SEC Contract Filing

Filing Date: 2021-03-11

Document Content:
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<DIV><FONT size="1" style="font-size:1pt;color:white">ACTIVE/105327090.2 November 4, 2020 Scott M. Plesha 2608 Ion Avenue Sullivan's Island, SC 29482 Re: First Amendment to Promotion Letter Dear Scott: As we have discussed, this First Amendment to Promotion Letter (the &#8220;Amendment&#8221;) confirms the agreement between you and BioDelivery Sciences International, Inc. (&#8220;BDSI&#8221; or the &#8220;Company&#8221;) to amend that certain letter agreement regarding employment between you and BDSI dated December 20, 2017 (the &#8220;Promotion Letter&#8221;). This Amendment shall be effective on November 4, 2020 (the &#8220;Amendment Effective Date&#8221;). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Promotion Letter. For good and valuable consideration, the receipt of which is hereby acknowledged, you and BDSI hereby agree as follows: 1. The term &#8220;Company&#8221; in the Promotion Letter shall mean BioDelivery Sciences International, Inc. 2. The paragraph starting with &#8220;BDSI may terminate your employment without cause at any time&#8221; and the two paragraphs that immediately follow it are amended and restated in their entirety as follows: &#8220;Your employment with BDSI will be &#8220;at will.&#8221; BDSI may terminate your employment with or without cause at any time. You agree to give BDSI 30 days&#8217; notice of any resignation other than for Good Reason (as defined below). If BDSI terminates your employment other than for &#8220;Cause&#8221; (as defined below), or your employment is terminated as a result of your death or permanent disability, or by you for &#8220;Good Reason&#8221;, then provided you (and/or your beneficiaries) enter into a release agreement in a form provided by the Company at the time of such termination (a &#8220;Release&#8221;) and the Release becomes effective within 60 days after the date of termination (or such shorter period as set forth in the Release), BDSI will pay you a one-time cash severance payment equal to 100% of your annual base salary plus the pro-rata share of your annual bonus target for the year in which the date of termination occurs (the &#8220;Severance Payment&#8221;), and, if the date of termination occurs after the completion of a calendar year but prior to the payment of annual bonuses for such year, BDSI will pay you the bonus amount that you otherwise would have earned if you remained employed on the date of payment, as determined in the sole discretion of BDSI (the &#8220;Prior Year Bonus&#8221;). The Severance Payment will be paid within 60 days of the date of termination, provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment to the extent it </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">ACTIVE/105327090.2 qualifies as &#8220;non-qualified deferred compensation&#8221; within the meaning of Section 409A of the Code, shall be paid in the second calendar year by the last day of such 60-day period. If applicable, the Prior Year Bonus shall be paid to you at the time that the Company&#8217;s other executives receive their annual bonuses, which shall be no later than March 15 of the calendar year in which the date of termination occurs. As used herein, the term &#8220;Cause&#8221; means (i) a continuing material breach or material default (including, without limitation, any material dereliction of duty) by you of any agreement between you and BDSI or your continuing failure to follow the direction of your direct report, BDSI&#8217;s Chief Executive Officer or BDSI&#8217;s Board of Directors; (ii) your gross negligence, willful misfeasance or breach of fiduciary duty; (iii) your commission of an act of fraud, embezzlement or any felony or crime of dishonesty in connection with your duties with BDSI; or (iv) your conviction of a felony or any other crime that would materially and adversely affect: (a) BDSI&#8217;s business reputation or (ii) the performance of your duties for BDSI that includes meeting your performance objectives. In the event of a termination of your employment for Cause, BDSI will pay your salary and expenses reimbursable incurred through the date of termination, and thereafter BDSI shall have no further responsibility for termination or other payments to you. As used herein, the term &#8220;Good Reason&#8221; means the occurrence of any of the following in each case during your employment without your consent: (i) a reduction in your annual base salary; (ii) a reduction in your annual target bonus opportunity; (iii) a relocation of your principal place of employment by more than thirty-five (35) miles; (iv) any material breach by the Company of any material provision of this agreement or of any other agreement between the Company and you, including any representation, warranties or covenants set forth herein; (v) the Company&#8217;s failure to obtain an agreement from any successor to the Company following a Change of Control to assume and agree to perform this agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; or (vi) a material, adverse change