Document:

Exhibit
10.1

 

 

VIA
EMAIL

 

February
28, 2022

 

Joseph
W. Vazzano, CPA

 

Dear
Joseph:

 

This
letter agreement sets forth the terms of your employment as Senior Vice President, Chief Financial Officer, effective March 7, 2022 (the
“Effective Date”).

 

1.
Duties; Best Efforts.

 

As
Senior Vice President, Chief Financial Officer, you shall have the duties, responsibilities, and authority commensurate therewith, and
shall report to the Chief Executive Officer of the Company. You shall perform all duties and accept all responsibilities incident to
such position as may be reasonably assigned to you. You represent that you are not subject to or a party to any employment agreement,
noncompetition covenant, or other agreement that would be breached by, or prohibit you from executing, this letter agreement (“Agreement”),
or which would prevent you from fully performing your duties and responsibilities hereunder.

 

During
your employment, you will devote your best efforts and full time and attention to promoting the business and affairs of the Company and
its affiliates, and you will engage in other business activities only if such activities do not materially interfere or conflict with
your obligations to the Company hereunder, including, without limitation, your obligations pursuant to Section 4 below.

 

2.
Compensation and Benefits.

 

(a) Base
Salary. As of the Effective Date, you will receive an annual base salary of $360,000 (“Base Salary”), as
approved by the Compensation Committee of the Board of Directors of the Company and payable in accordance with the regular payroll
practices of the Company. If the Company effectuates a successful reverse stock split and maintains its Nasdaq listing in 2022, your
Base Salary will increase to $400,000 as of the later of (i) the next administratively possible payroll date after completion
of the reverse stock split, or (ii) the first payroll date of Q3 2022.

 

 

    	 

    	 

    

 

(b)
Annual Bonus. During your employment, you may be considered for an annual discretionary bonus (“Annual Bonus”)
in addition to your Base Salary, with a target of 40% of your Base Salary (“Target Annual Bonus Opportunity”). Annual
Bonus compensation in any year, if any, will be determined in the Company’s sole discretion, and shall be based on your performance
and that of the Company, as well as market factors. Except as provided below under Section 3, to be eligible to receive an Annual Bonus
as described above, you must be employed in good standing, and not have provided notice of resignation or been provided notice of termination,
on the date that the Annual Bonus is paid.

 

(c)
Equity Compensation. In connection with your employment, and subject to Compensation Committee discretion and approval, you may
be entitled to receive (i) stock option grants to purchase shares of Company common stock and (ii) other long-term equity compensation
grants (collectively, “Equity Awards”) under the Abeona Therapeutics Inc. 2015 Equity Incentive Plan (“Plan”),
subject to the terms and conditions of the Plan and the agreement memorializing the terms of the Equity Awards.

 

(d)
Sign-On Equity. As approved by the Compensation Committee, in connection with execution of this Agreement you will be granted
200,000 shares of restricted stock (“Restricted Shares”). If the Company effectuates a successful reverse stock split and
maintains its Nasdaq listing in 2022, you will be granted an additional 30,000 Restricted Shares on or about the later of (i)
the next administratively possible payroll date after completion of the reverse stock split, or (ii) the first payroll date of Q3 2022.
In the future, you may be granted options under the Abeona Therapeutics 2015 Equity Incentive Plan to purchase shares of the Company’s
Common Stock (“Option Shares”) at an exercise price per share equal to the Fair Market Value of a share of Common Stock (each
term as defined in the Equity Incentive Plan) on the date of grant.

 

Option
Shares and Restricted Shares will vest over a forty-eight (48) month period, with one quarter (25%) vesting on the one-year anniversary
of the Effective Date and the remaining seventy-five percent (75%) of the Option Shares vesting in equal installments thereafter over
the remaining thirty-six (36) months—Restricted Shares annually and Options monthly—commencing with the first such month
following the first anniversary of the Effective Date.

 

Equity
vesting is subject to your continued employment with the Company and/or its Affiliates through the applicable vesting dates, and subject
to the terms and conditions of the Company’s Equity Incentive Plan, except as provided below.

 

(e)
Change in Control Vesting. If you remain continuously employed from the Effective Date through the date of a Change in Control
(as defined below), notwithstanding the terms of any equity incentive plan or award agreements, as applicable, all outstanding unvested
stock options granted to you during your employment with the Company shall become fully vested and exercisable and will remain exercisable
for three (3) months following the date of a Change in Control, and all outstanding long-term equity compensation awards, other than
stock options, shall become fully vested and the restrictions thereon shall lapse. Pursuant to the terms of the Plan, the exercise price
of the stock options will be the fair market value of the Company’s common stock on the date that the stock options were granted.

 

(f)
Benefits. During your employment, you will be eligible to participate in such health and other group insurance and other employee
benefit plans and programs of the Company as are in effect from time to time, on the same basis as those in commensurate positions of
the Company. Your participation will be subject to the terms of the applicable plan documents and generally applicable Company policies.
The Company reserves the right to amend or terminate any employee benefit plan, program and policy in its discretion at any time.

 

 

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(g)
Paid Time Off. You will be entitled to twenty (20) days of paid time off (vacation days plus sick time/personal time) per year,
accrued at a rate in accordance with the Company’s policies from time to time in effect, in addition to holidays observed by the
Company. Paid Time Off may be taken at such times and intervals as you shall determine, subject to the business needs of the Company
and the responsibilities of your position.

 

3.
Employment Termination.

 

(a)
Termination of Employment; Accrued Amounts. The Company may terminate your employment for any reason, and you may voluntarily
terminate your employment hereunder for any reason, in each case at any time upon written notice to the other party (the date on which
your employment terminates for any reason is herein referred to as the “Termination Date”). Upon the termination of
your employment for any reason, you (or your beneficiary or estate, as applicable, in the event of your death) will be entitled to (i)
payment of any Base Salary earned but unpaid through the Termination Date, (ii) any accrued unused vacation days, (iii) additional vested
benefits (if any) in accordance with the applicable terms of applicable Company arrangements, and (iv) any unreimbursed expenses in accordance
with the Company’s business expense reimbursement policies (collectively, the “Accrued Amounts”), provided,
however, that if your employment hereunder is terminated (A) by the Company without Cause (as defined below) or (B) by you for
Good Reason (as defined below), then you will be eligible to receive any Annual Bonus awarded for a prior year, but not yet paid or due
to be paid as of the Termination Date.

