Document:

Exhibit 10.1

 

First Amendment to Lock Up Agreement

 

The undersigned shareholder (“Shareholder”)
of Ondas Holdings Inc., (fka Zev Ventures Inc.) a Nevada corporation, (“Company”) entered into a Lock Up Agreement
with the Company on or about September 2018 (the “Lock Up Agreement”). Terms not otherwise defined herein shall have
the meaning given to them in the Lock Up Agreement.

 

Whereas, certain investors who have financed
the Company’s operations to date have conditioned their continued financing of Company on obtaining the Shareholder’s
and other Company shareholders’ agreement to amend their lock up as set forth herein; and

 

Whereas, the Shareholder acknowledges that
such continued financing of Company operations is in the Shareholder’s and the Company’s interest.

 

NOW THEREFORE, in consideration of the
mutual covenants and the mutual agreements set forth herein, the parties agree as follows:

 

		1.	The Lock Up Agreement shall be amended as follows:

 

		(a)	Section 1(a) is deleted in its entirety and replaced with the following:

 

“1(a) Shareholder
agrees that from the date of the Closing of the Merger Agreement (the "Effective Date") until twenty four (24) months
after the Effective Date (the "Lock-Up Period"), the Shareholder will not make or cause any sale, assignment, transfer,
or encumbrance, or establish a short position or other transaction with a purpose to hedge or dispose of the Company Securities
that the Shareholder owns or has the power to control the disposition of, either of record or beneficially. Upon the completion
of the Lock-Up Period, this Agreement will terminate and Shareholder will be free to transfer or dispose of the Company Securities
without limitation, except that all such transfers or dispositions shall be in compliance with applicable Securities Laws as described
in Section 3 below. Notwithstanding anything to the contrary in this Section 1(a), the Shareholder may assign, distribute or transfer
the Company Securities to any of the Shareholder’s affiliates, any entity that is controlled by, controls or is under common
control with the Shareholder and any investment fund or other entity controlled or managed by the Shareholder; provided, that in
the case of any such assignment, distribution or transfer, the assignee, distributee and transferee shall execute and deliver to
the Company a lock−up agreement in the form of this Agreement.

 

		(b)	In Section 3 the words “Dribble Out Period” are deleted and are replaced with the words “Lock-Up Period”.

 

		(c)	In Section 4(a) the
words “and Dribble Out Period” are deleted.

 

		(d)	In Section 4(b) the words “Dribble Out Period” are deleted and are replaced with the words “Lock-Up Period”.

 

		(e)	In Section 13 the words “or Dribble Out Period” are deleted.

 

2.            Except as expressly amended by this amendment, all other terms, conditions and provisions of the Lock Up Agreement are hereby
ratified and confirmed and shall continue in full force and effect.

 

The parties have executed this amendment as of the date first noted
above.

 

	Company	 	Shareholder	 
	Ondas Holdings Inc.	 	 	 
	 	 	 	 
	 	 	 	 
	Eric Brock, CEO	 	 	 

 

Accepted and approved by Ondas Holdings Inc. as of August 30,
2019.Exhibit 10.1

 

RETENTION BONUS AGREEMENT

 

This RETENTION BONUS AGREEMENT (the “Agreement”), dated August 26, 2019 (the “Effective Date”), by and between Zyla Life Sciences f/k/a Egalet Corporation, a Delaware corporation (the “Company”) and Mark Strobeck, an individual (the “Employee”), sets forth the terms of a bonus (the “Retention Bonus”) to be paid to the Employee by the Company subject to the terms and conditions set forth herein.

 

WHEREAS, the Company desires to provide an incentive to Employee to encourage and reward the Employee’s continued employment with and commitment to the Company; and

 

WHEREAS, Employee and Company are parties to an Employment Agreement (“Employment Agreement”) entered into as of February 11, 2014; and

 

WHEREAS, the Company desires to award the Employee a Retention Bonus pursuant to the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the promises and mutual covenants and obligations hereinafter set forth, and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, and intending to be legally bound hereby, the Company and the Employee hereby agree as follows:

 

1.                                      Amount of Bonus.  Pursuant to this Agreement, the Company agrees to pay, and the Employee agrees to accept, a Retention Bonus in the amount of Two Hundred Twenty-Five Thousand Dollars and no cents ($225,000.00).

 

2.                                      Payment of Retention Bonus.  Subject to the terms and conditions set forth herein, the Retention Bonus is subject to approval of the Compensation Committee of the Company’s Board of Directors and will be due and payable immediately following such approval.

