Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT TO CHANGE IN CONTROL AGREEMENT

 

This First Amendment
to the CIC Agreement (the “Amendment”) is entered into as of April 29, 2019 between Aceto Corporation, a New
York corporation (the “Company”) and William C. Kennally (the “Executive”).

 

WHEREAS, the Company
and the Executive previously entered into a Change in Control Agreement, dated as of October 2, 2017 (the “CIC Agreement”);

 

WHEREAS, pursuant
to and subject to the terms and conditions set forth in the Amended and Restated Asset Purchase Agreement (as amended, restated,
supplemented or otherwise modified from time to time, the “Purchase Agreement”), dated as of April 14, 2019,
by and among Aceto Holdings, L.P. (f/k/a NMC Atlas, L.P.), a Delaware limited partnership (“Buyer”), the Company,
and certain other parties thereto, Buyer has agreed to acquire certain assets and subsidiaries of the Company (the “Transaction”);

 

WHEREAS, pursuant to the terms of the Purchase Agreement, the
Company has agreed to take certain actions in respect of the CIC Agreement, including the amendment contemplated hereby; and

 

WHEREAS, the Company and the Executive desire to amend the CIC
Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing recitals and
the mutual promises contained in this document, and other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company and the Executive agree as follows:

 

1.
           Section 5 of the CIC Agreement (Golden Parachute Limitation) is deleted in its entirety and replaced with the following:

 

“5.            GOLDEN
PARACHUTE LIMITATIONS. Notwithstanding anything herein to the contrary, to the extent any amount to be paid or benefit to
be provided to the Executive pursuant to this Agreement or otherwise (collectively, the “Payments”) would be
treated as an “excess parachute payment,” as the phrase is defined in Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”) and would, absent the application of this Section 5, be subject to the excise
tax (the “Excise Tax”) imposed by Section 4999 of the Code, then the Executive will receive the “Reduced
Amount.” The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate
value of all Payments without causing any Payments to be nondeductible to the Company or the Buyer because of Section 280G of
the Code or subjecting the Executive to the Excise Tax. The Company may elect which and how much of the Payments shall be eliminated
or reduces (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall notify
the Executive promptly of such election. Unless the Company and the Executive otherwise agree in writing, any determination required
under this Section 5 will be made in writing by Grant Thornton LLP immediately prior to the Change in Control or such other person
or entity to which the parties mutually agree (the “Firm”), whose determination will be conclusive and binding
upon the Executive and the Company. For purposes of making the calculations required by this Section 5, the Firm may make reasonable
assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and the Executive will furnish to the Firm such information and
documents as the Firm may reasonably request in order to make a determination under this Section 5. The Company will bear all
costs the Firm may incur in connection with any calculations contemplated by this Section 5. The Company and the Executive hereby
acknowledge and agree that: (i) the Firm had determined that the Reduced Amount is $768,002 pursuant to the report dated April
22, 2019, and (ii) the amount otherwise payable pursuant to Section 3(b)(i) of the CIC Agreement shall be reduced by the Reduced
Amount.”

 

     

     

    

 

2.            Sections 9 € and (f) of the CIC Agreement (Covenants)
are hereby deleted in their entirety and the Company hereby irrevocable waives and releases the Executive from any other non-competition
and non-solicitation covenants between the Executive and the Company or any of its subsidiaries. Executive hereby acknowledges
and agrees that he is subject to Section 3 of the Enhanced Restricted Covenant Agreement by and between Buyer and the Executive
dated as of April [29], 2019 in lieu thereof.

 

3.            If, for any reason, the Transaction is not consummated, this
Amendment shall be void ab initio and the CIC Agreement shall continue to apply in accordance with its original terms and conditions.

 

4.            This Amendment may be executed in counterparts, each of which
shall be deemed to be an original, and all of which shall constitute one and the same document.

 

IN WITNESS WHEREOF, this Amendment has been executed as a sealed
instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.

 

[Signatures on following pages]

 

    	 	-2-	 

     

    

 

IN WITNESS WHEREOF, this Amendment has been executed as a sealed
instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.

