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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
August 27, 2024
Standard BioTools Inc.
(Exact Name of
Registrant as Specified in Charter)
| Delaware |
|
001-34180 |
|
77-0513190 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
| 2 Tower Place, Suite 2000 |
| South San Francisco, California 94080 |
| (Address of Principal Executive Offices) (Zip Code) |
| |
(650) 266-6000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
| Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
| Common stock, par value $0.001 per share |
LAB |
Nasdaq Global Select Market |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2024 Change of Control and Severance Plan
On August 27, 2024,
the Human Capital Committee of the Board of Directors (the “Board”) of Standard BioTools Inc. (the “Company”)
approved the Company’s 2024 Change of Control and Severance Plan and Participation Agreement thereunder (the “2024 Severance
Plan”). The 2024 Severance Plan has a term until August 4, 2026 (the “Term”). The 2024 Severance Plan is intended
to provide certain payments of cash severance and other benefits to the Company’s executive leadership team in the event of a qualifying
termination of employment with the Company, other than for the Company’s Chief Executive Officer who is party to a Participation
Agreement under the Company’s 2023 Change of Control and Severance Plan (the “2023 Severance Plan”).
Certain members of the Company’s
executive leadership team and certain other designated employees are eligible to participate in the 2024 Severance Plan and to receive
benefits thereunder. Each of Hanjoon Alex Kim (the Company’s Chief Operating Officer), David King, Ph.D. (the Company’s Senior
Vice President of Global Research and Development), Agnieszka Gallagher (the Company’s Senior Vice President and Chief Legal Officer),
Mona Abou-Sayed (the Company’s Senior Vice President of Standard BioTools Business System), Jeremy Davis (the Company’s Chief
Commercial Officer), Anders Davas (the Company’s Senior Vice President of Global Operations), Betsy Jensen (the Company’s
Chief Human Resources Officer), and Sean Mackay (the Company’s Chief Business Officer) have entered into Participation Agreements
under the 2024 Severance Plan. For such individuals, the 2024 Severance Plan supersedes the severance and/or change in control related
benefits previously provided to such individuals under the Company’s 2023 Severance Plan and
any prior employment and severance agreements.
Under the 2024 Severance
Plan, if the executive’s employment is terminated outside of the period beginning three months before a Change of Control (as defined
in the 2024 Severance Plan) and ending 12 months after a Change of Control (such period, the “Change of Control Period”) for
a reason other than Cause (as defined in the 2024 Severance Plan) or the executive’s death or Disability (as defined in the 2024
Severance Plan), then, subject to the severance conditions provided in the 2024 Severance Plan, the executive will be entitled to receive
the following severance benefits:
· Continued payments
(less applicable withholdings) totaling 100% of the executive’s annual base salary in effect as of the date of termination in equal
installments over a period of 12 months.
· A pro-rated lump-sum
payment of the executive’s annual target bonus in effect immediately prior to the termination.
· Reimbursement of costs
of continued health coverage for the executive, his or her spouse, and/or his or her dependents, as applicable, for a period of up to
12 months.
· If the termination
occurs prior to the end of the Term, 100% vesting acceleration of the executive’s then-outstanding and unvested equity awards, provided
that, if an equity award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance
criteria, then, unless expressly otherwise provided in the applicable equity award agreement, 100% of such equity award will vest assuming
the applicable performance criteria had been achieved at target levels for the relevant performance period(s).
· Reasonable outplacement
services in accordance with any applicable policy of the Company that is in effect as of the executive’s termination (or if no such
policy is in effect, as determined by the Company).
Under the 2024 Severance
Plan, if an executive’s employment is terminated within the Change of Control Period either (i) by the Company for a reason
other than Cause or the executive’s death or Disability or (ii) by the executive for Good Reason (as defined in the executive’s
Participation Agreement under the 2024 Severance Plan), then, subject to the severance conditions provided in the 2024 Severance Plan,
the executive will be entitled to receive the following severance benefits:
· A lump-sum payment
(less applicable withholdings) totaling 150% of the sum of (x) his or her annual base salary (as in effect immediately before termination
or immediately before the Change of Control, whichever is higher) plus (y) the greater of (A) his or her annual target cash
incentive (as in effect immediately before termination or immediately before the Change of Control, whichever is higher) or (B) the
average of the annual cash incentives actually paid to him or her for the three fiscal years preceding the year in which his or her termination
occurs.
· A pro-rated lump-sum
payment of the executive’s annual target bonus in effect immediately prior to the Change of Control or the termination, whichever
is greater.
· Reimbursement of costs
for continued health coverage for the executive, his or her spouse, and/or his or her dependents, as applicable, for a period of up to
18 months.
· 100% vesting acceleration
of his or her then-outstanding and unvested equity awards, provided that, if an equity award is to vest and/or the amount of the award
to vest is to be determined based on the achievement of performance criteria, then, unless otherwise provided in the applicable equity
award agreement, 100% of such equity award will vest assuming the applicable performance criteria had been achieved at target levels for
the relevant performance period(s).
