SEC Contract Filing

Filing Date: 2019-03-14

Document Content:
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<TYPE>EX-10.20
<SEQUENCE>2
<FILENAME>d659927dex1020.htm
<DESCRIPTION>EX-10.20
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<TITLE>EX-10.20</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.20 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SEPARATION AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Separation Agreement (the &#147;<U>Agreement</U>&#148;) is made by and between Todd Harris (&#147;<U>Executive</U>&#148;)
and Sienna Biopharmaceuticals, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148; and, together with Executive, the &#147;<U>Parties</U>&#148;) is made effective as of the date Executive signs this Agreement (the &#147;<U>Effective
Date</U>&#148;), with reference to the following facts: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A. Executive&#146;s employment with the Company and status as an
officer of the Company and each of its affiliates terminated effective as of November&nbsp;5, 2018 (the &#147;<U>Separation Date</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">B. Executive and the Company desire to end their employment relationship amicably and to establish the obligations of the
parties including, without limitation, all amounts due and owing to Executive in connection with Executive&#146;s employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1. <U>Employment Separation</U>. Executive acknowledges and agrees that his status as an officer and employee of the
Company terminated effective as of the Separation Date. Executive hereby agrees to execute such further document(s) as shall be determined by the Company as necessary or desirable to give effect to the termination of Executive&#146;s status as an
officer of the Company; <I>provided,</I> that such documents shall not be inconsistent with any of the terms of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2. <U>Board of Directors Service</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <I>Board Membership</I>. Notwithstanding Executive&#146;s separation of employment with the Company,
Executive shall continue to serve as a member of the Company&#146;s Board of Directors (the &#147;<U>Board</U>&#148;) at the discretion of the Board and the Company&#146;s stockholders in accordance with the Company&#146;s bylaws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <I>Board Compensation</I>. Following the Separation Date, Executive shall be eligible for compensation as a
member of the Board in accordance with the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director Compensation Program (the &#147;<U>Director Compensation Program</U>&#148;). Executive acknowledges that, in accordance with the Director
Compensation Program, Executive shall not be eligible for an Initial Option (as defined in the Director Compensation Program) but shall be eligible for an Annual Option (as defined in the Director Compensation Program) at the first annual meeting of
the Company&#146;s stockholders following the Separation Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <I>Stock Options</I>. Executive&#146;s
options to purchase Company common stock that are outstanding as of the Separation Date shall remain outstanding and continue to vest and remain or become exercisable based on Executive&#146;s continued Board service in accordance with their terms.
Executive acknowledges that any such options which constitute &#147;incentive stock options&#148; within the meaning of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), as of the Separation Date shall
cease to constitute incentive stock options on the three-month anniversary of the Separation Date. Executive further acknowledges that to the extent Executive exercises any option that vested while Executive served the Company as an employee and
does not constitute an incentive stock option on the date of exercise, the excess of the fair market value of the Company&#146;s common stock on the date of such exercise over the exercise price of the option shall constitute wages subject to
withholding taxes that must be satisfied prior to the completion of such exercise. </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:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3. <U>Final Paycheck; Expenses; Options</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a