 

	EXECUTIVE	 	ACETO CORPORATION
	 	 	 	 	 	 
	By:	/s/ William C. Kennally	 	By:	/s/ Steven S. Rogers 
	 	William C. Kennally	 	 	Name:	 Steven S. Rogers
	 	 	 	 	Title:	 SVP and Chief Legal Officer
	 	 	 	 	 	 
	Date:	April 29, 2019	 	Date:	April 29, 2019LIMITED
LIABILITY COMPANY UNIT

PURCHASE
AND SALE AGREEMENT

 

THIS
LIMITED LIABILITY COMPANY UNIT PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into this 31st
day of May, 2019 (the “Effective Date”) by and between WORLD WIDE WATER SAVINGS, INC. or its assigns
(“Brian”), DAVID R. STEINHURST (“David”), and IRBIS INTERNATIONAL, LLC, a Colorado limited
liability company (“IRBIS”) (each a “Seller” and collectively, the “Sellers”
or the “Members”), TARONIS TECHNOLOGIES, INC., a Delaware corporation (“Taronis” or “Purchaser”),
and WATER PILOT, LLC, a Florida limited liability company (the “Company”). Sellers, Purchaser, and the Company
are each sometimes referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

A.
As of the Effective Date, all of the authorized, issued and outstanding membership units in the Company consists of Nine Hundred
Thousand (900,000) membership units (the “Units”), of which each Seller owns Three Hundred Thousand (300,000)
Units.

 

B.
Purchaser desires to acquire and Sellers wishes to sell, on the terms and conditions set forth in this Agreement, fifty-one percent
(51%) of each of the Seller’s Units (16.33% of each Seller’s Units) or Four Hundred Fifty Nine Thousand (459,000)
Units (the “Purchase Units”) in the aggregate, the result of which will be that Purchaser will own fifty-one
percent (51%) of the Company comprised of Four Hundred Fifty-Nine Thousand (459,000) Units and each Seller will retain sixteen
and one third percent (16.33%) of the Company (“Retained Ownership Interest”) comprised of One Hundred Forty-Seven
Thousand (147,000) Units.

 

C.
Seller and Purchaser have determined that it is in their mutual best interests, and the best interests of the Company, that any
and all other existing agreements concerning the issue, sale or transfer of the Purchase Units of the Company by and between the
Parties be disregarded in their entirety and are hereby cancelled and superseded in their entirety by this Agreement to the effect
that Seller agrees to sell, and Purchaser agrees to purchase, the Purchase Units, pursuant to the terms set forth in this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, for and in consideration of the mutual covenants and conditions herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:

 

ARTICLE
I

Purchase
and Sale

 

1.1
Sale of Units. Subject to the terms and conditions set forth in this Agreement and in consideration for the Purchase
Price (defined below), Sellers shall sell the Purchase Units to Purchaser, which such Purchase Units represent fifty-one percent
(51%) of Sellers’ membership interests in the Company, by delivery of a duly executed Stock Power, in the form attached
hereto and incorporated by reference herein as “Exhibit A” at Closing (defined below), effective upon the Effective
Date.

 

1.2
Purchase Price; Allocation of Purchase Price. The price of the Purchase Units determined under this paragraph shall
be One Million Two Hundred Seventy-Five Thousand and No/100 U.S. Dollars ($1,275,000.00) (the “Purchase Price”),
which Purchase Price shall be paid by Purchaser pursuant to Section 1.3. For purposes of this Section 1.2, the price per Unit
of the Purchase Units shall be, and is accepted as the value as of the Effective Date, as determined by mutual agreement amongst
the Parties.

 

    	 	 	 

    	 

    

 

1.3
Payment of Purchase Price. The total Purchase Price, as set forth in Section 1.2, shall be paid by Purchaser in shares
of Taronis’ common stock. The number of shares of common stock to be issued to the Sellers in exchange for the Purchase
Units and comprising the Purchase Price will be based on the five (5) day Volume Weighted Average Price (“VWAP”)
of the common stock immediately preceding the Closing Date (“Stock Consideration”). The shares shall be issued
within one (1) business day of the Closing Date by means of irrevocable transfer agent instructions sent to Taronis’ transfer
agent simultaneously upon the delivery of the Stock Powers covering the Purchase Units to the Purchaser.

 

1.4
Registration Rights; Catch-up Issuance. The Purchaser agrees that within ten (10) business days of the Closing Date
it will file an appropriate registration statement, registering the Stock Consideration under the Securities Act of 1933, as amended,
with such registration statement being inclusive of the Stock Consideration, so the Sellers’ will have the benefit of freely
tradable registered shares after the registration statement is declared effective (“Registration Statement”)
by the U.S. Securities and Exchange Commission (“SEC”). On a date that is no later than the tenth (10th)
day after the Registration Statement is declared effective by the SEC, the Sellers’ shall have deposited into the Sellers’
respective brokerage accounts or that of their assignees, the Stock Consideration. Thereafter, the Purchaser agrees that it will
provide a “catch-up” in value to the Sellers’ if the Sellers’s haven’t received the full value of
the Purchase Price. On the date that is ten (10) days from the day the SEC declares the Registration Statement effective (“Determination
Date”), the Sellers’ will provide the Purchaser with the respective brokerage account statement showing the current
market value of the Stock Consideration (“Value Statement”). If the value of the Stock Consideration, in the
aggregate, is less than the Purchase Price based on the closing price of the Purchaser’s common stock on the Determination
Date, the Purchaser will pay to the Sellers “catch-up” consideration in cash in an amount up to the Purchase Price.