 

(b)
Severance. If your employment is terminated (i) by the Company other than for Cause or (ii) by you for Good Reason (as defined
below), in addition to the Accrued Amounts and in lieu of any payments or benefits under any other Company separation policy or program,
you will be entitled to: (A) a payment equal to the sum of twelve (12) months of your Base Salary plus twelve (12) months of your Target
Annual Bonus Opportunity (the amount of such payment, the “Severance Amount”); and (B) a payment equal to the premiums
that you would pay if you elected continued health coverage under the Company’s health plan for you and your eligible dependents
for the twelve (12) month period following the Termination Date, less the applicable active employee rate, which premiums will be calculated
based on the rate determined under the COBRA rate in effect on the Termination Date (“Medical Benefit Payment”); provided
that any delays in the settlement or payment of such awards that are set forth in the applicable award agreement and that are required
under Section 409A of the Internal Revenue Code, as amended (the “Code”), and the Treasury Regulations thereunder
(“Section 409A”) shall remain in effect. The Company’s obligations to make the payments and provide the benefits
set forth in (A) and (B) in this Section 3(b) shall be conditioned upon your continued compliance with your obligations under Section
4 below and your execution and nonrevocation of a release of claims in favor of the Company and its affiliates in a form provided by
the Company (“Release”). Notwithstanding any provision to the contrary herein (other than the provisions of Section
7 below), and without limitation of any remedies to which the Company may be entitled, (I) the Severance Amount shall be paid in installments
in accordance with the Company’s regular payroll practices during a twelve (12) month period commencing within sixty (60) days
following the Termination Date (with the first such payment to include all installment amounts from the Termination Date), and (II) the
Medical Benefit Payment shall be paid in a lump sum within sixty (60) days following the Termination Date; provided that the Release
is effective.

 

 

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(c)
Change in Control Termination. Notwithstanding any other provision contained herein, if your employment hereunder is terminated
by you for Good Reason (as defined below) or by the Company without Cause, in each case within twelve (12) months following a Change
in Control, in addition to the Accrued Amounts and in lieu of any payments or benefits under any other Company separation policy or program,
you will be entitled to receive (A) a payment equal to the sum of twelve (12) months of your Base Salary plus twelve (12) months of your
Target Annual Bonus Opportunity (such amount, the “CIC Severance Amount”); and (B) a payment equal to the premiums
that you would pay if you elected continued health coverage under the Company’s health plan for you and your eligible dependents
for the twelve (12) month period following the Termination Date, less the applicable active employee rate, which premiums will be calculated
based on the rate determined under the COBRA rate in effect on the Termination Date (“CIC Medical Benefit Payment”).
If the Change in Control is a “change in control event” as defined under Section 409A, (I) the CIC Severance Amount shall
be paid in a lump sum within sixty (60) days following the Termination Date; and (II) the CIC Medical Benefit Payment shall be paid in
a lump sum within sixty (60) days following the Termination Date. The Company’s obligations to provide the payments and benefits
described in this Section 3(c) shall be conditioned upon your continued compliance with your obligations under Section 4 below and your
execution and delivery to the Company of an effective Release.

 

(d)
Resignation of Positions. Upon your termination of employment with the Company for any reason, you will be deemed to have resigned,
as of the Termination Date, from all positions you then hold with the Company and its affiliates, and you agree to execute all documents
necessary to effectuate the same.

 

(e)
Cooperation. Following the termination of your employment with the Company for any reason, you will reasonably cooperate with
the Company upon request of the CEO, General Counsel, or the Board, and be reasonably available to the Company (taking into account your
other business endeavors) with respect to matters arising out of your services to the Company and its subsidiaries, including, in connection
with any legal proceeding, providing testimony and affidavits; provided, that, the Company shall make reasonable efforts
to minimize disruption of your other activities. The Company shall reimburse you for reasonable expenses incurred in connection with
such cooperation.

 

(f)
Definitions. For purposes of this Agreement, the following terms have the following meanings:

 

(i)
“Cause” shall mean: (A) your substantial failure to perform your duties (other than any such failure resulting from
incapacity due to physical or mental disability) that continues for fifteen (15) calendar days after written notice from the Company;
(B) your failure to comply with any valid and legal directive of the CEO or the Board (as applicable) that continues for fifteen (15)
calendar days after written notice from the Company; (C) your engagement in dishonesty, illegal conduct, or misconduct (or the discovery
of your having engaged in such conduct in the past), which, in each case, materially harms or is reasonably likely to materially harm,
reputationally, financially or otherwise, the Company or its subsidiaries; (D) your embezzlement, misappropriation, or fraud, whether
or not related to your employment with the Company; (E) your conviction of or plea of guilty or nolo contendere to a crime that constitutes
a felony; (F) your willful violation of a material policy of the Company; (G) your willful or grossly negligent unauthorized disclosure
of Confidential Information (as defined below); or (H) your material breach of any material obligation under this Agreement or any other
written agreement between you and the Company that continues for fifteen (15) calendar days after written notice from the Company (if
such breach is reasonably curable); or (I) any willful material failure by you to comply with the Company’s written policies or
written rules, as they may be in effect from time to time.

 

 

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(ii)
“Change in Control” shall have the meaning defined in subparagraph (ii) of the definition of such term under the Appendix
in the Plan as in effect on the date hereof.

