Document:

Exhibit 10.7

GR8 Seas Holdings Inc. SALES & PURCHASE AGREEMENT CONTRACT
CODE: GR8-SKYWOLF1,000BL-31820 THIS AGREEMENT (THE "AGREEMENT") is entered into this 18th day of March, 2020. BY and BETWEEN GR8
SEAS HOLDINGS INC. ("Buyer") 803 N. BRIDGE ST. SUITE A, YORKVILLE, ILLINOIS 60560, USA MR. WILLIAM STEPHENS PRESIDENT Hereinafter
referred to as the ('Buyer'). AND SkyWoJfWind Turbine Corp. ("Seller") 156 Court Street Geneseo, NY 14454 Mr. Gerald Brock President
and CEO (Hereinafter referred to as the 'Seller'). Buyer and Seller are hereinafter collectively referred to herein as the ("Parties").
{7386786:3 }Operations office: 803 N Bridge St Ste A, Yo rkville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seast rading.com
l JP age o f I 6 

    	 

    	 

    
 

GR8 Seas Holdings Inc. RECITALS A. Pursuant to our Letter of Intent
to purchase SkyWolf DA WT wind turbines dated February 11, 2019 for Buyer to deploy in its exclusive territorial (Republic of
the Philippines) per the previous reseller's agreement between City Tech Solutions Group and Seller dated May 19, 2018. Specifically,
the turbines will be deployed between several awarded energy projects in which Gr8 Seas has been awarded in the Philippines, Mexico,
Lebanon and other locations TBD. B. Buyer now wishes to enter into a blanket contract purchase order with Seller for IIIII wind
turbine units. We understand the first - wind turbine units will be deployed over a period of 18-24 months from the date of this
contract. The next- wind turbine units will be deployed over a period of 36-48 months from the date of this contract. NOW, THEREFORE,
in consideration ofthe mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Purchase and Sale. Subject to
the terms and conditions of this Agreement, Seller shall, on a non-exclusive basis, sell to Buyer, and Buyer shall purchase from
Seller, the following Goods: (a) Contract Order Details: Quantity and Type: IIIII SKYWOLF DA WT Model # 35H-001 turbines (the
Contract Price: Total Contract: Release Schedule: "Goods") as described on Exhibit A hereto (Blanket Order) (over 18-24 months)
(over 36-48 months) - USD Each (subject to adjustment as provided in §4(a)) $26,000,000 USD (subject to adjustment as provided
in §4(a)) .* Release Order# 31820-01 per Initial Release Order and Form of Release Order attached as Exhibit A *(Del in-
turbines per month starting July 2020) I -To Be Released within 24 months -To Be Released with 36-48 months {7386786:3 }Operations
office: 803 N Br idge St Ste A, Yorkville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 2!P a ::: '-' o f I 6 

    	 

    	 

    

GR8
Seas Holdings Inc. (b) This does not include Micro-Grid equipment, integration, enclosure, controls, battery backup, shipping,
and installation and are additional costs to be determined by Sky Wolf on a project order by project order basis ("Ancillary Equipment
and Services") .. The parties agree to develop a Specific Scope of Work (SOW) and site consideration to determine complete and
final pricing for Ancillary Equipment and Services. (c) In connection to this commitment, Buyer will cooperate with Seller to
identify manufacturing resources and material sourcing in an effort to help maximize the overall profitability ofthe units. (d)
Turbine Price and Micro-Grid System Price Summary Estimates for Ancillary Equipment and Services: 1-Turbines, Qty 2-Battery Backup
2-Generator with Slab 3-J\Ilicro-Grid Equipment 4-Micro Grid Enclosure: Enclosure Foundation: Enclosure Fence: Transformer Pad:
Site Grading: 5-Turbine Installation $26,000,000.00 TBD site Specific TBD site Specific TBD site Specific On Site per additional
agreement On Site per additional agreement On Site per additional agreement On Site per additional agreement On Site This contract
addresses the manufacture and sale of the SkyWolfModel 35H-A Hybrid Diffused Augmented Wind Turbine (DA WT) ("Turbines"). The
manufacture, performance, delivery and sale of Ancillary Equipment and Services in item #2-5 are not part of this contract and
shall be set forth in a separate agreement between the parties. 2. Terms of Agreement Prevail Over Buyer's Release Order. This
Agreement is expressly limited to the terms of this Agreement, the SkyWolfTerms and Conditions, attached as Exhibit B and any
applicable Release Order submitted by Buyer for the release of Goods purchased {7386786:3 }Oper ations office: 803 N Bridge St
Ste A, Yorkville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 31P a g e o f 1 6

    	 

    	 

    