 

1.5
Earnout Payments. The Purchaser agrees that, if during the corresponding periods immediately following Closing, the
Company collects gross revenue (on a cash basis) in the amounts set forth below, the Company will pay to the Sellers in proportion
to their Retained Ownership Interest, the following, at each level obtained:

 

	 	●	At
    $501,000 through $1,000,000 in gross revenue within twelve (12) months = Eighty percent (80%) of the gross revenue amount
    up to $400,000; 
	 	 	 
	 	●	$3,000,000
    in gross revenue within eighteen (18) months = $400,000 Earnout Payment; and
	 	 	 
	 	●	$5,000,000
    in gross revenue within twenty-four (24) months = $400,000 Earnout Payment.

 

The
Earnout Payments shall be made to the Sellers, within a reasonable time not to exceed sixty (60) days following the Company’s
receipt of the corresponding cash proceeds due to the Company as a result of gross revenue generated.

 

ARTICLE
II

Closing

 

2.1
Closing Date. The Closing of the sale of Purchase Units shall occur on or before May 31, 2019 (the “Closing”
or “Closing Date”), unless otherwise extended by mutual agreement of the Parties, and shall be deemed effective
on the Effective Date, provided that all conditions to Closing herein set forth will have been first satisfied. The Closing shall
take place at such time and location as the Parties mutually agree upon prior to the Closing Date.

 

    	 	 	 

    	 

    

 

2.2
Resignation as Manager(s); Continuation of Employment. Brian and David are Co-Managers of the Company as well as employees
of the Company. As of the Effective Date, Brian and David desire to resign from the position of Co-Manager. Brian and David desire
to continue their employment relationship with the Company and shall enter into the “form of” Employment Agreement
attached hereto as “Exhibit D.” Contemporaneous with Closing, Brian and David shall sign and deliver to Purchaser
his written “Resignation as a Manager” of the Company in the form attached hereto and incorporated by reference
herein as “Exhibit B.”

 

2.3
Performance by Sellers at Closing. At Closing and as applicable to a respective Seller, the Sellers shall execute and
deliver to Purchaser the following:

 

	 	(a)	That
    “Form of Stock Power” for the Purchase Units sold hereunder in the form attached hereto as “Exhibit
    A”;
	 	 	 
	 	(b)	That
    “Resignation as a Manager” in the form attached hereto as “Exhibit B”;
	 	 	 
	 	(c)	That
    “Unanimous Consent of Members” attached hereto and incorporated by reference herein as “Exhibit
    C”;
	 	 	 
	 	(d)	Each
    of David’s and Brian’s fully executed “Employment Agreement,” substantially in the form attached
    hereto as “Exhibit D”; and 
	 	 	 
	 	(e)	That
    certain “Amended and Restated Operating Agreement” of Water Pilot, LLC, attached hereto as “Exhibit
    E.” 
	 	 	 
	 	(f)	All
    other instruments and documents that are necessary to fulfill the obligations of Sellers under this Agreement that are required
    to be fulfilled on or prior to the Closing Date.

 

2.4
Performance by Purchaser and Company at Closing. As a condition to Sellers’ performance, at Closing, Purchaser
and the Company shall execute and deliver to Sellers the following:

 

	 	(a)	The
    Purchase Price (and the shares of common stock comprising the Purchase Price) pursuant to Section 1.3 hereof; 
	 	 	 
	 	(b)	That
    “Unanimous Consent of Members” in the form attached hereto as “Exhibit C”; and
	 	 	 
	 	(c)	That
    certain “Amended and Restated Operating Agreement” of Water Pilot, LLC, attached hereto as “Exhibit
    E.”
	 	 	 
	 	(d)	All
    other instruments and documents that are necessary to fulfill the obligations of Purchaser under this Agreement that are required
    to be fulfilled on or prior to the Closing Date.

 

    	 	 	 

    	 

    

 

ARTICLE
III

Representation
and Warranties of the Sellers

 

Each
Seller represents and warrants to Purchaser, jointly and severally, as of the Closing Date, as follows:

 

3.1
Authority. Seller has all power and authority, without further consent, to enter into and perform all of the obligations
under this Agreement and to enter into the other documents that this Agreement contemplates, including, but not limited to the
transfer instruments referenced herein.

 

3.2
Title of Units. Seller owns all right, title and interest in the Purchase Units, without lien or encumbrance. Seller’s
title to the Purchase Units has not been encumbered by any security interests, charges, restrictions, or other encumbrances of
any nature, other than under agreement with Purchaser. Seller’s spouse is not a Unitholder of the Company and does not have
any right, title or interest (including any community property interest) in or to the Purchase Units.