The foregoing description
of the 2024 Severance Plan and the Participation Agreement thereunder does not purport to be complete and is qualified in its entirety
by reference to the full text of the 2024 Severance Plan, including the Participation Agreement thereunder, a copy of which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
+ Management
compensation plan or arrangement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 30, 2024 |
STANDARD BIOTOOLS INC. |
| |
|
|
| |
By: |
/s/ Michael Egholm, Ph.D. |
| |
Name: |
Michael Egholm, Ph.D. |
| |
Title: |
President and Chief Executive Officer |
Exhibit 10.1
STANDARD BIOTOOLS INC.
2024 CHANGE OF CONTROL AND SEVERANCE PLAN
AND SUMMARY PLAN DESCRIPTION
Adopted August 27, 2024
1. Introduction.
The purpose of this Standard BioTools Inc. 2024 Change of Control and Severance Plan, or Plan (as defined in Section 2 below), is
to provide assurances of specified benefits to certain employees of the Company whose employment is subject to being involuntarily terminated
other than for death, Disability, or Cause or voluntarily terminated for Good Reason under the circumstances described herein. This Plan
is an “employee welfare benefit plan,” as defined in Section 3(1) of the U.S. Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). This document constitutes both the written instrument under which the Plan
is maintained and the required summary plan description for the Plan. This Plan is a replacement for that certain Standard BioTools Inc.
Change of Control and Severance Plan and Summary Plan Description adopted by the Compensation Committee of Standard BioTools Inc. on
August 4, 2023 (the “Prior Plan”). The Prior Plan expires according to its terms and will not be renewed.
By becoming a Participant under this Plan (and immediately upon execution of the Participation Agreement), the Participant expressly
acknowledges that Participant will cease being a participant under or entitled to any benefits under the Prior Plan
2. Important
Terms. The following words and phrases, when the initial letter of the term is capitalized, will have the meanings set forth in this
Section 2, unless a different meaning is plainly required by the context:
2.1. “Administrator”
means the Company, acting through the Compensation Committee or another duly constituted committee of members of the Board, or any person
to whom the Administrator has delegated any authority or responsibility with respect to the Plan pursuant to Section 12, but only
to the extent of such delegation.
2.2. “Board”
means the Board of Directors of the Company.
2.3. “Cause”
exists upon (i) a Participant’s conviction of, or plea of guilty or nolo contendere to, any crime involving dishonesty or
moral turpitude or any felony; or (ii) a Participant’s (a) engagement in material dishonesty, willful misconduct, or
gross negligence—in each case in connection with the Participant’s position at the Company; (b) breach of any confidentiality,
invention assignment, non-disclosure, or non-solicitation agreement entered into between the Company and the Participant; (c) material
violation of a written Company policy or procedure that has been provided to the Participant, which violation causes substantial injury
to the Company; or (d) willful refusal to perform the Participant’s assigned duties to the Company, following written notice
of such refusal by the Company and a period of fifteen (15) days to cure the same and the Participant’s failure to cure during
such time period. No act or omission shall be considered “willful” if such act or omission was done, or not done, in the
reasonable, good-faith belief that such act or omission was in the best interests of the Company or upon the advice of counsel to the
Company.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
2.4. “Change of Control” means the
occurrence of any of the following events:
2.4.1. Change
in Ownership of the Company. A change in the ownership of the Company that occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that,
together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the
Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one
Person considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered
a Change in Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain
immediately after the change in ownership direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting
power of the stock of the Company or of the ultimate parent entity of the Company in substantially the same proportions as their
ownership of the Company’s voting stock immediately prior to the change in ownership, such event shall not be considered a
Change in Control under this subsection. For this purpose, indirect beneficial ownership shall include, without limitation, an
interest resulting from ownership of the voting securities of one or more corporations or other business entities that own the
Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities.
2.4.2. Change
in Effective Control of the Company. A change in the effective control of the Company that occurs on the date that a majority of
members of the Board is replaced during any twenty-four (24) month period with individuals whose appointment or election to the Board
is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection
(b), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the
same Person will not be considered a Change in Control; or
2.4.3. Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the
Company’s assets that occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending
on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal
to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to
such acquisition or acquisitions; provided, however, that for purposes of this subsection 2.4.3, the following will
not constitute a change in the ownership of a substantial portion of the Company’s assets: (a) a transfer to an entity
that is controlled by the Company’s stockholders immediately after the transfer; or (b) a transfer of assets by the
Company to (i) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the
Company’s stock; (ii) an entity as to which fifty percent (50%) or more of the total value or voting power is owned,
directly or indirectly, by the Company; (iii) a Person that owns, directly or indirectly, fifty percent (50%) or more of the
total value or voting power of all the outstanding stock of the Company; or (iv) an entity as to which at least fifty percent
(50%) of the total value or voting power is owned, directly or indirectly, by a Person described in 2.4.3(b)(iii). For purposes of
this subsection 2.4.3, “gross fair market value” means the value of the assets of the Company, or the value of the
assets being disposed of, determined without regard to any liabilities associated with such assets.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
For purposes of this Section 2.4, persons
will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of stock, or similar business transaction with the Company.
Notwithstanding any of the foregoing, however,
in any circumstance or transaction in which compensation or benefits paid under this Plan would result in imposition of an additional
tax under Section 409A of the Code (as defined below) if the foregoing definition of “Change of Control” were to apply,
but would not result in the imposition of any additional tax if the term “Change of Control” were defined herein to mean
a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5), then “Change of
Control” shall mean a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5),
but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Section 409A.
