Exhibit 10.20
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (the “Agreement”) is made and entered into as of January 12, 2022, by and between Matthew T. Wiley (the “Executive”) and BioXcel Therapeutics, Inc., a Delaware corporation (the “Company”).
RECITALS
WHEREAS, the Company wishes to retain Executive as its Senior Vice President, Chief Commercial Officer commencing on January 17, 2022, or such earlier date as determined by the parties (the “Effective Date”); and
WHEREAS, the Company wishes to secure the services of Executive upon the terms and conditions hereinafter set forth, and Executive wishes to render such services to the Company upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
AGREEMENT
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Good Reason, Executive must be employed by the Company on the Bonus payment date in order to be eligible for any such payment. For purposes of clarity, upon a termination by the Company for Cause or Executive’s termination without Good Reason, Executive will not be eligible to receive any Bonus.
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(c)During the Term, Executive agrees that Executive will not violate any restrictive covenant agreements that Executive entered into with any former employer or improperly make use of, or disclose, any information or trade secrets of any former employer or other third party, nor will Executive bring onto the premises of the Company or its affiliates or use any unpublished documents or any property belonging to any former employer or other third party, in violation of any lawful agreements with that former employer or third party.
(d)All rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) related to the business of the Company, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that Executive may discover, invent or originate during the Term, either alone or with others and whether or not during working hours or by the use of the facilities of the Company (“Inventions”), shall be the exclusive property of the Company. Executive shall promptly disclose all Inventions to the
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Company, shall execute at the request of the Company any assignments or other documents the Company may deem reasonably necessary to protect or perfect its rights therein, and shall assist the Company, upon reasonable request and at the Company’s expense, in obtaining, defending and enforcing the Company’s rights therein. Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s behalf any assignments or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.
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[signature page follows]
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first written above.
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BIOXCEL THERAPEUTICS, INC. | ||
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By: | /s/ Vimal Mehta, Ph.D. | |
| Name: | Vimal Mehta, Ph.D. |
| Title: | Chief Executive Officer |
/s |
EXECUTIVE |
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/s/ Matthew T. Wiley |
Matthew T. Wiley |