AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT AND NONQUALIFIED STOCK OPTION GRANT AGREEMENT
Exhibit 10.29
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT AND NONQUALIFIED STOCK
OPTION GRANT AGREEMENT
This
Amendment No. 1 (the “Amendment”)
to that certain Employment Agreement (the “Employment Agreement”)
by and between Xxxxx Xxxxxxxxxx (the “Employee”)
and Adgero Biopharmaceuticals Holdings, Inc. (the
“Company”)
and to that certain Nonqualified Stock Option Grant Agreement (the
“NQSO
Agreement”) by and between the Employee and the
Company, is effective as of February 8,
2017.
WHEREAS, the Employment Agreement sets
forth the terms and conditions of Employee’s employment with
the Company;
WHEREAS, the Company and Employee desire
to amend the Employment Agreement to provide for full acceleration
of unvested options upon certain change in control
terminations;
WHEREAS, the Company and Employee desire
to amend the vesting schedule in the NQSO Agreement to provide for
full acceleration of unvested options upon certain change in
control terminations;
WHEREAS, Section 5.3 of the Employment
Agreement provides that the Employment Agreement may be amended
pursuant to an instrument in writing between the Company and
Employee; and
WHEREAS, Section 12 of the NQSO
Agreement provides that the NQSO Agreement may be amended pursuant
to an instrument in writing between the Company and
Employee.
NOW, THEREFORE, the Company and Employee
hereby agree that the Employment Agreement and the NQSO Agreement
shall be amended as follows:
1.
Section 4.1(e)(ii)
of the Employment Agreement is hereby amended and restated to read
as follows:
“all unvested
options shall vest upon the Termination Date and all of the
Executive’s outstanding vested stock options shall remain
exercisable for a period of eighteen (18) months, measured from the
Termination Date (but in no event later than the expiration date of
their term); provided, however, that in the event stock options
under the Plan are cancelled or otherwise terminated pursuant to
the Plan in connection with such Change in Control, the
Executive’s stock options may be cancelled or otherwise
terminated, as applicable, on terms no less favorable than those
provided to other similarly situated option
holders.”
2.
Section (f) of
Exhibit A of the NQSO Agreement is hereby amended and restated as
follows:
“Vesting Schedule: The shares
subject to the option shall vest in three (3) equal annual
installments, beginning on the first anniversary of the date of
grant, and continuing on each of the second and third
anniversaries, provided that the Optionee remains a service
provider to the Company through each applicable vesting date.
Notwithstanding the foregoing, pursuant to the terms of the
Employment Agreement by and between the Company and the Optionee
dated April 8, 2016 (the “Employment Agreement”),
(i) if the Company experiences a Change in Control (as defined in
the Employment Agreement) and within twenty-four (24) months
following the Change in Control, the Company terminates the
Optionee’s employment without Cause (as defined in the
Employment Agreement) or the Optionee resigns for Good Reason (as
defined in the Employment Agreement), then upon such termination
all unvested options shall vest upon the Termination Date (as
defined in the Employment Agreement) or (ii) if (other than within
twenty-four (24) months following a Change in Control) the Company
terminates the Optionee’s employment without Cause (as
defined in the Employment Agreement) or the Optionee resigns for
Good Reason (as defined in the Employment Agreement), then upon
such termination a number of options shall automatically vest equal
to the number of unvested options that would have vested had the
Optionee remained continuously employed by the Company during the
period beginning on the date of such termination and ending on the
twelve (12) month anniversary of the date of such termination
(i.e., options representing
100% (12 months out of 12) of the options that would have vested on
the next annual vesting date will vest on the Termination Date (as
defined in the Employment Agreement)).”
3.
This Amendment
shall supersede all prior agreements, whether oral or written,
between the parties with respect to the subject matter
herein.
4.
Except as amended
herein, the Employment Agreement and the NQSO Agreement shall
remain in full force and effect.
5.
This Amendment may
be executed in several counterparts, each of which is deemed to be
an original but all of which together will constitute one and the
same instrument. This Amendment may be delivered via facsimile or
scanned “PDF” which shall be an original for all
purposes.
[Signature
Page Follows]
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IN
WITNESS WHEREOF, the parties hereto have duly executed this
Amendment as of this 8th day of
February, 2017.
/s/ Xxxxx
Xxxxxxxxxx
Name:
Xxxxx Xxxxxxxxxx
Title:VP
Operations and Product Developement
Employee
/s/ Xxxxx Xxxxxxxxxx
Xxxxx
Xxxxxxxxxx
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