SEC Contract Filing

Filing Date: 2015-11-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10209302015.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<a name="s5b9f2e603d9d4725980aabd8bb3a9677"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:32px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXHIBIT 10.2</font></div><div style="line-height:120%;padding-bottom:32px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDED AND RESTATED EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;), dated September 22, 2015, is entered into by and between Acacia Research Group LLC, a Texas limited liability company (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and Matthew Vella (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Executive</font><font style="font-family:inherit;font-size:11pt;">&#8221;), on the following terms and conditions.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BACKGROUND</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company and Executive desire to enter into this Agreement, subject to the terms and conditions as set forth below.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, the Company and Executive, intending to be legally bound, hereby agree as follows:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Definitions</font><font style="font-family:inherit;font-size:11pt;">. For purposes of this Agreement, the following terms shall have the following meanings: </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:11pt;">&#8221; shall mean the Board of Directors of Acacia Research Corporation (&#8220;ARC&#8221;), a Delaware corporation. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Cause</font><font style="font-family:inherit;font-size:11pt;">&#8221; shall mean any of the following: (i) any act of fraud by Executive in connection with Executive&#8217;s responsibilities to the Company or any of its affiliates that is materially injurious to the Company or any of its affiliates; (ii) Executive&#8217;s conviction of a felony; (iii) a willful act by Executive that constitutes gross misconduct and is materially injurious to the Company or any of its affiliates; or (iv) Executive&#8217;s willful and material breach of a material obligation or material duty under this Agreement or the policies of the Company or any of its affiliates, which breach in the case of (iii) or (iv) is not cured within thirty (30) days after written notice thereof is received by Executive. Executive shall be afforded an opportunity to explain and defend such actions before the Board. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Code</font><font style="font-family:inherit;font-size:11pt;">&#8221; means the Internal Revenue Code of 1986, as amended. </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">4.</font><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size