 

3.3
No Litigation. No action, proceeding or judgment shall have been instituted in which an order has been entered restraining,
prohibiting or invalidating the transactions contemplated by this Agreement, or affecting the right of Purchaser to own the Purchase
Units.

 

3.4
Disclosure. To the best of the knowledge of the respective Seller, no representation or warranty of Seller contained
in this Agreement, or in any document delivered to Purchaser in connection with the transactions contemplated hereby, contains
or will contain any untrue statement of a material fact, or omits or will omit a material fact necessary to make those statements
contained herein or therein not misleading in any respect. For purposes of this Section 3.5, “knowledge” means the
current actual knowledge of each Seller respective of their roles in the Company.

 

3.5
Authorized Capital and Outstanding Units. The total quantity of validly issued and outstanding Units is as given in
the Recitals hereto. Such Company Units are fully paid, free and clear of all liens, claims and encumbrances and are not subject
to options, warrants, contracts, or agreements of any kind, except as set forth in this Agreement.

 

3.6
No Restrictions on Securities; Unitholders. There are no authorized, issued, or outstanding securities of the Company,
whether equity or debt, of any kind whatsoever and no outstanding options, warrants, rights, conversion privileges or other agreements
or instruments obligating the Company to issue any additional Units or capital stock of any class or classes of any kind.

 

ARTICLE
IV

Representation
and Warranties of Purchaser

 

Purchaser
represents and warrants to each Seller, joint and severally, as of the Closing Date, as follows:

 

4.1
Authority. Purchaser has all power and authority, without further consent, to enter into and perform all of the obligations
under this Agreement and to enter into the other documents that this Agreement contemplates.

 

4.2
Investigation and Access. Purchaser has been provided access to the Company’s financial statements and to all
of the documents and information relating to the operations and activities of the Company. Purchaser has further discussed this
sale of the Purchase Units with the Sellers, has been given the opportunity to ask any questions Purchaser has concerning any
and all aspects of the operations and activities of the Company, including the fair market value of the Units, to Purchaser’s
full satisfaction and Purchaser has no further questions. Purchaser acknowledges and agrees that Purchaser has made its own independent
investigation into the desirability of purchasing the Purchase Units for the price and terms set forth herein, and is relying
upon that investigation, and the representations and warranties of the Seller set forth in Article III, and not upon any other
representations and warranties of the Sellers.

 

    	 	 	 

    	 

    

 

ARTICLE
V

Covenants

 

5.1
Conduct of Business of the Company. Sellers covenant that, prior to the Closing Date, Sellers shall cause the Company
to:

 

	 	(a)	Conduct
    its business only in the ordinary and usual course and will not incur any debts or liabilities other than in the ordinary
    course;
	 	 	 
	 	(b)	Not
    do or cause to be done anything that would cause any of Sellers’ representations or warranties to be untrue or inaccurate
    if made at the time, except as otherwise permitted by this Agreement or consented to in writing by Purchaser;
	 	 	 
	 	(c)	Maintain
    its property, plant and equipment, and the insurance with respect thereto, in accordance with good business practice;
	 	 	 
	 	(d)	Use
    its best efforts to preserve its business organization intact, keep available the services of its present management, including,
    but not limited to Purchaser, and preserve the goodwill of its suppliers, customers, and others having business relations
    with it; and
	 	 	 
	 	(e)	Permit
    no distribution to be authorized or paid, nor any increase in the compensation payable or to become payable by it to any of
    its directors, managers, officers, managerial employees or consultants, or other employees.

 

5.2
Post-Closing Covenants. In consideration of the Purchase Price, and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, following the Closing hereof, and as a condition to complete said Closing, Sellers agree that
they have information regarding the Company and will continue to be in a position of trust and confidence, having familiarity
with the Company’s operations, including, but not limited to financial and business information, client lists, bidding practices,
tax records, unique production and/or service methods, proprietary information (including patents), employee benefits, personnel
history, accounting procedures, surety limits or terms, bank lending terms, promotions, products, bid methods, strategies, goals,
employees, consultants, equipment condition and capability, job status (executory and completed), technology, services, procedures,
clients and services, bid processes, potential clients, potential service areas, and general operations of the Company (collectively
“Confidential Information”). It is hereby acknowledged by all Parties that all the foregoing, both individually
and combined, define the business of the Company, and are valuable, special, and unique assets of the Company and its business;
the disclosure of or inappropriate use of these assets without the specific written authorization of the Company will cause serious
harm to the business and good will of the Company, potentially causing significant monetary loss. Sellers recognize and acknowledge
that the Company has taken reasonable steps to preserve and protect the secrecy of all of the foregoing confidential information
and trade secrets.