 

(iii)
“Good Reason” shall mean the occurrence of any of the following, in each case without your written consent: (A) a
material reduction of at least ten percent (10%) of your Base Salary other than a general reduction in Base Salary that affects all similarly
situated executives; (B) a material reduction of at least thirty percent (30%) of the Target Annual Bonus Opportunity other than a general
reduction in the Target Annual Bonus Opportunity that affects all similarly situated executives; (C) a permanent and material relocation
of your principal place of employment, which for purposes of this Agreement, means a relocation of more than fifty (50) miles; (D) any
material breach by the Company of any material provision of this Agreement; or (E) a material adverse change in your title, authority,
duties, or responsibilities (including the reporting structure applicable to you, other than temporarily while you are physically or
mentally incapacitated); provided, however, that you cannot terminate your employment for Good Reason unless you have provided
written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within sixty (60)
calendar days following the initial existence of such grounds and the Company has had thirty (30) calendar days from the date on which
such notice is provided to cure such circumstances. If you do not terminate your employment for Good Reason within sixty (60) calendar
days after expiration of the cure period (in which the Company shall not have so cured such grounds), then you will be deemed to have
waived your right to terminate for Good Reason with respect to such grounds.

 

4.
Restrictive Covenants.

 

This
offer of employment is contingent upon your signing the Company’s Policy on Insider Trading, Whistle Blower Policy, Code of Ethics,
and the standard Employee Confidentiality, Non-competition and Proprietary Information Agreement attached hereto as Exhibit A,
the terms of which are incorporated herein by reference in its entirety.

 

5.
Conditions of Employment

 

This
offer of employment is contingent upon your providing an I-9 Employment Verification Form. You will be required to submit documentation
that establishes your identity and employment eligibility in accordance with the U.S. Immigration and Naturalization requirements, if
appropriate. The offer of employment contained in this Agreement, and your continued employment, are contingent upon and subject to a
satisfactory background and reference check (which you hereby authorize), including but not limited to confirmation of your stated credentials.
It will be in the Company’s sole discretion at any time to determine the scope of the background and reference check, whether and
when to conduct or update such background check and reference check, and whether such check is satisfactory.

 

6.
At-Will Employment.

 

Your
employment with the Company is at-will. This means that you will have the right to terminate your employment relationship with the Company
at any time for any reason. Similarly, the Company will have the right to terminate its employment relationship with you at any time
for any reason.

 

 

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7.
Section 409A.

 

(a)
To the extent applicable, it is intended that this Agreement (including all amendments hereto, if any) either meets the requirements
for exclusion from coverage under Section 409A, or alternatively complies with the requirements of Section 409A, so that the income inclusion
provisions of Section 409A(a)(1) of the Code do not apply to you. This Agreement shall be interpreted and administered in a manner consistent
with this intent.

 

(b)
To the extent that payment of amounts under this Agreement that are subject to Section 409A are payable upon termination of your employment,
such amounts shall only be payable if such termination also constitutes a “separation from service,” within the meaning of
Section 409A, from the Company and its affiliates. If you are deemed on the date of your separation from service to be a “specified
employee” (within the meaning of Section 409A(a)(2)(B) of the Code) of the Company, then, notwithstanding any other provision herein,
with regard to any payment that is “nonqualified deferred compensation” subject to Section 409A and that is payable on account
of your “separation from service,” such payment shall not be made prior to twelve (12) months from the date of your separation
from service, following which all payments so delayed shall be paid to you in a lump sum without interest.

 

(c)
Any taxable reimbursement of business or other expenses provided for under this Agreement that is subject to Section 409A shall be subject
to the following conditions: (i) the expenses eligible for reimbursement in one taxable year shall not affect the expenses eligible for
reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense shall be made no later than the end of the year
after the year in which such expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange
for another benefit.

 

(d)
In applying Section 409A to amounts paid pursuant to this Agreement, each payment shall be treated as a separate payment and any right
to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. Whenever a payment
under this Agreement specifies a payment period within a specified number of days, the actual date of payment within the specified period
shall be within the sole discretion of the Company. If the consideration and revocation period for the Release spans two taxable years
and any amount hereunder is “nonqualified deferred compensation” subject to Section 409A and payable on account of your separation
from service, such payment shall not be made or commence until the second taxable year.

 

 

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8.
Section 280G.

 

In
the event of a change in ownership or control under Section 280G of the Code, if it shall be determined that any payment or distribution
in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for your benefit, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute
an “excess parachute payment” within the meaning of Section 280G of the Code, the aggregate present value of the Payments
under this Agreement shall be reduced (but not below zero) to the Reduced Amount (defined below) if and only if the Accounting Firm (described
below) determines that the reduction will provide you with a greater net after-tax benefit than would no reduction. No reduction shall
be made unless the reduction would provide you with a greater net after-tax benefit. The determinations under this Section 8 shall be
made as follows:

 

(i)
The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of
Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined
in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under Section
4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

 

(ii)
Payments under this Agreement shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in the economic
value deliverable to you. Where more than one payment has the same value for this purpose and they are payable at different times, they
will be reduced on a pro-rata basis. Only amounts payable under the Agreement shall be reduced pursuant to this Section.

 

(iii)
All determinations to be made under this Section shall be made by an independent certified public accounting firm selected by the Company
and agreed to by you immediately prior to the change in ownership or control transaction (the “Accounting Firm”).
The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and you within ten (10) days
of the transaction. Any such determination by the Accounting Firm shall be binding upon the Company and you. All of the fees and expenses
of the Accounting Firm in performing the determinations referred to in this Section shall be borne solely by the Company.

 

9.
Miscellaneous.

 

(a)
All amounts paid to you under this Agreement during or following your employment shall be subject to withholding and other employment
taxes imposed by applicable law, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes
that the Company is required to withhold pursuant to any law or governmental rule or regulation. You shall be solely responsible for
the payment of all taxes imposed on you relating to the payment or provision of any amounts or benefits hereunder.

 

(b)
This Agreement may be executed by PDF or facsimile signatures in any number of counterparts, each of which shall be deemed an original,
but all such counterparts shall together constitute one and the same instrument.

 

(c)
From and after the Effective Date, this Agreement (including Exhibit A hereto) constitutes the entire agreement between you and
the Company, and supersedes all prior representations, agreements and understandings (including any prior course of dealings), both written
and oral, between you and the Company with respect to the subject matter hereof. In the event of any inconsistency between this Agreement
and any other plan, program, practice or agreement in which you are a participant or a party, this Agreement shall control unless such
other plan, program, practice or agreement is more favorable to you (term by term) or specifically refers to this Agreement as not controlling.