Further and for the avoidance of doubt,
a transaction will not constitute a Change in Control if:
(i) its primary purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its primary purpose is to create a holding company that will be owned
in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
2.5. “Change
of Control Period” means the time period beginning three (3) months prior to a Change of Control (or three months prior
to signing of a definitive agreement to consummate a Change of Control if the Company enters into such an agreement) and ending on the
date that is twelve (12) months following the Change of Control.
2.6. “Code”
means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include
such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation
or regulation amending, supplementing or superseding such section or regulation.
2.7. “Company”
means Standard BioTools Inc. and any successor that assumes the obligations of the Company under the Plan by way of merger, acquisition,
consolidation or other transaction.
2.8. “Disability”
means that Participant has been unable to perform his or her Company duties as the result of Participant’s incapacity due to physical
or mental illness, and such inability, at least twenty-six (26) weeks after its commencement, is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to Participant or Participant’s legal representative (such
agreement as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be effected after at least
30 days’ written notice by the Company of its intention to terminate Participant’s employment. In the event that Participant
resumes the performance of substantially all of his or her duties hereunder before the termination of employment becomes effective, the
notice of intent to terminate will automatically be deemed to have been revoked.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
2.9. “Effective
Date” means August 27, 2024, which is the date the Plan was deemed effective by the Compensation Committee of the Board.
2.10.
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.
2.11.
“Equity Awards” means a Participant’s outstanding stock options, stock appreciation rights, restricted
stock, restricted stock units, performance shares, performance stock units, and any other Company equity compensation awards.
2.12. “Good
Reason” has the meaning set forth in the Participant’s Participation Agreement.
2.13.
“Involuntary Termination” means a Non-COC
Involuntary Termination or a COC Involuntary Termination, in each case, under the circumstances described in Section 4 or
Section 5, as applicable.
2.14. “Participant”
means an employee of the Company or of any parent or subsidiary of the Company who (a) has been designated by the Administrator
to participate in the Plan and (b) has timely and properly executed and delivered a Participation Agreement to the Company.
2.15. “Participation
Agreement” means the individual agreement (as will be provided in separate cover as Appendix A) provided by the Administrator
to a Participant under the Plan, which has been signed and accepted by the Participant.
2.16. “Plan”
means the Standard BioTools Inc. 2024 Change of Control and Severance Plan as set forth in this document and as hereafter amended from
time to time.
2.17. “Section 409A”
means Section 409A of the Code and the final regulations and any guidance promulgated thereunder.
2.18. “Section 409A
Limit” means two (2) times the lesser of: (i) the Participant’s annualized compensation based upon the annual
rate of pay paid to the Participant during the taxable year preceding the taxable year of the Participant’s termination of employment
as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal
Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which the Participant’s employment is terminated.
2.19. “Severance
Benefits” means the compensation and other benefits that the Participant will be provided in the circumstances described in
Section 4 or Section 5 of the Plan, as applicable.
3. Eligibility
for Severance Benefits. An individual is eligible for Severance Benefits under the Plan, as described in Section 4 or Section 5,
as applicable, only if he or she experiences an Involuntary Termination.
4. Involuntary
Termination Outside the Change of Control Period. If, outside of the Change of Control Period, the Company (or any parent or
subsidiary of the Company) terminates the Participant’s employment for a reason other than for Cause, the Participant’s
death or Disability (a “Non-COC Involuntary Termination”), subject to the Participant’s compliance
with Section 7, the Participant will receive the following Severance Benefits:
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
4.1. Cash
Severance Benefits. Continued payments of cash severance for the period set forth in the Participant’s Participation Agreement;
4.2. Continued
Medical Benefits. If the Participant and any spouse and/or other dependents of the Participant (“Family Members”)
have coverage on the date of the Participant’s Involuntary Termination under a group health plan sponsored by the Company, the
Company will pay on behalf of Participant the total applicable premium cost for continued group health plan coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) during the period of time following the Participant’s
employment termination, as set forth in the Participant’s Participation Agreement, provided that the Participant validly elects
and is eligible to continue coverage under COBRA for the Participant and any such Family Members; and
4.3. Outplacement
Services. Reasonable outplacement services in accordance with any applicable Company policy in effect as of the Participant’s
Non-COC Involuntary Termination (or if no such policy is in effect, as determined by the Company, in its sole discretion).