 

(a)
Non-Disclosure. Each Seller shall keep all Company’s Confidential Information and trade secrets, strictly confidential
and each Seller shall not disclose any of the Company’s Confidential Information to any third party without the prior written
consent of the Company or pursuant to an order of a court of competent jurisdiction.

 

    	 	 	 

    	 

    

 

(b)
Non-Solicitation. Commencing on the Effective Date, and continuing for a term of eighteen (18) months, each Seller agrees
not to (i) solicit, encourage or attempt to induce (or to assist others to do so) any employee or agent of the Company to terminate
his or her employment or working relationship with the Company, or to work with such Seller (or any business, person or activity
for profit in which such Seller is associated with) in any capacity whatsoever, or (ii) solicit, encourage, attempt to induce
or otherwise contact any of the Company’s existing or prospective customers or clients (known to such Seller as of the Effective
Date) (or to assist others to do so) for the purpose of reducing, restructuring or terminating its (or their) business relationship
with the Company or to shift its business from the Company to any other provider of competing services or goods.

 

(c)
Non-Disparagement. Each Seller and Purchaser mutually agree that they will make no written or oral statements that directly
or indirectly disparage the Company, or each other, or their respective officers, directors, employees, agents or affiliates in
any manner whatsoever, including, but not limited to the working conditions or employment practices of the Company.

 

(d)
Remedies Include Injunctive Relief. In the event any Seller breaches or threatens to breach the terms of this Section 5.2,
in whole or in part, the Company shall be entitled to all remedies to which it may be entitled in law or in equity including injunctive
relief, and monetary damages.

 

5.3
Post-Closing Conversion to C Corporation. The Parties agree that the Company will be converted into a Delaware corporation
on or before September 30, 2019, and each of the Parties consents to such conversion and agrees to provide all documents, certificates,
or other instruments that may be necessary for such conversion. Upon the conversion, the Parties will execute by-laws and a shareholder’s
agreement which will incorporate the business terms and conditions of the Amended and Restated Operating Agreement as nearly as
practicable within the corporate structure of a C Corporation. 

 

ARTICLE
VI

Conditions
Precedent to the Obligations of Sellers to Close

 

The
obligations of the Sellers to close hereunder on the Closing Date are subject to the fulfillment at or prior to the Closing Date
of each of the following conditions (any one or more of which may be waived in whole or in part by them in writing):

 

6.1
No Litigation. No action or proceeding (other than an action or proceeding caused or instituted by or at the request
of the Sellers) shall have been instituted in which an order has been entered restraining or prohibiting or invalidating the transactions
contemplated by this Agreement, or affecting the right of Purchasers to own the Purchase Units after the Closing Date.

 

6.2
Representations and Warranties True and Correct. The representations and warranties of Purchaser contained herein shall
be true and correct in all material respects on the Closing Date with the same force and effect as though such representations
and warranties had been made on and as of the Closing Date.

 

6.3
Performance of Covenants. Purchaser shall have performed and complied with all material terms, covenants, and conditions
of this Agreement to be performed or complied with by it on or before the Closing Date. This Agreement and all other documents
and instruments executed in connection herewith constitute valid and binding obligations of Purchaser, enforceable against it
in accordance with their respective terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium, and other
laws affecting creditors’ rights generally and general principals of equity.

 

    	 	 	 

    	 

    

 

ARTICLE
VII

Conditions
Precedent to the Obligations of Purchaser to Close

 

The
obligations of Purchaser to close hereunder on the Closing Date are subject to the fulfillment at or prior to the Closing Date
of each of the following conditions (any one or more of which may be waived in whole or in part by it in writing):

 

7.1
Representations and Warranties True and Correct. The representations and warranties of each Seller contained herein
shall be true and correct in all material respects on the Closing Date with the same force and effect as though such representations
and warranties had been made on and as of the Closing Date.

 

7.2
Performance of Covenants. Each Seller shall have performed and complied with all material terms, covenants, and conditions
of this Agreement to be performed or complied with by each of them on or before the Closing Date.

 

7.3
No Material Adverse Change. No damage, destruction, or loss (whether or not covered by insurance) and no other event
materially and adversely affecting the Company’s assets, financial condition, or business prospects of the Company shall
have occurred.

 

7.4
No Litigation. No action or proceeding shall have been instituted in which an order has been entered restraining or
prohibiting or invalidating the transactions contemplated by this Agreement or affecting the right of Purchaser to own the Units
after the Closing Date, and no such action or proceeding shall have been threatened or instituted (whether or not such an order
has been entered) by any governmental department or agency.

 

ARTICLE
VIII

Indemnification

 

8.1
Indemnification by Purchaser. Purchaser shall indemnify and hold harmless each Seller for any debt, liability or claim
(including all costs incurred in the settlement or defense of such liability or claim and reasonable attorneys’ fees) arising
from an event that occurs on or after the Effective Date, whether such liability or claim is known or unknown; provided, however,
that such liability or claim was not incurred by such Seller in bad faith.