GR8 Seas Holdings Inc. hereunder in the form attached hereto as
Exhibit A ("Release Order"). The terms of this Agreement prevail over any terms or conditions contained in any other documentation
and expressly exclude any of Buyer's general terms and conditions contained in any Release Order or other document issued by Buyer.
In the event of any conflict between the terms of this Agreement and the terms of any Release Order or any other docwnent issued
by Buyer, the terms of this Agreement prevail. 3. Manufacturing and Delivery. (a) Commencement of Manufacturing. Following receipt
ofRelease Order and deposit of any applicable portion of the Purchase Price under Section 4( c), Buyer shall begin manufacture
of the number of units of Goods set forth in the Release Order. The initial schedule for release of the first Turbines is set
forth above in Section l(a). Buyer shall have delivered to Seller Release Orders covering the first units of Goods purchased hereunder
no later than the second anniversary of the date of this Agreement. Buyer shall have delivered to Seller Release Orders covering
the second units of Goods purchased hereunder no later than the fourth anniversary of the date of this Agreement. (b) Delivery.
Unless expressly agreed to by the Parties for any individual Release Order, or as set forth in Section 5, Seller shall deliver
the Goods to FOB SkyWolfPlant Geneseo, NY, or to FOB Sky Wolf Plant Avon, NY using Seller's standard methods for packaging and
shipping such Goods. (c) Late Delivery. Any time quoted by Seller for delivery is an estimate only. Seller is not liable for or
in respect of any loss or damage arising from any delay in filling any order, failure to deliver or delay in delivery. No delay
in the shipment or delivery of any Goods relieves Buyer of its obligations under this Agreement, including without limitation
accepting delivery of any remaining installment(s) of Goods. (d) Certain Estimates. In connection with the manufacturing, delivery
and installation of the Turbines, the parties contemplate the following estimates, which estimates are not binding on the Parties:
TERMS Initial Production Lead Time *Shipping FOB SkyWolf container **Travel as required: 1 to 3 months est. $3,000 to $7,000 per
20' ocean freight est. $6,000 to $10,000 per adult round trip {7386786:3 }Operations office: 803 N Bridge St Ste A, Yorkville
IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 4IP a g <· o f I 6

    	 

    	 

    

GRS Seas Holdings Inc. **SkyWolfTraining: Billed hrly time and
material **Sk-y Wolf Field Engineering Services: Billed hrly time and material *Determined at time of shipment and paid in full
FOB **Additional unexpected services and support may apply 4. Price and Payment. Payment Schedule for Initial Release Order# 31820-01:
An initial deposit of 2,340,000 is due by 4/18/2020. An additional 585,000 is due by 5/18/2020. The Final Payment of the Purchase
Price (remaining 25%) shall be paid within thirty (30) days of shipment of the Goods. The Final Payment for each shipment of turbines
will equal 325,000.00 _ So for example if the first turbines arc shipped on July 30, 2020 the final payment of 325,000.00 for
those turbines would be due by August 30, 2020. If the second shipment of turbines is shipped on August 30, 2020 the final payment
of 325,000 for these turbines would be due on September 30, 2020. If the third shipment of turbines is shipped by September 30,2020
then the final payment of 325,000 for those turbines would be due on October 30, 2020. (a) Price. Buyer shall purchase the Goods
from Seller at the purchase price of TwentySix Million and 00/100 Dollars ($26,000,000) ("Purchase Price"), or per turbine unit
("Purchase Price per Unit") as set forth in Section l(a). In the event the purchase price of any component parts used by Seller
in the manufactme of the Goods shall increase due to tariffs, the Purchase Price shall be increased by such amount and the Buyer
shall pay such additional amounts. (b) Shipping Charges, Insmance, and Taxes. Buyer shall pay for, and shall hold Seller harmless
from, all shipping charges and insurance costs. In addition, all prices are exclusive of, and Buyer is solely responsible for,
and shall pay, and shall hold Seller harmless from, all taxes, with respect to, or measured by, the manufacture, sale, shipment,
use or Purchase Price of the Goods. (c) Deposit of Purchase Price. (i) Initial Order Deposit. Upon the submission of each Release
Order, Buyer shall begin depositing in a separate bank account designated by the Seller an amount representing sixty percent (60%)
of the total Purchase Price for the Goods listed in the Release {7386786:3 }Operations office: 803 N Bridge St Stc A, Yorkville
lL 60560 \A {}_,., Tel: +1-630-885-9998, Email: info@gr8seastrading.com YV tJ Sjr :1 ~ c o f 1 6

    	 

    	 

    

GRS Seas Holdings Inc. Order ("Initial Order Deposit"). Buyer
shall deposit with Seller the full Initial Order Deposit for a Release Order no later than thirty (30) days after delivery of
such Release Order. (ii) Follow-On Order Deposit. Buyer shall deposit ~rith Seller an additional fifteen percent (15%) of the
Purchase Price for the Goods listed in the Release Order ("FollowOn Order Deposit") no later than the earlier of: (i) sixty (60)
days after delivery of such Release Order, and (ii) Seller's delivery of the first turbine listed in such Release Order. Seller
shall not be required to deliver the Goods until the deposits in this Section 4( c) have been made. (iii) Withdrawal; Seller shall
deliver to Buyer a copy of its withdrawal request and withdrawals of the amounts representing the Irutial Order Deposit and the
Follow-On Order Deposit. (d) Final Payment of the Purchase Price. Buyer shall pay the remainder of the Purchase Price for the
Goods within thirty (30) days of shipment of the Goods FOB Seller's office(s) Geneseo, New York or Avon, New York. Any failure
to deposit any portion of the Purchase Price according to Section 4( c) shall not relieve Buyer of its obligation to pay the Purchase
Price. (e) Late Payments. Buyer shall pay interest on all late payments, calculated daily and compounded monthly at the lesser
of the rate of 1.5% per month or the highest rate permissible under applicable law, calculated daily and compounded monthly. Buyer
shall also reimbw·se Seller for all costs incurred in collecting any late payments, including, without limitation, attorneys'
fees. If Buyer fails to pay any amounts when due under this Agreement, Seller may (a) suspend the delivery of any [Goods/Turbines],
or (b) terminate this Agreement pursuant to the terms and conditions of this agreement. 5. Title and Risk of Loss. Title to Goods
ordered and risk of loss to all Goods ordered passes to Buyer upon delivery of such Goods to the FOB Buyer's office(s) Geneseo,
NY or Avon, NY. At Seller's election, it may deliver any component parts contained within the Goods, including but not limited
to, the generator, to Buyer separately at the component manufacturer's or component distributor's location. In that event title
and risk ofloss to such component parts shall pass at the location specified in a notice to Buyer, which would generally be FOB
at the component manufacturer's or component distributor's location. 6. Compliance. General Compliance with Laws. Buyer shall
at all times comply with all laws applicable to this Agreement, Buyer's performance of its obligations hereunder and Buyer's use
or sale of the Goods. Without limiting the generality of the foregoing, Buyer shall (a) at its own {7386786:3}0per ations office:
803 N Bridge St Stc A, Yorkville IL 60560 Tel: +1-630-885-9998, EnHiil: info@grSscliStrading.com 61P a g t' o f I 6 

