Document:

awsm-ex101_6.htm

 

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AGREEMENT dated as of June 8, 2020.

 

BETWEEN:

 

REINIER VOIGT

(the "Executive")

 

AND:

 

Cool Holdings, Inc.

(the "Employer")

 

WHEREAS, the Employer wishes to retain the services of the Executive and the Executive wishes to accept employment with the Employer, all in accordance with the provisions of this Agreement.

NOW THEREFORE for good and valuable consideration and in consideration of the mutual covenants herein contained, the parties hereby agree to the following terms and conditions of employment: 

	
1.
	
Definitions

In this Agreement, unless there is something in the subject matter or context inconsistent therewith, the following terms will have the following meanings:

	
 
	
(a)
	
"Affiliate" means any Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with the Employer;

	
 
	
(b)
	
"Agreement", "hereof', "herein", "hereunder" and similar expressions refer to this Agreement taken as a whole and not to any particular section or paragraph and 

 

 

	
 
		
include any agreement or instrument in writing which amends or is supplementary to this Agreement and any restatements of this Agreement;

	
 
	
(c)
	
''Associate" means Persons that are included within the definition of "associate" as set forth in Section 1(1) of the Securities Act, as amended, or any successor legislation of similar force and effect, and shall also include the spouse and children of the Executive;

	
 
	
(d)
	
"Base Salary" at any time means the annual amount of US$240,000 to be paid to the Executive by the Employer as the annual fixed salary of the Executive, or if the Employer and the Executive have agreed at such time upon another amount as the annual fixed salary, such other amount;

	
 
	
(e)
	
"Board” means the Board of Directors of Cool Holdings Inc.;

	
 
	
(f)
	
"Bonus Amount" for any fiscal year of the Employer means a maximum amount of 100% of Base Salary based on objectives established by the Board in accordance with the criteria of the executive incentive program in effect as of now or as same may from time to time be amended;

	
 
	
(g)
	
"Cause" includes any act or omission that would constitute ”just cause", "cause" or similar phrases and any act or omission that constitutes:

	
 
	
(i)
	
a breach or violation by the Executive of Sections 6 or 7;

	
 
	
(ii)
	
the conviction of the Executive of a criminal offence; or

	
 
	
(iii)
	
any act(s) or omission(s) that would be cause at common law.

	
 
	
(h)
	
“Change of Control” means the occurrence of any one or more of the following events:

	
 
	
(i)
	
a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the Employer or any of its Affiliates and another corporation or other entity, as a result of which the holders of Common Shares immediately prior to the completion of the transaction hold less than 50% of the outstanding shares of the successor corporation after completion of the transaction;

	
 
	
(ii)
	
the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions, of assets, rights or properties of the Employer and/or any of its Affiliates which have an aggregate fair market value greater than 50% of the combined fair market value of the assets, rights and properties of the Employer and its Affiliates on a consolidated basis to any other person or entity, save and except where it involves disposition to a wholly-owned Affiliate of the Employer in the course of a reorganization of the assets of the Employer and its Affiliates.

 

 

	
 
	
(iii)
	
a resolution is adopted to wind-up, dissolve or liquidate the Employer;

	
 
	
(iv)
	
any person, entity or group of persons or entities acting jointly or in concert (an “Acquiror”) acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Common Shares which, when added to the Common Shares owned of record or beneficially by the Acquiror or which the Acquiror has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or Affiliates of the Acquiror to cast or to direct the casting of 50% or more of the votes attached to all of the outstanding Common Shares which may be cast to elect directors of the Employer or the successor corporation (regardless of whether a meeting has been called to elect directors);

	
 
	
(v)
	
an Acquiror (i) acquires or acquires control (including, without limitation, the right to vote or direct the voting) of Common Shares which, when added to the Common Shares owned of record or beneficially by the Acquiror or which the Acquiror has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or Affiliates of the Acquiror to cast or to direct the casting of more of the votes attached to all of the  outstanding Common Shares which may be cast to elect directors of the Employer or the successor corporation (regardless of whether a meeting has been called to elect directors) than the number of Common Shares which may be voted or directed to vote by the Employer and its Affiliates or Subsidiaries, and (ii) exercises effective control over the management and operations of the Employer;

	
 
	
(vi)
	
as a result of or in connection with: (i) a contested election of directors; or (ii) a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the Employer or any of its Affiliates and another corporation or other entity where the nominees named in the most recent management information circular of the Employer for election to the Board shall not constitute a majority of the Board; or

	
 
	
(vii)
	
the Board adopts a resolution to the effect that a Change of Control as defined herein has occurred or is imminent;

	
 
	
(i)
	
“Change of Control Payment Amount” means, with respect to the Executive, an amount equal to two (2) times the current Base Salary of the Executive, plus two (2) times the Bonus Amount of the Executive, determined on the basis of the average Bonus Amount paid to the Executive in the most recently completed two years;

	
 
	
(j)
	
“Common Shares” means the common shares in the capital of the Employer;

	
 
	
(k)
	
"Compensation Committee" has the meaning ascribed thereto in Section 4(b);

	
 
	
(l)
	
"Confidential Information" has the meaning ascribed thereto in Section 7;

 

 

	
 
	
(m)
	
"Developments" has the meaning ascribed thereto in Section 7(d);

	
 
	
(n)
	
“Good Reason” means the occurrence, without the Executive's express written consent, of any one of the following with respect to the Executive:

	
 
	
(i)
	
a material reduction in responsibilities, except as a result of the Executive’s death, disability or retirement;

	
 
	
(ii)
	
a material reduction in the annual compensation of the Executive;

	
 
	
(iii)
	
a material change to positions, duties, responsibilities and/or status;

	
 
	
(iv)
	
a material adverse change in upstream or downstream reporting relationships;

	
 
	
(v)
	
a requirement that the Executive relocate; 

	
 
	
(vi)
	
any change(s) to the employment relationship that would constitute constructive dismissal according to the common law of Florida; or

	
 
	
(vii)
	
the Employer or its successor or surviving entity following a Change of Control does not agree to be bound by this Agreement or a substantially similar agreement.

	
 
	
(o)
	
“Person" means and includes any individual, corporation, limited partnership, general partnership, joint stock company, limited liability corporation, joint venture, association, company, trust, bank, trust company, pension fund, business trust or other organization, whether or not a legal entity.

	
 
	
(p)
	
“Released Party" has the meaning ascribed thereto in Section 5(f);

	
 
	
(q)
	
"Restricted Period” has the meaning ascribed thereto in Section 6(a); and

	
2.
	
Employment

The Employer hereby agrees to employ the Executive as Chief Executive Officer, located in Doral, Florida.  The Executive accepts such employment with the Employer on the terms and conditions set out in this Agreement.  The employment of the Executive under the terms of this Agreement will continue for an indefinite term until terminated as provided in this Agreement. 

	
3.
	
Duties and Responsibilities

The Executive will serve the Employer diligently and faithfully in the performance of his duties as Chief Executive Officer.  The Executive's duties and responsibilities will include but are not limited to:

	
 
	
(a)
	
performance of such duties and functions commonly within the scope and duties of a Chief Executive Officer of a company such as the Employer and such other duties 

 

 

	
 
		
and functions as may be reasonably assigned or delegated to the Executive from time to time by the Board.  

	
 
	
(b)
	
furnishing to the Board in a timely manner all such information, reports, disclosures, assistance and explanations in respect of the business and affairs of the Employer as the Board may from time to time reasonably require;

	
 
	
(c)
	
abiding by such policies and directives that the Employer may, from time to time, make and institute relating to the operation and business of the Employer (and the Executive recognizes, accepts and agrees that the Employer may make and institute such policies from time to time); and

	
 
	
(d)
	
doing all that is reasonably within his power to promote, develop and extend the operations and favourable reputation of the Employer.

The Executive will report directly to the Board of Directors. The Executive will carry out his duties and responsibilities in a good and faithful manner, using his best efforts to advance the interests of the Employer and to promote its interests in all things to the best of his ability and judgment. The Executive agrees to devote his full-time efforts, skill, attention, and energies to the performance of his duties of employment under this Agreement, provided that the Executive will not be precluded from sitting on boards of directors or acting as a consultant for companies that are not competitive with the Employer.

As a result of the Executive's position as Chief Executive Officer, the Executive is subject to insider trading regulations and restrictions and is required to file insider reports disclosing the acquisition or disposition of any securities of the Employer including the grant of any options and the acquisition of Common Shares issuable upon the exercise thereof.  The Employer may from time to time publish trading guidelines and restrictions for its employees, officers and directors as are considered, in its discretion, prudent and necessary for a publicly listed company.  It is a term of employment that the Executive comply with such regulations, guidelines and restrictions.

