Document:

EX-10.1

 Exhibit 10.1 

ORASURE TECHNOLOGIES, INC. 
 220
East First Street 
 Bethlehem, PA USA 18015 

March 21, 2022 
 Via Email 

Nancy J. Gagliano, M.D. 
 Dear Nancy: 

On behalf of OraSure Technologies, Inc. (the “Company”), this letter sets forth the terms of your employment as the Interim Chief Executive
Officer of the Company (the “Interim CEO”). 
  

	1.	 Period of Service: Your employment as Interim CEO will commence on April 1, 2022 (the and will
continue until terminated by either party in accordance with Section 10 below. 

  

	2.	 Duties. As Interim CEO, you will serve as the Company’s most senior officer, will report directly
to the Company’s Board of Directors (the “Board”) and will have all the authority and duties customarily incident to that position. Your duties as Interim CEO will be in addition to, and do not limit, your duties as a member of
the Board. 

  

	3.	 Base Salary. During your employment as Interim CEO, your base salary rate will be $55,833.33 per month,
payable in accordance with the Company’s customary payroll practices. 

  

	4.	 Sign-On Equity Award. Effective upon commencement of your
employment as Interim CEO, the Company will issue you a number of fully vested shares of its common stock equal to $100,000 divided by the average of the high and low trading prices of the Company’s common stock on that date.

  

	5.	 RSU Award. Effective upon commencement of your employment as Interim CEO, the Company will grant you a
restricted stock unit award (the “RSUs”) with respect to a number of shares of the Company’s common stock equal to $670,000 divided by the average of the high and low trading prices of the Company’s common stock on that
date. The RSUs will vest in twelve equal monthly installments (with the first installment vesting on April 30, 2022 and subsequent installments vesting on the last day of the following eleven calendar months), subject in each case to your
continued employment as Interim CEO on the applicable vesting date. Shares will be issued in respect of any RSUs vesting during the 2022 calendar year within 60 days following the cessation of your employment as Interim CEO (or if sooner, by
March 15, 2023). Shares will be issued in respect of any RSUs vesting in January, February or March of 2023 not later than May 31, 2023. If your employment as Interim CEO ceases for any reason prior to the vesting of all the RSUs, then
unless otherwise determined by the Board, any RSUs which then remain unvested will be forfeited automatically (even if you remain in service to the Company as a member of the Board or in another capacity). The RSUs will be memorialized in a separate
award agreement in form and substance acceptable to the Company, which award agreement may contain additional terms not inconsistent with this paragraph. 

	6.	 Reimbursement of Expenses. You will be entitled to reimbursement of reasonable expenses incurred by you
as Interim CEO, subject to the terms of the Company’s expense reimbursement policies then in effect. 

  

	7.	 Employee Benefits. During your employment as Interim CEO, you may participate in any Company employee
benefit plans for which you qualify, subject to the terms and conditions of such plans (including any applicable minimum service requirements or waiting periods). 

 

	8.	 Other Company Policies. During your employment as Interim CEO, you will be subject to all policies of
the Company in effect from time to time with respect to employees or officers of the Company, including (without limitation) policies regarding ethics, personal conduct, securities trading, clawback and hedging and pledging of securities.

  

	9.	 Other Compensation; Effect on Director Compensation. Unless otherwise determined by the Board, you will
not participate in the Company’s annual incentive plan or long-term incentive policy. During your employment as Interim CEO, your non-employee director cash fees will cease and new equity awards will not
be issued to you in your capacity as a non-employee director. However, your employment as Interim CEO will count for purposes of the service-based vesting conditions of equity awards previously granted to you
by the Company in your capacity as a non-employee director. 

  

	10.	 Termination of Employment. Either party may terminate your employment for any reason on 30 days’
advance written notice; provided that the Company may elect to accelerate the end of such 30 day notice period and, in that case, will make a lump sum payment to you equal to the base salary you would have otherwise earned during the remainder of
such 30 day notice period. Except for amounts payable in accordance with the proviso of the preceding severance, no severance will be payable to you upon cessation of your employment as Interim CEO for any reason. Rather, the Company’s only
obligations to you in respect of your employment as Interim CEO will then be (a) payment of any base salary earned, but not yet paid, as of the date of such termination, (b) issuance of shares in respect of any RSUs vested, but not yet
settled, as of the date of such termination (as further discussed above in Section 5), (c) payment for any reimbursable expenses incurred, but not yet reimbursed, through the date of such termination (as further discussed above in
Section 6), and (d) indemnification for your acts and omissions as an officer of the Company, to the extent provided by the By-Laws or Certificate of Incorporation of the Company.