 

8.2
Indemnification by Sellers. Each Seller shall indemnify and hold harmless Purchaser of any claim of debt or liability
(including all costs incurred in the settlement or defense of such claim and reasonable attorneys’ fees) (collectively “Losses”),
arising from any event that occurred prior to the Effective Date that is claimed within twelve (12) months from the Closing Date,
whether such claim was known or unknown prior to the Effective Date. The maximum aggregate amount of Losses payable by the Sellers
under this Section 8.2 is limited to the total amount of any and all consideration received by the Sellers from the Purchaser
pursuant to this Agreement as of the date that such claim giving rise to Indemnification has been full and finally resolved. For
further clarification, Seller shall not be required to provide Indemnification for any claim that is made greater than twelve
(12) months from the Closing Date.

 

    	 	 	 

    	 

    

 

ARTICLE
IX

Dispute
Resolution: Mediation and Arbitration

 

9.1
Mediation of Disputes.

 

(a)
Mediation. Except for default due to non-payment, or with respect to any restraining order for alleged breach of any restriction
on competition, non-disclosure or non-disparagement provision, in the event of any other dispute between any Parties to this Agreement
involving the interpretation or performance of any covenant, condition, or obligation arising under this Agreement, or any of
the Exhibits attached hereto, that the Parties cannot themselves timely resolve to their mutual satisfaction, such dispute shall
first be submitted to mediation. Mediation proceedings shall take place at a location as mutually agreed to between the Parties
to this Agreement, or, in the event the Parties are unable to agree, then in Phoenix, Arizona, by a duly qualified, neutral attorney
experienced in mediation or other professional mediator chosen by the Parties. The Parties must mutually agree upon selection
of the mediator within ten (10) days of either Party sending written notice to the other Party requesting mediation of the dispute.
In the event that the Parties cannot timely agree upon selection of the mediator, then said mediator shall be selected in the
same manner as the single arbitrator as provided in Subsection 9.2(d)(i) below.

 

(b)
Mediation Proceedings. The mediation shall take place not later than thirty (30) days after selection of the mediator;
during which, with the assistance and counseling of said mediator, the Parties shall, in good faith, attempt to resolve their
dispute. Any remaining unresolved disputes or issues following completion of said mediation proceedings shall be set forth in
writing and be subject to final and binding arbitration in the manner set forth in Section 9.2 below. Each Party to the mediation
shall be responsible for their own costs and expenses. The costs of the mediation proceedings itself, and the fees and costs of
the mediator, shall be shared equally by the Parties to the dispute. The Parties to the mediation shall be required to maintain
the confidential nature of said proceedings.

 

9.2
Arbitration of Disputes.

 

(a)
Arbitration. After completion of the Section 9.1 mediation proceedings, as to any remaining unresolved issues or disputes,
the Parties to said mediation shall resolve, exclusively by final and binding arbitration, all such remaining claims, demands,
causes of action, disputes, controversies or other matters in question (“Claims”) arising out of, or related
to, the terms of this Agreement, and whether such claims originate from contract, tort or otherwise, and whether provided by statute
(federal, state or local statutes or laws, and rules, regulations and ordinances interpreting the same), equity or common law,
which either Party may have against the other, or their employees or agents in their capacity as such or otherwise.

 

(b)
Arbitration Procedures. Any arbitration hereunder shall be in accordance with the law of the State of Delaware and to the
extent that any issue or procedure covering the arbitration is not adequately addressed, said issue or procedure shall then be
in accordance with the then current rules of the American Arbitration Association (“AAA”) that are applicable
to the Claims asserted. Notwithstanding the foregoing, the arbitration need not be submitted to the American Arbitration Association
for administration. The arbitrator shall be a practicing attorney or retired judge with at least ten (10) years total working
experience and shall be mutually selected by the parties. No demand for arbitration may be made after the date when the institution
of legal or equitable proceedings based on such Claims would be barred by the applicable statute of limitation. The arbitrator
is not authorized to award punitive or other damages not measured by the prevailing party’s actual damages. An award of
damages shall include pre-award interest at the Arizona statutory rate from the time of the act or acts giving rise to the award.