 

(d)
This Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively
or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by you and the Company. This Agreement
and your rights and obligations hereunder may not be assigned by you, and any purported assignment by you in violation hereof shall be
null and void. The Company is authorized to assign this Agreement to a successor to substantially all of its assets or business. Nothing
in this Agreement shall confer upon any person not a party hereto, or the legal representatives of such person, any rights or remedies
of any nature or kind whatsoever under or by reason of this Agreement, except the personal representative of the deceased. This Agreement
shall inure to the benefit of, and be binding on, the successors and assigns of each of the parties, including, without limitation, your
heirs and the personal representatives of your estate and any successor to all or substantially all of the business and/or assets of
the Company.

 

 

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(e)
No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall
be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity.
Except as explicitly provided herein, no delay or omission by a party in exercising any right, remedy or power under this Agreement or
existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party
from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion.

 

(f)
This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without giving effect to the conflicts
of law principles thereof.

 

(g)
Any reference to a Section of the Code shall be deemed to include any successor to such Section.

 

(h)
This Agreement and the compensation payable hereunder shall be subject to any applicable clawback or recoupment policies, share trading
policies, and other policies that may be implemented by the Board from time to time with respect to officers of the Company.

 

(i)
Any notices required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be deemed
to have been given (a) when hand delivered, (b) when emailed to the email address stated below, or (c) when actually received, if notice
is mailed by registered or certified mail to the physical address stated below.

 

	If
    to Joseph W. Vazzano:

     

    Joseph
    W. Vazzano, CPA

    [●]

     

     
	If
    to Company:

     

    Abeona
    Therapeutics Inc.

    c/o
    Chief Executive Officer

    1330
    Avenue of the Americas, 33rd Floor

    New
    York, NY 10019

    Email:
    legalnotice@abeonatherapeutics.com

 

(j)
Please acknowledge your acceptance of this offer by returning a signed copy of this Agreement. If there are any other agreements of any
type that you are aware of that may impact or limit your ability to perform your job at the Company, please let us know as soon as possible.
In accepting this offer, you represent and warrant to the Company that you are not subject to any legal or contractual restrictions that
would in any way impair your ability to perform your duties and responsibilities to the Company, and that all information you provided
to the Company is accurate and complete in all respects.

 

 

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	Very
    truly yours,	 
	 	 
	/s/
    Vishwas Seshadri	 
	Vishwas
    Seshadri, Ph.D., M.B.A.	 
	Chief
    Executive Officer	 
	Abeona
    Therapeutics Inc.	 

 

I accept this offer of employment with Abeona Therapeutics Inc. 

 

	/s/
    Joseph W. Vazzano	Date:
    February 28, 2022
	Joseph
    W. Vazzano	 

 

Signature
page to Joseph W. Vazzano Offer Letter Dated February 28, 2022

 

 

    	9

    	 

    

 

 

Exhibit
A

 

EMPLOYEE
CONFIDENTIALITY, NON-COMPETITION, AND

PROPRIETARY
INFORMATION AGREEMENT

 

THIS
AGREEMENT between Abeona Therapeutics Inc., a Delaware corporation (the “Company”), and Joseph W. Vazzano (the “Employee”),
is made effective as of February 28, 2022.

 

1.
Employee will make full and prompt disclosure to the Company of all inventions, improvements, modifications, discoveries, methods, technologies,
biological materials, and developments, and all other materials, items, techniques, and ideas related directly or indirectly to the business
of the Company (collectively, “Intellectual Property”), whether patentable or not, made or conceived by Employee or
under Employee’s direction during Employee’s employment with the Company, whether or not made or conceived during normal
working hours, or on the premises of the Company.

 

2.
Employee agrees that all Intellectual Property, as defined above, shall be the sole property of the Company and its assigns, and the
Company and its assigns shall be the sole owner of all patents and other rights in connection therewith. Employee hereby assigns to the
Company any rights Employee may have or acquire in all Intellectual Property and all related patents, copyrights, trademarks, trade names,
and other industrial and intellectual property rights and applications therefore, in the United States and elsewhere. Employee further
agrees that with regard to all future developments of Intellectual Property, Employee will assist the Company in every way that may be
reasonably required by the Company (and at the Company’s expense) to obtain and, from time to time, enforce patents on Intellectual
Property in any and all countries that the Company may require, and to that end, Employee will execute all documents for use in applying
for and obtaining such patents thereon and enforcing the same, as the Company may desire, together with any assignment thereof to the
Company or persons designated by the Company, and Employee hereby appoints the Company as Employee’s attorney to execute and deliver
any such documents or assignments requested by the Company. Employee’s obligation to assist the Company in obtaining and enforcing
patents for Intellectual Property in any and all countries shall continue beyond the termination of Employee’s employment with
the Company, but the Company shall compensate Employee at a reasonable, standard hourly rate following such termination for time directly
spent by Employee at the Company’s request for such assistance.

 

3.
Employee hereby represents that Employee has no continuing obligation to assign to any former employer or any other person, corporation,
institution, or firm any Intellectual Property as described above. Employee represents that Employee’s performance of all the terms
of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information
acquired by Employee, in confidence or in trust, prior to Employee’s employment by the Company. Employee has not entered into,
and Employee agrees not to enter into, any agreement (either written or oral), which would put Employee in conflict with this Agreement.

 

4.
Employee agrees to assign to the Company any and all copyrights and reproduction rights to any material prepared by Employee in connection
with this Agreement and/or developed during the term of Employee’s employment with the Company.

 

 

    	 

    	 

    

 

5.
Employee understands and agrees that a condition of Employee’s employment and continued employment with the Company is that Employee
has not brought and will not bring to the Company or use in the performance of Employee’s duties at the Company any materials or
documents rightfully belonging to a former employer which are not generally available to the public. 

