Document:

Exhibit 10.1

 

 

 

October 14, 2019

  

Todd James

1119 Riggs Court

Washington, PA 15301

  

Dear Mr. James:

 

Please accept this letter as a personal
invitation to join our team and an official offer of at-will employment as the Chief Accounting Officer in our Pittsburgh office,
reporting to the Chief Financial Officer.

 

Please carefully review the following sections
of this letter, as they delineate the conditions of our offer. This offer is contingent upon the successful completion of a mandatory
drug screen, background check and if applicable to your position, medical exam and agilities test. If you have questions about
these pre-employment evaluations, please contact our onboarding coordinator at 412-553-5984.

 

Base Salary

Your beginning base salary will be $11,711.54
paid bi-weekly. This is equivalent to approximately $304,500.00 annually. Future adjustments in base salary, if any, are generally
made in conjunction with our annual performance review process.

 

Incentive Compensation and ADR Program

In addition to your base salary, EQT Corporation
(“EQT” or “Company”) offers incentive compensation under the EQT Short-term Incentive Plan (“STIP”).

 

To be eligible for the STIP, please execute
the enclosed Alternative Dispute Resolution Program Agreement ("ADR Program Agreement").  Under EQT's ADR Program,
you and EQT agree to submit Employment Disputes (as defined in the ADR Program) to final and binding arbitration.

 

By signing the ADR Program Agreement,
you will be eligible to participate in the STIP for calendar year 2020, and each year thereafter
that the STIP is offered, provided you are otherwise eligible for the STIP in accordance with its terms.  If you choose to
participate in the STIP, subject to approval by the Management Development and Compensation Committee of the Board, your 2020 target
will be 50% of the midpoint of your position, prorated based on full months worked during the calendar year in which you were hired. 

 

Signing Bonus

Upon commencement of employment and execution
of the enclosed Confidentiality, Non-Solicitation and Non-Competition Agreement and approval by the Chief Executive Officer, we
will recommend that the Management Development and Compensation Committee of the Board of Directors of EQT Corporation (“MDCC”)
grant you an award valued at approximately $346,500.00. The award will be denominated in EQT Corporation shares and will be governed
by the EQT Corporation 2019 Long-Term Incentive Plan and the related award agreement. The actual number of shares granted will
be determined using the closing price of EQT stock on the grant date, rounded up to the next 10 shares.

 

EQT Corporation | EQT Plaza | 625 Liberty Avenue | Suite 1700
| Pittsburgh, PA 15222

T 412.553.5700 | F 412.553.5732 | www. eqt.com

 

     

     

    

 

Todd James

October 14, 2019

Page 2

 

Long-Term Incentive Plan 

Upon execution of the enclosed Confidentiality,
Non-Solicitation and Non-Competition Agreement and approval by the Chief Executive Officer, we will recommend that the Management
Development and Compensation Committee of the Board of Directors of EQT Corporation grant you awards in January of 2020 valued
at approximately $346,500.00.  This is in addition to the grant described in the previous paragraph.

 

The awards will be denominated in EQT Corporation
shares and will be governed by the EQT Corporation 2019 Long-Term Incentive Plan and the related award agreement.  The actual
number of shares granted will be determined using the closing price of EQT stock on the grant date, rounded up to the next 10 shares.
Your long-term incentive award for future years will be established by the MDCC.

 

Equity Ownership Guidelines

 

Consistent with the goal of driving long-term
value creation for shareholders, the Company’s equity ownership guidelines require significant equity ownership by our executive
officers. Qualifying holdings include EQT stock owned directly, EQT shares held in the Company’s 401(k) plan, time-based
restricted stock and units, and performance-based awards for which only a service condition remains, but do not include other performance-based
awards or options. Although mandatory, there is no deadline for achieving the ownership guidelines and executives are not required
to purchase EQT stock to meet the ownership guidelines. The net shares acquired through incentive compensation plans (through the
exercise of options, the vesting of restricted stock or similar) must be retained if an executive has not satisfied his or her
target. An executive’s failure to meet the equity ownership guidelines may influence an executive’s mix of cash and
non-cash compensation. Executives are not permitted to pledge their EQT equity and are not permitted to hedge or otherwise invest
in derivatives involving EQT stock.

