Document:

a1040rocketfuelcfoofferl

   Rocket Fuel Inc.   1900 Seaport Boulevard   Pacific Shores Center   Redwood City, CA 94063   Phone: 650.517.1300         February 12, 2016   Rex Jackson      Dear Rex:      On behalf of Rocket Fuel Inc. (“Rocket Fuel” or the “Company”), I am pleased to offer you the   position of Chief Financial Officer (“CFO”) of Rocket Fuel. You will report directly to Randy   Wootton, CEO.  You will work primarily from our Company’s headquarters in Redwood City,   California.  Your compensation and benefits package outlined in this offer letter (“Offer Letter”)   are subject to approval by the Board or its designated committee.      Cash Compensation and Benefits      Your starting base salary will be $325,000 and will be paid in accordance with Rocket Fuel’s   normal payroll procedures. In addition, you will be eligible for a bonus of 60% of your base   salary pursuant to Rocket Fuel’s Executive Incentive Compensation Plan (“Bonus Plan”), and   subject to your continued employment through the date the bonus is earned pursuant to the terms   of the Bonus Plan. This bonus is not part of your base compensation and the Company reserves   the right to adjust the bonus terms and amounts at any time pursuant to the Bonus Plan.  Incentive   compensation, including bonuses paid pursuant to the Bonus Plan, will be subject to any   Company recoupment or clawback policy that may be established and/or amended from time to   time, and you may be required to forfeit, return and/or reimburse the Company for all or a portion   of such incentive compensation in accordance with such recoupment or clawback policy and/or as   necessary or appropriate to comply with applicable law.  You will be eligible to participate in the   Bonus Plan as described above beginning with the 2016 fiscal year and your participation may be   pro-rated based on your agreed start date in 2016.       You will also be eligible to participate in Rocket Fuel’s complete package of employee benefits   that are generally made available to all of Rocket Fuel’s full-time employees, subject to the terms,   conditions and eligibility requirements of such benefits. Details about these benefit plans will be   made available for your review. You should note that Rocket Fuel may modify or terminate   benefits from time to time, as it deems necessary or appropriate.      You will be expected to travel in connection with your employment. Rocket Fuel will reimburse   you for reasonable business expenses incurred in connection with your employment, upon   DocuSign Envelope ID: AE8B9FC8-B38B-43A8-84AB-6298041521E5    

 

Page 2 of 5      presentation of appropriate documentation and in accordance with the Company’s expense   reimbursement policies.      Equity Award      Additionally, following your first day of employment in the position of CFO, and subject to your   continued employment with the Company on the date of grant, it will be recommended to the   Board or its designated committee, that you be granted the following inducement equity award, as   approved by either the Company's independent compensation committee or a majority of the   Company's independent directors (the “Equity Award”):  a stock option to purchase 414,150   shares of Rocket Fuel’s common stock at a price per share equal to the fair market value per share   of Rocket Fuel’s common stock on the date of grant, as determined in accordance with the Rocket   Fuel equity plan under which it is granted. We will recommend to the Board or its designated   committee that the Equity Award be scheduled to vest in accordance with the four-year vesting   schedule typically applied to employee equity awards of the applicable type, subject to your   continued service to Rocket Fuel through each applicable vesting date.  Your Equity Award will   be subject to (a) the terms and conditions of the Rocket Fuel equity plan under which it is   granted, (b) the terms and conditions, including vesting schedule, of an option award agreement   that will be provided to you as soon as practicable after the grant of the Equity Award, and (c)   Rocket Fuel’s Management Retention Agreement, if executed by you. If the Board establishes   stock ownership requirements for officers, you recognize that you may be subject to those   requirements as CFO.  Your Equity Award will be subject to public disclosure in a press release,   as well as other required filings under the securities laws, pursuant to NASDAQ rules.      Additionally, subject to approval by the Board of Directors or its Compensation Committee,   should the company initiate a performance-based equity plan for executives, you would be fully   eligible for participation in this program.          Severance Benefits      If you have a qualifying termination of employment, you will be entitled to certain payments and   benefits in such amounts and pursuant to such terms and conditions as set forth in the Company’s   Board approved Management Retention Agreement, if separately executed by you, which is   attached hereto as Exhibit A.       Additional Terms   As a Rocket Fuel employee, you will be expected to abide by Rocket Fuel rules and regulations   and sign and comply with Rocket Fuel’s At Will Employment, Confidential Information,   Invention Assignment and Arbitration Agreement (“Proprietary Information and Inventions   Agreement”) that, among other things, prohibits the unauthorized use or disclosure of Rocket   Fuel proprietary information.   DocuSign Envelope ID: AE8B9FC8-B38B-43A8-84AB-6298041521E5    