 

3.                                      Payment Not for Services Rendered.  Employee acknowledges and agrees that the Retention Bonus constitutes payment to Employee for which Employee would not be entitled to as an employee of Company and that the Retention Bonus is not considered a payment for services rendered.

 

4.                                      No Right to Continued Employment.  Nothing herein shall confer upon Employee the right to remain in the employ or service of the Company or its subsidiaries or affiliates for any period of time and nothing herein shall restrict the ability of the Company to terminate Employee’s service at any time and for any reason, with or without advance notice.  The Company employs Employee at-will.

 

5.                                      Funding.  The obligations of the Company to pay the Retention Bonus under this Agreement shall be contractual only.  All such payments shall be made from the general assets of Company.  Employee shall rely solely on the unsecured promise of the Company, and nothing herein shall be construed to give any such individual any right, title, interest or claim in or to any specific asset, fund, reserve, account or property of any kind whatsoever owned by the Company or in which it may have any right, title or interest now or in the future.

 

 

6.                                      Withholding.  The Retention Bonus payable by the Company shall be subject to all required and customary withholding and deductions by the Company.

 

7.                                      Repayment of Retention Bonus.  If within one year from the payment of the Retention Bonus to Employee, Employee is terminated from employment For Cause (as defined in the Employment Agreement) or there is a Termination by Executive Without Good Reason (as defined in the Employment Agreement), the Employee agrees to repay the full amount of the Retention Bonus.  If within one year and one day and two years from the payment of the Retention Bonus to Employee, Employee is terminated from employment For Cause (as defined in the Employment Agreement) or there is a Termination by Executive Without Good Reason (as defined in the Employment Agreement), the Employee agrees to repay one-half  of the amount of the Retention Bonus (i.e. $112,500.00).  Employee agrees that any repayment due under this Section 7 must be repaid by no later than the fifth business day following Employee’s termination, and that any outstanding balance on such repayment obligation is delinquent and immediately collectable on the following day.  The repayment of such Retention Bonus shall not affect the validity or enforcement of any agreements between the Company and Employee.

 

8.                                      Employment Agreement Remains in Effect.  Except as expressly amended and modified herein, the Employment Agreement continues in effect as originally written.

 

IN WITNESS WHEREOF the parties have duly executed this Agreement as of the Effective Date.

 

	
 
    	
Zyla   Life Sciences
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   ROBERT RADIE
    
	
 
    	
Name:
    	
Robert   Radie
    
	
 
    	
Title:
    	
President   and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
Employee
    
	
 
    	
 
    
	
 
    	
/s/   MARK STROBECK
    
	
 
    	
Mark   Strobeck
    

 

2wor-ex413_8.htm

Exhibit 4.13

Description of Capital Stock of Worthington Industries, Inc.

The following is a description of the capital stock of Worthington Industries, Inc. (the “Company”).  The common shares, without par value (the “Common Shares”), of the Company are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); while the preferred shares, without par value (the “Preferred Shares”), of the Company are not so registered.  This description does not describe every aspect of the Company’s capital stock and is subject to, and qualified in its entirety by reference to, the provisions of the Company’s Amended Articles of Incorporation and the Company’s Code of Regulations, each as currently in effect, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K/A for the fiscal year ended May 31, 2019 of the Company, of which this Exhibit 4.13 is a part.  This description is qualified in its entirety by reference to the provisions of the Company’s Amended Articles of Incorporation and the Company’s Code of Regulations and applicable provisions of Ohio law. 

Authorized Capital Stock 

Under the Company’s Amended Articles of Incorporation, the Company’s authorized capital stock consists of 150,000,000 Common Shares, 500,000 Class A Preferred Shares, and 500,000 Class B Preferred Shares.

Common Shares 

Holders of the Company’s Common Shares are entitled to: 

	
 
	
•
	
one vote for each Common Share held;

	
 
	
•
	
receive dividends when and as declared by the Company’s Board of Directors from funds legally available therefor, subject to the rights of holders of the Company’s Preferred Shares, if any; and

	
 
	
•
	
share ratably in the Company’s net assets, legally available to the Company’s shareholders in the event of the Company’s dissolution, liquidation or winding up, after provision for distribution to the holders of any Preferred Shares and to the payment in full of all amounts required to be paid to creditors or provision for such payment.

Holders of the Company’s common shares have no preemptive, subscription, redemption, conversion or cumulative voting rights. The Company’s outstanding common shares are fully paid and nonassessable. 

