Document:

Exhibit
10.1

 

 

September
23, 2020

 

Al
Parker

722
Conestoga Road

Bryn
Mawr, PA 19010

Email:
alpesq@comcast.net

 

Re:       Reduction
in Salary Agreement

 

Dear
Al:

 

This
will confirm our discussion on September 22, 2020, wherein you accepted a 50% salary reduction that has become necessary given
Oncocyte Corporation’s (the “Company”) change in direction. Rather than terminating your employment,
the Company has made reasonable efforts to maintain you employed on a part time rather than full time basis. This change will
become effective on September 28, 2020 (“Effective Date”) and last no longer than December 18, 2020, when we
anticipate your employment will be terminated. The specific terms of this Reduction in Salary Agreement (“Agreement”)
are as follows:

 

1.       Compensation.
Your reduced bi-weekly rate of pay will be $6,956.86 ($180,878.36 annual equivalent) less applicable tax and payroll deductions,
payable in accordance with the Company’s payroll practices. The Company expects that you will continue to devote your best
efforts, skills and abilities while working for the Company. The Company may change your job title, description, and duties in
its sole discretion.

 

2.       Paid
Time Off. You will not accrue paid time off (“PTO”) for the duration of this Agreement. You will have the
option to supplement your compensation with any accrued but unused paid time off (“PTO”) that you have earned up to
the Effective Date of this Agreement. Any accrued PTO will be paid at your full time pay rate. In the event that you do not use
all of your accrued PTO, the Company will pay you for any remaining accrued but unused PTO at the end of your employment.

 

3.       Deferred
Compensation. Up to and including the Effective Date of this Agreement, the Company will agree to pay you the
Deferred Compensation that you have earned as described in the May 7, 2020 Acknowledgement and Agreement. You have agreed
that you will not continue to earn Deferred Compensation after the Effective Date of this Agreement. You agree that the May
7, 2020 Acknowledgement and Agreement shall be amended to replace the December 4, 2020 end date with the Effective Date of
this Agreement. The Deferred Compensation shall be payable pursuant to the terms provided in Paragraph 4 of the May 7, 2020
Acknowledgement and Agreement or at the time your employment with the Company is terminated (either by you or the Company),
whichever is earlier. All other terms of the May 7, 2020 Acknowledgement and Agreement shall remain the same.

 

    	 

     

    

 

4.       Incentive
Stock Options. You will continue to participate in the Company’s Equity Incentive Plan as detailed in your Employment
Agreement.

 

5.       Benefits.
You will remain eligible to participate in the Company’s Health and Welfare benefit plans for the duration of this Agreement.

 

6.       Confidentiality
& Work Product. Your confidentiality obligations to the Company will remain the same. The Confidentiality and Inventions
Assignment Agreement that you executed with the Company shall remain in full force and effect, including but not limited to your
obligations not to disparage the Company.

 

7.       At-Will
Employment. Your employment with the Company is and shall continue to be at-will and may be terminated at any time by
either you or the Company with or without cause or advance notice. The anticipated end date of this Agreement is not a guarantee
of employment for any specified term.

 

8.       Modification.
The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well
as any of the terms set forth herein at any time in the future.

 

9.       Entire
Agreement. This offer letter and the documents referred to herein constitute the entire agreement and understanding of
the parties with respect to the subject matter of this Agreement, and supersede any and all prior understandings and agreements,
whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

10.       Acceptance.
Please confirm your acceptance of this Agreement by signing this letter in the space indicated. Your signature will acknowledge
that you have read, understood and agreed to the terms and conditions of this offer letter.

 

We
appreciate all of your hard work, and we know we will have your support as we all strive for continued business success.

 

If
you have any questions about this information, please feel free to contact me.

 

	 	Sincerely,
	 	 
	 	/s/
    Ronnie Andrews
	 	Ronnie
    Andrews
	 	President
    & CEO

 

    	 

     

    

 

I
have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further
acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein.