	
4.
	
Compensation

	
 
	
(a)
	
The Employer will pay to the Executive the Base Salary, less all required deductions (such as statutory deductions and benefit deductions).  The Base Salary will be paid in equal bi-weekly amounts (each being 1/26th of the Base Salary) in arrears at the end of each two week period in accordance with the Employer’s customary payroll practices.

	
 
	
(b)
	
The compensation committee (the "Compensation Committee") established by the Board shall review the Base Salary annually.  This review shall not result in a decrease of the Base Salary nor shall it necessarily result in an increase in the Base Salary and any increase shall be in the discretion of the Board.

	
 
	
(c)
	
In addition to the Base Salary, the Employer will pay the Executive that portion of the Bonus Amount, if any, to which the Executive is entitled annually.  The Bonus Amount will be paid to the Executive annually within thirty (30) days following 

 

 

	
 
		
the public filing of the annual consolidated financial statements of the Employer, as applicable. 

	
 
	
(d)
	
The Executive may at his discretion elect to maintain individual health insurance coverage for himself and his family instead of the medical coverage provided by the Employer, and will be entitled to reimbursement of up to $3,000 per month of the cost of this coverage. 

	
 
	
(e)
	
The Employer will promptly reimburse the Executive for the reasonable traveling, entertainment, telephone and other expenses actually and properly incurred by the Executive in connection with his employment and consistent with the policies and procedures adopted by the Employer for such reimbursement. Such reimbursement for expenses is subject to the Executive keeping proper accounts and furnishing to the Employer within 30 days after the date the expenses are incurred, all applicable statements, vouchers and other evidence of expense in such form as requested by the Employer.

	
 
	
(f)
	
The Employer shall reimburse the Executive for all legal expenses incurred by him in connection with the preparation and negotiation of this Agreement to a maximum of two thousand US dollars ($2,000.00).

	
 
	
(g)
	
The Employer shall obtain directors' and officers' liability insurance under the policies for such insurance arranged by the Employer from time to time upon such terms and in such amounts as the Board may reasonably determine in its discretion.

	
 
	
(h)
	
The Executive is entitled to six (6) weeks of paid vacation per calendar year in accordance with the policies adopted by the Employer from time to time in respect of paid vacations, subject to the requirements of the Employer.

	
 
	
(i)
	
The Executive authorizes the Employer to deduct from any payment due to him, any amounts owed to the Employer by reason of purchases, advances, loans or recompense for damages to or loss to the Employer's property, with the exception that this provision shall be applied so as not to conflict with any applicable law.

	
 
	
(j)
	
All amounts paid to the Executive will be subject to deductions and withholdings for taxes, workers’ compensation and any and all other deductions and withholdings required by applicable law.

	
 
	
(k)
	
The Executive expressly acknowledges and agrees that unless otherwise expressly agreed in writing by the Employer subsequent to execution of this Agreement by the parties hereto, the Executive shall not be entitled by reason of his employment by the Employer or by reason of any termination of such employment, to any remuneration, compensation or benefits other than as expressly set forth in this Agreement.

 

 

	
5.
	
Termination

	
 
	
(a)
	
Resignation by Executive.  The Executive may resign as an Executive of the Employer at any time by giving to the Employer at least ninety (90) days prior written notice (“Executive’s Notice Period”) of the effective date of such resignation to provide the Employer with sufficient time to hire and train his replacement.  Upon receipt of such notice, the Employer may either:

	
 
	
(i)
	
terminate the Executive's employment immediately; or

	
 
	
(ii)
	
allow the Executive to work through all or part of the Executive’s Notice Period.

If the Employer elects to terminate the Executive's employment at any time after the Executive has given notice of his resignation, the Employer will pay to the Executive as severance the amount that the Executive would have earned during the remaining portion of the Executive’s Notice Period (excluding any Bonus Amount) and the termination of the Executive's employment will be effective immediately.  In such case, the amount payable to the Executive pursuant to this Section 5(a) will be payable immediately in a lump sum.

Subject to applicable regulatory requirements, and the terms of the Employer’s stock option plan, in the event of the termination of the Executive’s employment hereunder by reason of the Executive terminating his employment, all vested and unvested options shall expire at 5:00 p.m. on the date the Executive’s Notice Period expires.  

	
 
	
(b)
	
Termination. The Employer may terminate the Executive's employment at anytime.

	
 
	
(c)
	
Termination without Cause or for Good Reason.  If the Executive's employment is terminated by the Employer in circumstances where there is no Cause, the Employer will give the Executive written notice of the effective date of such termination.  In such event, or in the event Good Reason occurs and, within six (6) months after the occurrence of Good Reason, the Executive gives notice to the Employer that he intends to terminate his employment with the Employer as a result thereof, subject to the Executive complying with the provisions of Sections 5(i) and (j), 6 and 7 hereof, the Executive will be entitled to be paid severance of 2 years base salary which shall be paid with 25% upon termination and the balance paid in equal monthly installments over twelve months thereafter.

To the extent permitted by law and subject to the Executive complying with the provisions of Sections 5(i) and (j), 6 and 7 hereof the Employer will continue to reimburse the Executive for health insurance coverage of up to $3,000 per month for 12 months following the date that the Executive receives written notice of his termination, or, if the Executive terminates his employment for Good Reason, the date of termination, provided that if the Executive obtains a new source of remuneration, whether through an office, new employment, a contract to provide 

 

 

consulting or other services, a new business or any position analogous to any of the foregoing, the Employer's obligation to maintain benefits will terminate immediately.

Subject to applicable regulatory requirements, and the terms of the Employer’s stock option plan, in the event of the termination of the Executive’s employment hereunder by the Employer, without cause, all unvested options shall immediately vest.  Prior to the termination of the Executive’s employment, the Employer and the Executive shall enter into a consultancy agreement on mutually agreeable terms, which agreement will continue until the expiry of all the Executive’s vested options, and for which the Executive will provide corporate advisory services for up to ten (10) hours per month.

	
 
	
(d)
	
Termination for Cause.  If the Executive's employment is terminated by the Employer in circumstances where there is Cause, the Executive shall not be entitled to notice of termination or pay in lieu of notice.  Where the Executive’s employment is terminated for Cause, the Executive will cease to be eligible for any amounts of Base Salary or Bonus Amount or benefits effective the date of termination.  If there is a dispute as to whether the Executive's employment is terminated by the Employer in circumstances where an act or omission of the Executive exists that would constitute Cause, and if it is determined by a court of competent jurisdiction that such circumstances did not exist, the Executive will be entitled to damages in the amount of compensation the Executive would have received had the Employer terminated the Executive not for Cause in accordance with Section 5(c) above, plus all reasonable legal fees incurred by the Executive.

Subject to applicable regulatory requirements, and the terms of the Employer’s stock option plan, in the event of the termination of the Executive’s employment hereunder by the Employer for Cause, all options whether vested or unvested, shall be deemed to have expired and be of no further force and effect on the day immediately preceding the date of termination for Cause.

	
 
	
(e)
	
Death or Incapacity.  In the event of the Executive's death or physical or mental incapacity that results in the Executive being unable to substantially perform the duties of the Executive under this Agreement, the Executive's employment under this Agreement shall immediately and automatically terminate, subject to compliance with applicable human rights legislation.  In that event, the Employer shall pay to the Executive, or the Executive's designated representative, the Base Salary and Bonus Amount earned through to the date of death or termination.

Subject to applicable regulatory requirements, and the terms of the Employer’s stock option plan, in the event of the termination of the Executive’s employment hereunder by reason of the death or physical or mental incapacity of the Executive, all unvested options shall immediately expire and all vested options shall expire on the earlier of the day that is one (1) year after the date of the Executive’s death and the expiry date set forth in the grant.

 

 

	
 
	
(f)
	
No Further Entitlement.  On termination of the employment of the Executive pursuant to the provisions of this Section 5, the Executive acknowledges and agrees that he will have no right or entitlement to further remuneration, salary, benefits, severance, rights, damages, privileges or claims against the Employer, its Affiliates, partners or their respective officers, directors or employees (the "Released Parties") in respect of the employment of the Executive by the Employer, other than for the payments expressly provided for in this Agreement, for which the Executive will agree to execute a release in a form acceptable to the Released Parties, and the Executive further acknowledges and agrees that such payments provided in accordance with this Agreement will be in full satisfaction of any claim he may have against the Released Parties or any of them relating to or arising out of his employment with the Employer or the termination of his employment.

