SEC Contract Filing

Filing Date: 2022-03-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>8
<FILENAME>ettx-20211231xex10d28.htm
<DESCRIPTION>EX-10.28
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.11.0.85--><!--Created on: 3/3/2022 08:22:39 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 10.28</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amendment to Nonqualified Stock Option Agreement (Senior Management)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Issued under Amended and Restated Stock Incentive Plan</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">This Amendment to Nonqualified Stock Option Agreement (Senior Management) (&#8220;Amendment&#8221;) issued under the Amended and Restated Stock Incentive Plan (the &#8220;Plan&#8221;) of Entasis Therapeutics Holdings Inc. (the &#8220;Company&#8221;) is made effective as of November 10, 2021 (&#8220;Effective Date&#8221;) and modifies the outstanding Non-Qualified Stock Options Agreement(s) (Senior Management) (&#8220;Option Agreements&#8221;) existing as of the Effective Date between the Company and Optionee. Capitalized terms not explicitly defined in this Amendment or the Option Agreement(s), shall have the meanings set forth in the Plan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Except as expressly modified by this Amendment, all of the terms of the Option Agreement(s) and the Plan shall remain in full force and effect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The following provision is added as paragraph 14 to the Option Agreement(s):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-align:left;">14.</b></font><b style="font-size:12pt;font-weight:bold;">Acceleration upon a Change in Control Termination. </b><font style="font-size:12pt;">If after a Change in Control, some or all of Optionee&#8217;s Options remain outstanding (for example, because they were substituted or assumed by the surviving or acquiring corporation), the portion of any Option that is unvested shall fully vest and become immediately exercisable in the event of a Change in Control Termination (as defined below). This right to accelerated vesting shall in no way (i) limit the Board&#8217;s discretion to take the actions set forth in Section 10 of the Plan in the event of a Transaction, (ii) alter other terms of the Option Agreement(s), including extending the maximum term of the Award, or (iii) apply to any awards granted after the Effective Date, unless such future awards provide for such accelerated vesting.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="font-size:12pt;">As used herein, &quot;Change in Control Termination&#8221; means termination of Optionee&#8217;s service to the Company (or any surviving or acquiring corporation or entity) without Cause or Optionee&#8217;s resignation for Good Reason (as defined below), in each case, only if such termination of service occurs during the period beginning on the date of the Change in Control and ending on the twelve-month anniversary of the Change in Control.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="font-size:12pt;">As used herein, &#8220;Good Reason&#8221; means any of the following actions taken by the Company (or any surviving or acquiring corporation or entity) without Optionee&#8217;s consent: (i) any material diminution of Optionee&#8217;s authority, duties or responsibilities; (ii) a material (greater than ten percent (10%)) reduction by the Company (or any surviving or acquiring corporation or entity) of Optionee&#8217;s Base Salary except in the case of across-the-board salary reductions similarly affecting all or substantially all similarly-situated employees of the Company or any surviving or acquiring corporation or entity; (iii) a relocation of Optionee&#8217;s place of employment to a location in excess of fifty (50) miles from the Company&#8217;s last known principal place of employment; </font><i style="font-size:12pt;font-style:italic;">provided, however, </i><font style="font-size:12pt;">with respect to each clause (i) through (iii), above, it will only be deemed Good Reason if (1) prior to Optionee&#8217;s resignation, the Company (or any surviving or acquiring corporation or entity) has not previously notified the Optionee of its intention to terminate his/her employment; (2) the Company (or any surviving or acquiring corporation or</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 8pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;heig