addition, that the Company has   received and in the future will receive from third parties their confidential   and/or proprietary 3. No SOLICITATION OF EMPLOYEES, knowledge, data, or   information ("Third Party CONSULTANTS, CONTRACTORS, OR CUSTOMERS OR   POTENTIAL CUSTOMERS. I agree that during the period of my employment and for   the one (1) year period after the date my employment ends for any reason,   including but not limited to voluntary termination by me or involuntary   termination by the Company, I will not, as an officer, director, employee,   consultant, owner, partner, or in any other capacity, either directly or   through others, except on Information"). During my employment and   thereafter, I will hold Third Party Information in the strictest confidence   and will not disclose to anyone (other than Company personnel who need to   know such information in connection with their work for the Company) or use,   except in connection with my work for the Company, Third unless expressly   authorized by Company in writing. Party Information an officer of the behalf   of the Company: • 3.1 solicit, induce, encourage, or participate in   soliciting, inducing, or encouraging any employee of the Company to terminate   his or her relationship with the Company; 1.4 Term of Nondisclosure   Restrictions. I understand that Proprietary Information and Third Party   Information is not to be used or disclosed by me, except as provided in this   Section 1. If, however, a court or authorized governmental agency decides   that this Section 1 or any of its provisions is unenforceable for lack of reasonable   temporal limitation and the Agreement or its restriction(s) cannot otherwise   be enforced, I agree and the Company agrees that the two (2) year period   after the date my employment ends shall be the temporal limitation relevant   to the contested restriction, provided, however, that this sentence shall not   apply to trade secrets protected without temporal limitation under applicable   law. 3.2 hire, employ, or engage in business with or attempt to hire, employ,   or engage in business with any person employed by the Company or who has left   the employment of the Company within the preceding three (3) months or   discuss any potential employment or business association with such person,   even if I did not initiate the discussion or seek out the contact; or 3.3 solicit,   induce or attempt to induce any Customer or Potential Customer, or any   consultant or independent contractor with whom I had direct or indirect   contact or whose identity I learned as a result of my employment with the   Company, to terminate, diminish, or materially alter in a manner harmful to   the Company its relationship with the Company. 1.5 No Improper Use of   Information of Prior Employers and Others. During my employment by the   Company I will not improperly use or disclose any confidential information or   trade secrets, if any, of any former employer or any other person to whom I   have an obligation of 

    

 