	
 
	
(g)
	
Resignation of Offices.  At the end of the Executive's employment for any reason, the Executive will immediately resign all directorships, offices and other positions held by the Executive in the Employer, or its Affiliates, and the Executive agrees that the Executive will be deemed to have resigned such directorships, offices and other positions on the date that the Executive's employment ends.  The Executive hereby irrevocably designates and appoints the Employer and each of its duly authorized officers and agents, with full power of substitution, as the Executive's attorneys-in-fact to execute any documents necessary to complete such resignations, with the same force and effect as if executed and delivered by the Executive.  The Executive will not be entitled to receive any severance payment or other compensation for the termination of such directorships, offices or other positions.

	
 
	
(h)
	
Effect of Termination of Employment.  Upon termination or resignation of the Executive's employment pursuant to this Section 5, this Agreement and the employment of the Executive will be wholly terminated with the exception of the clauses specifically contemplated to continue in full force and effect beyond the termination of this Agreement, including those set out in Sections 5(i) and (j), 6 and 7.

	
 
	
(i)
	
Consultation after Termination.  The Executive agrees to be available to the Employer for reasonable consultation to answer transition questions during any period that the Executive is receiving pay in lieu of notice pursuant to this Section 5.

	
 
	
(j)
	
Assistance after Termination.  Subsequent to the termination of the Executive's employment with the Employer, the Employer may seek the assistance, co-operation or testimony of the Executive in connection with any investigation, litigation or proceeding arising out of matters within the knowledge of the Executive and related to the Executive's position with the Employer.  In such an event, the Executive shall provide such assistance, co-operation or testimony as determined by the Employer.  If such assistance, co-operation or testimony requires more than a nominal commitment of the Executive's time, the Employer will compensate the Executive for such time at a per diem rate derived from Base Salary 

 

 

	
 
		
at the time of such termination, as well as all other reasonable costs and expenses associated with the Executive's assistance pursuant to this Section 5(j).

	
6.
	
Restrictive Covenants

	
 
	
(a)
	
Covenant Not to Solicit.  During the term of the Executive's employment by the Employer or any Acquiror and for a period of twelve (12) months following the termination of the Executive's employment with the Employer or any Acquiror for any reason whatsoever (the ''Restricted Period"), the Executive shall not approach, contact or communicate with any customer, supplier or licensor of the Employer, any Affiliate or any Acquiror for the purpose of inducing such customer, supplier or licensor to reduce such customer’s, supplier’s or licensor’s level of business with the Employer, any Affiliate or any Acquiror, or to encourage such customer, supplier or licensor to start doing business or to increase such customer’s, supplier’s or licensor’s level of business with any other Person or entity when such a change may negatively affect the opportunity of the Employer, any Affiliate or any Acquiror or to increase its level of business with such customer, supplier or licensor.

[Notwithstanding Section 6(a)(i), the Executive may own, directly or indirectly, solely as an investment, securities of any such Person that are traded on any recognized North American or foreign securities exchange or electronic trading system if the Executive (a) is not a controlling Person of, or a member of a group that controls, such Person and (b) does not, directly or indirectly, own ten percent (10%) or more of any class of securities of such Person.] 

	
 
	
(b)
	
Non-Solicitation of Employees.  The Executive further agrees that during the Restricted Period, the Executive will not, directly or indirectly, induce, assist another to induce, or attempt to induce any employee or agent of the Employer, any Affiliate or any Acquiror to terminate his contract or working relationship with the Employer or such Affiliate or any Acquiror, as the case may be, or to work for any entity other than the Employer or such Affiliate or any Acquiror, as the case may be.  The Executive also will not, directly or indirectly, hire or assist in hiring any employees or agents of the Employer, any Affiliate or any Acquiror on behalf of the Executive or any third party.  The provision contained in this Subsection 6(b) shall apply to any Person who was employed or contracted by the Employer any Affiliate, or any Acquiror any time during the ninety (90) day period immediately preceding the end of the Executive's employment.

	
 
	
(c)
	
Non-Competition: The Executive further agrees that during the Restricted Period, the Executive will not manage, control, carry on, participate in, consult with, render services to, or otherwise engage in any competitive manner in any business that provides the same or similar services or products as those provided by the Company on the date of expiration or termination of this Agreement (a “Competing Business”). 

 

 

	
 
	
(d)
	
Preservation of Goodwill.  The Executive agrees that during the Restricted Period, the Executive will not make any statement or take any action that damages or harms or might damage or harm the goodwill or reputation of the Employer, its Affiliates or any Acquiror, unless such statement or action is required by law or permitted with the prior written consent of the other party.

	
7.
	
Confidential Information and Conflicts of Interest

	
 
	
(a)
	
For the purposes of this Section 7, "Confidential Information" means, in addition to its meaning under applicable law, information which is not generally known in the Employer's industry and which is proprietary to the Employer including:

	
 
	
(i)
	
trade secret information about the Employer or its Affiliates and their businesses; and

	
 
	
(ii)
	
information relating to the business of the Employer or its Affiliates and to any of its past, current or anticipated business, including, without limitation, information about the Employer's or its Affiliates' purchasing, accounting, marketing, selling, or servicing,

but shall not include any such information: (i) that is or may become generally available to the public other than as a result of disclosure by the Executive; (ii) acquired by the Executive from a source other than the Employer or any Affiliate that was not known to the Executive to be prohibited from making disclosure; or (iii) is hereafter independently developed by the Executive without the use of information furnished by the Employer or its Affiliates.

Without limiting the foregoing, all information that the Executive has a reasonable basis to consider Confidential Information, or which is treated by the Employer or its Affiliates as being Confidential Information, will be presumed to be Confidential Information, whether originated by the Executive or its Affiliates or by others, and without regard to the manner in which the Executive obtains access to such information.  All Confidential Information will be, and remain at all times, the exclusive property of the Employer or its Affiliates.

	
 
	
(b)
	
Except as required by law, the Executive will not, either during the term of this Agreement or any time following the end of the Executive's employment, use or disclose any Confidential Information to any Person not employed by the Employer or its Affiliates without the prior written authorization of the Employer and will exercise prudence and reasonable care to safeguard and protect and to prevent the unauthorized disclosure of Confidential Information.

	
 
	
(c)
	
At the end of the Executive's employment, the Executive will turn over to the Employer all property in the Executive's possession and custody and belonging to the Employer or its Affiliates.  

	
 
	
(d)
	
The Executive will promptly disclose to the Employer all Developments.  All patents, copyrights, trademarks, trade secrets and other intellectual property rights 

 

 

	
 
		
in these Developments belong to the Employer.  The Executive hereby assigns to the Employer all the intellectual property rights that he may have in the Developments in any country and will execute assignment documents requested by the Employer.  The Executive will assist the Employer to obtain legal protection for these intellectual property rights.  "Developments’” means any trade secrets, ideas, inventions, designs, computer programs, videos, curriculum, any work subject to copyright, know-how of any kind, and any other work made or conceived by the Executive alone or jointly with others, during his employment with the Employer.  The Executive acknowledges that Developments are works-made-for-hire for the Employer within the meaning of copyright and other intellectual property law of the United States and the Employer shall be deemed to be the sole author or owner thereof in all territories and for all purposes.  Nothing in this Section 7(d) restricts the Executive's use of any information, idea or invention that the Executive can prove was:(i) known by the Executive prior to his employment with the Employer; (ii) acquired by the Executive from a third party who is not, to the Executive's knowledge, under an obligation to the Employer to keep such information confidential; or (iii) which is or becomes publicly available through no breach by the Executive of this Agreement.

	
 
	
(e)
	
During the term of this Agreement, the Executive will promptly, fully and frankly disclose to the Employer in writing:

	
 
	
(i)
	
the nature and extent of any interest the Executive or his Associates have or may have, directly or indirectly, in any contract or transaction or proposed contract or transaction of or with the Employer or its Affiliates;

	
 
	
(ii)
	
every office the Executive may hold or acquire, and every property the Executive or his Associates may possess or acquire, whereby directly or indirectly a duty or interest might be created in conflict with the interests of the Employer or its Affiliates or the Executive's duties and obligations under this Agreement; and

	
 
	
(iii)
	
the nature and extent of any conflict referred to in clause (ii) above.

	
 
	
(f)
	
The Executive acknowledges that it is the policy of the Employer that all interests and conflicts of the sort described in Section 7(e) be avoided, and the Executive agrees to comply with all policies and directives of the Board from time to time regulating, restricting or prohibiting circumstances giving rise to interests or conflicts of the sort described in Section 7(e).

	
8.
	