5. Involuntary
Termination During the Change of Control Period. If, during the Change of Control Period, (i) a Participant terminates his or
her employment with the Company (or any parent or subsidiary of the Company) for Good Reason, or (ii) the Company (or any parent
or subsidiary of the Company) terminates the Participant’s employment for a reason other than Cause or the Participant’s
death or Disability (a “COC Involuntary Termination”), then, in each case, subject to the Participant’s
compliance with Section 7, the Participant will receive the following Severance Benefits:
5.1. Cash
Severance Benefits. A lump-sum payment of cash severance and/or bonus equal to the amount set forth in the Participant’s Participation
Agreement;
5.2. Equity
Award Vesting Acceleration Benefit. The Participant’s Equity Awards will accelerate and vest to the amount set forth in the
Participant’s Participation Agreement, as applicable;
5.3. Continued
Medical Benefits. If the Participant, and any Family Member(s) has/have coverage on the date of the Participant’s Involuntary
Termination under a group health plan sponsored by the Company, the Company will pay on behalf of Participant the total applicable premium
cost for continued group health plan coverage under the COBRA during the period of time following the Participant’s employment
termination, as set forth in the Participant’s Participation Agreement, provided that the Participant validly elects and is eligible
to continue coverage under COBRA for the Participant and his or her Family Members; and
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STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
5.4. Outplacement
Services. Reasonable outplacement services in accordance with any applicable Company policy in effect as of the Participant’s
COC Involuntary Termination (or if no such policy is in effect, as determined by the Company, in its sole discretion); provided, however,
that such outplacement services shall be in no case less than the outplacement services provided under any applicable Company policy
in effect immediately prior to the applicable Change of Control.
6. Limitation
on Payments. In the event that the severance and other benefits provided for in this Plan or otherwise (“280G Payments”)
payable to a Participant (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and
(ii) but for this Section 6, would be subject to the excise tax imposed by Section 4999 of the Code, then the 280G Payments
will be either:
6.1. delivered in full, or
6.2. delivered
as to such lesser extent as would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by the Participant on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be taxable under Section 4999. If a reduction in severance and other benefits constituting
“parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following
order: (a) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of Code
Section 280G); (b) a pro rata reduction of (i) cash payments that are subject to Section 409A as deferred compensation
and (ii) cash payments not subject to Section 409A; (c) a pro rata reduction of (i) employee benefits that are subject
to Section 409A as deferred compensation and (ii) employee benefits not subject to Section 409A; and (d) a pro rata
cancellation of (i) accelerated vesting equity awards that are subject to Section 409A as deferred compensation and (ii) equity
awards not subject to Section 409A. In the event that acceleration of vesting of equity awards is to be cancelled, such acceleration
of vesting will be cancelled in the reverse order of the date of grant of the Participant’s equity awards. Notwithstanding the
foregoing, to the extent the Company submits any payment or benefit payable to the Participant under this Plan or otherwise to the Company’s
stockholders for approval in accordance with Treasury Regulation Section 1.280G-1 Q&A 7, the foregoing provisions shall not
apply following such submission and such payments and benefits will be treated in accordance with the results of such vote, except that
any reduction in, or waiver of, such payments or benefits required by such vote will be applied without any application of discretion
by the Participant and in the order prescribed by this Section 6.
Unless the Participant and the Company
otherwise agree in writing, any determination required under this Section 6 will be made in writing by the Company’s
independent public accountants immediately prior to the Change of Control or such other person or entity to which the parties
mutually agree (the “Firm”), whose determination will be conclusive and binding upon the Participant and
the Company. For purposes of making the calculations required by this Section 6 the Firm may make reasonable assumptions and
approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of
Sections 280G and 4999 of the Code. The Participant and the Company will furnish to the Firm such information and documents as the
Firm may reasonably request in order to make a determination under this Section 6. The Company will bear all costs the Firm may
incur in connection with any calculations contemplated by this Section 6.
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STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
| 7. | Conditions to Receipt of Severance. |
7.1. Release
Agreement. As a condition to receiving the Severance Benefits under this Plan, each Participant will be required to sign and not
revoke a separation and release of claims agreement in substantially the form attached this Plan as Appendix B (the “Release”).
In all cases, the Release must become effective and irrevocable no later than the 60th day following the Participant’s Involuntary
Termination (the “Release Deadline Date”). If the Release does not become effective and irrevocable by the
Release Deadline Date, the Participant will forfeit any right to the Severance Benefits. In no event will the Severance Benefits be paid
or provided until the Release becomes effective and irrevocable.
7.2. Other
Requirements. A Participant’s receipt of Severance Benefits will be subject to the Participant continuing to comply with the
provisions of this Section 7 and the terms of any confidentiality, proprietary information and inventions agreement and such other
appropriate agreement between the Participant and the Company. Severance Benefits under this Plan will terminate immediately for a Participant
if the Participant, at any time, violates any such agreement and/or the provisions of this Section 7.
8. Timing
of Severance Benefits. Provided that the Release becomes effective and irrevocable by the Release Deadline Date and subject to Section 10,
the Severance Benefits will be paid (or in the case of Severance Benefits scheduled to be paid installments, will commence) on the first
Company payroll date following the Release Deadline Date (such payment date, the “Severance Start Date”), and
any severance payments or benefits otherwise payable to the Participant during the period immediately following the Participant’s
termination of employment with the Company through the Severance Start Date will be paid in a lump sum to the Participant on the Severance
Start Date, with any remaining payments to be made as provided in this Plan.
9. Exclusive
Benefit. The benefits provided under this Plan shall be the exclusive benefit for a Participant related to termination of employment
and/or change in control and shall supersede and replace any severance and/or change in control benefits set forth in any offer letter,
employment agreement and/or severance agreement, including without limitation the Prior Plan. For the avoidance of doubt, if a Participant
was otherwise eligible to participate in any other Company severance plan (whether or not subject to ERISA), then participation in this
Plan will supersede and replace eligibility in such other plan.