  

	11.	 Confidentiality: In connection with your employment by the Company, you will have access to confidential
and proprietary information of the Company and of third parties that have provided information to the Company in confidence (“Confidential Information”). Both during and after your service to the Company, you will not disclose
Confidential Information to any third party, permit any third party to have access to the Confidential Information, or use the Confidential Information for any purpose other than in connection with your performance of services for the Company. That
said, nothing limits your ability to communicate with any federal, state or local governmental agency or commission, including to provide documents or 

  
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other information, without notice to the Company. You understand that, pursuant to the federal Defend Trade Secrets Act of 2016, you will not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the
purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 

	12.	 Assignment of Inventions: You agree that all Confidential Information, and all deliverables,
discoveries, inventions, ideas, concepts, trademarks, service marks, logos, processes, products, formulas, computer programs or software, source codes, object codes, algorithms, machines, apparatuses, items of manufacture or composition of matter,
or any new uses therefore or improvements thereon, or any new designs or modifications or configurations of any kind, or works of authorship of any kind, including, without limitation, compilations and derivative works, whether or not patentable or
copyrightable, conceived, developed, reduced to practice or otherwise made by you, either alone or with others, in the course of your service to the Company, whether or not conceived, developed, reduced to practice or made on the Company’s
premises (collectively, “Company Inventions”), and any and all services and products which embody, emulate or employ any such Company Invention or Confidential Information shall be the sole property of the Company, as applicable,
and all copyrights, patents, patent rights, trademarks and reproduction rights to, and other proprietary rights in, each such Company Invention or Confidential Information, whether or not patentable or copyrightable, shall belong exclusively to the
Company. You agree that all such Company Inventions shall constitute works made for hire under the copyright laws of the United States. You hereby assign and, to the extent any such assignment cannot be made at the present time, agree to assign, to
the Company (or one its designees) any and all Company Inventions, and all copyrights, patents and other proprietary rights that you may have in any such Company Invention. The preceding sentence specifically includes without limitation the right to
file and/or own wholly (without restrictions) applications for United States and foreign patents, trademark registration and copyright registration, and any patent, or trademark or copyright registration issuing thereon. 

 

	13.	 Withholding. Your compensation as Interim CEO will be subject to tax withholding to the extent required
by applicable law. 

  

	14.	 Amendments. This letter may be amended or modified only by a written instrument signed by you and a duly
authorized officer of the Company. 

  

	15.	 Governing Law: This letter will be governed by the laws of the State of Delaware, without regard to its
principles of conflicts of laws. 

  

	16.	 Assignment by Company. The Company may assign its rights under this letter to any successor to all or
substantially all the business or assets of the Company by means of liquidation, dissolution, merger, consolidation, transfer of assets or otherwise. 

  
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	17.	 Cooperation. You agree that during and after your employment with the Company, and subject to
reimbursement of reasonable expenses, you will cooperate fully with the Company and its counsel with respect to any matter (including, without limitation, litigation, investigations or government proceedings) in which you were in any way involved
during your service to the Company. You agree to render such cooperation in a timely manner on reasonable notice from the Company, as long as the Company, following the cessation of your employment, exercises commercially reasonable efforts to
schedule and limit its need for your cooperation under this paragraph so as not to interfere with your personal and other professional commitments. 

  

	18.	 Entire Agreement: You acknowledge that this letter represents the entire agreement between you and the
Company with respect to your employment as Interim CEO and supersedes all prior agreements, promises or understandings on that topic. 

Please confirm your agreement with the terms of this letter by counter-signing it and returning a copy to me. 

 

			
	Sincerely,
	
	ORASURE TECHNOLOGIES, INC.
	
	 /s/ Agnieszka M. Gallagher

	Name: Agnieszka M. Gallagher
	Title: Executive Vice President, General Counsel, Chief Compliance Officer and Secretary

  

	
	Accepted and Agreed:
	
	 /s/ Nancy J. Gagliano, M.D.