Remedies

The parties agree that the Executive's services to be rendered pursuant to the terms of this Agreement are unique and special, that in the event of the Executive's breach of Sections 6 or 7 of this Agreement, damages would be an inadequate remedy and difficult to ascertain, and that the Employer would suffer irreparable harm from such breach, and therefore that in the event of such breach by the Executive, the Employer, in addition to any remedies the Employer may have at law 

 

 

or in equity, will have the right to equitable relief, including injunctive relief, against the Executive in the event of breach of the covenants contained in Sections 6 or 7 of this Agreement.

	
9.
	
Covenants Reasonable and Necessary

The Executive acknowledges that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed upon the Executive pursuant to Sections 6 or 7 of this Agreement.  The Executive agrees that said restraints are necessary for the reasonable and proper protection of the Employer and its Affiliates and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area.  The Executive further acknowledges that, were the Executive to breach any of the covenants contained in Sections 6 or 7 of this Agreement, the damage to the Employer would be irreparable.  The Executive therefore agrees that the Employer, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond.  The Executive further agrees that if the final judgment of a court of competent jurisdiction declares that any term or provision of Sections 6 or 7 hereof is invalid or unenforceable, the court making the determination of invalidity or unenforceability will have the power to reduce the scope, duration, or area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement will be enforceable as so modified after the expiration of the time within which the judgment may be appealed.

	
10.
	
Change of Control 

	
 
	
(a)
	
If a Change of Control occurs, the Executive shall be entitled to a lump-sum payment equal to the Change of Control Payment Amount and all Options, as well as any additional stock options granted to the Executive during his employment but unvested, will immediately vest.  

	
 
	
(b)
	
If the Executive becomes entitled to the Change of Control Payment Amount, the Executive is not required to attempt in any way to reduce any amounts payable to the Executive by the Employer pursuant to the terms of this Agreement.  Further, the amount of any payment or benefit provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of the Executive’s retainer or the Executive’s employment elsewhere, provided that such retainer or employment is not inconsistent with the Executive’s obligations pursuant to Sections 6 and 7 of this Agreement.  

	
11.
	
Indemnity by the Employer

To the extent permitted by applicable law, the Employer will indemnify and save harmless the Executive and defend all actions, causes of actions, claims, demands, damages, costs and expenses reasonably incurred by the Executive at law or in equity which the Employer or any third party have on or after the effective date of this Agreement arising out of the employment of the Executive by the Employer or the service of the Executive as an officer, director or trustee of the Employer, 

 

 

its Affiliates or with any third party where such service was undertaken at the request of the Employer, provided that the indemnity provided for herein will not be available to the extent that it is finally determined by a court of competent jurisdiction that in so acting the Executive:

	
 
	
(a)
	
was not acting honestly and in good faith with a view to the best interests of the Employer, such Affiliate or such third party, as the case may be;

	
 
	
(b)
	
in the case of a criminal or administrative action or proceedings that is enforced by a monetary penalty, did not have reasonable grounds for believing that his conduct was lawful; or

	
 
	
(c)
	
was acting in breach of his obligations hereunder or illegally.

Costs, charges, expenses and fees incurred by the Executive in investigating, defending and appealing any claim or other matter for which the Executive may be entitled to an indemnity hereunder, will, at the request of the Executive, be paid or reimbursed by the Employer in advance or forthwith upon such amount being due and payable, it being understood and agreed that, in the event it is ultimately determined by a court of competent jurisdiction that the Executive was not entitled to be so indemnified, or was not entitled to be fully so indemnified, that the Executive will indemnify and hold harmless the Employer of such amount or the appropriate portion thereof, so paid or reimbursed.

	
12.
	
Survival

Except as otherwise provided herein, each and all of the provisions of Sections 5(i) and (j), 6 and 7 will survive the termination of this Agreement and the end of the Executive's employment under this Agreement (regardless of the reason for such termination).

	
13.
	
Waiver

No waiver of any term, condition or covenant of this Agreement will be deemed to be a waiver of subsequent or other breaches of the same or other terms, covenants or conditions hereof.

	
14.
	
Amendment

This Agreement may not be amended, altered or modified except by written agreement of the parties.

	
15.
	
Assignability

This Agreement is personal to the Executive and shall not be assigned by him.  The Executive shall not hypothecate, delegate, encumber, alienate, transfer, or otherwise dispose of his benefits and rights hereunder.  The Employer may assign this Agreement without the Executive's consent to any other entity and upon such assignment the provisions of this agreement applicable to the Employer shall be construed as being applicable to the entity to which this Agreement has been assigned.  This Agreement shall be assigned by the Employer to any successor company of the Employer and shall be binding upon such successor company.  For the purposes of this section, "successor company" shall include without limitation any Acquiror, Person, or Persons referred to 

 

 

in paragraph 1(h).  The Employer shall ensure that the successor company shall continue the provisions of this Agreement as if it were the original party in place of the Employer, provided, however, that the Employer shall not thereby be relieved of any obligations to the Executive pursuant to this Agreement.  In the event of a transaction or series of transactions as described in paragraph 1(h) hereof, appropriate arrangements shall be made by the Employer for the successor company to honour this Agreement as if the Executive had exercised his maximum rights hereunder as of the effective date of such transaction.

	
16.
	
Severability

If any part or portion of this Agreement shall be unenforceable, illegal, or contrary to the public policy of the jurisdiction in which it is sought to be enforced, such provision shall be deemed to be deleted from this Agreement and the remaining provisions of this Agreement shall be and remain valid and binding upon and enforceable by the parties hereto.  In addition, the duration and coverage of each separate covenant may be limited by a court in which enforcement of such covenant is sought to the extent necessary to permit the enforcement of such separate covenant.

	
17.
	
Time of Essence

Time is of the essence of this Agreement in all respects.

	
18.
	
Executive Acknowledgement

The Executive acknowledges that:

	
 
	
(a)
	
the Executive has had sufficient time to review this Agreement thoroughly;

	
 
	
(b)
	
the Executive has read and understands the terms of this Agreement and the obligations hereunder; and

	
 
	
(c)
	
the Executive has been given an opportunity to obtain independent legal advice concerning the interpretation and effect of this Agreement.

	
19.
	
Entire Agreement

This Agreement contains the entire agreement of the parties and there is no provision, condition or understanding relative to the employment of the Executive outside this Agreement.

	
20.
	
Notices

Any notice in writing required or permitted to be given to the Executive hereunder shall be sufficiently given if delivered to him personally or left in a sealed envelope at: Reinier Voigt, 7276 NW 112th Ave, Parkland, FL. 33076, United States of America.  

Any notice in writing required or permitted to be given to the Employer hereunder shall be delivered in a sealed envelope addressed to the Employer at Cool Holdings, Inc., 2001 NW 84th Ave., Doral, Florida 33122, Attention: Kevin Taylor.  

 

 

Any such address for the giving of notice hereunder may be changed by notice in writing given hereunder.  Any notice required to be given hereunder will be in writing and sent by courier or other form of registered mail to the party's address set forth above, or to such other address as such party may subsequently specify in writing to the other, and will be deemed to have been given and received on the date of delivery.

	
21.
	
Governing Law

This Agreement is governed by the laws of the state of Florida and the federal laws of the United States applicable therein.

	
22.
	
Counterparts

This Agreement may be executed in any number of counterparts, with the same effect as if all parties had signed the same document.  All counterparts will constitute one and the same agreement.  This Agreement may be executed and transmitted by fax or digitally and if so executed and transmitted this Agreement will be for all purposes as effective as if the parties had delivered and executed the original agreement.

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first set forth above.

Executive:  Reinier Voigt

 

 

 

_____________________________________

 

 

Employer:  Cool Holdings, Inc.

 

 

 

______________________________________

By:  Vernon A. LoForti, SVP & CFOExhibit 10.1

 

Eleventh
Amendment to Lease

 

This
Eleventh Amendment to Lease (“Eleventh Amendment”) is entered into and effective June 1, 2020 (“Effective Date”)
by and between Southport Business Park Limited Partnership, a North Carolina limited partnership (“Landlord”)
and Interpace Pharma, Solutions, Inc. (f/k/a Interpace BioPharma, Inc.), a Delaware corporation, a wholly
owned affiliate of Interpace Biosciences, Inc., a Delaware corporation (“Tenant”).