    	 

    	 

    

GR8 Seas Holdings Inc. expense, maintain all certifications, credentials,
licenses, and permits necessary to conduct its business relating to the purchase or use of the Goods and (b) not engage in any
activity or transaction involving the Goods, by way of shipment, use or otherwise, that violates any law. Buyer and its representatives
are in compliance with the Foreign Com1pt Practices Act of 1977, as amended ("FCP A") and shall cause its representatives to,
comply with the FCP A, including maintaining and complying with all policies and procedures to ensure compliance with the FCPA.
7. Miscellaneous. (a) Further Assurances. Upon Seller's reasonable request, Buyer shall, at its sole cost and expense, execute
and deliver all such further documents and instruments, and take all such further acts, necessary to give full effect to this
Agreement. (b) Entire Agreement. Subject to Section 2, this Agreement, including all related exhibits, constitutes the sole and
entire agreement of the Parties with respect to the subject matter contained herein and therein, and supersedes all prior and
contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject
matter. (c) Notices. All notices, requests, consents, claims, demands, waivers, and other communications under this Agreement
(each, a "Notice") must be in writing and addressed to the other Party at its address set forth below (or to such other address
that the receiving Party may designate from time to time in accordance with this Section). All Notices must be delivered by personal
delivery, nationally recognized overnight courier or certified or registered mail (in each case, return receipt requested, postage
prepaid) by facsimile or e-mail (with confirmation of transmission). Except as otherwise provided in this Agreement, a Notice
is effective only (a) on receipt by the receiving Party, and (b) if the Party giving the Notice has complied with the requirements
of this Section. THE BUYER Name: Settlement Account: GR8 SEAS HOLDINGS INC GR8 SEAS HOLDINGS INC Address: Signatory: Title: Phone
No: Email: 803 N Bridge St STE A, Yorkville, 1L 60560 William Stephens President/CEO +630-885-9998 williams@gr8seastr.tding.com
{7386786:3 }Operations offi ce: 803 N Bridge St Ste A, Yorkville lL 60560 Tel: + 1-630-885-9998, Email: iofo@gr8seastrading.com
71f' a g e o f 1 6

    	 

    	 

    

GRS Seas Holdings Inc. SKYWOLF WIND TURBINE CORP. 156 Court Street,
Geneseo NY, 14454 Gerald Brock President/CEO 585-447-9135 gbrock@skywolfwiodturbioes.com (d) Amendments. No amendment to or modification
of or rescission, termination, or discharge of this Agreement is effective unless it is in writing and signed by an authorized
representative of each Party. (e) Assignment. Buyer may not assign any of its rights or delegate any of its obligations under
this Agreement without the prior written consent of Seller. Seller may assign any of its rights or delegate any of its obligations
to any person or entity acquiring all or substantially all of Seller's assets. Any purported assignment or delegation in violation
of this Section is null and void. No assignment or delegation relieves the assigning or delegating Party of any of its obligations
under this Agreement. (f) Successors and Assigns. This Agreement is binding on and inures to the benefit of the Parties to this
Agreement and their respective permitted successors and permitted assigns. (g) Choice of Law. This Agreement and all matters arising
out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State ofNew York, without
regard to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application
of the laws of any jurisdiction other than those of the State of New York. The parties agree that the United Nations Convention
on Contracts for the International Sale of Goods does not apply to this Agreement. (h). Choice of Forum. Each Party irrevocably
and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against the other
Party in any way arising from or relating to this Agreement in any forum other than in the federal or state courts sitting in
Rochester, New York and any appellate court from any thereof. Each Party irrevocably and unconditionally submits to the exclusive
jurisdiction of such courts and agrees to bring any such action, litigation, or proceeding only in the federal or state courts
sitting in Rochester, New York. Each Party agrees that a final judgment in any such action, litigation, or {7386786:3 }Operations
office: 803 N Bridge St Ste A, Yorkville IL 60560 Tel: +1-630-885-9998, Emuil: info@g r8seastn~din g.com 8W II g l' of I(>

    	 

    	 

    

GR8 Seas Holdings Inc. proceeding is conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. (i) Counterparts. This Agreement may be
executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement.
A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission is deemed to have the
same legal effect as delivery of an original signed copy of this Agreement. [SIGNATURE PAGE FOLLOWS] {7386786:3 }Oper:ttions office:
803 N Bridge St Ste A, Yor kville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 91P :1 g r o f I 6THE SELLER Name:
Address: Signatory: Title: P hone No: Email:

    	 

    	 

    

GR8 Seas Holdings Inc . Witnessed, Agreed and signed upon this
18th day of March, 2020 BUYER: GR8 SEAS HOLDINGS INC. William Stephens President/CEO SELLER: SkyWolfWind Turbine Corp. Mr. Gerald
Brock President/CEO {7386786:3 )Operations office: 803 N Bridge St Ste A, Yorkville IL 60560 ' 11 Q/ Tel: + 1-630-885-9998, Email:
info@gr8seastrading.eom Y VI IOIP a :t ~ o f I 6