 

6.
Employee recognizes that the services to be performed by Employee hereunder are special, unique, and extraordinary and that, by reason
of Employee’s employment with the Company, Employee may acquire Confidential Information (as hereinafter defined) concerning the
operation of the Company, the use or disclosure of which would cause the Company substantial loss and damage which could not be readily
calculated and for which no remedy at law would be adequate. Accordingly, except as provided in the last Paragraph in this Section 6,
Employee agrees that Employee will not (directly or indirectly) at any time, whether during or after Employee’s employment with
the Company:

 

	 	(i)	knowingly
    use for personal benefit, or for any other reason not authorized by the Company, any Confidential Information that Employee may acquire
    or has acquired by reason of Employee’s employment with the Company; or
	 	 	 
	 	(ii)	disclose
    any such Confidential Information to any person or entity except (A) in the performance of Employee’s obligations to the Company
    hereunder, (B) as required by a court of competent jurisdiction or as permitted below, or (C) with the prior written consent of the
    Chief Executive Officer of the Company.

 

As
used herein, “Confidential Information” includes, for example and without limitation, information with respect to
the facilities and methods of the Company, reagents, chemical compounds, cell lines or subcellular constituents, organisms, or other
biological materials, trade secrets, and other Intellectual Property, systems, patents and patent applications, procedures, manuals,
confidential reports, financial information, business plans, prospects, or opportunities, personnel information, or lists of customers
and suppliers; provided, however, that Confidential Information shall not include any information that is known or becomes
generally known or available publicly (a) other than as a result of disclosure by Employee which is not permitted as described in clause
(ii) above, (b) as a result of wrongful conduct of a third party, or (c) because the Company discloses such Confidential Information
to others without obtaining an agreement of confidentiality.

 

Nothing
in this Agreement shall prohibit or restrict Employee from lawfully (a) initiating communications directly with, cooperating with, providing
information to, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory agency,
entity, or officials, including, without limitation, the United States Food and Drug Administration (FDA), the United States Securities
and Exchange Commission (SEC), or the United States Equal Employment Opportunity Commission (EEOC) (collectively, “Governmental
Authorities”) regarding a possible violation of any law; (b) responding to any inquiry or legal process directed to Employee
individually (and not directed to the Company) from any such Governmental Authorities; (c) testifying, participating or otherwise assisting
in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (d) making any other disclosures
that are protected under the whistleblower provisions of any applicable law. Notwithstanding the foregoing, Employee agrees that in making
any such disclosures or communications, Employee will take all reasonable precautions to prevent any unauthorized use or disclosure of
any information that may constitute Company Confidential Information to any parties other than any Governmental Authority. Employee further
understands that Employee is not permitted to disclose the Company’s attorney-client privileged communications or attorney work
product unless required by applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, Employee shall not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made
(A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely
for the purpose of reporting or investigating a suspected violation of law; or (ii) is made to Employee’s attorney in relation
to a lawsuit for retaliation against Employee for reporting a suspected violation of law; or (iii) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. This Agreement does not require Employee to obtain prior authorization
from the Company before engaging in any conduct described in this Paragraph, or to notify the Company that Employee has engaged in any
such conduct, except as required by applicable law or regulation.

 

 

    	 

    	 

    

 

7.
During the term of Employee’s employment with the Company and for one (1) year thereafter (the “Restricted Period”),
the Employee shall not, without the Company’s written consent, directly or indirectly, for Employee’s own account or for
the account of others, act as an officer, director, stockholder (other than as the holder of less than 1% of the outstanding stock of
any publicly traded company), owner, partner, employee, promoter, investor, consultant, manager or otherwise participate in the promotion,
financing, ownership, operation, or management of, or assist in or carry on through proprietorship, a corporation, partnership, or other
form of business entity which is in competition with the Company, within the United States or any other country, in the fields of gene
and cell therapy (a) that the Company is engaged in or has engaged in within one (1) year prior to the Employee’s separation from
the Company, or (b) in which the Company is actively seeking or planning to conduct Company Business as of the date of such termination
(the “Company Business”), and (c) about which the Employee possesses or has had access to Confidential Information.

 

During
the Restricted Period, the Employee shall not, whether for Employee’s own account or for the account of any other person (excluding
the Company): (i) solicit or contact in an effort to do business with any person who was or is a customer or prospective customer (i.e.,
any individual or entity with whom the Company was actively engaged in soliciting to do business) of the Company, or any affiliate of
the Company, at the time of Employee’s termination or at any time during the two (2) year period prior to Employee’s termination,
if such solicitation or contact is for the purpose of competition with the Company; or (ii) solicit or induce any of the Company’s
employees to leave their employment with the Company or accept employment with anyone else, or hire any such employees or persons who
were employed by the Company during the preceding twelve (12) months.

 

Nothing
herein shall prohibit or preclude the Employee from performing any other types of services that are not precluded by this Section 7 for
any other person.

 

Employee
has carefully read and considered the provisions of this Section 7 (including the Restricted Period, scope of activity to be restrained,
and the restriction’s geographical scope) and concluded them to be fair, appropriate and reasonably required for the protection
of the legitimate business interests of the Company, its officers, directors, employees, creditors, and shareholders. Employee understands
that the restrictions contained in this Section 7 may limit Employee’s ability to engage in a business similar to the Company’s
business, but acknowledges that Employee will receive adequate and affluent remuneration and other benefits from the Company hereunder
to justify such restrictions.

 

Employee
shall give prompt notice to the Company of Employee’s acceptance of employment or other fee-for-service relationship during the
Restricted Period, which notice shall include the name of, the business of, and the position that Employee shall hold with such other
employer. Employee also agrees to inform any prospective employer or business entity or person of the restrictions set forth in this
Agreement prior to accepting employment or entering into any business relationship.

 

 

    	 

    	 

    

 

8.
In the event that Employee’s employment is transferred by the Company to a subsidiary, affiliated company, or acquiring company
(as the case may be), Employee’s employment by such company will, for the purpose of this Agreement, be considered as continued
employment with the Company, unless Employee executes an agreement, substantially similar in substance to this Agreement, and until the
effective date of said agreement in any such company for which Employee becomes employed Employee agrees to be bound by and comply with
Employee’s obligations under this Agreement. It is likewise agreed that no changes in Employee’s position or title will operate
to terminate the provisions of this Agreement unless expressly agreed to in writing.