 

All executive officers, other than the
CEO, currently have a three times base salary equity ownership requirement.

 

Work Schedule Options

In order to provide employees with a way
to maintain work/life balance, EQT has two work schedule options – a 9/80 work schedule and a traditional 8-hour day/5 days
per week option. Under the 9/80 work schedule, during the standard 80-hour pay period employees work eight 9-hour days (Monday
through Thursday) and one 8-hour day (Friday), with a tenth day off (alternate Friday).

 

Initially, you will work the traditional
work schedule until you make a selection and discuss it with your supervisor. Detailed information on these work schedule options,
holidays and vacation will be covered in orientation. You will have 31 days to make your schedule selection.

 

Employee Benefits

You will have the opportunity to participate
in such group medical, dental, life and disability insurance plans, retirement and savings plans and other fringe benefit programs
as are available generally to employees of the Company, and as may be amended from time-to-time.

 

     

     

    

  

Todd James

October 14, 2019

Page 3

 

Vacation and Holidays

Your annual vacation entitlement will be
240 hours, which will be prorated for the first year based upon full months worked. Additionally, EQT presently observes certain
paid holidays.

 

Director and Officer Questionnaire

 

A copy of our Director and Officer Questionnaire
is attached as well as a limited Power of Attorney document for Section 16 related matters. Please complete the questionnaire and
power of attorney documents and return them to me as soon as possible, as certain of the information is required to be filed with
the United States Securities and Exchange Commission. Please also provide me with your SEC CIK and CCC codes for your time as a
Section 16 officer for any previous employers. Please let me know if you do not have SEC codes so that we are able to start the
application process.

 

Contingency Matters

This offer and your continued employment
with EQT are contingent upon the following:

 

		 ̈	Action by the Board of Directors of EQT Corporation to elect you to the positions identified above
and by the MDCC to approve your compensation;

 

		 ̈	In accordance with the Federal Immigration Reform and Control Act of 1986, you are required to
provide EQT with verification of your identity and eligibility to work in the United States; and

 

		 ̈	Submitting to and successfully completing all pre-employment assessments including a drug screen,
background check, our Director and Officer Questionnaire, and execution and delivery of the Non-Compete Agreement.

 

The benefits described above are subject
to review and modification by the MDCC or by EQT when those changes are applicable to all employees.

 

We anticipate your tentative starting
date to be November 4, 2019.

 

Please understand that employment with
EQT is at-will, which means that either you or the Company can terminate the employment relationship at any time, with or without
cause. This employment-at-will relationship cannot be changed except by a written agreement approved by the MDCC and signed by
an authorized officer of the Company.

 

If you have any questions regarding this
offer, please contact me at 412-395-3280. Please accept or decline this conditional offer by clicking the appropriate button located
at the top of this page. Should you accept, please complete and return the attached Confidentiality, Non-Solicitation and Non-Competition
Agreement, to our onboarding coordinator at onboarding@eqt.com in the form of a .pdf or via fax to 412-553-5732 with attention
to EQT onboarding coordinator.

 

With your acceptance, you confirm that
you are not currently bound by or subject to any confidentiality or non-competition agreement with a previous employer that you
have not previously disclosed to us and, if in writing, provided a copy to us.

 

     

     

    

 

Todd James

October 14, 2019

Page 4

 

EQT's onboarding process is administered
through an online application called Taleo Onboard. Once we receive your signed offer letter, you will receive an e-mail from Taleo
Onboard with details to set up your username and password. Please log-on to Taleo Onboard immediately to complete your profile,
employment application and background check release forms. Until these forms have been completed, we cannot initiate your
mandatory pre-employment assessments. If you experience any problems using Taleo Onboard, please send an email to onboarding@eqt.com
or contact our onboarding coordinator at 412-553-5984.

 

This offer expires seven days from
the date of this letter. If you have any additional questions, please feel free to contact me directly.

 

Sincerely,

  

Lesley Evancho

Chief Human Resources Officer

  

	/s/ Todd James	October 16, 2019	 
	Todd James	Dateacrs_ex_10.1

		

			Exhibit 10.1

		

		

			Execution Version

		

		
			 
		

		
			FIRST AMENDMENT TO LICENSE AND COLLABORATION AGREEMENT
		

		
			This FIRST AMENDMENT TO LICENSE AND COLLABORATION AGREEMENT is entered into as of October 15, 2019 (this “First Amendment”), by and between Aclaris Therapeutics, Inc., a Delaware corporation (“ATI”), and Rigel Pharmaceuticals, Inc. (“Rigel”).
		