    	 

    	 

    

GR8 Seas Holdings Inc. Exhibit A - Initial Release Order/Form
of Release Order QUOTATION #03182020 156 Court Street Genesco, NY 14454 Phone 585-447-9135 Fax: 585-44 7-9136 Terms: Qty purchase
DA WT value min each order To: William Stephens, President Gr8 Seas Holdings toe. 803 N. Bridge Street Suite A Yorkville, fL 60560
SALES Brock QTY UNIT Release I TERMS: SHIP VIA FOB Freight Forwarder TBD Geneseo, NY 14454 DESCRIPTION UNIT PRICE Model 35H-A
Hybrid Diffused Augmented Wind Turbine (DA WT) -Includes complete Turbine and Control Panel -Includes Field Service training with
initial purchase -DAWT Avg Annual energy production in New York State: 8,412 Kwh/yr Total Qty ea plus applicable units TBR (To
Be Released) tariff and taxes as they apply Micr o-Grid Equipment and Controls Integration TBD Site Specific [nstallation I TBD
Site Specific Battery Backup TBD Site Specific Shipping TBD Site Specific Additional Service and Training billed hrly plus travel
Invoiced Time and Material SkyWolf nnached Terms and Conditions (TC) apply Production Terms: Shipment schedule as determined Installation
Terms: per PAD install drawing Warranty: Limited Warranty ap[lli es. See Section 3 TC {7386786:3 }Ope rations office: 803 N Bridge
St Ste A, Yorkville IL 60560 Tel: +1-630-&85-9998, Em11il: info@gr Ssenstrading.com 1111' :1 !! t• 0 f 1 6

    	 

    	 

    

GR8 Seas Holdings Inc. EXHIBITB SKYWOLF - TERMS AND CONDITIONS
1. These terms and conditions of sale (these "Terms") govern the sale of the goods ("Goods") by the Sk-yWolfWind Turbine Corp.
("Seller") to GR8 Seas Holdings Joe. ("Buyer"). These terms and conditions are pnt of and incorporated into that certain Sale
and Purchase Agreement dated March 18, 2020 by and between Buyer and Seller (the "Agreement"). Capitalized terms not otherwise
defined herein shall have the meanings ascribed thet·eto in the Agreement. There are no warranties, representations or
agreements which extend beyond the terms of this acknowledgement. 2. Unless otherwise specified and agreed upon, the material
to be furnished will be subject to Seller's standard inspection at place of manufacture or installation as determined by Seller
in its sole discretion. If inspection by Buyer is specifically required on an order, such inspection shall be so conducted as
not to interfere unreasonably with Seller's operations, and consequent approval or rejection shall be made before shipment of
material and installation. Notwithstanding the foregoing, if upon receipt of such material by Buyer the same shall appear not
to conform to the contract between the Buyer and Seller, Buyer shall immediately notify Seller of such conditions and afford the
Seller a reasonable opportunity to inspect the material. No material shall be returned without Seller's written approval. 3. Limited
Warranty. The Goods are subject to the Limited Warranty attached hereto as Exhibit C. 4. Payment; No Set-Off Right: Buyer shall
make no deductions (including those for alleged demands) from payments due hereunder. Buyer shall not, and acknowledges that it
will have no right, under this Agreement, any Release Order, or any other agreement to withhold, offset, or debit any amounts
owed (or to become due and owing) to Seller against any other amount owed (or to become doe and owing) to it by Seller, whether
relating to Seller's or its Affiliates' bt·each or nonperformance of this Agreement, any Release Order, any other agreement
between (a) Buyer or any of its affiliates and (b) Seller, or otherwise. 5. Seller's obligation to produce or deliver hereunder
is conditioned upon maintenance by Buyer of credit standing at least as high as when the order was accepted, and upon Buyer's
prompt payment when due of any sum owing by Buyer to Seller under an agreement between them. 6. The price stipulated does not
include any taxes in the nature of sales or use taxes unless such tax be described and shown separately on the face hereof. Buyer
shall bear all taxes, if any, applicable to this sale, whether or not so described and shown. {7386786:3 }Operations office: 803
N Bridge St Stc A, Yorkville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 121P a 1: r o f16

    	 

    	 

    

GR8 Seas Holdings Inc. 7. Buyer shall indemnify, defend and bold
Seller harmless from and against all claims, suits, judgments, cost, losses, expenses (including attorney's fees) and liabilities
from: (a) infringement (actual or claimed) of patents, copyrights or trademarks arising from compliance with Buyer's design, specifications
or instructions and the fulfilment of Buyer's order; (b) any negligent or more culpable act or omission of Buyer or its personnel
in connection with the performance of its obligations under this Agreement; (c) any bodily injury, death of any person or damage
to real or tangible personal property caused by the negligent acts or omissions of Buyer or its personnel; and (d) any failure
by Buyer or its personnel to comply with any applicable laws. 8. It is the desire of Seller to meet requested delivery schedules.
However, Seller will not incur any liability arising out of any delay in delivery for any reason other than an arbitrary refusal
of Seller to perform. Delivery dates furnished by Seller represent the best estimates of the time required to make the shipment.
9. Omitted. 10. For prices quoted in currency other than US Dollars, fluctuations of ±10% against the US Dollar exchange
rate will be reflected on actual invoice. 11. Payment to SkyWolf Wind Turbine Corp.: Payment by check should be mailed to: SkyWolfWind
Turbine Corporation, 156 Court Street, Geneseo NY, 14454. 12. SkyWolfWind Turbine Corporation can guarantee and validate the energy
performance as indicated in our performance calculations demonstrated in upstate New York identified in our literature. {7386786:3
}Operations office: 803 N Bridge St Ste A, Yorkville IL 60560 Tel: +1-630-885-9998, Email: info@gr8seastrading.com 131P n g l'
,, 16