 

9.
Employee confirms that all Confidential Information is the exclusive property of the Company. All business records, papers, documents
and electronic materials kept or made by Employee relating to the business of the Company which comprise Confidential Information shall
be and remain the property of the Company during the Employee’s employment and at all times thereafter. Upon the termination, for
any reason, of Employee’s employment with the Company, or upon the request of the Company at any time, Employee shall deliver to
the Company, and shall retain no copies of any written or electronic materials, records and documents made by Employee or coming into
Employee’s possession concerning the business or affairs of the Company and which comprise Confidential Information. To the extent
that, upon termination, Employee has any Confidential Information or other proprietary material of the Company stored within any smart
phone or personal computer, email account, thumb drive or other storage device or cloud storage, Employee agrees to fully cooperate with
the Company to return such information and material and subsequently permanently delete and remove such information and material from
such devices (subject to any litigation preservation directive in effect), including, as necessary, providing access by the Company to
such devices to ensure compliance with this Paragraph. Employee further agrees, upon termination of Employee’s employment for any
reason, unless such employment is transferred to a subsidiary, affiliated or acquiring company of the Company, to return to the Company
all equipment, tools, or other devices owned by the Company that are then in Employee’s possession, however such items were obtained,
and Employee agrees not to reproduce or otherwise retain any document or data relating thereto.

 

10.
Subject to Section 6 with respect to disclosure to Governmental Authorities, Employee agrees and covenants that s/he will not at any
time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments, or
statements concerning the Company or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers,
investors and other associated third parties.

 

11.
Employee’s obligations under this Agreement shall survive the termination of Employee’s employment with the Company, regardless
of the manner of and reason for such termination or resignation, and shall be binding upon Employee’s heirs, executors, and administrators.

 

12.
Prior to entering the employ of the Company, Employee has lawfully terminated employment with all previous employers. Employee acknowledges
that this Agreement does not constitute a contract of employment for a term and does not otherwise imply that the Company will continue
his or her employment for any period of time, and the nature of Employee’s employment with the Company is at-will.

 

 

    	 

    	 

    

 

13.
Employee agrees that there is no Intellectual Property relevant to the subject matter of Employee’s employment with the Company,
which has been made or conceived or first reduced to practice by Employee alone or jointly with others prior to Employee’s employment
with the Company, which Employee desires to exclude from Employee’s obligations under this Agreement.

 

14.
No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right.
A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to
or waiver of any right on any other occasion.

 

15.
Employee agrees that in addition to any other rights and remedies available to the Company for any breach or threatened breach by Employee
of Employee’s obligations hereunder, the Company shall be entitled to enforcement of Employee’s obligations hereunder by
whatever means are at the Company’s disposal, including court injunction, without having to post a bond or other security. In the
event of any such breach or threatened breach by Employee, the Company shall be entitled to recover all damages permitted by law in addition
to its reasonably incurred costs and attorney’s fees in enforcing its rights hereunder, and the Restricted Period shall be extended
by the period of any such breach.

 

16.
The Company may assign this Agreement to any other corporation or entity which acquires (whether by purchase, merger, consolidation or
otherwise) all or substantially all of the business and/or assets of the Company. Employee shall have no rights of assignment.

 

17.
If any provision of this Agreement shall be declared invalid, illegal, or unenforceable, then such provision shall be enforceable to
the extent that a court deems it reasonable to enforce such provision. If such provision shall be unreasonable to enforce to any extent,
such provision shall be severed, and all remaining provisions shall continue in full force and effect.

 

18.
Employee hereby acknowledges receipt of the Company’s Confidentiality Policy.

 

19.
This Agreement shall be effective as of the date set forth below next to Employee’s signature.

 

20.
This Agreement and the employment offer letter constitute the entire contract between the parties hereto with regard to the subject matter
hereof. They supersede any other agreements, representations, or understandings (whether oral or written and whether express or implied)
which relate to the subject matter hereof.

 

21.
This Agreement shall be governed in all respects by the laws of the State of New York. Each of the Company and Employee (a) hereby irrevocably
submits to the exclusive jurisdiction of the state courts of the State of New York or the United States District Court for the Southern
District of New York for the purpose of any action between the Company and Employee arising in whole or in part under or in connection
with this Agreement, (b) hereby waives, to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as
a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should
be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named
courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts,
or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (c) hereby agrees not to commence any
such action other than before one of the above-named courts. Notwithstanding the previous sentence, the Company or Employee may commence
any action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the
above-named courts.

 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, Employee has executed this Agreement as of the date set forth above:

 

	EMPLOYEE	 
	 	 	 
	By:
    	/s/
    Joseph W. Vazzano	 
	 	Joseph
    W. Vazzano	 

 

ACCEPTED
AND AGREED TO BY THE COMPANY:

 

	By:
    	/s/
    Vishwas Seshadri	 
	 	Vishwas
    Seshadri, Ph.D., M.B.A.	 
	 	Chief
    Executive Officer	 

 

Signature
page to Exhibit A of Joseph W. Vazzano Offer Letter Dated February 28, 2022Document

Exhibit 10.1

April 22, 2022 
Steve Winchell

Pleasanton, California 

Re:    Employment Agreement
Dear Steve:
The Honest Company, Inc. (the “Company”) is pleased to offer you at-will employment in the position of EVP Research and Development, and Operations, on the terms and conditions set forth in this letter agreement (the “Agreement”).  
1.Employment by the Company.  This Agreement and your employment under the terms hereunder shall take effect on June 6, 2022 (the “Effective Date”).  This is an exempt position, and during your employment with the Company, you will devote your best efforts and substantially all of your business time and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies.  You shall perform such duties as are required by the Company’s Chief Executive Officer (“CEO”) to whom you will report.  Your primary work location, at which the Company expects you to work on a regular basis, shall be the Company’s office located in Los Angeles, California. The Company reserves the right to reasonably require you to perform your duties at places other than your primary office location from time to time, and to require reasonable business travel.
2.Compensation.
2.1.Base Salary.  For services to be rendered hereunder, you shall receive a base salary at the rate of $330,000 per year (the “Base Salary”), subject to standard payroll deductions and withholdings and payable in accordance with the Company’s regular payroll schedule.
1.2.Annual Bonus.  You will be eligible for an annual discretionary bonus with a target amount of 55% of your then current annual Base Salary (the “Annual Bonus”).  Whether you receive an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined by the Board of Directors of the Company and/or its Compensation Committee (the “Board”) in its discretion based upon the achievement of corporate and/or individual objectives and milestones that are determined in the sole discretion of the Board and other criteria to be determined by the Board. You must continue to be employed through the date the Annual Bonus is paid in order to earn such bonus. If your employment terminates for any reason prior to the payment date, you will not have earned, and will not be paid, any pro-rated bonus.  The Annual Bonus, if earned, shall be paid to you in a lump sum no later than March 31st of the calendar year that follows the performance year, subject to applicable payroll deductions and withholdings.
1.3.   Equity. Subject to the approval of the Board, the Company will grant you restricted stock units equivalent to $450,000, with the number of RSUs to be determined by the Board in its sole discretion. The restricted stock units will be subject to the terms and conditions of the applicable existing plan documents, 
1.