 

Page 3 of 5      We also ask that, if you have not already done so, you disclose to Rocket Fuel any and all   agreements relating to your prior employment that may affect your eligibility to be employed by   Rocket Fuel or limit the manner in which you may be employed.  Based on your representations,   it is Rocket Fuel’s understanding that any such agreements will not prevent you from   performing the duties of your position and you represent that such is the case.     In addition, you agree that, during the term of your employment with Rocket Fuel, you will not   engage in any other employment, occupation, consulting, or other business activity directly   related to the business in which Rocket Fuel is now involved or becomes involved during the   term of your employment, nor will you engage in any other activities that conflict with your   obligations to Rocket Fuel.  Similarly, you agree not to bring any third-party confidential   information to Rocket Fuel, including that of your former employer, and that you will not in any   way utilize any such information in performing your duties for us.   By signing below, you agree that your employment with Rocket Fuel is an employment “at will.”    Employment “at will” means either party may terminate the relationship at any time for any   reason whatsoever, with or without cause or advance notice.  Upon your termination of   employment as CFO for any reason, unless otherwise requested by Rocket Fuel, you will be   deemed to have resigned from all other positions held by you at the Company and its affiliates   voluntarily, without any further action required by you, as of the end of your employment as   CFO, and you will promptly execute any documents necessary to reflect your resignation(s) at   the Company’s request.  Rocket Fuel reserves the right to revoke this offer should it not receive a   satisfactory reference check and background screen for you or satisfactory verification of   employment eligibility.   You will be required to complete Form I-9 in accordance with the Immigration Reform and   Control Act of 1986. You are required to complete Section 1 of the Form I-9 on or before your   first day of employment and to present, within 72 hours of hire, verification of your identity and   legal right to work in the United States.  On your first day of employment, bring original   documents to verify your employment eligibility- please refer to the I-9 form for a list of   acceptable documents.   This Offer Letter will be governed by the laws of the State of California, without reference to   rules relating to conflicts of law or choice of law. This Offer Letter, together with the Proprietary   Information and Inventions Agreement, and the Management Retention Agreement (if executed   by you), is the entire agreement between you and Rocket Fuel with respect to your employment   and supersedes any other agreements or promises made to you by anyone, whether oral or   written. This Offer Letter may not be modified except in writing between you and another   authorized officer of Rocket Fuel.   Please sign and date this Offer Letter and return one copy to Rocket Fuel by February 15, 2016, if   you wish to accept employment under the terms described above.   If you accept our offer, the   first day of your employment will begin on March 16, 2016. This offer of employment will   terminate if it is not accepted, signed and returned by February 15, 2016.   DocuSign Envelope ID: AE8B9FC8-B38B-43A8-84AB-6298041521E5    

 

Page 4 of 5      We welcome you to the Rocket Fuel team and look forward to your contribution to Rocket Fuel’s   success. If you have any questions regarding this Offer Letter, feel free to contact me at any time.       Sincerely,      Randy Wootton   Chief Executive Officer         AGREED TO AND ACCEPTED:      Signature:     Printed Name:  Rex Jackson   Date:    DocuSign Envelope ID: AE8B9FC8-B38B-43A8-84AB-6298041521E5   Feb-12-2016    

 

   Exhibit A      Management Retention Agreement                                                                           DocuSign Envelope ID: AE8B9FC8-B38B-43A8-84AB-6298041521E5Exhibit 10.19

 

BIOSPECIFICS TECHNOLOGIES CORP.

 

Non-Employee Director Change of Control Agreement

 

This Non-Employee Director Change of Control Agreement, effective as of April 22, 2015, is entered into by and between BioSpecifics Technologies Corp., a Delaware corporation (the “Company”), with its principal offices located at 35 Wilbur Street, Lynbrook, NY 11563, and Dr. Jyrki Mattila (the “Director”).

The Director is a non-employee member of the Board of Directors of the Company and the Company and the Director desire to arrange for certain provisions applicable in the event that the Director’s service on the Company’s Board of Directors terminates under the circumstances provided herein.

