On October 30, 2014, Finjan Holdings, Inc. (the “Company”) entered into an Amended and Restated Employment Agreement (the “Agreement”) with Shimon Steinmetz (the “Executive”), the Company’s Chief Financial Officer and Treasurer. The Agreement provides that Mr. Steinmetz will continue as the Company’s Chief Financial Officer and Treasurer through an initial term ending on November 30, 2014 (the “Initial Term”), subject to extension on a monthly or other basis as mutually agreed between the Company and the Executive, unless earlier terminated. The Agreement provides for a base salary of $200,000, an annual target bonus of $50,000 and eligibility for participation in the Company’s equity incentive plans and benefits programs.
The Company may terminate the Executive at any time, and if such termination is without cause or results from the failure by the Company and the Executive to renew the Executive’s employment beyond the Initial Term, the Executive will be entitled to a two month transition period ending on January 31, 2015. Following such transition period, the Executive will be entitled, in addition to any accrued obligations (including base salary and the 2014 annual target bonus), to a severance payment that includes, among other things, six months of base salary, 50% of the 2015 annual target bonus, accelerated vesting of up to 57,911 options to purchase shares of common stock, which options will remain exercisable until June 30, 2016, and payment of certain expenses.