10.1. Notwithstanding
anything to the contrary in this Plan, no severance payments or benefits to be paid or provided to a Participant, if any, under this
Plan that, when considered together with any other severance payments or separation benefits, are considered deferred compensation
under Section 409A (together, the “Deferred Payments”) will be paid or provided until the Participant
has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to a
Participant, if any, under this Plan that otherwise would be exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A 1(b)(9) will be payable until the Participant has a “separation from service” within the
meaning of Section 409A.
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STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
10.2. It
is intended that none of the severance payments or benefits under this Plan will constitute Deferred Payments but rather will be exempt
from Section 409A as a payment that would fall within the “short-term deferral period” as described in Section 10.3
below or resulting from an involuntary separation from service as described in Section 10.4 below. In no event will a Participant
have discretion to determine the taxable year of payment of any Deferred Payment.
10.3. Notwithstanding
anything to the contrary in this Plan or in any Participation Agreement, if a Participant is a “specified employee” within
the meaning of Section 409A at the time of the Participant’s separation from service (other than due to death), then the Deferred
Payments, if any, that are payable within the first six (6) months following the Participant’s separation from service, will
become payable on the date six (6) months and one (1) day following the date of the Participant’s separation from service.
All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.
Notwithstanding anything herein to the contrary, in the event of the Participant’s death following the Participant’s separation
from service, but before the six- month anniversary of the separation from service, then any payments delayed in accordance with this
paragraph will be payable in a lump sum as soon as administratively practicable after the date of the Participant’s death and all
other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and
benefit payable under this Plan is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.
10.4. Any
amount paid under this Plan that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of
the Treasury Regulations will not constitute Deferred Payments for purposes of Section 10 above.
10.5. Any
amount paid under this Plan that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of
the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of Section 10
above.
10.6. The
foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the payments
and benefits to be provided under the Plan will be subject to the additional tax imposed under Section 409A, and any ambiguities
herein will be interpreted to so comply or be exempt. Notwithstanding anything to the contrary in the Plan, including but not limited
to Sections 12 and 15, the Company reserves the right to amend the Plan as it deems necessary or advisable, in its sole discretion and
without the consent of the Participants, to comply with Section 409A or to avoid income recognition under Section 409A prior
to the actual payment of benefits under the Plan or imposition of any additional tax. In no event will the Company reimburse a Participant
for any taxes that may be imposed on the Participant as result of Section 409A.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
11. Withholdings.
The Company will withhold from any payments or benefits under the Plan all applicable U.S. federal, state, local and non-U.S. taxes required
to be withheld and any other required payroll deductions.
12. Administration.
The Company is the administrator of the Plan (within the meaning of section 3(16)(A) of ERISA). The Plan will be administered and
interpreted by the Administrator (in its sole discretion). The Administrator is the “named fiduciary” of the Plan for purposes
of ERISA and will be subject to the fiduciary standards of ERISA when acting in such capacity. Any decision made or other action taken
by the Administrator with respect to the Plan, and any interpretation by the Administrator of any term or condition of the Plan, or any
related document, will be conclusive and binding on all persons and be given the maximum possible deference allowed by law. In accordance
with Section 2.1, the Administrator (a) may, in its sole discretion and on such terms and conditions as it may provide, delegate
in writing to one or more officers of the Company all or any portion of its authority or responsibility with respect to the Plan, and
(b) has the authority to act for the Company (in a non-fiduciary capacity) as to any matter pertaining to the Plan; provided,
however, that any Plan amendment or termination or any other action that reasonably could be expected to increase materially the
cost of the Plan must be approved by the Board.
13. Eligibility
to Participate. To the extent that the Administrator has delegated administrative authority or responsibility to one or more officers
of the Company in accordance with Sections 2.1 and 12, each such officer will not be excluded from participating in the Plan if otherwise
eligible, but he or she is not entitled to act upon or make determinations regarding any matters pertaining specifically to his or her
own benefit or eligibility under the Plan. The Administrator will act upon and make determinations regarding any matters pertaining specifically
to the benefit or eligibility of each such officer under the Plan.
14. Term.
This Plan will have a term until August 4, 2026 (the “Term”). If a Participant becomes entitled to benefits
during the Term, the Plan will not terminate with respect to such Participant until all of the obligations of the Company and such Participant
with respect to this Plan have been satisfied.
15. Amendment
or Termination. The Company, by action of the Administrator, reserves the right to amend or terminate the Plan at any time,
without advance notice to any Participant and without regard to the effect of the amendment or termination on any Participant or on
any other individual. Any amendment or termination of the Plan will be in writing. In addition, notwithstanding the preceding,
during the Term, the Company may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor
take any other action, that (i) prevents that Participant from becoming eligible for the Severance Benefits under the Plan, or
(ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or potentially payable, to a
Participant under the Plan (including, without limitation, imposing additional conditions). Any action of the Company in amending or
terminating the Plan will be taken in a non-fiduciary capacity.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
16.1. Claims
Procedure. Any employee or other person who believes he or she is entitled to any payment under the Plan may submit a claim in writing
to the Administrator within 90 days of the earlier of (i) the date the claimant learned the amount of his or her benefits under
the Plan or (ii) the date the claimant learned that he or she will not be entitled to any benefits under the Plan. If the claim
is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring
to the provisions of the Plan on which the denial is based. The notice also will describe any additional information needed to support
the claim and the Plan’s procedures for appealing the denial. The denial notice will be provided within 90 days after the claim
is received. If special circumstances require an extension of time (up to 90 days), written notice of the extension will be given within
the initial 90-day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date
by which the Administrator expects to render its decision on the claim.