Preferred Shares 

Under the Company’s Amended Articles of Incorporation, the Company’s Board of Directors is authorized to issue, without any further vote or action by the Company’s shareholders, subject to certain limitations prescribed by Ohio law and the rules and regulations of the New York Stock Exchange, up to an aggregate of 500,000 Class A Preferred Shares and 500,000 Class B Preferred Shares, in one or more series. The Company’s Board of Directors is also authorized to fix or change the rights, preferences, qualifications and limitations of each series, including the division of such Preferred Shares into series, the designation and authorized number of Preferred Shares included in each series, dividend and distribution rights, liquidation rights, preferences and price, redemption rights and price, sinking fund requirements, preemptive rights, conversion rights and restrictions on issuance of Preferred Shares. Subject to the provisions of any applicable law, rule or regulation, holders of Class A Preferred Shares and holders of Class B Preferred Shares are entitled to one vote per share and ten votes per share, respectively, on matters to be voted upon by the holders of Common Shares and Preferred Shares voting together as a single class. Ohio law also entitles the holders of Preferred Shares to exercise a class vote on certain matters. 

The Company’s Board of Directors may authorize the issuance of Preferred Shares with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the Company’s Common Shares. The issuance of Preferred Shares could have the effect of decreasing the market price of the 

Company’s Common Shares. The issuance of Preferred Shares also could have the effect of delaying, deterring or preventing a change in control of the Company without further action by the Company’s shareholders. 

Anti-Takeover Effects of Amended Articles of Incorporation, Code of Regulations and Ohio Law 

Certain provisions in the Company’s Amended Articles of Incorporation and the Company’s Code of Regulations as well as certain provision of the Ohio Revised Code could discourage potential takeover attempts and make attempts by shareholders to change management more difficult. A description of these provisions is set forth below. 

Classified Board of Directors 

The Company’s Board of Directors is divided into three classes, with three-year staggered terms. This classification system increases the difficulty of replacing a majority of the directors at any one time and may tend to discourage a third party from making a tender offer or otherwise attempting to gain control of the Company. It also may maintain the incumbency of the Company’s Board of Directors. 

Removal of Directors 

Under the Company’s Amended Articles of Incorporation, any director, or the entire Board of Directors, may be removed from office, with or without cause, only by the affirmative vote of 75% of the voting power of the Company voting together as a single class. However, under current Ohio law, because the Company is an issuing public corporation (as defined in Section 1701.01 of the Ohio Revised Code) and has a classified Board of Directors, the directors of the Company may only be removed for cause. Directors may also be removed from office for cause by the affirmative vote of three-fourths of the directors then in office. 

Advance Notice Requirements for Shareholder Proposals and Nominations for Election as Directors 

Under the Company’s Code of Regulations, shareholders seeking to bring business before an annual meeting of shareholders or to nominate candidates for election as directors at an annual meeting must provide timely notice thereof in writing to the Company. 

To be timely, a shareholder’s notice with respect to business to be brought before an annual meeting must be delivered to, or mailed and received at, the principal executive office of the Company not less than 30 days prior to an annual meeting. However, if less than 40 days’ notice or prior public disclosure of the date of the annual meeting is given or made to shareholders, the shareholder’s notice must be received no later than the close of business on the tenth day following the day on which such notice of the date of the meeting was mailed or such public disclosure was made. 

In order to nominate an individual for election as a director at a meeting, a shareholder must give written notice of the shareholder’s intention to make such nomination. The notice must be delivered to, or mailed and received at, the Company’s principal executive office not less than 14 days or more than 50 days prior to any meeting called for the election of directors. However, if notice or public disclosure of the date of the meeting is given or made less than 21 days prior to the meeting, the shareholder notice must be received by the Company not later than the close of business on the seventh day following the day on which notice of the date of the meeting was mailed or publicly disclosed. 

No Shareholder Action by Written Consent 

Under the Company’s Amended Articles of Incorporation, any action required or permitted to be taken by the Company’s shareholders must be effected at a duly called meeting of the shareholders and may not be effected by an action by written consent of the shareholders. This prevents the Company’s shareholders from initiating or effecting any action by written consent, thereby limiting the ability of shareholders to take actions opposed by the Company’s Board of Directors. 

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Special Meetings of Shareholders 

The Company’s Code of Regulations provides that special meetings of shareholders may be called only by the chairman of the board, the president (or, in the case of the president’s absence, death or disability, the vice president authorized to exercise the authority of the president), the secretary, the Board of Directors at a meeting of the Board, a majority of the directors acting without a meeting or the holders of at least 50% of all shares outstanding and entitled to vote at such special meeting. 

