SEC Contract Filing

Filing Date: 2022-11-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>dm-20220930xex10d3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 11/9/2022 08:26:42 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:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;">Exhibit 10.3</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">TRANSITION AND SEPARATION AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">This Transition and Separation Agreement (the &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Agreement</u>&#8221;) is made as of November 6, 2022 (the &#8220;Effective Date&#8221;) by and between Arjun Aggarwal and Desktop Metal, Inc., a Delaware corporation (the &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Company</u>&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">WHEREAS</b>, Executive currently serves as Executive Vice President, Corporate Development of the Company;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">WHEREAS</b>, the parties have agreed that at the conclusion of the Transition Term Executive shall no longer serve as Executive Vice President, Corporate Development; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">WHEREAS</b>, the Company desires to provide for an orderly transition of Executive&#8217;s duties and responsibilities and Executive desires to assist the Company in realizing an orderly transition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">NOW</b>,<b style="font-weight:bold;"> THEREFORE</b>, in exchange for the good and valuable consideration set forth herein, the adequacy of which is specifically acknowledged, Executive and the Company (collectively referred to as the &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">parties</u>&#8221; or individually as a &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">party</u>&#8221;) hereby agree as follows:</p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:36pt;"><font style="display:inline-block;min-width:36pt;text-indent:0pt;white-space:nowrap;">1.</font><a name="_Ref293332925"></a><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Transition Term</u>. </div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:72pt;"><font style="display:inline-block;margin-right:36pt;min-width:0pt;text-indent:0pt;white-space:nowrap;">(a)</font>Effective as of the Termination Date, Executive shall cease to serve as the Executive Vice President, Corporate Development and shall cease to serve in any other officer or director capacity with the Company or any of its subsidiaries. From the Effective Date through January 2, 2023 (the &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Transition Term</u>&#8221;) Executive shall continue as a full-time (except as provided below), at-will non-officer employee of the Company and shall provide such duties and responsibilities as may be reasonably requested by the Company, including assisting with the transition of the Corporate Development activities to new leadership (the &#8220;Services&#8221;). &#160;During the Transition Term, Executive will perform the Services in substantially the same manner and with substantially the same effort, time commitment and level of care as Executive has historically performed duties for the Company prior to the Effective Date and, in all instances, in compliance with all applicable laws and Company policies.</div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:72pt;"><font style="display:inline-block;margin-right:36pt;min-width:0pt;text-indent:0pt;white-space:nowrap;">(b)</font>During the Transition Term, the Company shall continue to pay Executive a salary at an annual rate of $350,000, pro-rated for any partial period of service and less all amounts required or authorized to be withheld by law, including all applicable federal, state and local withholding taxes, payable in accordance with the Company&#8217;s standard payroll policies (the &#8220;<u style="text-decoration-color:#000000;text-