		
			RECITALS
		

		
			WHEREAS,  ATI and Rigel are parties to that certain License and Collaboration Agreement, dated as of August 27, 2015 (the “Agreement”);
		

		
			WHEREAS,  ATI and Rigel desire to amend the Agreement to, among other things, delete all references to [***] and [***] Milestone Payments for [***],  as set forth in this First Amendment; 
		

		
			WHEREAS, Rigel has offered the terms of this First Amendment on [***], pursuant to discussions commencing on [***], and has indicated that such terms have been extended until [***]  (“Offer Expiration Date”); and
		

		
			WHEREAS, pursuant to Section 10.5 of the Agreement, the Agreement cannot be amended or modified unless it is reduced to writing and signed by the respective authorized officers of ATI and Rigel.
		

		
			NOW, THEREFORE, in consideration of the Amendment Fee (as defined below) and other agreements contained herein, ATI and Rigel, intending to be legally bound, hereby agree as set forth herein.
		

		
			AGREEMENT
		

			
	
			
				 1.
			

			
	
			
			Defined Terms.  Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

			
	
			
				 2.
			

			
	
			
			Amendment Fee.  Upon entering into this First Amendment, the Parties agree that an amendment fee of $1,500,000.00 (the “Amendment Fee”) is due to Rigel.  The Amendment Fee can be paid to Rigel anytime, but no later than in accordance with the following schedule: (i) $500,000.00 on January 15, 2020; (ii) $500,000.00 on April 15, 2020; and (iii) $500,000.00 on July 15, 2020 (“Payment Plan”).  For the avoidance of doubt, the Amendment Fee for this First Amendment is due whether or not the Agreement has been terminated.  

			
	
			
				 3.
			

			
	
			
			Amendments.  

			
	
			
				 (a)
			Section 1.39 of the Agreement, and all references to the term “[***]”, are hereby deleted in their entirety.

			
	
			
				 (b)
			Section 4.2 of the Agreement is hereby amended as follows:

		
			

		 

		

			certain identified information has been excluded from thIS exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. OMISSIONS ARE DESIGNATED [***]

		

		

			 

		

		

			
	
			
				(i)
			Table 2 of Section 4.2 is hereby deleted in its entirety, and all references throughout the Agreement to Table 2 of Section 4.2 are hereby deleted in their entirety.

			
	
			
				(ii)
			Section 4.2(d) is hereby deleted in its entirety.

			
	
			
				 (c)
			Section 4.3  of the Agreement is hereby amended as follows:

			
	
			
				(i)
			Table 3 of Section 4.3 is hereby amended and restated as follows:

		
			 
		

			
					
						Table 3

				
	
					
						Milestone Event

					
					
						Milestone Payment

				
	
					
						1)    [***]

					
					
						$[***]

				
	
					
						2)    [***]

					
					
						$[***]

				
	
					
						TOTAL

					
					
						$10,500,000

				

		
			 
		

			
	
			
				(ii)
			Table 4 of Section 4.3 is hereby deleted in its entirety, and all references throughout the Agreement to Table 4 of Section 4.3 are hereby deleted in their entirety.

			
	
			
				(iii)
			The second sentence of Section 4.3(a) is hereby amended and restated to read as follows:

		
			“Further, for the avoidance of doubt, in no event shall Rigel be entitled to received from ATI more than $10,500,000, payable in accordance with this Section 4.3.”
		

			
	
			
				 (d)
			Section 9.3 of the Agreement is hereby amended and restated as follows:

		
			“Section 9.3   Termination Without Cause.  ATI may terminate this Agreement for any reason or no reason on sixty (60) days’ written notice to Rigel.”
		

			
	
			
				 (e)
			Section 9.6 of the Agreement is hereby deleted in its entirety.

			
	
			
				 4.
			