	Nancy J. Gagliano, M.D.

  
 -4-EX-10.23

  											Exhibit 10.23

   

  FIRST AMENDMENT TO
LOAN AND SECURITY AGREEMENT

  THIS FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of December 18, 2020 (the “Amendment Date”), by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) or otherwise a party thereto from time to time including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, California 95054 (“Bank” or “SVB”) (each a “Lender” and collectively, the “Lenders”), and EQUILLIUM, INC., a Delaware corporation with offices located at 2223 Avenida de la Playa, Suite 108, La Jolla, California 92037 (“Borrower”).

  Recitals

  A.	Collateral Agent, Borrower and Lenders have entered into that certain Loan and Security Agreement, dated as of September 30, 2019 (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof.

  B.	Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.

  C.	Borrower has requested that Collateral Agent and Lenders (i) modify the amortization schedule and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein.

  D.	Collateral Agent and Lenders have agreed to modify and to amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

  Agreement

  Now Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

  1.Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

  2.Amendments to Loan Agreement.

  2.1Section 10 (Notices). Effective as of December 14, 2020, Collateral Agent’s Notice information in Section 10 of the Loan Agreement hereby is amended and restated as follows:

  “OXFORD FINANCE LLC

  115 South Union Street, Suite 300

  Alexandria, VA 22314

  Attention: Legal Department

  [Signature Page to First Amendment to Loan and Security Agreement]

   

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  Fax: (703) 519-5225

  Email: LegalDepartment@oxfordfinance.com”

  2.2Section 13.1 (Definitions). The following term and its definition in Section 13.1 of the Loan Agreement hereby is amended and restated as follows:

  “Amortization Date” is, July 1, 2021; provided, however, if a Borrower achieves the Term B Milestone on or prior to June 30, 2021, then the Amortization Date with respect to all Term Loans shall automatically be extended to January 1, 2022.

  3.Limitation of Amendment.

  3.1The amendments set forth in Section 2, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document.

  3.2This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

  4.Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

  4.1Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

  4.2Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

  4.3The organizational documents of Borrower delivered to Collateral Agent and Lenders on the Effective Date, or subsequent thereto, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

  4.4The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

  4.5The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

  4.6The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any 

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  order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower;

  4.7This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights; and

  4.8That certain Intellectual Property License Agreement by and between Borrower and Equillium Australia and effective as of January 30, 2019 does not violate the restrictions placed on Equillium Australia under Section 7.12 of the Loan Agreement.

  5.Release by Borrower.

  5.1FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Collateral Agent and each Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively “Released Claims”).

  5.2By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in respect of the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.

  5.3This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Collateral Agent and the Lenders to enter into this Amendment, and that Collateral Agent and the Lenders would not have done so but for Collateral Agent’s and the Lenders’ expectation that such release is valid and enforceable in all events.

  5.4Borrower hereby represents and warrants to Collateral Agent and the Lenders, and Collateral Agent and the Lenders are relying thereon, as follows:

  (a)Except as expressly stated in this Amendment, neither Collateral Agent, the Lenders nor any agent, employee or representative of any of them has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.

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  (b)Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.

  (c)The terms of this Amendment are contractual and not a mere recital.

  (d)This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower.

  (e)Borrower is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Collateral Agent and the Lenders, defend and hold each harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein.

  6.Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

  7.Effectiveness. This Amendment shall be deemed effective upon the due execution and delivery to Collateral Agent and Lenders of (i) this Amendment by each party hereto, and (ii) Borrower’s payment of all Lenders’ Expenses incurred through the date of this Amendment.

   

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  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Loan Agreement to be executed as of the date first set forth above.

  BORROWER:

  EQUILLIUM, INC.

  By:    /s/ Jason Keyes		

  Name:    Jason Keyes	

  Title:    Chief Financial Officer	

  COLLATERAL AGENT AND LENDER:

  OXFORD FINANCE LLC.

  By:    /s/ Colette H. Featherly		

  Name:    Colette H. Featherly	

  Title:    Senior Vice President	

  LENDER:

  SILICON VALLEY BANK

  By:    /s/ Kevin Fleishman		

  Name:    Kevin Fleischman	

  Title:    Director	 

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