 

Accordingly, the parties hereto agree as follows:

 

1. Change of Control. For purposes of this Agreement, a “Change of Control” shall mean the occurrence of any one of the following:

 

1.1. the acquisition by any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934), other than the Company or its affiliates, from any party of an amount of the capital stock of the Company, so that such person holds or controls 40% or more of the Company’s capital stock; or

 

1.2. a merger or similar combination between the Company and another entity after which 40% or more of the voting stock of the surviving corporation is held by persons other than the Company or its affiliates; or

 

1.3. a merger or similar combination (other than with the Company) in which the Company is not the surviving corporation; or

 

1.4. the sale of all or substantially all of the Company’s assets or business.

 

2. Benefits. If the Director’s service on the Board of Directors of the Company is terminated pursuant to a transaction resulting in a Change of Control, then the following provisions shall apply:

 

2.1. Option Vesting. 100% of any options to purchase shares of common stock of the Company then held by the Director, which options are then subject to vesting, shall, notwithstanding any contrary provision in the option agreement or stock option plan pursuant to which such options had been granted, be accelerated and become fully vested and exercisable on the date immediately preceding the effective date of such termination. All other terms of the Director’s options shall remain in full force and effect.

  

2.2. Restricted Stock. If, on the date immediately preceding the effective date of such termination, the Director then holds shares of common stock of the Company that are subject to restrictions on transfer (“Restricted Stock”) issued to the Director in a transaction other than pursuant to the exercise of a stock option, then, notwithstanding any contrary provision in the relevant stock purchase agreement or other instrument pursuant to which the Director acquired such shares of Restricted Stock, such restrictions shall expire in their entirety on the date immediately preceding the date of termination and all of such shares of common stock shall become transferable free of restriction, subject to the applicable provisions of federal and state securities laws. All other terms of any existing stock purchase or similar document shall remain in full force and effect.

3. Confidentiality Agreement. The Director confirms that as of the date hereof he or she has executed, or agrees that he or she will execute, the Company’s standard Confidentiality Agreement pursuant to which the Director has agreed to refrain from disclosing the Company’s confidential information as set forth in such Confidentiality Agreement.

 

4. Miscellaneous.

 

4.1. Assignment. This Agreement may not be assigned, in whole or in part, by either party without the prior written consent of the other party, except that the Company shall assign its rights and obligations under this Agreement to any corporation, firm or other business entity with or into which the Company may merge or consolidate, or to which the Company may sell or transfer all or substantially all of its assets, or of which 50% or more of the equity investment and of the voting control is owned, directly or indirectly, by, or is under common ownership with, the Company. In the event of any such assignment by the Company, the Company shall not be discharged from its liability hereunder.

 

4.2. Notices. All notices, requests, demands and other communications to be given pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed by registered or certified mail, return receipt requested, postage prepaid, to the addresses set forth at the beginning of this Agreement or such other address as a party shall have designated by notice in writing to the other party, provided that notice of any change in address must actually have been received to be effective hereunder.

 

4.3. Integration. This Agreement is the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreement or understanding relating to the subject matter hereof. This Agreement may not be superseded amended, supplemented or otherwise modified except by a writing signed by the Director and the Company.

 

4.4. Binding Effect. Subject to Section 4.1, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their successors, assigns, heirs and personal representatives.

 

4.5. Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original and shall together constitute one and the same instrument.

 

4.6. Severability. If any provision hereof shall, for any reason, be held to be invalid or unenforceable in any respect, such invalidity or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision had not been included herein. If any provision hereof shall for any reason be held by a court to be excessively broad as to duration, geographical scope, activity or subject matter, it shall be construed by limiting and reducing it to make it enforceable to the extent compatible with applicable law as then in effect.

 

4.7. Governing Law. This Agreement shall be governed by the laws of the State of New York, without regard to its conflict-of-law provisions.

 

4.8. Termination. Nothing in this Agreement is intended to or shall modify the nature of the Director’s service as a member of the Board of Directors of the Company. The Director may resign as a director at any time and the Board may take action to remove the Director, subject only to the express provisions of this Agreement.

 

4.9. Survival of Obligations; Enforcement. The Director’s duties hereunder shall survive the Director’s service as a member of the Board of Directors of the Company. The Director acknowledges that a remedy at law for any breach or threatened breach by the Director of the provisions of this Agreement may be inadequate and the Director therefore agrees that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach.

 

[Remainder of the page intentionally left.]

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

 

	 	
DIRECTOR

	 	 
	 	 
	 	
/s/ Jyrki Mattila

	 	
Name:

	
Dr. Jyrki Mattila

 

	 	
BIOSPECIFICS TECHNOLOGIES CORP.

	 	 
	 	 
	 	
By:

	/s/ Thomas L. Wegman
	 	 	
Name:

	
Thomas L. Wegman

	 	 	
Title:

	
President

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