SEC Contract Filing

Filing Date: 2023-04-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>4
<FILENAME>exhibit1017-jpxemploymenta.htm
<DESCRIPTION>EX-10.17
<TEXT>
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<title>Document</title></head><body><div id="i346dc404313c4b0ca5d2c0a1dfde14fa_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">EXHIBIT 10.17</font></div></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">EMPLOYMENT AGREEMENT</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">THIS EMPLOYMENT AGREEMENT (&#8220;Agreement&#8221;) is made and entered into as of July 26, 2022 by and between Ontrak, Inc., a Delaware corporation (&#8220;Employer&#8221; or &#8220;Company&#8221;), and James J. Park, an individual (&#8220;Employee&#8221;).</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">RECITALS</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">A.&#160;&#160;&#160;&#160;WHEREAS, Employee is currently employed by Employer under the terms of an offer letter agreement dated August 16, 2019 as amended on January 13, 2020 (&#8220;Former Agreement&#8221;) and such Former Agreement is superseded by this Agreement, and any obligations under the Former Agreement are hereby terminated without any further consideration.</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">B.&#160;&#160;&#160;&#160;WHEREAS, Employee has experience and expertise applicable to employment with Employer to perform as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Chief Financial Officer and Chief Accounting Officer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> of Employer, Employer has agreed to employ Employee and Employee has agreed to enter into such employment, on the terms set forth in this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">C.&#160;&#160;&#160;&#160;WHEREAS, Employee acknowledges that this Agreement is necessary for the protection of Employer&#8217;s investment in its business, good will, products, methods of operation, information, and relationships with its customers and other employees.</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">D.&#160;&#160;&#160;&#160;WHEREAS, Employer acknowledges that Employee desires definition of Employee&#8217;s compensation and benefits, and other terms of Employee&#8217;s employment.</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">NOW, THEREFORE, in consideration thereof and of the covenants and conditions contained herein, the parties agree as follows&#58;</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">AGREEMENT</font></div><div style="margin-bottom:12pt;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">TERM OF AGREEMENT</font></div><div style="margin-bottom:12pt;text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Term</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. The initial term of this Agreement shall begin on June 28, 2022 (the &#8220;Commencement Date&#8221;) and shall continue until the earlier of&#58; (a) the date on which it is terminated pursuant to Section 5 of this Agreement&#59; or (b) three (3) years following the Commencement Date (&#8220;Initial Term&#8221;). Upon the expiration of the Initial Term, this Agreement will renew for a three (3) year term (the &#8220;Renewal Term,&#8221; together with the Initial Term, the &#8220;Term&#8221;), unless either party provides written notice of termination of the Agreement within ninety (90) days of the end of the Initial Term. As used herein, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Employment Period</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means the period of Employee&#8217;s employment hereunder (regardless of whether s