Supermajority Voting Provisions 

Under Ohio law, in the case of most mergers, sales of all or substantially all the assets of a corporation and amendments to a corporation’s articles of incorporation, the affirmative vote of two-thirds of the voting power of the corporation is required unless the corporation’s articles of incorporation provide for a lower amount but not less than a majority. The Company’s Amended Articles of Incorporation change the default voting requirement provided by Ohio law to a majority of the voting power, except that the affirmative vote of 75% of the voting power is required with respect to certain transactions between the Company and “substantial shareholders” as described below under the heading “— Transactions With Substantial Shareholders.” 

Transactions With Substantial Shareholders 

Under the Company’s Amended Articles of Incorporation, certain transactions between the Company and a “substantial shareholder” must be approved by the affirmative vote of the holders of 75% of the voting power of the Company (which vote must also include the affirmative vote of the holders of a majority of the voting power of the Company excluding the substantial shareholder in question). A “substantial shareholder” is defined as any person who beneficially owns, directly or indirectly, more than 15% of the Company’s voting power or is an affiliate of the Company and at any time within the past three years beneficially owned, directly or indirectly, more than 15% of the Company’s voting power, but does not include the Company, any of the Company’s subsidiaries, any employee benefit plan of the Company or of any of the Company’s subsidiaries, the trustees or fiduciaries of any such plan or any affiliate of the Company owning in excess of 10% of the outstanding common shares of the Company on August 3, 1998 (and the respective successors, executors, legal representatives, heirs and legal assigns of such affiliate). Transactions requiring a supermajority shareholder vote include: 

	
 
	
•
	
any merger or consolidation of the Company or any subsidiary of the Company with or into any substantial shareholder or any other corporation which, after such merger or consolidation, would be an affiliate of a substantial shareholder;

	
 
	
•
	
any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of related transactions) to or with any substantial shareholder of any substantial part of the assets of the Company or any subsidiary of the Company;

	
 
	
•
	
the issuance or transfer by the Company or any subsidiary of the Company (in one transaction or a series of related transactions) of equity securities of the Company or any subsidiary of the Company to any substantial shareholder for consideration having an aggregate fair market value of $25 million or more;

	
 
	
•
	
the adoption of any plan or proposal for the liquidation or dissolution of the Company if, as of the record date relating to such event, any person shall be a substantial shareholder; and

	
 
	
•
	
any reclassification of securities (including any reverse stock split) or recapitalization of the Company, or any reorganization, merger or consolidation of the Company with any of the Company’s subsidiaries or any similar transaction which has the effect, directly or indirectly, of increasing the proportionate share of the outstanding equity securities of the Company or any subsidiary of the Company directly or beneficially owned by any substantial shareholder.

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A supermajority shareholder vote is not required, however, with respect to any of the foregoing transactions which is approved by three-fourths of the Company’s Board of Directors, provided that a majority of the directors in office and acting upon such matter are “continuing directors” (as defined in the Company’s Amended Articles of Incorporation). 

Control Share Acquisition Act 

Ohio law provides that certain notice and informational filings, and special shareholder meeting and voting processes, must occur prior to any person’s acquisition of an issuing public corporation’s shares that would entitle the acquirer to exercise or direct the exercise of the voting power of the issuing public corporation in the election of directors within any of the following ranges: 

	
 
	
•
	
one-fifth or more but less than one-third of such voting power;

	
 
	
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one-third or more but less than a majority of such voting power; or

	
 
	
•
	
a majority or more of such voting power.

This provision of Ohio law, which is known as the Control Share Acquisition Act, does not apply to a corporation if its articles of incorporation or code of regulations so provide. The Company has opted out of the application of the Control Share Acquisition Act in the Company’s Code of Regulations. 

Merger Moratorium Statute 

Chapter 1704 of the Ohio Revised Code, which is known as the Merger Moratorium Statute, generally addresses a wide range of business combinations and other transactions (including mergers, consolidations, asset sales, loans, disproportionate distributions of property and disproportionate issuances or transfers of shares or rights to acquire shares) between an Ohio corporation and an “interested shareholder” who, alone or with others, may exercise or direct the exercise of at least 10% of the voting power of the corporation in the election of directors. The Merger Moratorium Statute does not apply to a corporation if its articles of incorporation so provide. The Company opted out of the application of the Merger Moratorium Statute in the Company’s Amended Articles of Incorporation. 

 

 

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