    	 

    	 

    

GR8 Seas Holdings Inc. EXHIBIT C -Limited Warranty SkyWolfWind
Turbine Corporation Modei3SH-001 SkyWolfWind Turbine Corp. ("SkyWolr' or the "Seller"), hereby warrants to the original purchaser
("Buyer") of the SkyWolfTurbine Model3SH-001 and the associated electronics and towers supplied by SkyWolfWind Turbine Corp.,
(the "Goods") and the initial purchaser of the Goods from Buyer who owns the Goods when initially installed at the initial site
of installation (the "Installing Purchaser") that the Goods are warranted against defects in design, material and workmanship
under normal usc for which intended. SkyWolf's wind turbine towers and blades carry a twenty (20) year pro-rated warranty after
date of installation at the initial site of installation ("Initial Installation Date"). Electronic components supplied by SkyWolfWind
Turbine Corp., as part of the Goods carry a three year (3) warranty from the Initial Installation Date. Generators supplied by
SkyWolfWind Turbine Corp., as part of the Goods carry a three (3) year war·ranty from the Initial Installation Date although
they were designed to last 20 years under full load operation. The solar panels supplied by Sky Wolf Wind Turbine Corp. as part
of the Goods carry a fifteen (15) year warranty from the Initial Installation Date. During the warranty period for each particular
component, SkyWolfWind Turbine Corp., will repair or replace, at its discretion with a Returned Material Authorization (RMA) form
(SWF1200)., defective components or assemblies and pay one-way shipping charges. For Buyers or Installing Purchasers not in tbe
USA, shipping and insurance charges will be pre-paid to the port of entry into such customer's country Warranty coverage is extended
only to the Buyer or Installing Purchaser who has submitted a properly completed Sky Wolf Wind Turbine Corp., Warranty Registration
Form within 60 days of installation. Required inspections and any maintenance tasks per SkyWolflnstallation Manual must be up
to date and documented. AJI returns must be approved by Sky Wolf prior to returning and must include tbe defective part and completed
RMA form (SWF1200). This limited warranty does not cover: 1. Towers and equipment, materials or supplies not manufactur·ed
or supplied by SkyWolf Wind Turbine Corp.; 2. Sky Wolf Wind Turbine Corp., equipment that bas been modified without prior factory
approval; {7386786:3 }Operations office: 803 N Bridge St Ste A, Yorkville IL 60560 Tel: + l-630-885-9998, Email: info@gr8seastrnding.com
141P a g e "' 16

    	 

    	 

    

GR8 Seas Holdings Inc. 3. Repairs performed by personnel not authorized
by SkyWolfWind T urbine Corp.; 4. Damage resulting from use of eqllipment not supplied by SkyWolfWind Turbine Corp.; 5. Damage
or loss of function sustained during periods when wind speed exceeds (100 mph or 44.7 MIS); 6. Acts of God; 7. Incidental or consequential
damages; 8. Deviation from PAD Installation Dwg SI.O supplied. Products manufactured by a third party ("Third Party Product")
may contain, be contained in, incorporated into, attached to or packaged together with the Goods. Except as set forth above, Third
Party Products are not covered by the warranty in this section. For the avoidance of doubt, Seller makes no representations or
warranties with respect to any Third Party Product. THIS LIMITED WARRANTY IS IN LIEU OF ALL OTHER SKYWOLF WIND TURBINE CORP.,
GUARANTEES OR WARRANTIES EXPRESSED OR IMPLIED OR STATUTORY. SELLER WILL NOT BE LIABLE FOR ANY LOSS, DAMAGE, INJURY OR EXPENSE
OF ANY KIND OR NATURE CAUSED, DIRECTLY OR INDIRECTLY, AS A RESULT OF HAVING DELIVERED A NONCONFORMING PRODUCT, INCLUDING, WITHOUT
LIMITATION, ANY SUCH LOSS, DAMAGE, INJURY OR EXPENSE ARISING FROM ANY INTERRUPTION OR SERVICE OR FOR ANY LOSS OF BUSINESS WHATSOEVER
OR HOWEVER CAUSED, AND A.l.W LOST PROFITS OR ANY OTHER INDm.ECT, SPECIAL OR CONSEQUENTIAL DAMAGES. THE SOLE RE:MEDY SHALL BE THE
REP Am OR REJ>LACEMENT OF THE PRODUCT. NO _EMPLOYEE, AGENT, DEALER, OR OTHER PERSON IS AUTHORIZED TO OFFER WARRANTIES ON BEHALF
OF SKYWOLF WIND TURBINE CORP. SKYWOLF WIND TURBINE CORP., RESERVES THE RIGHT TO MAKE DESIGN CHANGES, IMPROVEMENTS AND ADDITIONS
TO ITS PRODUCTS WITHOUT OBLIGATION TO INSTALL SUCH IN PRODUCTS PREVIOUSLY MANUFACTURED. To make a claim under this warranty, Installing
Purchaser· must: a) Complete and return the SkyWolf Wan·anty Registration Form to the Company at its address set
forth in the form (SWFllOO) and acceptable proof of correct system installation (SWF2000) within 60 days of the first installation
ofthe Goods. b) Call our Customer Service Department at 855-538-6418; c) Furnish documentation showing the original purchase date
and purchaser; {7386786:3 }Operations office: 803 N Bridge St Ste A, Yorkville IL 60560 Tel: + 1 ~30-885-9998, Email: info@gr8seastrading.com
15JP n ~ l' ,, ..