 

RECITALS:

 

A.
Landlord and Tenant (or its successors-in-interest) previously entered into a certain Lease Agreement dated June 12, 2004, as
amended by that certain letter agreement dated October 21, 2004, as amended by that certain Second Amendment to Lease dated
June 17, 2005, as amended by that certain Letter Agreement dated September 19, 2005, as amended by that certain Third
Amendment to Lease dated May 25, 2006, as amended by that certain Fourth Amendment to Lease dated December 20, 2007, as
amended by that certain Fifth Amendment to Lease dated June 15, 2009, as amended by that certain Sixth Amendment to Lease
dated June 3, 2010, as amended by that certain Seventh Amendment to Lease dated October 26, 2010, as amended by that certain
Eighth Amendment to Lease dated July 29, 2011, as amended by that certain Ninth Amendment to Lease dated November 7, 2012, as
amended and assigned by that certain Tenth Amendment to Lease, Assignment, Assumption, and Consent to Assignment dated July
15, 2014, as assigned by that certain Assignment of Lease dated July 15, 2019 (collectively, the “Lease”) for
certain premises consisting of approximately 24,906 sq. ft. known as Suite 400 (“Premises”) located in the
building situated at 133 Southcenter Court, Morrisville, North Carolina 27650.

 

B.
The current term of the Lease (“Term”) is set to expire on May 31, 2020.

 

C.
Landlord and Tenant desire to enter into this Eleventh Amendment for the purpose of revising certain terms of the Lease,
including extension of the Term, as set out with specificity below.

 

NOW,
THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree
as follows:

 

1. Recitals.
The foregoing recitals are true, accurate and are incorporated herein by reference. The capitalized terms which are not
defined herein shall have the same meaning as otherwise set out in the Lease.

 

2. Extension
of Term. Landlord and Tenant extend the Term of the Lease for ten (10) additional years, commencing on June 1, 2020 and
continuing until 11:59 p.m. (Eastern time) on May 31, 2030.

 

    	1

    	 

    

 

3. Rent.

 

(a)
Minimum Rent. Commencing on June 1, 2020, Tenant shall pay rent (“Minimum
Annual Rent”) to Landlord in equal consecutive monthly installments (“Monthly Minimum Rent”) due on the first
day of each calendar month in the amounts set forth below, and otherwise in accordance with the terms of the Lease:

 

	Dates	 	 	Rent/RSF	 	 	Monthly Minimum Rent	 	 	Minimum Annual Rent	 
	 	 	 	 	 	 	 	 	 	 	 
	06-01-2020 to 05-31-2021	 	 	$	14.10	 	 	$	29,264.55	*	 	$	351,174.60	*
	06-01-2021 to 05-31-2022	 	 	$	14.52	 	 	$	30,142.49	 	 	$	361,709.84	 
	06-01-2022 to 05-31-2023	 	 	$	14.96	 	 	$	31,046.76	 	 	$	372,561.13	 
	06-01-2023 to 05-31-2024	 	 	$	15.41	 	 	$	31,978.16	 	 	$	383,737.97	 
	06-01-2024 to 05-31-2025	 	 	$	15.87	 	 	$	32,937.51	 	 	$	395,250.11	 
	06-01-2025 to 05-31-2026	 	 	$	16.35	 	 	$	33,925.63	 	 	$	407,107.61	 
	06-01-2026 to 05-31-2027	 	 	$	16.84	 	 	$	34,943.40	 	 	$	419,320.84	 
	06-01-2027 to 05-31-2028	 	 	$	17.34	 	 	$	35,991.71	 	 	$	431,900.46	 
	06-01-2028 to 05-31-2029	 	 	$	17.86	 	 	$	37,071.46	 	 	$	444,857.48	 
	06-01-2029 to 05-31-2030	 	 	$	18.40	 	 	$	38,183.60	 	 	$	458,203.20	 

 

     *
Subject to the rent abatement set forth in Section 3(b) below. 

 

(b) Abated
Monthly Minimum Rent. The Minimum Annual Rent is subject to six (6) months of rent forgiveness. Provided that there
is no outstanding uncured Event of Default (as defined in Section 12.01 of the original Lease) by Tenant, Landlord shall
forgive payment of the Monthly Minimum Rent for June 2020, July 2020, August 2020, September 2020, October 2020, and November
2020 (“Abatement Period”) totaling $175,587.30 (6 months x $29,264.55) (“Abated Monthly Minimum
Rent”). If at any time during the Term an Event of Default by Tenant has occurred, any future Abated Monthly Minimum
Rent shall be forfeited, and any past Abated Monthly Minimum Rent shall be immediately due and payable from Tenant to
Landlord upon demand by Landlord. Tenant shall be obligated to pay all Direct Expenses and any other Additional Rent that
accrues during the Abatement Period

 

(c) Additional
Rent. Tenant shall continue to pay to Landlord, as Additional Rent, each year, Tenant’s proportionate share of
any Direct Expenses as further set forth in the Lease. There shall be no abatement as to any such Additional Rent during the
Abatement Period. 

 

4. Landlord’s
Work and Landlord’s Improvements. 

 

(a) Landlord’s
Work. 

 

(i)
Landlord shall, at Landlord’s expense, perform that work described in the Work Letter attached hereto as Exhibit
A (“Work Letter”). It is expressly understood and agreed that Landlord’s obligations relating to
Landlord’s Work shall be limited to the scope of work described in the Work Letter and shall in no event include any
work not described therein and shall not include the performance, procurement and/or installation of any other work, fixtures
or equipment. Further, Landlord shall be responsible for costs and expenses related to Landlord’s Work, as described in
the Work Letter attached to this Amendment, up to the amount of $279,178.00 (“Landlord’s
Contribution”).

 

    	2

    	 

    

 

(ii)
Notwithstanding anything to the contrary set forth in the Lease, this Eleventh Amendment, or the Work Letter, (A) Tenant
shall be responsible for any costs and expenses of the Landlord’s Work described in the Work Letter over and above
$279,178.00 (“Landlord’s Contribution Cap”), and, except as otherwise set forth in Section 4(a) of the Work
Letter, Tenant shall reimburse Landlord for any such amounts within thirty (30) days of receipt of the reasonable and actual
invoices relating thereto, and (B) to the extent the Landlord’s Work is completed for less than the Landlord’s
Contribution Cap, any excess funds shall be the property of Landlord and not Tenant. 

 

(iii)
All Landlord’s Work shall constitute improvements to the Premises and remain the property of the Landlord upon
expiration of the Term of the Lease. Landlord shall use commercially reasonable efforts to complete the Landlord Work’s
within the Premises within four (4) months after the Effective Date, subject to any force majeure and any Tenant delays. All
Landlord’s Work shall be performed in accordance with Landlord’s tenant improvement standards. There shall be no
charge for the cost of Landlord’s in-house project manager/construction supervisor. 

 

(b) Additional
Landlord Work. In addition to the Landlord’s Work described above, Landlord shall, at Landlord’s expense,
complete the following additional work (“Landlord’s Improvements”) within approximately four (4) months
after the Effective Date: (i) upgrading all twelve (12) toilets within the Premises; (ii) replacing the five (5) HVAC units
that were installed in 1994 and 1997 with new HVAC units from Carrier or York that total no less than 30 tons and replacing
the one (1) HVAC split unit with a Carrier or York HVAC unit (collectively, “New HVAC Units”); and (iii) testing
and balancing the remaining HVAC Units for the Premises (“Existing HVAC Units”). All replacement Carrier or York
HVAC units shall be of equal or better quality in comparison to the present HVAC units. Landlord shall assign any assignable
warranties for the New HVAC Units to Tenant. 

 

(c) Exclusions
from Landlord’s Work and Landlord’s Improvements. Any data, internet, telecommunications wiring, power
poles, drop cords, and security wiring necessary for Tenant’s specific equipment, furniture, or cubicles shall not be
part of the Landlord’s Work or the Landlord’s Improvements and shall be provided and installed by Tenant, at
Tenant’s expense, if needed. 

 

5. HVAC.
Section 8 of the Second Amendment to Lease shall be deleted in its entirety and shall be replaced as follows:

 

(a) New
HVAC Units. Notwithstanding anything to the contrary set forth in the Lease, Tenant shall be responsible for the
commercially reasonable costs associated with the repairs and replacements of the New HVAC Units. If a repair or replacement
is required of any of the New HVAC Units, Landlord will perform such work. The manner of completing such repair or
replacement and the vendor used to perform such work shall be at Landlord’s sole discretion but Landlord agrees to use
vendors that are reputable and that shall charge locally competitive, commercially reasonable rates for the services
provided. Tenant shall reimburse Landlord the entire amount of the New HVAC Units repair or replacement costs within thirty
(30) days of Landlord’s invoice for any repairs or replacements. Should a New HVAC Unit have to be replaced, Landlord
will only install Carrier or York HVAC units of equal or better quality.