award agreements and grant notices, subject to compliance with Section 409A of the Internal Revenue Code and any other applicable law.  You will be eligible for future equity awards as determined by the Board in its sole discretion.
1.4.Sign on Bonus.   Subject to your satisfactory performance, you will be entitled to a sign on cash bonus of $40,000.  Having satisfactory performance and your continued employment by the Company through the dates listed below, you will be paid out in the following manner:
–$15,000 at the completion of 90 days from the Effective Date
–$10,000 at the completion of 9 months from the Effective Date
–$15,000 at the completion of 18 months from the Effective Date 
1.5.Relocation.   For the purposes of relocation to the Southern California area within the next 12 months, you will be entitled to a lump sum of $25,000 (grossed up).  This benefit will be in play for 12 months from the Effective Date.  

3.  Business Expenses.  You will be eligible for reimbursement of all reasonable, necessary and documented out-of-pocket business, entertainment, and travel expenses incurred by you in connection with the performance of your duties hereunder in accordance with the Company's expense reimbursement policies and procedures.
4.Company Policies; Standard Company Benefits.  The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.  You shall remain eligible to participate in all employee benefit programs for which you are eligible under the terms and conditions of the benefit plans that may be in effect from time to time.  The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees, including senior management, at any time.
5.At-Will Employment.  Your employment relationship is at-will.  Either you or the Company may terminate the employment relationship at any time, with or without cause or advance notice.   Subject to the “Good Reason” provision set forth in Section 7 and Section 8.3, the Company may, in its sole discretion, adjust salaries, incentive compensation, stock plans, benefits, job titles, locations, duties, responsibilities, and reporting relationships.  Upon termination of your employment for any reason, you shall resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.  
6.Outside Activities During Employment.  Except with the prior written consent of the Board, you will not during the term of your employment with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which you are a passive investor.  You may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of your duties hereunder.  You agree not to acquire, assume or participate in, directly or indirectly, any position, investment or interest 
2.

known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise.
7.Termination; Severance.
7.1.Involuntary Termination.  If you are subject to an Involuntary Termination and provided that you remain in compliance with the terms of this Agreement (including the conditions described in Section 7.3 below), the Company shall provide you with the following Severance Benefits: 
(a)Cash Severance.  The Company shall pay you, as severance, the equivalent of 6 months (the “Severance Period”) of your Base Salary in effect as of the date of your employment termination, subject to standard payroll deductions and withholdings and an amount equal to 6 months of health insurance under COBRA on an after-tax basis (the “Severance”). The Severance will be paid as a continuation on the Company’s regular payroll, beginning no later than the first regularly-scheduled payroll date following the sixtieth (60th) day after your Separation from Service, provided the Separation Agreement (as discussed in Section 7.3) has become effective.
(b)Payment of Continued Group Health Plan Benefits.  If you are eligible for and timely elect continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or any state law of similar effect (“COBRA”) following your Involuntary Termination, the Company will pay your COBRA group health insurance premiums for you and your eligible dependents directly to the insurer until the earliest of (A) the end of the period immediately following your Involuntary Termination that is equal to the Severance Period (the “COBRA Payment Period”), (B) the expiration of your eligibility for continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.  For purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care reimbursement plan under the Code.  Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether you elect continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.  On the first payroll date following the effectiveness of the Release, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the date of your Involuntary Termination, with the balance of the payments paid thereafter on the schedule described above.  If you become eligible for coverage under another employer’s group health plan, you must immediately notify the Company of such event, and all payments and obligations under this subsection shall cease.
3.

7.2.Termination for Cause; Resignation Without Good Reason; Death or Disability.  If you resign without Good Reason, or the Company terminates your employment for Cause, or upon your death or disability, then all payments of compensation by the Company to you hereunder will terminate immediately (except as to amounts already earned), and you will not be entitled to any Severance Benefits.
7.3.Conditions to Receipt of Severance Benefits.  The receipt of the Severance Benefits will be subject to you signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Separation Agreement”) by no later than the sixtieth (60th) day after your employment termination (“Release Deadline”).  No Severance Benefits will be paid or provided until the Separation Agreement becomes effective.  You shall also resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.
8.Definitions.  
8.1.Cause.  For purposes of this Agreement, “Cause” means any one of the following: (a) willful material breach by you of any material Company policy (including, but not limited to, the Company’s policies on nondiscrimination, anti-harassment, and confidential information) or your duties or obligations hereunder; (b) your willful engagement in conduct materially injurious to the Company, monetarily or otherwise; (c) acts of fraud, theft or other willful illegal acts calling into question your personal integrity, or conviction on a felony charge, whether or not related to your employment hereunder; or (d) your willful refusal to follow lawful instructions of the Board.  In order to terminate your employment for Cause pursuant to (a) or (d), but only to the extent the Board determines in its reasonable discretion that such breach is amenable to cure, the Board must provide you written notice within thirty (30) days after the first occurrence of the event giving rise to Cause setting forth the basis for the existence of Cause, allow you thirty (30) days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, the Company must terminate your employment not later than thirty (30) days after the expiration of the cure period.    
8.2.Code. For purposes of this Agreement, “Code” means the U.S. Internal Revenue Code of 1986 (as it has been and may be amended from time to time) and any regulations and guidance that has been promulgated or may be promulgated from time to time thereunder and any state law of similar effect.
8.3.Good Reason.  For purposes of this Agreement, “Good Reason” means any one of the following without your consent: (a) an assignment of duties or responsibilities (including reporting responsibilities) materially inconsistent with, or which materially reduce, your duties, authority, responsibilities and status with the Company; (b) an adverse change in your title; (c) any material reduction in your Base Salary, other than a reduction, generally applicable to other executives of the Company, by not more than 25%; (d) the relocation of your principal place of employment to a location that is more than twenty-five (25) miles away from its current location; or (e) the uncured breach of any material provision of this Agreement (or any other agreement with you) by the Company.  In order to resign for Good Reason, you must provide written notice to the Company’s Board within thirty (30) days after the first occurrence of the event giving rise to Good Reason setting forth the basis for your resignation, allow the Company thirty (30) days 
4.

