SEC Contract Filing

Filing Date: 2016-07-21

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d221030dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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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="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ContraFect Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28
Wells Avenue, Third Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yonkers, New York 10701 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;21, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven C. Gilman, Ph.D. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Dr.&nbsp;Gilman: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth the mutual
agreement between you and ContraFect Corporation (the &#147;<U>Company</U>&#148;) regarding your service as the President and Chief Executive Officer (&#147;<U>CEO</U>&#148;) of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Employment</U>. You will serve as President and CEO of the Company pursuant to the terms of the letter agreement dated March&nbsp;21, 2016 between you
and the Company (the &#147;<U>March 21 Agreement</U>&#148;) until the March&nbsp;21 Agreement expires on September&nbsp;21, 2016 (the &#147;<U>Effective Date</U>&#148;). As of the Effective Date, and provided you continue providing services under
the March&nbsp;21 Agreement until the Effective Date, you will continue serving as the President and CEO of the Company pursuant to the terms of this letter agreement during the period commencing on the Effective Date and ending on July&nbsp;1,
2018, unless earlier terminated as provided below (the &#147;<U>Term</U>&#148;). During the Term, you will have such customary responsibilities, duties and authority as are normally associated with the positions of President and CEO or as are
assigned to you by the Board and will serve as Chairman of the Board, without additional compensation for such service, during any period you have been elected to serve as a Board member by the Company&#146;s stockholders, except as otherwise
provided below. Upon any expiration of the term of your service as a member of the Board that occurs during the Term, the Company will nominate you for reelection to the Board by the Company&#146;s stockholders. During the Term, you will be expected
to devote substantially all of your working time and efforts to the business and affairs of the Company, provided that you will be permitted to engage in outside business activities (including serving on outside boards or committees) to the extent
such activities do not materially interfere with the performance of your duties and responsibilities under this Agreement or violate the terms of Section&nbsp;5 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Compensation and Benefits</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<U>Base Salary; Work Location</U>. During the Term, you will receive a base salary at the rate of $525,000 per annum (&#147;<U>Base Salary</U>&#148;), paid in accordance with Company&#146;s ordinary payroll practices. Your normal place of work will
be in the Company&#146;s Cambridge, Massachusetts office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. You will be eligible during the Term to receive an
annual bonus based upon performance relative to performance objectives established by the Board. The target amount of your annual bonus will be 75% of your Base Salary, and you will have the opportunity to earn an annual bonus of up to 125% of your
Base Salary for exceeding targeted performance. The actual amount of any annual bonus paid will be determined by the Board in its discretion. No annual bonus will be payable unless you are an employee of the Company on the date that the bonus is
paid. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Benefits</U>. As a Company employee, you will also be eligible to participate in all of
the employee benefit plans and programs that the Company generally makes available to its regular full-time employees, including equity incentive, paid time off, vacation and/or paid sick leave programs, in accordance with the terms of such benefit
plans and programs and applicable law. In addition, for the period beginning on the Effective Date and ending on December&nbsp;31, 2018, you, your spouse and dependents (each as defined under the applicable program) will be offered medical, dental
and vision insurance coverage at substantially the same benefit levels as provided from time to time to active executive officers of the Company, and the Company will pay on your behalf the full premiums for such coverage you elect to receive. To
the extent the Company determines is reasonably necessary to satisfy Section&nbsp;105(h) of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), or avoid the imposition of an excise tax on the Company, the Company will be
permitted to alter the manner in which such medical and dental benefits are provided in any manner that does not increase the after-tax cost to you of such benefits. </P>
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