			
	
			
			Agreement Regarding Deletions.  Rigel hereby agrees that this First Amendment effectively removes any obligation for ATI or any assignee, successor or sublicensee for any of the provisions that are deleted by this First Amendment, and Rigel shall have no rights to assert any remedies regarding obligations in such deleted provisions so long as this First Amendment is entered into by the Offer Expiration Date. In furtherance of the foregoing, Rigel hereby agrees that no payment is due, and Rigel hereby releases ATI from any and all claims Rigel has had, has or may have, for the [***].

			
	
			
				 5.
			

			
	
			
			Agreement Regarding Satisfaction of Milestone.  For the avoidance of doubt, Rigel hereby agrees that the Milestone Payment for Milestone Event 1 of Table 1 has been satisfied as a result of [***].

			
	
			
				 6.
			

			
	
			
			Agreement Regarding Commercially Reasonable Efforts.  Rigel hereby agrees, that for purposes of the Agreement, including Section 2.6, from and after the date hereof, ATI’s obligation 

		 

		

			certain identified information has been excluded from thIS exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. OMISSIONS ARE DESIGNATED [***]

		

		

			 

		

	to use Commercially Reasonable Efforts to Develop, seek Regulatory Approval for, and Commercialize at least one (1) Product shall be deemed satisfied by ATI using commercially reasonable efforts to find a Third Party to use Commercially Reasonably Efforts to Develop, seek Regulatory Approval for, and Commercialize at least one (1) Product.

			
	
			
				 7.
			

			
	
			
			Assignability.  For the avoidance of the doubt, ATI shall be permitted to assign this First Amendment and all rights and obligations hereunder, including the Amendment Fee, and the Agreement, in accordance with Section 10.6 of the Agreement; provided that if such assignment is pursuant to Section 10.6(b) of the Agreement, such successor shall agree in writing to be bound by the terms of the Agreement and this First Amendment as if it were the assigned party and ATI shall notify Rigel in writing of such assignment within twenty (20) Business Days of such assignment.    

			
	
			
				 8.
			

			
	
			
			Effect of Late Payments or Non-Payments Hereunder.    Whether or not the Agreement is in full force or is terminated, the Amendment Fee is due hereunder and shall be paid no later than in accordance with the Payment Plan.  The payment obligation of the Amendment Fee is accrued upon entry into this First Amendment and survives both this First Amendment and the Agreement.  If any such payments under the Payment Plan are late by more than [***], the entire Amendment Fee, to the extent not paid to Rigel already, shall become due and Rigel shall immediately have the right to terminate the Agreement if still in force; and, Rigel shall have the right to proceed to arbitration in accordance with Exhibit D of the Agreement and Section 10.4 to collect the unpaid portion of the Amendment Fee.  The cure period of Section 9.2 and discussion period of Section 10.2 shall not be applicable to any dispute between the Parties regarding the payment of the Amendment Fee.        

			
	
			
				 9.
			

			
	
			
			Miscellaneous.  Except as set forth in Section 8 of this First Amendment, the terms and provisions of Article 10 of the Agreement are incorporated herein by reference as if set forth herein in their entirety and shall apply to this First Amendment,  mutatis mutandis.  Except as expressly provided in this First Amendment, all other terms and conditions of the Agreement remain in full force and effect. If there is a conflict between this First Amendment and the Agreement, the terms of this First Amendment will prevail.

		
			[Remainder of page intentionally left blank; signatures appear on following page.]
		

		
			 
		

		
			

		 

		

			certain identified information has been excluded from thIS exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. OMISSIONS ARE DESIGNATED [***]

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date first above written.
		

		
			RIGEL PHARMACEUTICALS, INC.
		

		
			 
		

			
					
						By:

					
					
						/s/ Dolly Vance

					
					
						 

				
	
					
						 

					
					
						Name: Dolly Vance

					
					
						 

				
	
					
						 

					
					
						Title: EVP, Corporate Affairs & GC

					
					
						 

				

		
			 
		

		
			 
		

			
					
						ACLARIS THERAPEUTICS, INC.

				

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ Neal Walker

					
					
						 

				
	
					
						 

					
					
						Name: Neal Walker

					
					
						 

				
	
					
						 

					
					
						Title: President & CEO

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			[Signature Page to First Amendment to License and Collaboration Agreement]

		

		

			certain identified information has been excluded from thIS exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. OMISSIONS ARE DESIGNATED [***]

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