 

	/s/Albert
    Parker	 	 
	Signed	 	 
	 	 	 
	Albert
    Parker	 	 
	Name	 	Date
    SignedExhibit
10.2

 

 

September
23, 2020

 

Lyndal
Hesterberg

2526
Logan Drive

Loveland,
CO 80538

Email:
Hesterberg.Lyndal@gmail.com

 

	 	Re:	Reduction
    in Salary Agreement

 

Dear
Lyndal:

 

This
will confirm our discussion on September 22, 2020, wherein you accepted a 50% salary reduction that has become necessary given
Oncocyte Corporation’s (the “Company”) change in direction. Rather than terminating your employment,
the Company has made reasonable efforts to maintain you employed on a part time rather than full time basis. This change will
become effective on September 28, 2020 (“Effective Date”) and last no longer than December 18, 2020, when we
anticipate your employment will be terminated. The specific terms of this Reduction in Salary Agreement (“Agreement”)
are as follows:

 

1.
Compensation. Your reduced bi-weekly rate of pay will be $6678.46 ($173,639.96 annualized) less applicable tax and
payroll deductions, payable in accordance with the Company’s payroll practices. The Company expects that you will continue
to devote your best efforts, skills and abilities while working for the Company. The Company may change your job title, description,
and duties in its sole discretion.

 

2.
Paid Time Off. You will not accrue paid time off (“PTO”) for the duration of this Agreement. You will have
the option to supplement your compensation with any accrued but unused paid time off (“PTO”) that you have earned
up to the Effective Date of this Agreement. Any accrued PTO will be paid at your full time pay rate. In the event that you do
not use all of your accrued PTO, the Company will pay you for any remaining accrued but unused PTO at the end of your employment.

 

3. Deferred
Compensation. Up to and including the Effective Date of this Agreement, the Company will agree to pay you the
Deferred Compensation that you have earned as described in the May 7, 2020 Acknowledgement and Agreement. You have agreed
that you will not continue to earn Deferred Compensation after the Effective Date of this Agreement. You agree that the May
7, 2020 Acknowledgement and Agreement shall be amended to replace the December 4, 2020 end date with the Effective Date of
this Agreement. The Deferred Compensation shall be payable pursuant to the terms provided in Paragraph 4 of the May 7, 2020
Acknowledgement and Agreement or at the time your employment with the Company is terminated (either by you or the Company),
whichever is earlier. All other terms of the May 7, 2020 Acknowledgement and Agreement shall remain the same.

 

    	 

     

    

 

4.
Incentive Stock Options. You will continue to participate in the Company’s Equity Incentive Plan as detailed
in your Employment Agreement.

 

5.
Benefits. You will remain eligible to participate in the Company’s Health and Welfare benefit plans for the duration
of this Agreement.

 

6.
Confidentiality & Work Product. Your confidentiality obligations to the Company will remain the same. The Confidentiality
and Inventions Assignment Agreement that you executed with the Company shall remain in full force and effect, including but not
limited to your obligations not to disparage the Company.

 

7.
At-Will Employment. Your employment with the Company is and shall continue to be at-will and may be terminated at any
time by either you or the Company with or without cause or advance notice. The anticipated end date of this Agreement is not a
guarantee of employment for any specified term.

 

8.
Modification. The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms
of employment, as well as any of the terms set forth herein at any time in the future.

 

9.
Entire Agreement. This offer letter and the documents referred to herein constitute the entire agreement and understanding
of the parties with respect to the subject matter of this Agreement, and supersede any and all prior understandings and agreements,
whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

10.
Acceptance. Please confirm your acceptance of this Agreement by signing this letter in the space indicated. Your signature
will acknowledge that you have read, understood and agreed to the terms and conditions of this offer letter.

 

We
appreciate all of your hard work, and we know we will have your support as we all strive for continued business success.

 

If
you have any questions about this information, please feel free to contact me.

 

	 	Sincerely,
	 	 
	 	/s/
    Ronnie Andrews
	 	 
	 	Ronnie
    Andrews
	 	President
    & CEO

 

    	 

     

    

 

I
have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further
acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein.

 

	/s/
    Lyndal Hesterberg	 	 
	Signed	 	  
	 	 	 
	Lyndal
    Hesterberg	 	 
	Name	 	Date
    Signed

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