SEC Contract Filing

Filing Date: 2017-09-13

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d421363dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;12, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rudolf A. Baumgartner </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Offer Letter</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Rudy: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter hereby amends
the offer letter dated as of May&nbsp;2, 2007, as amended on December&nbsp;23, 2008, October&nbsp;9, 2009, and August&nbsp;7, 2017 (the &#147;Offer Letter&#148;), by and between Inotek Pharmaceuticals Corporation (the &#147;Company&#148;) and you as
set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The paragraph of the Offer Letter, as amended in 2009 pursuant to &#147;Amendment No.&nbsp;2 to Offer of Employment,&#148; describing
your status as an <FONT STYLE="white-space:nowrap">&#147;at-will&#148;</FONT> employee of the Company and any potential severance payments payable upon termination of your employment is hereby amended and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You should be aware that your employment with the Company constitutes <FONT STYLE="white-space:nowrap">&#147;at-will&#148;</FONT> employment.
This means that your employment relationship with the Company may be terminated at any time with or without notice, with or without Cause or for any or no Cause, at either party&#146;s option. You understand and agree that neither your job
performance nor promotions, commendations, bonuses (if any) or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of your employment with the Company.
Please note, however, if, at any time after the date of this Amendment, your employment with the Company is terminated: (a)&nbsp;by the Company without Cause, or (b)&nbsp;by you as a result of your resignation for Good Reason (each a
&#147;Qualifying Termination&#148;), then upon your execution of a comprehensive release of claims in the Company&#146;s (and/or its successors(s)) favor in a form and of a scope reasonably acceptable to the Company within the <FONT
STYLE="white-space:nowrap">21-day</FONT> period following the date your employment terminates and the expiration of the <FONT STYLE="white-space:nowrap">seven-day</FONT> revocation period for such release, you shall also receive severance payments,
at a monthly rate equal to your then current monthly base salary, for a period of twelve (12)&nbsp;months (the &#147;Severance Pay Period&#148;). In addition, if you experience a Qualifying Termination and in connection therewith you elect COBRA
continuation coverage, the Company shall pay the same portion of premiums that it pays for active employees for the same level of group health coverage as in effect for you on the date your employment with the Company ends until the earliest of the
following: (i)&nbsp;the end of the Severance Pay Period, or (ii)&nbsp;the end of your eligibility under COBRA continuation coverage for any reason. Such severance payments shall be payable on at least a monthly basis and shall be subject to all
applicable federal, state and local withholding, payroll and other taxes, commencing on the first payroll date of the Company that occurs 30 days following the date your employment terminates. Solely for purposes of Section&nbsp;409A of the Internal
Revenue </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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Code of 1986, as amended (the &#147;Code&#148;), each installment payment is considered a separate payment. Upon the date you experience a Qualifying Termination (as defined below), all
outstanding stock options and other stock-based awards you hold shall vest in full and become exercisable or nonforfeitable as of such date, notwithstanding anything to the contrary in any applicable stock option agreement or stock-based award
agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For purposes of this Amendment: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Change in Control&#148; shall mean (i)&nbsp;the sale of the Company by merger in which the shareholders of the Company in their capacity
as such no longer own a majority of the outstanding equity securities of the Company (or its successor); (ii) any sale of all or substantially all of the assets or capital stock of the Company (other than in a
<FONT STYLE="white-space:nowrap">spin-off</FONT> or similar transaction); or (iii)&nbsp;any other acquisition of the business of the Company, as determined by the Board. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Cause&#148