oOo. 0 progyny   Smalttr ftrt.S.ty Bfntollls The parties agree that for purposes of this   Agreement, a "Customer or Potential Customer" is any person or   entity who or which, at any time during the one (1) year prior to the date my   employment with the Company ends, (i) contracted for, was billed for, or   received from the Company any product, service or process with which I worked   directly or indirectly during my employment by the Company or about which I   acquired Proprietary Information; or (ii) was in contact with me or in   contact with any other employee, owner, or agent of the Company, of which   contact I was or should have been aware, concerning any product, service or   process with which I worked directly or indirectly during my employment with   the Company or about which I acquired Proprietary Information; or (iii) was   solicited by the Company in an effort in which I was involved or of which I   was or should have been aware. and the duration and/or geographic scope set   forth herein shall be deemed to be the longest period and/or greatest size   permissible by law under the circumstances, and the parties hereto agree that   such court shall reduce the time period and/or geographic scope to   permissible duration or size. 5. REASONABLENESS OF RESTRICfiONS. 5.1 I agree   that I have read this entire Agreement and understand it. I agree that this   Agreement does not prevent me from earning a living or pursuing my career. I   agree that the restrictions contained in this Agreement are reasonable,   proper, and necessitated by the Company's legitimate business interests. I   represent and agree that I am entering into this Agreement freely and with   knowledge of its contents with the intent to be bound by the Agreement and   the restrictions contained in it. 4. NON-COMPETE PROVISION. I agree that   during the period of my employment and for the one (1) year period after the   date my employment ends for any reason, including but not limited to   voluntary termination by me or involuntary termination by the Company, I will   not within the United States or any other geographic region in which the   Company conducts its business, and in any capacity, whether individually or   as an employee, consultant, director, officer, agent, advisor or otherwise   for or on behalf of any entity (a "Competing OrganiZJJ.tion")   engage in any business activities that are competitive with the products or   services offered or being provided by the Company or being actively developed   by the Company during my employment. Notwithstanding the foregoing, this   restriction under Section 4 shall not apply if my duties at such Competing   Organization do not relate to the development, 5.2 In the event that a court or   authorized governmental agency finds this Agreement, or any of its   restrictions, to be ambiguous, unenforceable, or invalid, I and the Company   agree that the court or such agency shall read the Agreement as a whole and   interpret the restriction(s) at issue to be enforceable and valid to the   maximum extent allowed by law. 6. NO CONFLICTING AGREEMENT OR OBLIGATION. I   represent that my performance of all the terms of this Agreement and as an   employee of the Company does not and will not breach any agreement to keep in   confidence information acquired by me in confidence or in trust prior to my   employment by the Company. I have not entered into, and I agree I will not   enter into, any agreement either written or oral in conflict herewith.   marketing or sale (or related strategies) product or service offered or   provided Company or being actively developed of by by any the the the 7.   RETURN OF COMPANY PROPERTY. When I leave the employ of the Company, I will   deliver to the Company any and all drawings, notes, memoranda, and documents,   together with all copies thereof, and any other material containing or   disclosing any Third Party Information or Proprietary Information of the   Company. I further agree that any property situated on the Company's premises   and owned by the Company, including disks and other storage media, filing   cabinets or other work areas, is subject to inspection by Company personnel   at any time with or without notice. Prior to leaving, I will Company;   provided that I have delivered to Company a written statement, confirmed by   my prospective employer or consulting client, as the case may be, describing   my duties and stating that such duties are consistent with my obligations   under this Agreement. If any court or governmental agency of competent jurisdiction   shall at any time deem the duration or the geographic scope of any of the   provisions of this Section 4 unenforceable, the other provisions of this   Section 4 shall nevertheless stand, 

    

 

oOo. 0 progyny   StnattH Ftrt 1ty Bentft1s restrictions described in Section 5 and 6 of this   Agreement are in effect I agree to inform my potential employer, partner,   co-owner and/or others involved in managing the business with which I have an   opportunity to be associated of my obligations under this Agreement and also   agree to provide such person or persons with a copy of this Agreement. c o   rate with the Company in completing and s1gmng the Company's termination   statement if requested to do so by the Company. 8. LEGAL AND EQUITABLE   REMEDIES. 10.2 I agree to inform the Company of all employment and business   ventures which I enter into while the restrictions described in Section 5 and   6 of this Agreement are in effect and I also authorize the Company to provide   copies of this Agreement to my employer, partner, co-owner and/or others   involved in mana?ing the business with which I am employed or associated and   to make such persons aware of my obligations under this Agreement. 8.1 I   agree that it may be impossible to assess the damages caused by my violation   of this Agreement or any of its terms. Iagree that any threatened or actual   violation of this Agreement or any of its terms will constitute immediate and   irreparable injury to the Company and the Company shall have the right to   enforce this Agreement and any of its provisions by injunction, specific   performance or other equitable relief, without bond and without prejudice to   any other rights and remedies that the Company may have for a breach or   threatened breach of this Agreement. 11. GENERAL PROVISIONS. 11.1 Governing   Law; Consent to Personal Jurisdiction. This Agreement will be governed by and   construed according to the laws of the State of New York as such laws are   applied to a re ments entered into and to be performed entirely wtthm New   York between New York residents. I hereby expressly consent to the personal   jurisdiction and venue of the state and federal courts located in the State   of New York for any lawsuit filed there against me by Company arising from or   related to this Agreement. 8.2 I agree that if the successful in whole or in   part in Company is any legal or equitable action against me under this   Agreement, the Company shall be entitled to payment of all costs including   reasonable attorney's fees, from me. ' 8.3 In the event the Company enforces   this Agreement through a court order, I agree that the restrictions of   Section 5 and 6 shall remain in effect for a period of twelve (12) months   from the effective date of the Order enforcing the Agreement. 11.2   Acknowledgement of Securities acknowledge Laws. I am awareof and the   restrictions imposed by the securities laws of the United States on the   purchase or sale of securities by any person who has received material,   nonpublic information from the issuer of such securities and on the   communication of such information to any other person when it is reasonably   foreseeable that such other person is likely to purchase or sell such   securities in reliance upon such information. 9. NOTICES. Any notices   required or permitted hereunder shall be given to the appropriate party at   the address specified below or at such other address as the party shall   specify in writing. Such notice shall be deemed given upon personal delivery   to the appropriate address or if sent by certified or registered mail, three   (3) days after the date of mailing. 10. PUBLICATIONOFTHISAGREEMENTTO   SUBSEQUENT EMPLOYERS OR BUSINESS ASSOCIATES OF EMPLOYEE. 10.1 If I am offered   opportunity to enter into any employment or the business venture as owner,   partner, consultant or other capacity while the 

