SEC Contract Filing

Filing Date: 2022-11-08

Document Content:
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<TYPE>EX-10.10
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<FILENAME>d388226dex1010.htm
<DESCRIPTION>EX-10.10
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARS PHARMACEUTICALS, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For Justin Chakma </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Executive Employment Agreement (this &#147;<B>Agreement</B>&#148;) is made and entered into effective as of June 1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>, 2019 (the &#147;<B>Effective Date</B>&#148;), by and between Justin Chakma
(&#147;<B>Executive</B>&#148;) and ARS Pharmaceuticals, Inc. (the &#147;<B>Company</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. Employment by the Company. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>1.1</B> <B>Position. </B>Executive shall serve as the Company&#146;s Chief Business Officer (&#147;<B>CBO</B>&#148;), reporting to the
Company&#146;s Chief Executive Officer. During the term of Executive&#146;s employment with the Company, Executive will devote Executive&#146;s best efforts, on a full-time (100%) basis, to the business of the Company, except for vacation periods
and periods of illness or other incapacities all in conformity with the Company&#146;s policies applicable to senior executives and general employment policies and laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>1.2</B> <B>Duties and Location. </B>Executive shall perform such duties as are customarily associated with the position of CBO and such
other reasonable duties as are assigned to Executive by the Company&#146;s Chief Executive Officer or the Company&#146;s Board of Directors (the &#147;<B>Board</B>&#148;). Executive&#146;s primary office location shall be the Company&#146;s office
located in San Diego, California, and Executive will travel as reasonably required by the Company for business purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>1.3</B>
<B>Policies and Procedures.</B><B> </B>The employment relationship between the parties shall be governed by the general employment policies and practices of the Company and applicable California law, except that when the terms of this Agreement
differ from or are in conflict with the Company&#146;s general employment policies or practices, this Agreement shall control. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.
Compensation. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.1 Base Salary. </B>Executive shall receive a base salary at the annual rate of $300,000, less standard payroll
deductions and withholdings and payable in accordance with the Company&#146;s regular payroll schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.2</B> <B>Incentive
Compensation. </B>Subject to Board approval, the Company intends to establish an annual incentive compensation plan. Once established, the details of the annual incentive compensation plan, including the applicable terms and conditions of such plan
and Executive&#146;s eligibility to participate in such plan, will be provided to the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> <B>Relocation</B>. ARS will
pay for the costs for relocation as a reimbursement of expenses based on actual costs incurred. These costs will be limited to $40,000 for any direct costs related to relocation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.3 Equity Grant. </B>Subject to approval of the Board, the Company will grant to
Executive an option (the &#147;<B><I>Time-Based Option</I></B>&#148;) to purchase up to 400,000 shares of the Company&#146;s Common Stock pursuant to the Company&#146;s 2018 Equity Incentive Plan (the <B><I>&#147;Plan&#148;</I></B>). 25% of the
Time-Based Option will vest on the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the commencement of Executive&#146;s employment with the Company, and the remaining portion of the Time-Based Option shall vest in equal monthly
installments over the following three years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.4</B> <B>Bonus Equity Grant. </B>Subject to approval of the Board, the Company will
grant to Executive an additional option (the &#147;<B><I>Milestone-Based Option</I></B>&#148;) to purchase up to 200,000 shares of the Company&#146;s Common Stock pursuant to the Plan. The Milestone-Based Option shall vest and become exercisabl