 

    	3

    	 

    

 

(b) Existing
HVAC Units. Notwithstanding anything to the contrary set forth in the Lease, Tenant’s costs associated with
repairs or replacements of the Existing HVAC Units will be capped at $1,500.00 per calendar year per unit (“Existing
HVAC Cost Cap”) provided the following requirements are met (“Existing HVAC Cap Requirements”): (i) that
there is no outstanding uncured Event of Default by Tenant, (ii) the reason for any such repair or replacement of such HVAC
was not caused by the negligence or willful misconduct of Tenant, and (iii) such HVAC has not already been replaced by
Landlord since the Effective Date. If a repair or replacement is required of any Existing HVAC Unit, Landlord will perform
such work. The manner of completing such repair or replacement and the vendor used to perform such work will be at
Landlord’s sole discretion. Provided all Existing HVAC Cap Requirements have been met, Tenant shall reimburse Landlord
up to the Existing HVAC Cost Cap within thirty (30) days of Landlord’s invoice for any repairs or replacements made to
any Existing HVAC. The HVAC preventive maintenance contract is currently included in the Direct Expenses. This cost will not
be applicable to the $1,500.00 Existing HVAC Cost Cap. In the event any of the Existing HVAC Cap Requirements have not been
met, Tenant shall reimburse Landlord the entire amount of the Existing HVAC Units repair or replacement cost even if such
costs exceed $1,500.00 per calendar year within thirty (30) days of Landlord’s invoice for any repairs or
replacements.

 

6. Restoration.

 

(a)
Notwithstanding anything to the contrary set forth in the Lease or any other prior agreements or communications between
Landlord and Tenant, on or prior to the termination or expiration of the Lease, Tenant shall (i) remove (at Tenant’s
expense) all Tenant installed furniture, fixtures, trade fixtures, equipment, and other personal property (collectively,
“Removed Property”) and all components associated with such Removed Property from the Premises and restore all
piping, electrical, gas, and plumbing back to the point of connections with the mains, and (ii) remove the nitrogen tank
situated at the Premises and restore all piping, electrical, gas, and plumbing back to the point of connections with the
mains.

 

(b)
In addition, Landlord may (i) require Tenant (at Tenant’s expense) to remove any Tenant installed generators and
restore the space where such removed generator or generators were located back to its original condition or (ii) require
Tenant to leave behind such generator or generators in their current position. Landlord may require Tenant to remove some but
not all of the generators in accordance with this Section.

 

(c)
Except as modified herein, Tenant’s restoration obligations shall be as otherwise set forth in the Lease.

 

7. Assignment
of Lease / Sublease. Tenant shall have the right to sublease the Premises and assign the Lease with Landlord’s
consent as further set forth in Section 13.01 of the original Lease.

 

    	4

    	 

    

 

8. Relocation
Right. Section 9.02 (Relocation of Tenant) of the original Lease shall be deleted in its entirety. Notwithstanding
anything to the contrary set forth in the Lease, Landlord shall not have any relocation rights with respect to Tenant or the
Premises.

 

9. Renewal
Options.

 

(a)
Provided that there is no outstanding uncured Event of Default and Tenant is still in possession of the Premises, Tenant
shall have two (2) options to extend the Term for a period of five (5) years each (each, an “Extended Term”). The
notice to extend the Term (“Extension Notice”) shall be given by Tenant to Landlord in writing on or prior to
September 1, 2029 for the first option to extend and on or prior to September 1, 2034 for the second option to extend
(failure to give such notice being an absolute bar to any rights on the part of Tenant to extend). September 1, 2029 and
September 1, 2034 shall be referred to as the “Extension Option Deadline,” as applicable.

 

(b)
The Monthly Minimum Rent for the first year of each Extended Term shall be the lower of (i) the Monthly Minimum Rent for the
last month of the Term (or the last month of the Extended Term) multiplied by 1.03 or (ii) the fair market monthly rental
value (“Fair Market Monthly Rental Value”). Fair Market Monthly Rental Value means the annual basic rent for each
year of the relevant period for which, on the terms and conditions of this Lease, a willing tenant would pay and a willing
landlord would accept, in arm’s length bona fide negotiations taking into consideration all relevant factors. Fair
Market Monthly Rental Value will not include the cost of improvements or alterations to the Premises which were paid for by
Tenant and not reimbursed by Landlord but shall take into account other improvements in the Premises and the tenant
improvement allowances, rent concessions, and rent abatements given to tenants of similar size.

 

(c)
If Landlord and Tenant are unable to agree upon the Fair Market Monthly Rental Value rate as indicated in option 9(b)(ii)
above before the applicable Extension Option Deadline, then Tenant may withdraw its Extension Notice before such Extension
Option Deadline. If Landlord and Tenant, after using diligent and good faith efforts, do not agree on a Fair Market Monthly
Rental Value before the applicable Extension Option Deadline, and Tenant does not timely withdraw its Extension Notice before
such Extension Option Deadline, the parties shall then provide each other with their respective determinations of the Fair
Market Monthly Rental Value within ten (10) days after the Extension Option Deadline. If the two determinations differ by
less than two percent (2%), the Fair Market Monthly Rental Value will be the average of the two determinations. If
Landlord’s and Tenant’s determinations of Fair Market Monthly Rental Value differ by two percent (2%) or more,
then the Fair Market Monthly Rental Value will be determined pursuant to (d) of the below section.

 

    	5

    	 

    

 

(d)
If Landlord’s and Tenant’s determinations of Fair Market Monthly Rental Value differ by two percent (2%) or more
and agreement cannot be reached relative to the new Fair Market Monthly Rental Value, Landlord and Tenant shall each appoint
one disinterested appraiser having the qualifications set forth herein within ten (10) days after each party has delivered
its determination of the Fair Market Monthly Rental Value to the other party. Each such appraiser must be a Member of the
Appraisal Institute (MAI) and have at least ten (10) years of experience appraising multi-tenanted office buildings in North
Carolina as a MAI appraiser. If either Landlord or Tenant fails to appoint an appraiser within such ten (10) day period, the
appraiser appointed by Landlord or Tenant, as the case may be, shall appoint an appraiser having the qualifications set forth
herein. As promptly as possible, but in no event later than fifteen (15) days after the appointment of both appraisers, the
appraisers shall notify Landlord and Tenant in writing of their determination of the Fair Market Monthly Rental Value. The
Fair Market Monthly Rental Value so selected by the two appraisers will constitute the Fair Market Monthly Rental Value for
the relevant period and will be binding upon Landlord and Tenant. If the two appraisers are unable to agree as to the Fair
Market Monthly Rental Value, but their determinations differ by less than five percent (5%), the Fair Market Monthly Rental
Value will be the average of the determinations of the two appraisers. If the two appraisers’ determinations differ by
five percent (5%) or more, then the two appraisers shall, promptly agree upon and appoint a third appraiser having the
qualifications set forth herein. The third appraiser shall, within fifteen (15) days of appointment, determine which of the
two initial appraisers determination of Fair Market Monthly Rental Value is the closest to the actual Fair Market Monthly
Rental Value, taking into account the requirements of this Section, and shall notify Landlord and Tenant thereof. The Fair
Market Monthly Rental Value selected by the third appraiser will constitute the Fair Market Monthly Rental Value for the
relevant period and will be binding upon Landlord and Tenant. Upon the determination of the Fair Market Monthly Rental Value,
Landlord and Tenant shall promptly execute an instrument setting forth the amount of such Fair Market Monthly Rental
Value.

 

(e)
If Tenant becomes obligated to pay Rent for the Extension Period prior to the determination of Fair Market Monthly Rental
Value pursuant to this Section 9, Tenant shall commence paying Rent in an amount equal to the monthly installment for the
month immediately prior to the Extension Period. Within ten (10) business days of the determination of Fair Market
Monthly Rental Value, Tenant shall pay to Landlord the difference, if any, between the Rent paid by Tenant pursuant to this
Section 9 and the determined Fair Market Monthly Rental Value for such period. Each party shall pay the fees and expenses of
the appraiser appointed by such party and one-half of the other expenses of any appraisal proceeding, including, if
applicable, the fees and expenses of a third appraiser.

 

10. Right
of First Refusal.

 

(a)
Provided that there is no outstanding uncured Event of Default by Tenant, subject to the rights of any existing tenants (and
excepting any renewals or extension of any current tenants or their successors, assigns, or sublessors to such space), Tenant
shall have the ongoing right of first refusal to lease any adjacent space to the Premises that becomes available during the
Term (“Expansion Space”). Prior to accepting any offers for any Expansion Space, Landlord shall provide Tenant
with a copy of the first written proposal to lease any Expansion Space that is given to a bona fide prospective tenant
(“Bona Fide Proposal”).