    	 

    	 

    

GR8 Seas Holdings Inc. d) Give written notice of the defect, reasonably
described, to Seller within 14 days of the time when Buyer discovers or ought to have discovered the defect; e) Make the claim
within the applicable warranty period referenced above from the first installation of the Goods at its initial site of installation;
and t) Provide a dated picture together with a general description of the damage. Except from Buyer to the Installing Purchaser,
this warranty is non-assignable and nontransferable. {7386786:3 }Operations office: 803 N Bridge St Ste A, Yorkville IL 60560
Tel: +I-630-885-9998, Email: info@gr8seastrading.com 16jP :t g e '"'

    	 

    	 

    

GR8 Seas Holdings Inc. EXHIBIT D - FORM OF SKYWOLF WARRANTY REGISTRATION
FORM {7386786:3 }Operations office: 803 N Bridge St Ste A, Yorkville IL 60560 \ A L Tel: +l-630-885-9998, Email: info@gr8seastrnding.com
VV [/ 17jP a g c o f I 6Exhibit

Exhibit 10.1

EMPLOYMENT AGREEMENT
This Employment Agreement (the “Agreement”) is made as of this 27 day of March, 2020, by and between Lumos Pharma Inc.  (the “Company”), and Richard Hawkins (“Executive”) (collectively, the “Parties”, each a “Party”).
Whereas, the Company wishes to employ and/or continue to employ Executive and to assure itself of Executive’s services on the terms set forth herein;
Whereas, Executive wishes to be employed by the Company on the terms set forth herein; and
Whereas, the Parties intend for this Agreement to set forth all of the terms and conditions of Executive’s employment with the Company, and to supersede and replace all prior agreements, arrangements, representations or understandings between the Parties regarding Executive’s employment with the Company.
AGREEMENT
Now, Therefore, in consideration of the mutual promises and covenants contained herein, the Parties agree as follows:
1.    Position and Term of Employment.  The Company will employ Executive and Executive shall serve the Company in the capacity of Chief Executive Officer, President and Chairman (“CEO”) of Lumos Pharma, Inc..  Executive’s employment hereunder shall be for a three-year term commencing on the date hereof (the “Employment Date”), which initial three-year term (the “Initial Term”), unless either party gives at least ninety (90) days’ prior notice to the other of its determination to not extend the term, shall be automatically extended on the third anniversary of the Employment Date, and on each anniversary of that date thereafter for a further period of one year (each a “Renewal Term” and, together with the Initial Term, the “Employment Term”), unless terminated in accordance with the provisions of Section 9 hereof.  

2.    Duties.  Executive shall render exclusive, full-time services to the Company and shall also serve as a director on the Company’s Board of Directors (the “Board”) pursuant to the Company’s Bylaws.  Executive shall report to the Board in Executive’s role.  Executive shall perform services under this Agreement primarily at the Company’s office in Austin, Texas, and from time to time at such other locations as may be necessary or as otherwise reasonably requested by the Company.  Subject to the terms of this Agreement, Executive’s responsibilities, working conditions and duties may be changed, expanded or eliminated at the sole discretion of the Board.  Executive shall devote Executive’s best efforts and full business time, skill and attention to performance of Executive’s duties on behalf of the Company; provided, however, that Executive may engage in civic and not-for-profit activities (e.g. charitable and industry association activities) as long as such activities do not materially interfere with Executive’s obligations hereunder.  During Executive’s employment with the Company, Executive agrees not to engage in any business or for-profit activities outside the Company, including serving on any advisory boards or boards of directors of for-profit entities, except with the prior written approval of the Board, which approval may be rescinded at any time in the Board’s sole discretion, provided that in the event of such rescission Executive shall be permitted reasonable time for orderly withdrawal from any board with respect to which such consent has been rescinded.  The Company hereby consents to Executive’s continuing service on the boards of Plus Therapeutics, Savara Pharmaceuticals, and AiCure.  By signing this Agreement, Executive represents that, to the best of Executive’s knowledge, Executive is not subject to any other contract or duty that would interfere in any way with Executive’s employment with the Company or performance of employment duties hereunder.

3.    Policies and Procedures.  Executive shall be subject to and will comply with the policies and procedures of the Company, as they may be modified, expanded or eliminated from time to time at the Company’s sole discretion, except to the extent any such policy or procedure specifically conflicts with the express terms of this Agreement (in which case, this Agreement shall control).

Exhibit 10.1

4.    Base Salary.  For services rendered hereunder, Executive shall receive a base salary at the rate of $560,000 per year (“Base Salary”), paid periodically in accordance with ordinary Company payroll practices, subject to applicable payroll withholdings and deductions.  Executive’s Base Salary shall also be subject to annual reviews and periodic adjustment; provided that Executive’s Base Salary may not be decreased without Executive’s express written consent except in connection with an across-the-board reduction proportionally affecting all senior executives of the Company.