from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, you must resign from all positions you then hold with the Company not later than thirty (30) days after the expiration of the cure period.
8.4.Involuntary Termination. For purposes of this Agreement, “Involuntary Termination” means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability.
8.5.Separation from Service. For purposes of this Agreement, “Separation from Service” means a “separation from service”, as defined under Treasury Regulation Section 1.409A-1(h).
9.Proprietary Information Obligations.  As a condition of your continued employment, you shall execute and abide by the Company’s standard form of Employee Confidential Information and Invention Assignment Agreement, attached as Exhibit A.  In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You acknowledge that you have not brought onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality and have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company.
10.Section 409A.  It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations Sections 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A.  For all purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulations Sections 1.409A 2(b)(2)(i) and (iii)), your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.  Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to you prior to the earliest of (i) the first date following expiration of the six-month period following 
5.

the date of your Separation from Service with the Company, (ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation.  Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred.  If the severance benefits are not covered by one or more exemptions from the application of Section 409A  and the Release Deadline occurs in the calendar year following the calendar year of your Separation from Service, the Release will not be deemed effective any earlier than the Release Deadline for purposes of determining the timing of provision of any severance benefits.  
11.Arbitration of All Disputes.
11.1.Agreement to Arbitrate.  To ensure the timely and economical resolution of disputes that may arise between you and the Company, both you and the Company mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by applicable law, you and the Company will submit solely to final, binding and confidential arbitration any and all disputes, claims, or causes of action arising from or relating to: (i)  the negotiation, execution, interpretation, performance, breach or enforcement of this Agreement; or (ii) your application, hiring, and employment with the Company (including but not limited to all statutory claims); or (iii) the termination of your employment with the Company (including but not limited to all statutory claims). BY AGREEING TO THIS ARBITRATION PROCEDURE, BOTH YOU AND THE COMPANY WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTES THROUGH A TRIAL BY JURY OR JUDGE OR THROUGH AN ADMINISTRATIVE PROCEEDING. 
11.2.Arbitrator Authority. The arbitrator shall have the sole and exclusive authority to determine whether a dispute, claim or cause of action is subject to arbitration under this Section and to determine any procedural questions which grow out of such disputes, claims or causes of action and bear on their final disposition.  
11.3.Individual Capacity Only.  All claims, disputes, or causes of action under this Section, whether by you or the Company, must be brought solely in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity.   The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding.  To the extent that the preceding sentences in this Section are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration.   
11.4.Arbitration Process.  Any arbitration proceeding under this Section shall be presided over by a single arbitrator and conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in Los Angeles County, California, or as otherwise agreed to by you and the Company, under the then applicable JAMS rules for the resolution of employment disputes (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/).  You and the Company both have the right to be represented by legal 
6.

counsel at any arbitration proceeding, at each party’s own expense.  The Arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute; (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (iii) be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law.   
11.5.Excluded Claims.  This Arbitration section shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, to the extent such claims are not permitted by applicable law to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act  or otherwise invalid (collectively, the “Excluded Claims”).  In the event you intend to bring multiple claims, including any Excluded Claims, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration.
11.6.Injunctive Relief and Final Orders.  Nothing in this Section is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any final award in any arbitration proceeding hereunder may be entered as a judgment in the federal and state courts of any competent jurisdiction and enforced accordingly.
12.General Provisions. This Agreement, together with the Confidential Information and Inventions Assignment Agreement, constitutes the entire agreement between you and the Company with regard to this subject matter and is the complete, final, and exclusive embodiment of the parties’ agreement with regard to this subject matter.  This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations (the “Prior Agreements”).  You agree and acknowledge that you are not eligible for, and will not receive, any compensation, benefits, or severance pursuant to the Prior Agreements.  You also agree and acknowledge that there are no circumstances as of the date of this Agreement that constitute, and nothing contemplated in this Agreement or otherwise shall be deemed for any purpose to be or to create, an involuntary termination without Cause or a Good Reason resignation right, including for purposes of the Prior Agreements, or any other severance or change in control plan, agreement or policy maintained by the Company or its affiliates.   This Agreement cannot be modified or amended except in a writing signed by you and a duly authorized officer of the Company.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the parties.  Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.  This Agreement is intended to bind and inure to the benefit of and be enforceable by you and the Company, and their 
7.

respective successors, assigns, heirs, executors and administrators. The Company may freely assign this Agreement, without your prior written consent.  You may not assign any of your duties hereunder and you may not assign any of your rights hereunder without the written consent of the Company.  This Agreement shall become effective as of the Start Date and shall terminate upon your termination of employment with the Company.  The obligations as forth under Sections 7, 8, 9, 10, 11, and 12 will survive the termination of this Agreement.  All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of California.  

8.

Accepted and agreed:
Best regards,
The Honest Company, Inc.

/s/ Nikolaos A. Vlahos                    
Nikolaos A. Vlahos
Chief Executive Officer
Accepted and agreed:

/s/ Steve Winchell                    
Steve Winchell

Date: 4/24/2022                    
9.

Exhibit A 

Employee Confidential Information and Invention Assignment Agreement
10.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]