    

 

oOo. progyny   Slnalttr ftrttldy Bentflt 11.3 Severability. In case any one or more of the   provisions, subsections, or sentences contained in this Agreement shall, for   any reason, be held to be invalid, illegal or unenforceable in any respect,   such invalidity, illegality or unenforceability shall not affect the other   provisions of this Agreement, and this Agreement shall be construed as if   such invalid, illegal or unenforceable provision had never been contained   herein. If moreover, any one or more of the provisions contained in this   Agreement shall for any reason be held to be excessively broad as to   duration, geographical scope, activity or subject, it shall be construed by   limiting and reducing it, so as to be enforceable to the extent compatible   with the applicable law as it shall then appear. 11.7 Waiver. No waiver by   the Company of any breach of this Agreement shall be a waiver of any   preceding or succeeding breach. No waiver by the Company of any right under   this Agreement shall be construed as a waiver of any other right. The Company   shall not be required to give notice to enforce strict adherence to   Agreement. all terms of this 11.8 Advice of Counsel. I ACKNOWLEDGETHAT, IN   EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF   INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS   AND PROVISIONS OF miS AGREEMENT. miS AGREEMENT SHALL NOT BE CONSTRQED AGAINST   ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF. 11.4 Successors   and Assigns. This Agreement is for my benefit and the benefit of the Company,   its successors, assigns, parent corporations, subsidiaries, affiliates, and   purchasers, and will be binding upon my heirs, executors, administrators and   other legal representatives. Entire Agreement. The obligations pursuant to   Sections 1 of this Agreement shall apply to any time during which I was   previously engaged, or am in the future engaged, by the Company as a   consultant if no 11.5 Survival. The provisions of this my the Agreement shall   survive the termination of employment, regardless of the reason, and other   agreement governs nondisclosureand assignment of this Agreement by the   Company to any successor in interest or other assignee. assignment of   inventions during such period. This Agreement is the final, complete and   exclusive agreement of the parties with respect to the subject matter hereof   and supersedes and merges all prior 11.6 Employment At-Will. I agree and   understand that nothing in this Agreement shall change my at-will employment   status or confer any right with respect to continuation of employment by the   Company, nor shall it interfere in any way with my right or the Company's   right to terminate my employment at any time, with or without cause or   advance notice. discussions between us. No modification of or amendment to   this Agreement, nor any waiver of any rights under this Agreement, will be   effective unless in writing and signed by the party to be charged. Any   subsequent change or changes in my duties, salary or compensation will not   affect the validity or scope of this Agreement. 

    

 

o oprogyny   ()Smarter Fertility Benefits This Agreement shall be effective as of the   first day of my provision of services to the Company. I HAVE READ TillS   AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS. (Printed Name) q /,; /q I   (Dat;} f :J.S {ICf ACCEPTEDANDAGREEDTOASOF PROGYNY, INC. --Name: Title

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