5.    Bonus.  Executive will be eligible to receive an annual performance bonus (“Bonus”), with a target level at 55% of Executive’s Base Salary (the “Bonus Target”), with the annual amount of such Bonus to be determined in the sole discretion of the Board or by its Compensation Committee (under authority delegated by the Board), based upon a review of both Executive's individual performance and the Company’s performance (both of which may include, but are not limited to, achievement of certain milestones or performance objectives, if any, established by the Board or the Compensation Committee (the “Bonus Plan”).  The Board or the Compensation Committee, in their sole discretion, shall determine the extent to which Executive has achieved any performance targets or other terms and conditions applicable to the Bonus; the amount of the Bonus (if any); and whether and to what extent a Bonus may be paid with respect to any year during which Executive's employment terminates, subject to the terms and conditions of this Agreement.  Bonuses are not earned until they are approved in writing by the Board or Compensation Committee.  Any Bonuses earned shall be paid subject to applicable employment taxes, withholding and deductions.  Except as otherwise expressly provided in this Agreement or in the Bonus Plan, Executive must remain continuously employed with the Company through the date a Bonus is approved in order to be eligible to receive such Bonus.  The Bonus shall be paid to Executive by March 15 of the year following the year in which the Bonus was earned.

6.    Equity Awards.  In consideration for entering into this Agreement, Executive shall be granted an option to purchase 135,000 shares of Company common stock, and 25,000 Restricted Stock Units (collectively the “Equity Awards”), subject to the vesting schedule and all other terms, conditions and limitations applicable to such options and Restricted Stock Units as set forth in the Company’s 2009 Equity Incentive Plan as it may be amended from time to time (the “Equity Plan”) and in Stock Award Agreements (as defined in the Equity Plan) approved by the Board and entered into by Executive.  Executive shall be eligible for annual grants under the Equity Plan and may receive additional equity grants from time to time, in the sole discretion of the Board or a designated committee thereof.  

7.    Other Benefits.  While employed by the Company pursuant to this Agreement, Executive shall be entitled to the following benefits:

(a)Executive Benefits.  The Executive shall be entitled to all benefits to which other executive officers of the Company are entitled, on the same terms and conditions in effect from time to time, including, without limitation, participation in pension and profit sharing plans, the Company’s 401(k) plan, group insurance policies and plans (including medical, health, vision, and disability insurance policies and plans, and the like) which may be maintained by the Company for the benefit of its executives.  The Company reserves the right to alter, discontinue and/or amend its benefit plans and programs from time to time in its sole discretion.

(b)Expense Reimbursement.  The Executive shall receive, upon presentation of proper receipts and vouchers, reimbursement for direct and reasonable out-of-pocket expenses incurred in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policies and procedures in effect from time to time.

(c)Paid Time Off.  Subject to the limits herein, Executive will accrue thirty (30) days of paid time off (“PTO”) each full year, accrued in bi-weekly increments (on the Company’s regular payroll schedule), subject to Executive’s continuing service.  Unused PTO will carry over from year to year; provided, however, that Executive shall not be entitled to “carry over” more than 1.5 times Executive’s annual PTO accrual amount. Executive’s accrued PTO shall not exceed 360 hours (“PTO Cap”).  Upon termination of employment for any reason, Executive shall be paid out (at Executive’s last rate of pay) for Executive’s then accrued unused PTO amount, up to a maximum of Executive’s PTO Cap, less applicable payroll deductions and withholdings.  Except as provided herein, Executive’s 

Exhibit 10.1

PTO rights shall be governed by the Company’s PTO policy and applicable law, as in effect from time to time; provided, however, that in the event of a conflict between this Agreement and the Company’s governing PTO policy, this Agreement will control.

8.    Confidential Information, Rights and Duties.

(a)     Proprietary Information.  Executive agrees to execute and abide by the Company’s Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (the “Proprietary Information Agreement”), attached hereto as Exhibit A.

(b)    Exclusive Property.  Executive agrees that all Company-related business procured by Executive, and all Company-related business opportunities and plans made known to Executive while employed by the Company, are and shall remain the permanent and exclusive property of the Company.

9.    Termination of Employment.

(a)    At-Will Status. The Company and Executive understand and agree that this employment relationship is at-will.  Accordingly, there are no promises or representations concerning the duration of Executive’s employment relationship, and it may be terminated by either Executive or the Company at any time, with or without Cause or Good Reason (as defined herein), and with or without advance notice.  Executive’s at-will status cannot be altered except in an express written agreement signed by Executive and the Company with the specific approval of the Board.

(b)    Termination Due to Death or Disability.  Subject to applicable state or federal law, Executive’s employment with the Company will automatically terminate upon Executive’s death or a physical or mental disability or condition which renders Executive unable to perform the essential functions of Executive’s position (with or without accommodation) for more than six (6) months in any twelve (12) month period, or for more than four (4) consecutive months (“Disability”).  This provision shall be interpreted and construed in accordance with the federal Americans with Disabilities Act of 1990 and all other applicable laws.  Upon a termination of employment by the Company due to Executive’s death or Disability, Executive or his estate or beneficiaries, as applicable, will receive: (i) an amount equal to  Executive’s unpaid Base Salary through the date of termination due to death or Disability; and (ii) payment of a bonus in an amount equal to Executive’s Bonus Target as described in Section 5 above (the payments under clauses (i) and (ii) shall be subject to applicable tax withholdings and deductions). 

(c)    Resignation by Executive. Executive may resign from the Company with or without Good Reason.  The Company requests that Executive provide at least three (3) weeks’ advance written notice of a termination without Good Reason to allow for an orderly transition.  The Company may accelerate the date Executive’s resignation is to become effective, in its sole discretion.  In the event the Company accelerates the resignation effective date in the case of Executive’s resignation without Good Reason, Executive will be paid Base Salary severance through the originally tendered resignation date, provided that in no such event will Executive be entitled to receive more than three (3) months of Base Salary severance beyond the accelerated resignation date.