 

    	 	 	 

    	 

    

 

(c)
Enforcement. If a Party refuses to honor its obligations under this Agreement, subject to Section 9.1 and Section 9.2(a)
and (b), the other Party may compel arbitration in either the federal or state court. The arbitrator shall apply the substantive
law of the State of Delaware, or federal law, or both, as applicable to the claims asserted. The arbitrator shall have exclusive
authority to resolve any dispute relating to the interpretation, applicability, or enforcement of this arbitration provision,
including any claim that all or part of this provision is void or voidable, and any claim that an issue or dispute related to
or arising out of this Agreement, is not subject to arbitration. The type and amount of discovery allowed in the arbitration proceedings
shall be in the sole discretion of the arbitrator. Any and all of the arbitrator’s orders, decisions and awards shall be
final and binding, and may be enforceable in, and judgment upon any award rendered by the arbitrator, may be confirmed and entered
by, any federal or state court having jurisdiction. All proceedings conducted pursuant to this Agreement, including any order,
decision or award of the arbitrator, shall be kept confidential by the Parties.

 

(d)
Number of Arbitrators; Venue; Written Decision and Findings. The arbitration shall be decided by a single arbitrator under
Section 9.2(d)(i).

 

(i)
Single Arbitrator. A single arbitrator shall first be appointed by agreement of the Parties, if such agreement can be reached
within ten (10) days of receipt of notice by one Party that the other Party has commenced arbitration proceedings. In the absence
of timely agreement, if the mediator which first heard the dispute pursuant to Section 9.1 was chosen pursuant to the provisions
of this Subsection 9.2(d), then said individual who served as mediator shall also serve as the single arbitrator. In the absence
of timely agreement, and if the Section 9.1 mediator was not chosen pursuant to the provisions of this Subsection 9.2(d) (e.g.,
because the Parties to the dispute mutually agreed upon the selection of the mediator), then the Parties shall request a list
of seven (7) arbitrators versed in the area of law that is the subject of the claim. The Parties shall select the single arbitrator
from said list, by agreement, if possible, and in the absence of said agreement within ten (10) days of receipt of said list,
the arbitrator shall be selected from said list by each Party, in turn striking a name from said list until only a single name
remains, who shall be the sole arbitrator.

 

(ii)
Intentionally Omitted.

 

(iii)
Resignation of Arbitrator. If any arbitrator resigns, a replacement shall be determined pursuant to Section 9.2(d)(i).

 

(iv)
Venue. The Parties agree that venue for arbitration shall be as mutually agreed to between the Parties to this Agreement,
or, in the event the Parties are unable to agree, then in Phoenix, Arizona.

 

(v)
Written Decision. The arbitrator shall issue written findings and award setting forth his or her decisions concerning said
arbitration.

 

    	 	 	 

    	 

    

 

(e)
Costs of Arbitration. When arbitration is actually conducted pursuant to this Agreement: (1) the Parties shall share equally
the obligation for payment of all of the arbitrator’s fees and any facility charges, if applicable, to secure the place
of arbitration; and (2) if said arbitrator determines that an award of attorney fees and costs to the prevailing Party would be
fair and equitable under the circumstances at the time of arbitration, then the Party in whose favor the arbitrator renders the
award shall be entitled to have and recover from the other Party all other costs incurred, including reasonable attorney fees
and expert witness fees, to the extent that such fees and costs would be allocable if incurred in a court action. To the extent
that said arbitrator’s award does not award attorney fees and costs to either Party, then, in such event, each Party shall
bear its own costs and attorney fees (exclusive of the facility charge portion of the costs of arbitration and fees of the arbitrator,
which are to be shared equally).

 

(f)
Waiver of Trial. The Parties acknowledge that by signing this Agreement including this mediation (Section 9.1) and arbitration
(Section 9.2) provision, said Party is waiving any right that said Party may otherwise have to a jury trial, or a court trial,
in regard to any claim hereunder, including a claim for breach of this Agreement.

 

9.3
Attorneys’ Fees. In the event of any dispute regarding the interpretation or enforcement of this Agreement that
was not settled by mediation, and therefore was subject to binding arbitration, and except as otherwise provided in Subsection
9.2(e) (i.e., a decision by the arbitrator not to award attorney’s fees and costs because to do so, in the arbitrator’s
opinion, would not be fair and equitable), the prevailing Party in such dispute, and whether or not litigation is commenced to
enforce said arbitration award by the prevailing Party, shall be entitled to recover its reasonable attorney fees and costs and
expenses, including, but not limited to, court costs, and specifically including with the definition of “costs” all
charges, expenses, consultant fees, expert witness fees, and attorney fees that the prevailing Party may incur, with or without
litigation, in such dispute that was the subject of binding arbitration, whether at trial or upon appeal, and including any bankruptcy
or other insolvency proceedings involving the non-prevailing Party.