 

(b)
If Tenant desires to lease the Expansion Space under the terms of the Bona Fide Proposal, Tenant must (i) notify Landlord in
writing of Tenant’s acceptance of the terms of the Bona Fide Proposal within seven (7) business days of receipt of the
Bona Fide Proposal, and (ii) execute a lease amendment incorporating the Expansion Space into the Premises on the terms and
conditions contained in the Bona Fide Proposal within fifteen (15) business days of Landlord’s receipt of
Tenant’s notice. If Tenant fails to give Landlord notice of Tenant’s acceptance of the terms of the Bona Fide
Proposal or fails to enter into a lease amendment within the prescribed time, Tenant’s right to lease the Expansion
Space granted in this Section shall be suspended for six (6) months from the time Landlord provided the copy of the Bona Fide
Proposal to Tenant and Tenant shall have no further rights with regard to the certain Expansion Space during that period
(“Suspension Period”). If the Suspension Period expires and Landlord has not yet leased the Expansion Space to a
third party, Landlord will once again give Tenant the next Bona Fide Proposal that it offers to a prospective tenant and the
same cycle will repeat until the Expansion Space is leased to a third party, after which Tenant shall have no further rights
to such applicable Expansion Space.

 

    	6

    	 

    

 

11. Holding
Over. Notwithstanding anything to the contrary set forth in the Lease, in the event Tenant shall fail to leave the
Premises upon expiration or termination of this Lease without Landlord’s prior written consent, then Tenant shall be a
tenant-at-will and Landlord, in addition to all other remedies available to it hereunder, shall have the right to receive
monthly, as rents for all the time Tenant shall so retain possession of the Premises, or any part thereof, an amount equal to
One Hundred Fifty Percent (150%) of the Monthly Minimum Rent and Additional Rent due and payable during the last full
calendar month of the Term as applied to such period.

 

12. Security
Deposit. Landlord and Tenant acknowledge that Landlord was holding a security deposit of $33,917.50 immediately prior to
the Effective Date. Simultaneously upon the execution of this Eleventh Amendment, Tenant shall deposit with Landlord an
additional amount of $11,168.67 so that the total security deposit being held by Landlord after the Effective Date shall be
$45,086.17, which amount shall be held and disbursed in accordance with the terms of the Lease.

 

13. Brokerage.
Tenants represent to Landlord that Tenant has not entered into any agreements with any brokers in connection with this
Eleventh Amendment other than Cushman & Wakefield of North Carolina LLC (“Tenant’s Broker”). Tenant
shall indemnify, hold harmless and agree to defend Landlord, its members, principals, partners, officers, directors,
employees and agents and the respective principals, officers and directors of any such agents from and against any and all
claims of any brokers claiming to have represented Tenant in connection with this Eleventh Amendment other than
Tenant’s Broker. Landlord and Tenant acknowledge that Lee & Associates Raleigh Durham, LLC (“Landlord’s
Broker”) represents Landlord and any commission due to Landlord’s Broker is Landlord’s
responsibility.

 

14. No
Options or Inducements; Condition of Premises. Tenant acknowledges and agrees that, as of the Effective Date and
notwithstanding anything to the contrary set forth in the Lease or this Eleventh Amendment, Tenant shall have no extension,
renewal, termination or other options whatsoever with regard to the Premises or under the Lease other than the Renewal
Options (as described in Section 9 of this Eleventh Amendment), the Right of First Refusal (as described in Section 10 of
this Eleventh Amendment), the First Termination Option (as described in Section 21(a) of this Eleventh Amendment), and the
Second Termination Option (as described in Section 21(b) of this Eleventh Amendment). Tenant further acknowledges and agrees
that Tenant is not and shall not be entitled to any allowances, concessions, upfit work or other inducements of any kind in
connection with the Premises or under the Lease except for the Abated Monthly Minimum Rent (described in Section 3(b) of this
Eleventh Amendment) and the Landlord’s Work (as described in Section 4(a) of this Eleventh Amendment) and the
Landlord’s Improvements (as described in Section 4(b) of this Eleventh Amendment). In the latter regard, Tenant
acknowledges and agrees that from and after the Effective Date, apart from any of the Landlord’s Work and
Landlord’s Improvements remaining incomplete and the Existing HVAC Cost Cap, Landlord is leasing the Premises to Tenant
“as is” and without any obligation on the part of Landlord to alter, remodel, improve or decorate the Premises or
any part thereof.

 

    	7

    	 

    

 

15. Acknowledgment
of Non-Existence of Claims and Waiver. Tenant acknowledges that as of the Effective Date, there are no claims by Tenant
against Landlord arising under the Lease. Tenant releases and discharges Landlord, and its successors and assigns, from any
demands for injuries or damages of any kind or nature arising out of or related to the Lease or the Premises that occurred on
or prior to the Effective Date.

 

16. Binding
Effect. This Eleventh Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

17. Governing
Law. This Eleventh Amendment shall be construed and interpreted under, and governed and enforced according to, the laws
of the State of North Carolina. The parties hereto hereby submit to the jurisdiction of the courts of the State of North
Carolina in the event of any action or dispute arising hereunder.

 

18. Authority.
Landlord and Tenant warrant and represent that the individual executing this Eleventh Amendment on behalf of such entity is
authorized to execute and deliver this Eleventh Amendment and to make it a binding obligation of Landlord and Tenant. This
Eleventh Amendment shall be binding upon the respective parties hereto, and their successors and assigns.

 

19. Entire
Agreement. The Lease Agreement dated June 12, 2004, as well as all subsequent Amendments, as noted in the Recitals to
this Eleventh Amendment and this Eleventh Amendment contain the entire agreement of Landlord and Tenant with respect to the
premises consisting of approximately 24,906 sq. ft. known as Suite 400 located in the building situated at 133 Southcenter
Court, Morrisville, North Carolina 27650.

 

20. Miscellaneous.

 

(a)
This Eleventh Amendment may be executed in any number of counterparts with the same effect as if all signing parties had
signed the same document. All counterparts shall be construed together and constitute the same instrument. Such counterparts
may be transmitted electronically, and any such electronically transmitted counterparts shall be deemed to be an original
executed counterpart. To the extent any terms of this Eleventh Amendment conflict with any terms of the Lease, the terms of
this Eleventh Amendment shall control.

 

(b)
Section 4.01 of the original Lease Agreement is hereby amended to allow persons to bring service animals onto the premises to
the extent required by law, including the Americans With Disabilities Act.

 

    	8

    	 

    

 

21. Termination
Options.

 

(a) First
Termination Option. Tenant shall have the irrevocable right to terminate the Lease (“First Termination
Option”) on November 30, 2025 (“First Termination Date) provided all of the following conditions exist
(“First Termination Option Conditions”):

 

(i)
Tenant notifies Landlord in writing on or after December 1, 2024 and on or prior to March 31, 2025 (“First Termination
Deadline”) that Tenant desires to exercise the First Termination Option;

 

(ii)
The sole reason for Tenant’s exercise of the First Termination Option is related to: a) the merger or sale of
Tenant’s business; b) the sale of substantially all of the Tenant’s assets in its pharma solutions business; or
c) the entire stock or membership interest in Tenant to an unrelated third party (any of the above being defined as
“Business Sale”);

 

(iii)
At the time of Tenant’s exercise of the First Termination Option, no Event of Default exists by Tenant (beyond any
applicable notice and cure period);

 

(iv)
Tenant delivers to Landlord $683,579.00 (by wire transfer or certified check) and proof of the Business Sale (i.e., Affidavit
from the CEO of Tenant), together with the written notice of Tenant exercising the First Termination Option;

 

(v)
No Event of Default exists by Tenant (beyond any applicable notice and cure period) as of the First Termination Date;
and

 

(vi)
Tenant shall pay the Monthly Minimum Rent, Additional Rent, and any other charges due through the First Termination Date in
accordance with the terms of the Lease.

 

(b) Second
Termination Option. Tenant shall have the irrevocable right to terminate the Lease (“Second Termination
Option”) on November 30, 2027 (“Second Termination Date) provided all of the following conditions exist
(“Second Termination Option Conditions”):

 

(i)
Tenant notifies Landlord in writing on or after December 1, 2026 and on or prior to March 31, 2027 (“Second Termination
Deadline”) that Tenant desires to exercise the Second Termination Option;

 

    	9

    	 

    

 

(ii)
The sole reason for Tenant’s exercise of the Second Termination Option is related to the Business Sale.