16.2. Appeal
Procedure. If the claimant’s claim is denied, the claimant (or his or her authorized representative) may apply in writing to
the Administrator for a review of the decision denying the claim. Review must be requested within 60 days following the date the claimant
received the written notice of their claim denial or else the claimant loses the right to review. The claimant (or representative) then
has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge,
and to submit issues and comments in writing. The Administrator will provide written notice of its decision on review within 60 days
after it receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative)
will be given written notice of the reason for the delay. This notice of extension will indicate the special circumstances requiring
the extension of time and the date by which the Administrator expects to render its decision. If the claim is denied (in full or in part),
the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the
Plan on which the denial is based. The notice also will include a statement that the claimant will be provided, upon request and free
of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the
claimant’s right to bring an action under Section 502(a) of ERISA.
17. Attorneys’
Fees. The parties shall each bear their own expenses, legal fees and other fees incurred in connection with this Plan.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
18. Source
of Payments. All payments under the Plan will be paid from the general funds of the Company; no separate fund will be established
under the Plan, and the Plan will have no assets. No right of any person to receive any payment under the Plan will be any greater than
the right of any other general unsecured creditor of the Company.
19. Inalienability.
In no event may any current or former employee of the Company or any of its subsidiaries or affiliates sell, transfer, anticipate, assign
or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest be subject to the claims of
creditors nor liable to attachment, execution or other legal process.
20. No
Enlargement of Employment Rights. Neither the establishment or maintenance or amendment of the Plan, nor the making of any benefit
payment hereunder, will be construed to confer upon any individual any right to continue to be an employee of the Company. The Company
expressly reserves the right to discharge any of its employees at any time, with or without cause. However, as described in the Plan,
a Participant may be entitled to benefits under the Plan depending upon the circumstances of his or her termination of employment.
21. Successors.
Any successor to the Company of all or substantially all of the Company’s business and/or assets (whether direct or indirect and
whether by purchase, merger, consolidation, liquidation or other transaction) will assume the obligations under the Plan and agree expressly
to perform the obligations under the Plan in the same manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession. For all purposes under the Plan, the term “Company” will include any successor
to the Company’s business and/or assets which become bound by the terms of the Plan by operation of law, or otherwise.
22. Applicable
Law. The provisions of the Plan will be construed, administered and enforced in accordance with ERISA and, to the extent applicable,
the internal substantive laws of the state of California (but not its conflict of laws provisions).
23. Severability.
If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision
of the Plan, and the Plan will be construed and enforced as if such provision had not been included.
24. Headings.
Headings in this Plan document are for purposes of reference only and will not limit or otherwise affect the meaning hereof.
25. Indemnification.
The Company hereby agrees to indemnify and hold harmless the officers and employees of the Company, and the members of its Board, from
all losses, claims, costs or other liabilities arising from their acts or omissions in connection with the administration, amendment
or termination of the Plan, to the maximum extent permitted by applicable law. This indemnity will cover all such liabilities, including
judgments, settlements and costs of defense. The Company will provide this indemnity from its own funds to the extent that insurance
does not cover such liabilities. This indemnity is in addition to and not in lieu of any other indemnity provided to such person by the
Company.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
| 26. | Additional Information. |
| |
Plan Name: |
Standard BioTools Inc. 2024 Change of Control and Severance Plan |
| |
|
|
| |
Plan Sponsor: |
Standard BioTools Inc. |
| |
|
c/o General Counsel |
| |
|
2 Tower Place, Suite 2000 |
| |
|
South San Francisco, CA 94080 |
| |
|
|
| |
Identification Numbers: |
EIN: 77-0513190 |
| |
|
PLAN: 502 |
| |
|
|
| |
Plan Year: |
Company’s fiscal year |
| |
|
|
| |
Plan Administrator: |
Standard BioTools Inc. |
| |
|
Attention: Administrator of the Standard BioTools Inc. 2020 |
| |
|
Change of Control and Severance Plan |
| |
|
2 Tower Place, Suite 2000 |
| |
|
South San Francisco, CA 94080 |
| |
|
650-266-6000 |
| |
|
|
| |
Agent for Service of |
|
| |
Legal Process: |
Standard BioTools Inc. |
| |
|
Attention: General Counsel |
| |
|
2020 Change of Control and Severance Plan |
| |
|
2 Tower Place, Suite 2000 |
| |
|
South San Francisco, CA 94080 |
| |
|
650-266-6000 |
| |
|
|
| |
|
Service of process also may be made upon the Administrator. |
| |
|
|
| |
Type of Plan: |
Severance Plan/Employee Welfare Benefit Plan |
| |
|
|
| |
Plan Costs: |
The cost of the Plan is paid by the Employer. |
| 27. | Statement of ERISA Rights. |
As a Participant under the Plan, you
have certain rights and protections under ERISA:
| · | You
may examine (without charge) all Plan documents, including any amendments and copies of all
documents filed with the U.S. Department of Labor. These documents are available for your
review in the Company’s Human Resources Department. |
| · | You
may obtain copies of all Plan documents and other Plan information upon written request to
the Administrator. A reasonable charge may be made for such copies. |
In addition to creating
rights for Participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who
operate the Plan (called “fiduciaries”) have a duty to do so prudently and in the interests of you and the other
Participants. No one, including the Company or any other person, may fire you or otherwise discriminate against you in any way to
prevent you from obtaining a benefit under the Plan or exercising your rights under ERISA. If your claim for payments or benefits
under the Plan is denied, in whole or in part, you must receive a written explanation of the reason for the denial. You have the
right to have the denial of your claim reviewed. (The claim review procedure is explained in Section 16 above.)
