SEC Contract Filing

Filing Date: 2019-08-08

Document Content:
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<TYPE>EX-10.1
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<FILENAME>glenmacdonaldebioemploym.htm
<DESCRIPTION>EXHIBIT 10.1
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<DIV><FONT size="1" style="font-size:1pt;color:white"> September 20, 2016 Personal &amp; Confidential Glen MacDonald 475 Raglan Road Winnipeg, MB R3G 3E4 Dear Glen: It is my pleasure to offer you the position of Chief Scientific Officer for Eleven Biotherapeutics, Inc. (&#8220;the Company&#8221; or &#8220;Eleven Bio&#8221;) reporting to Stephen Hurly, President and CEO. This letter agreement summarizes important details about your employment, should you accept this offer. This letter agreement shall be effective only upon the date of the closing (such closing date, the &#8220;Effective Date&#8221;) of the acquisition by the Company of Viventia Bio Inc. (&#8220;Viventia&#8221;) pursuant to a Share Purchase Agreement (the &#8220;Agreement&#8221;), by and among the Company, Viventia, the shareholders of Viventia named on the signature pages thereto and, for certain limited purposes, Clairmark Investments Ltd, pursuant to which Agreement, the Company will acquire all of the outstanding equity interests in Viventia and Viventia will become a wholly- owned subsidiary of the Company (the &#8220;Transaction&#8221;). If the Transaction does not occur by September 23, 2016, this letter agreement shall be null and void. 1. Full-Time and Best Efforts: As Eleven Bio&#8217;s Chief Scientific Officer, which is a full- time position, you will have such duties and responsibilities consistent with such position, and any other duties as the Company may assign from time to time. You are expected to devote substantially all of your working time to the performance of your duties in a satisfactory manner and to the best of your abilities at all times. You shall not engage in any other business or occupation during your employment with the Company, including, without limitation, any activity that conflicts with the interests of the Company, interferes with the proper and efficient performance of your duties for the Company, or interferes with your exercise of judgment in the Company&#8217;s best interests. Notwithstanding the foregoing, you will be permitted to serve as an officer, director or trustee of any charitable, educational or non-profit organization, without the Company&#8217;s prior consent, provided that such services do not interfere with the performance of your duties to the Company or represent an actual or apparent conflict of interest with your role at the Company. 2. Compensation: You shall receive an annual salary of $272,496.25 CAD, which will be subject to all applicable tax reporting and withholding, paid in accordance with the Company's standard payroll practices. You will be considered for a merit review in conjunction with your performance review (which generally are conducted annually) and consistent with the Company&#8217;s compensation practices, as determined by the Board. 215 First Street, Suite 400, Cambridge, MA 02142PHONE: 617-871-9911 Error! Unknown document property name. FAX: 617-858-0911 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 3. Annual Bonus: You may be eligible to receive an annual target bonus of up to 30% of your base salary, based upon the achievement of certain corporate and individual goals set by the Company, and contingent upon your individual performance and the Company&#8217;s performance. The determination of whether a bonus will be paid to you, and the amount of any such bonus, will be determined by the Company. Any bonus earned will be paid to you no later than March 15th of the year following the year to which it relates. No bonus is accrued or earned until the date on which it is actually paid to you. No bonus shall be pro-rated for any partial year of employment. Please note that you must be actively employed by the Company on the date any bonus is paid in order to be eligible for a bonus. No period of notice or payment in lieu of notice that is given by you to the Company or to you by the Company (or that ought to have been given by you or to you) which follows or is in respect of a period which follows your last day of actual and active employment will be deemed to extend your employment for the purposes of determining any right for you to receive a bonus hereunder, and you shall have no entitlement to damages or other compensation arising from or related to not receiving any bonus which may have been awarded, or which may have paid, after your last day of active employment with the Company or if working notice of termination had been given. 4. Stock Option: Subject to and upon approval by the Board, you will be granted a nonstatutory stock option to purchase 100,000 shares of Common Stock, $0.001 par value per share, of the Company (the &#8220;Common Stock&#8221;), which option is granted pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4) and not pursuant to the Company&#8217;s 2014 Stock Incentive Plan (the &#8220;Plan&#8221;) or any other equity incentive plan of the Company, as an inducement that is material to your employment