SEC Contract Filing

Filing Date: 2024-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>8
<FILENAME>berardt_amendedandrestat.htm
<DESCRIPTION>EX-10.25
<TEXT>
<HTML>
<HEAD><!-- Document generated by Workiva Inc -->
<TITLE>berardt_amendedandrestat</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV align="center">
<DIV style="margin-left:1em;width:1055;"><!-- berardt_amendedandrestat001.jpg -->
<DIV style="padding-top:2em;">
<IMG src="berardt_amendedandrestat001.jpg" title="slide1" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white"> Page 1 of 21 AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this &#8220;Agreement&#8221;) is made between BioLife Solutions Inc., a Delaware corporation (&#8220;Employer&#8221; or the &#8220;Company&#8221;), and Todd Berard (&#8220;Executive&#8221;). Executive and the Company are sometimes referred to herein as the &#8220;Parties&#8221;. The effective date of this Agreement is June [1], 2023. This Agreement supersedes and replaces all prior employment agreements (and any amendments thereto) between the Company and Executive, including, for the avoidance of doubt, the employment agreement between the Parties that became effective on December 1, 2020 and any amendments thereto. RECITALS A. Employer is in the business (the &#8220;Business&#8221;) of manufacturing and marketing biopreservation media and cold chain products for cells, tissues, and organs. B. Employer desires to obtain the services of Executive, in which capacity Executive has access to Employer&#8217;s Confidential Information (as hereinafter defined), and to obtain assurance that Executive will protect Employer&#8217;s Confidential Information and will not compete with Employer or solicit its customers or its other employees during the term of employment and for a reasonable period of time after termination of employment pursuant to this Agreement, and Executive is willing to agree to these terms. C. Executive desires to be assured of the salary and other benefits provided for in this Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows: 1. Employment. a. Employer hereby employs Executive, and Executive agrees to be employed as Senior Vice President and Chief Marketing Officer (&#8220;CMO&#8221;), in accordance with the terms and conditions set forth in this Agreement. Changes may be made from time to time by Employer and/or the Board in its sole discretion to the duties, authorities, reporting relationships and title of Executive. b. Executive will devote full time, attention, and best efforts to achieving the purposes and discharging the responsibilities of the CMO. Executive will comply with all rules, policies and procedures of Employer as modified from time to time, including without limitation, rules and procedures set forth in the Employer&#8217;s employee handbook, supervisor&#8217;s manuals and operating manuals. </FONT></DIV>
<P><HR noshade><P>
<DIV style="page-break-before:always;">&nbsp;</DIV>
</DIV>
<!-- berardt_amendedandrestat002.jpg -->
<DIV style="padding-top:2em;">
<IMG src="berardt_amendedandrestat002.jpg" title="slide2" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">Page 2 of 21 Executive will perform all of Executive&#8217;s responsibilities in compliance with all applicable laws and will ensure that the operations that Executive manages are in compliance with all applicable laws. During Executive&#8217;s employment, Executive will not engage in any other business activity which, in the reasonable judgment of the Employer, conflicts with the duties of Executive under this Agreement, whether or not such activity is pursued for gain, profit or other pecuniary advantage. c. Nothing herein shall preclude Executive from: (1) continuing to serve on the board of directors or trustees of any business corporation or any charitable organization on which Executive currently serves and which is identified on Exhibit A hereto, or (2) subject to the prior approval of the Board, appointment to any additional directorships or trusteeships, or (3) serving in an advisory role for other business entities, provided in each case, and in the aggregate, that such activities do not interfere with the performance of Executive&#8217;s duties hereunder or conflict with Section 7 of this Agreement. 2. Term of Employment. The term of employment (&#8220;Term&#8221;) will not be for a definite period, but rather continue indefinitely until terminated in accordance with the terms and conditions of this Agreement. 3. Compensation. For the duration of Executive&#8217;s employment hereunder, the Executive will be entitled to compensation which will be computed and paid pursuant to the following subparagraphs. a. Base Salary. Employer will pay to Executive a base salary (&#8220;Base Salary&#8221;) at an annual rate of three hundred thirty-two thousand Dollars ($332,000), payable in such installments (but in no event less than monthly), subject to withholdings and deductions as required or permitted by law, as is Employer&#8217;s policy with respect to other employees. Executive&#8217;s Base Salary will be reviewed periodically by the Board of Directors of Employer during the term of Executive&#8217;s employment and may be adjusted in the sole discretion of the Board of Directors based on such review, but will not be reduced by Employer unless a material adverse change in the financial condition or operations of Employer has occurred or unless Executive&#8217;s responsibilities are altered to reflect less responsibility. b. Performance Bonus. Employer under direction of its Board may pay or cause to be paid to Executive such Bonus as it from time to time determines appropriate. 4. Other Benefits. a. Certain Benefits. Executive will be eligible to participate in all employe