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION |
Under ERISA, there are steps
you can take to enforce the above rights. For example, if you request materials and do not receive them within 30 days, you may file
suit in a federal court. In such a case, the court may require the Administrator to provide the materials and to pay you up to $110 a
day until you receive the materials, unless the materials were not sent due to reasons beyond the control of the Administrator. If you
have a claim which is denied or ignored, in whole or in part, you may file suit in a federal court. If it should happen that you are
discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a
federal court.
In any case, the court will
decide who will pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs
and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds that your claim is frivolous.
If you have any questions
regarding the Plan, please contact the Administrator. If you have any questions about this statement or about your rights under ERISA,
you may contact the nearest area office of the Employee Benefits Security Administration (formerly the Pension and Welfare Benefits Administration),
U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits
Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, D.C. 20210. You also may obtain certain
publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration.
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION – |
Executive Leadership Team Members
Appendix A
Standard BioTools Inc. 2024 Change
of Control and Severance Plan
Participation Agreement
Standard BioTools Inc. (the “Company”)
is pleased to inform you that you have been selected to participate in the Company’s 2024 Change of Control and Severance Plan
(the “Plan”) as a Participant.
A copy of the Plan was delivered to you with
this Participation Agreement. Your participation in the Plan is subject to all of the terms and conditions of the Plan. The capitalized
terms used but not defined herein will have the meanings ascribed to them in the Plan.
In order to actually become a participant in
the Plan, you must complete and sign this Participation Agreement.
Definition of “Good Reason”
“Good Reason” means
the occurrence of one or more of the following events effected without your prior consent, provided you terminate your employment with
the Company within one (1) year following the initial existence of the “Good Reason” condition (discussed below): (i) the
assignment to you of any duties or the reduction of your then-current duties, either of which results in a material diminution in your
then-current position or responsibilities with the Company including, without limitation, any negative change in reporting hierarchy
involving you or the person to whom you directly report; (ii) a material reduction by the Company in your then- current base salary;
(iii) a material change in the geographic location at which you must perform services (for purposes of this Participation Agreement,
your relocation to a facility or a location less than 25 miles from your then-present location shall not be considered a material change
in geographic location); or (iv) any material breach by the Company of any material provision of this Participation Agreement. You
will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds
for “Good Reason” within 90 days of the initial existence of the grounds for “Good Reason” and a reasonable cure
period of not less than 30 days following the date of such notice.
Non-COC Involuntary Termination
If, outside of the Change of Control Period,
you incur a Non-COC Involuntary Termination, then subject to the terms and conditions of the Plan, you will receive:
| 1. | Cash Severance Benefits. |
| a. | An aggregate amount equal to 100% of your
annual base salary in effect as of the date of your Non-COC Involuntary Termination paid
in equal installments over a period of twelve (12) months following your termination date. |
| b. | A lump sum amount equal to (i) your
annual target bonus (as in effect immediately prior to the Non-COC Involuntary Termination),
multiplied by (ii) a fraction, the numerator of which is the number of days worked by
you during the year in which the Non-COC Involuntary Termination occurs and the denominator
of which is three hundred and sixty five (365). |
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION – |
| 2. | Continued Medical Benefits.
Payment by the Company of continued health coverage under COBRA for a period of twelve (12)
months following your termination of employment. Notwithstanding the foregoing, if you are
not employed in the United States, the benefit under this paragraph will be a regional equivalent
to COBRA as determined by the Administrator in its sole discretion. |
| 3. | Equity
Award Vesting Acceleration. If such Non-COC Involuntary Termination occurs prior to the
end of the Term, then 100% of your then-outstanding and unvested Equity Awards will become
vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of
the award to vest is to be determined based on the achievement of performance criteria, then,
unless expressly otherwise provided in the applicable Equity Award agreement, the Equity
Award will vest as to 100% of the “Baseline Number of Restricted Stock Units”
or “Baseline Number of Performance Units” (as defined in the Company’s
applicable grant agreements) or the equivalent measure of the number of units or shares that
vest at 100% of target levels of achievement under the applicable Equity Award. Except as
otherwise provided in the applicable Equity Award agreement, shares owed upon such vesting
(and upon exercise, if applicable) of Equity Awards will issued to you as promptly as practicable
and no more than thirty (30) days after they become issuable (whether through the vesting
acceleration alone or upon an exercise of options following such vesting acceleration). Notwithstanding
the foregoing, to the extent that the payment or settlement of an Equity Award is subject
to Section 409A, the Equity Award will be paid or settled in a manner that will meet
the requirements of Section 409A such that the payment or settlement will not
be subject to the additional tax or interest applicable under Section 409A. |
| 4. | Outplacement Services.