 

(iii)
At the time of Tenant’s exercise of the Second Termination Option, no Event of Default exists by Tenant (beyond any
applicable notice and cure period);

 

(iv)
Tenant delivers to Landlord $478,849.00 (by wire transfer or certified check) and proof of the Business Sale (i.e., Affidavit
from the CEO of Tenant), together with the written notice of Tenant exercising the Second Termination Option;

 

(v)
No Event of Default exists by Tenant (beyond any applicable notice and cure period) as of the Second Termination Date;
and

 

(vi)
Tenant shall pay the Monthly Minimum Rent, Additional Rent, and any other charges due through the Second Termination Date in
accordance with the terms of the Lease.

 

(c) Failure
to Meet Termination Option Conditions. In the event any of the First Termination Option Conditions are not met,
Tenant’s First Termination Option shall be null and void and of no further force and effect. In the event any of the
Second Termination Option Conditions are not met, Tenant’s Second Termination Option shall be null and void and of no
further force and effect.

 

(d) Termination
Options Personal to Tenant. Notwithstanding anything to the contrary contained in this Section 21, the First Termination
Option and the Second Termination Option (i) are personal to Interpace Pharma Solutions, Inc., while Tenant under the Lease,
(ii) may only be exercised by Interpace Pharma Solutions, Inc., and (iii) may not be exercised by any other party or entity
other than Interpace Pharma Solutions, Inc.

 

(Signature
pages follow)

 

    	10

    	 

    

 

Landlord
and Tenant have executed this Eleventh Amendment as of the Effective Date.

 

	 	LANDLORD:
	 	 	 
	 	Southport
    Business Park Limited Partnership, 
	 	a
    North Carolina limited partnership
	 	 	 
	 	By:	Southport
    Business Park Investors Corporation,
	 	 	Its
    General Partner
	 	 	 
	 	By:	 
	 	 	Richard
    G. Sullivan, Vice President

 

	 	TENANT:
    
	 	 
	 	Interpace
    Pharma, Solutions, Inc. (f/k/a Interpace
	 	BioPharma,
    Inc.), a Delaware corporation, a wholly 
	 	owned
    affiliate of Interpace Biosciences, Inc., a 
	 	Delaware
    corporation
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	Jack
    Stover
	 	 	 
	 	Title:	President
    and CEO

 

ACKNOWLEDGEMENT
AND CONSENT OF GUARANTOR:

 

For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned guarantor of the
Lease hereby acknowledges and consents to the terms of this Eleventh Amendment and reaffirms its obligations under that certain
Guaranty of Lease dated July 15, 2019 in favor of Landlord.

 

	GUARANTOR:	 
	 	 
	Interpace
    Biosciences, Inc.	 
	(f/k/a
    Interpace Diagnostics Group, Inc.),	 
	a
    Delaware corporation 	 
	 	 	 
	 	 	 
	By:	              	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    	 

    	 

    

 

EXHIBIT
A

 

WORK
LETTER

 

1. Description
of Landlord’s Work. Landlord, at Landlord’s expense, shall furnish all labor and materials to construct and
complete in a good and workmanlike manner, in a turnkey condition ready for fixturing, the work (“Landlord’s
Work”) described in the plans attached hereto as Schedule 1, Schedule 2, Schedule 3, and Schedule
4 (“Plans”) for the Premises. Landlord shall supervise and direct all Landlord’s Work, using
Landlord’s contractors. Landlord shall be solely responsible for all construction means and methods, techniques,
sequences and procedures, and for coordinating all portions of the Landlord’s Work. Upon request of Landlord, Tenant
shall promptly move all of Tenant’s furniture, fixtures, equipment, and personal property so that the same does not
interfere with the Landlord’s Work.

 

2. Permits.
Landlord, at Landlord’s expense, shall make application to all relevant governmental agencies for any necessary
building permits, licenses and other grants of authority, which may be required in connection with the construction of the
Landlord Work.

 

3. Change
Orders. Any changes to the Plans desired by Tenant shall be requested in writing. Landlord agrees to use Landlord’s
reasonable, good faith efforts to incorporate any Plans changes requested in writing by Tenant and to notify Tenant
immediately of any cost increase or potential delay which may result if such changes are incorporated into the
Landlord’s Work, based on the information provided by Landlord’s architect and Landlord’s general
contractor. Landlord shall not be required to incorporate any changes to the Plans requested by Tenant unless Tenant approves
in writing and agrees to pay to Landlord the actual cost increase (including any associated architectural, engineering and
general conditions costs and expenses) caused by such changes; provided the total amount of the Landlord’s Work with
such requested changes exceeds $279,178.00 (“Landlord’s Contribution Cap”).

 

4. Change
Order Payment by Tenant.

 

(a) Tenant’s
Contribution. In the event Tenant requests a change order that, in Landlord’s reasonable opinion, Landlord
believes will increase the total net cost of the Landlord’s Work more than $25,000.00 in the aggregate (“Major
Change Order”) above the Landlord’s Contribution Cap, Landlord may invoice Tenant (at Landlord’s option),
and Tenant shall pay to Landlord such reasonable amount requested by Landlord relating to such Major Change Order within five
(5) days after receipt by Tenant of a written demand that includes supporting invoices for such Major Change Order
(“Tenant’s Contribution”). If Tenant fails to timely pay such Tenant’s Contribution within five (5)
days after demand by Landlord, Landlord shall not be required to make the requested change in the Plans by Tenant and
Landlord may continue forward with the Landlord’s Work. (For clarity, in the event Tenant’s first change order
increases the total net cost by $20,000.00, Tenant’s second change order increases the total next cost by $4,000.00,
and Tenant’s third change order increases the total net cost by $2,000.00, the Major Change Order “trigger”
would occur only upon Tenant’s third change order whereby Landlord may require Tenant to reimburse Landlord within five
(5) days after demand (as outlined above) for the full $26,000.00 amount. In addition, any further change orders thereafter
would automatically be Major Change Orders since the $25,000.00 threshold had already been met).

 

    	 	A-1	 

     

    

 

(b)
Tenant’s Underpayment. If the total cost of the Landlord’s Work
exceeds the sum of the Landlord’s Contribution and the Tenant’s Contribution, Tenant shall pay any remaining funds
due to Landlord within thirty (30) days of receipt by Tenant of a written demand that includes supporting invoices and receipts.

 

(c) Tenant’s
Overpayment. If the total cost of the Landlord’s Work is less than the sum of the Landlord’s Contribution
and the Tenant’s Contribution, Landlord shall refund Tenant that portion of the Tenant’s Contribution that was
unused by Landlord as part of the Landlord’s Work within thirty (30) days after such Landlord’s Work is complete
(with any punch list items completed) and Tenant has accepted the Landlord’s Work “as is”. In no event
shall Tenant be entitled to any refund above the Tenant’s Contribution.

 

5. Landlord’s
Contribution. The Landlord’s Contribution is to be used for the Landlord’s Work, including but not
limited to electrical, HVAC, plumbing, and wall changes, paint, fire alarm system changes, floor coverings, etc. The
Landlord’s Contribution may also be used for architectural, engineering, and project management work related to the
Landlord’s Work, but shall not be used for Tenant’s trade fixtures (unless otherwise indicated in Schedule 1,
Scope of Work), equipment, security systems, telephone, or data systems. All costs in excess of Landlord’s Contribution
shall be paid by Tenant, no matter what the reason for the increased cost of the Landlord’s Work over the
Landlord’s Contribution (which includes, but is not limited to, changes made by officials such as the building
inspector or fire marshal, quick shipping items, etc.). If the Landlord Work will require changes to be made to the building
in which the Premises are located, Tenant agrees that the actual costs, provided that they are commercially reasonable, shall
be applied against the Landlord’s Contribution Cap and that Tenant will reimburse Landlord for such charges that exceed
the Landlord’s Contribution Cap within thirty (30) days after receipt of a written demand that includes supporting
invoices and receipts.

 

6. Landlord
representative and Tenant representatives. During the construction of the Landlord’s Work, Stephanie Mesnard
(phone: 919-460-1107 and email: smesnard@gid.com) shall be Landlord’s contact and William Finger (phone: 919-314-7319
and email: bfinger@interpace.com) shall be Tenant’s contact.

 

    	 	A-2	 

     

    

 

Schedule
1

 

Scope
of Work

  

  

 

    	 	A-3	 

     

    

 

Schedule
2

 

Floor
Plan – as of the Effective Date (see below)

 

 

 

Floor
Plan after Landlord Work is complete (see below)

 

 

 

 

    	 	A-4	 

     

    

 

Schedule
3

 

Landlord
Work – cabinetry, electrical, safety, shower, and sink locations

 

 

 

    	 	A-5	 

     

    

 

Schedule
4

 

Landlord
Work – cabinetry, electrical, safety, shower, and sink locations

 

 

 

    	 	A-6

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