 

ARTICLE
X

Termination

 

10.1
Termination. This Agreement may be terminated at any time prior to Closing, and the transactions contemplated hereby
may be abandoned at any such time, either (1) by mutual consent of the Company, Purchaser and Sellers, or (2) unilaterally by
the Company, Purchaser or Sellers if: (a) Closing shall not have occurred on or before the Closing Date; (b) there has been a
default by the other Party in any material respect in the performance of any covenant herein and such default has not been cured
by the Closing Date; (c) any representation or warranty of the other Party is untrue in any material respect; or (d) a condition
precedent to such Party’s obligation to close, as set forth in this Agreement, has not been satisfied or waived by the Closing
Date.

 

10.2
Effectiveness of Termination. Termination of this Agreement and abandonment of the transactions contemplated hereby
shall be deemed effective on the date mutually agreed upon by the Parties, or in the event of termination by unilateral action,
on the Closing Date.

 

ARTICLE
XI

Miscellaneous

 

11.1
Notices. All notices required for by this Agreement shall be made in writing by the mailing of the notice in the U.S.
mail to the last known address of the Party entitled thereto, registered or certified mail, return receipt requested. The addresses
of the Parties at Closing are:

 

	 	If
    to Buyer or the Company:	TARONIS
    TECHNOLOGIES, INC. 
	 	 	300
    W. Clarendon Avenue, Ste. 230
	 	 	Phoenix,
    Arizona 85013

 

    	 	 	 

    	 

    

 

	 	If
    to Brian or David:	WATER
    PILOT, LLC
	 	 	2627
    N.E. 203rd St., Suite 207
	 	 	Aventura,
    Florida 33180
	 	 	 
	 	If
    to IRBIS:	IRBIS
    INTERNATIONAL, LLC
	 	 	730
    Durant Ave., Suite 200
	 	 	Aspen,
    Colorado 81611

 

11.2
Counterparts. For the convenience of the Parties hereto, this Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 

11.3
Parties in Interest. This Agreement shall benefit and bind the Parties and their respective successors, and the Sellers’
heirs and personal representatives.

 

11.4
Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware.

 

11.5
Entire Agreement. This Agreement contains the entire understanding of the Parties relating to the subject matter hereof
and supersedes any prior agreements, written or oral, with respect to the same subject matter.

 

11.6
Legal Representation. PURCHASER AND ITS ATTORNEY HAVE NOT REPRESENTED THE SELLERS OR THE COMPANY TO THIS AGREEMENT
IN THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT. IN REGARD TO THIS AGREEMENT, SELLER AND COMPANY HAVE BEEN ADVISED TO SEEK
INDEPENDENT LEGAL COUNSEL. THE LANGUAGE USED IN THIS AGREEMENT WILL BE DEEMED TO BE THE LANGUAGE CHOSEN BY THE PARTIES TO EXPRESS
THEIR MUTUAL INTENT, AND NO RULES OF STRICT CONSTRUCTION WILL BE APPLIED AGAINST ANY PARTY.

 

11.7
Survival of Agreement After Closing. The representations, warranties and agreements contained in this Agreement, or
in any document delivered pursuant hereto, shall survive the Closing of the transactions contemplated hereby.

 

11.8
Severability. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable,
all other provisions of this Agreement shall be given effect separately from the provision or provisions determined to be illegal
or unenforceable and shall not be affected thereby.

 

11.9
Trading of Stock. The Parties acknowledge that the Purchaser is a public company listed on NASDAQ or the OTC Markets.
If any material, non-public information is disclosed pursuant to this Agreement or the Confidential Information, each Seller agrees
that it will comply with SEC Regulation FD (Fair Disclosure), and refrain from trading in Taronis Technologies, Inc. (Ticker:
“TRNX”) stock until the material non-public information is publicly disseminated

 

[Signature
Page Follows]

 

[The
Remainder of This Page is Intentionally Blank]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF the Parties have caused this Agreement to be executed as of the Effective Date.

 

PURCHASER:

 

TARONIS
TECHNOLOGIES, INC.

A
Delaware corporation

 

	/s/
    Scott Mahoney	 
	Name: 	Scott
    Mahoney 	 
	Title:	Authorized
    Signatory 	 

 

SELLER(S):

 

WORLD
WIDE WATER SAVINGS, INC. 

A
Florida corporation

 

	/s/
    Brian Kantor	 
	Brian
    Kantor, President 	 

 

IRBIS
INTERNATIONAL, LLC

A
Colorado limited liability company

 

	/s/
    B. Joseph Krabacher	 
	B.
    Joseph Krabacher, Manager	 

 

DAVID
STEINHURST

 

	/s/
    David Steinhurst	 
	David
    Steinhurst, Individually 	 

 

COMPANY:

 

WATER
PILOT, LLC

A
Florida limited liability company

 

	/s/
    Brian Kantor	 
	Name: 	Brian
    Kantor	 
	Title:	Co-Manager	 

 

	/s/
    David Steinhurst	 
	Name: 	David
    Steinhurst 	 
	Title:	Co-Manager

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