Outplacement services as described in Section 4.3 of the Plan. |
COC Involuntary Termination
If, during the Change of Control Period, you
incur a COC Involuntary Termination, then subject to the terms and conditions of the Plan, you will receive:
| 1. | Cash Severance Benefits. |
| a. | A lump-sum payment equal to 150% of the
sum of (x) your annual base salary (as in effect immediately prior to the Change of
Control or your COC Involuntary Termination, whichever is greater), plus (y) the greater
of (A) your annual target bonus (as in effect immediately prior to the Change of Control
or your COC Involuntary Termination, whichever is greater) or (B) the average of the
annual bonuses actually paid to you for the three (3) fiscal years preceding the year
in which your COC Involuntary Termination occurs. For the avoidance of doubt, if you incurred
a termination prior to a Change of Control that qualifies as a COC Involuntary Termination,
then you will be entitled to a lump-sum payment of the amount calculated under the preceding
sentence, less amounts already paid as cash Severance Benefits for a Non-COC Involuntary
Termination. |
| b. | A lump sum amount equal to (i) your
annual target bonus (as in effect immediately prior to the Change of Control or your COC
Involuntary Termination, whichever is greater), multiplied by (ii) a fraction, the numerator
of which is the number of days worked by you during the year in which the COC Involuntary
Termination occurs and the denominator of which is 365. |
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION – |
2. Continued
Medical Benefits. Payment by the Company of continued health coverage under COBRA for a period
of 18 months following your termination of employment. Notwithstanding the foregoing, if you are not employed in the United States, the
benefit under this paragraph will be a regional equivalent to COBRA determined by the Administrator in its sole discretion.
3. Equity
Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become
vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based
on the achievement of performance criteria, then, unless expressly otherwise provided in the applicable Equity Award agreement, the Equity
Award will vest as to 100% of the “Baseline Number of Restricted Stock Units” or “Baseline Number of Performance Units”
(as defined in the Company’s grant agreements) or the equivalent measure of the number of units or shares that vest at 100% of
target levels of achievement under the relevant Equity Award. Except otherwise provided in the applicable Equity Award agreement, shares
owed upon such vesting (and exercise if applicable) of Equity Awards will issued to you as promptly as practicable and no more than 30
days after they become issuable (whether through the vesting acceleration alone or upon an exercise of options following such vesting
acceleration). Notwithstanding the foregoing, to the extent that the payment or settlement of an Equity Award is subject to Section 409A,
the Equity Award will be paid or settled in a manner that will meet the
requirements of Section 409A such that the
payment or settlement will not be subject to the additional tax or interest applicable under Section 409A.
| 4. | Outplacement Services.
Outplacement services as described in Section 5.4 of the Plan. |
Additional Benefits
In addition to the foregoing benefits, in addition
to the Plan benefits described above, if, during the Change of Control Period, you incur a COC Involuntary Termination, then subject
to the terms and conditions of the Plan, the Company will reimburse your reasonable attorneys’ fees incurred in connection with
the review of the Release and any related separation agreements and documents, up to $5,000.
General Provisions
For clarity, any severance payments provided
for herein that are based on annual base salary (and any reduction to base salary constituting “Good Reason”) shall be calculated
without giving effect to any temporary reduction in base salary imposed by the Company or agreed to by you in connection with any global
pandemic or comparable global or U.S. emergency that threatens the Company’s economic position.
In order to receive any Severance Benefits for
which you otherwise become eligible under the Plan, you must sign and deliver to the Company the Release, which must have become effective
and irrevocable within the requisite period set forth in the Plan.
[Remainder of This Page Intentionally
Left Blank]
| |
STANDARD BIOTOOLS INC. 2024 CHANGE
OF CONTROL AND |
| |
SEVERANCE PLAN AND SUMMARY PLAN
DESCRIPTION – |
By your signature below, you and the Company agree that your participation
in the Plan is governed by this Participation Agreement and the provisions of the Plan. Your signature below confirms that: (1) you
have received a copy of the 2024 Change of Control and Severance Plan and Summary Plan Description; (2) you have carefully read
this Participation Agreement and the 2024 Change of Control and Severance Plan and Summary Plan Description; (3) decisions and determinations
by the Administrator under the Plan will be final and binding on you and your successors; and (4) participation in the Plan and
this Participation Agreement replaces in its entirety any severance and/or change of control provisions set forth in any offer letter,
employment agreement and/or Equity Award agreement, including, but not limited to, the Prior Plan.
| | |
|
| STANDARD
BIOTOOLS INC. | |
PARTICIPANT |
| | |
|
| | |
|
| Signature | |
Signature |
| | |
|
| Name | |
Name |
| | |
|
| Title | |
Date |
Attachment: Standard BioTools Inc. 2024 Change of Control and Severance
Plan and Summary Plan Description
[Signature Page to the Participation Agreement]
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