(d)    Definition of Cause.  For purposes of this Agreement, “Cause” for the Company to terminate Executive shall mean: (i) Executive’s incompetence or failure or refusal to perform satisfactorily any duties reasonably required of Executive by the Company (other than by reason of Disability), which failure continues for fifteen (15) days after Executive receives specific written notice to cure; (ii) Executive’s conviction or plea of guilty or nolo contendere to any felony or to any other crime involving dishonesty or moral turpitude; (iii) any act or omission which constitutes a material breach of this Agreement, the Proprietary Information Agreement, the Company’s policies, or Executive’s fiduciary duty to the Company; or (iv) Executive’s engaging in conduct that constitutes willful gross misconduct, or willful gross neglect which causes, or could be reasonably expected to cause, material harm or bring disrepute to the Company.

(e)    Definition of Good Reason.  For purposes of this Agreement, “Good Reason” means the occurrence of any of the following without Executive’s prior written consent: (i) a reduction in Executive’s Base Salary or benefits 

Exhibit 10.1

that materially diminishes the aggregate value of Executive’s compensation and benefits, unless a reduction is made in connection with an across-the-board reduction of all executives’ base salaries and/or employee benefits by a percentage less than 20% and at least equal to the percentage by which Executive’s Base Salary or employee benefits are reduced; (ii) in the event of such an across-the-board reduction and a subsequent across-the-board restoration of all or any portion of the reduced Base Salary or benefits, then a failure to restore Executive’s Base Salary or benefits in at least a proportional manner; (iii) a material reduction of Executive’s Bonus Target level; (iv) a material reduction in Executive’s authority, title, duties, responsibilities, or reporting lines; (v) a relocation of Executive’s principal place of employment that would result in an increase in Executive’s one-way commute by more than 30 miles; (vi) any other action or inaction that constitutes a material breach of this Agreement; or (vii) failure of the Company to renew this Agreement at the end of the initial or any subsequent term.  Notwithstanding the foregoing, “Good Reason” for Executive to resign shall not exist unless:  (x) Executive provides the Company with specific written notice of the existence of the condition giving rise to Good Reason within ninety (90) days after its initial occurrence; (y) the Company fails to remedy such condition within thirty (30) days after its receipt of such written notice; and (z) Executive resigns within sixty (60) days after the cure period has lapsed.

(f)    Final Pay upon Termination for Any Reason.  Except as otherwise provided by this Agreement and/or required by law, upon termination of Executive’s employment for any reason, the Company’s obligation to make payments hereunder shall cease, except that the Company shall pay all amounts due and payable for Executive’s services through Executive’s last day of employment (the “Separation Date”), including all accrued unpaid Base Salary and Bonus compensation earned through Separation Date, any benefits accrued prior to the Separation Date, all accrued but unused vacation as of the Separation Date, and any reimbursable business expenses incurred but not reimbursed as of the Separation Date.

(g)    Severance Benefits upon a Covered Termination (No Change in Control).

(i)Severance Benefits.  If Executive’s employment is terminated by the Company without Cause or as a result of Executive’s resignation for Good Reason (each a “Covered Termination”), Executive  shall be eligible to receive the following severance benefits:  (1) payment of an amount equal to twelve (12) months of Executive’s Base Salary in effect immediately prior to the Separation Date, less applicable payroll tax withholdings and deductions (the “Severance”); (2) payment of a bonus in an amount equal to Executive’s Bonus Target as described in Section 5 above, less applicable withholdings and deductions; (3) the Pro Rata Bonus (as defined herein); and (4) twelve (12) months of accelerated vesting of Executive’s Equity Awards  (so that Executive becomes vested in the portion of the Equity Awards that would have become vested if Executive remained employed for 365 days after the Separation Date).  (For the avoidance of doubt, to the extent that any performance criteria under any Equity Award has not been satisfied as of the Separation Date, such Equity Award shall terminate as of the Separation Date, and shall not be subject to the foregoing accelerated vesting benefit.); and (4) a twelve (12) month extension of the exercise period applicable to the Equity Awards so that Executive has 365 days after the Separation Date to exercise any vested Equity Awards (including, for avoidance of doubt, any portion of such awards that became vested as a result of the foregoing accelerated vesting benefit) (the “Extended Exercise Period”).  The foregoing Extended Exercise Period benefit may convert Equity Awards that were incentive stock options into non-statutory stock options.  Executive should consult with an independent tax advisor for additional guidance. Except for the foregoing accelerated vesting and Extended Exercise Period benefits, all existing terms and conditions applicable to the Equity Awards shall remain in full force and effect.  In addition, provided Executive timely elects to continue Executive’s group health insurance coverage after the Separation Date pursuant to the federal COBRA law or, if applicable, state insurance laws (collectively, “COBRA”), and the terms of the governing health insurance policies, the Company will reimburse the monthly COBRA health insurance premiums (the “COBRA Payments”) Executive pays to continue Executive’s health insurance coverage (including dependent coverage), less the amount Executive would have been required to contribute for such health insurance coverage had he continued his employment, for twelve (12) months after the Separation Date or until such earlier date as Executive either becomes eligible for group health insurance coverage through a new employer or ceases to be eligible for COBRA coverage (the “COBRA Payment Period”).  Executive must submit to the Company appropriate documentation of the foregoing health insurance payments, within sixty (60) days of making such payments, in order to be reimbursed.  Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA Payments without a substantial risk of violating applicable law (including, without limitation, 

Exhibit 10.1

Section 2716 of the Public Health Service Act), at the end of each remaining month of the COBRA Payment Period, the Company shall pay Executive directly a taxable monthly amount which, after taxes, equals the COBRA Payment amount the Company would have otherwise paid to Executive (assuming a 37% tax rate).  Executive agrees to promptly notify the Company in writing if Executive becomes eligible for group health insurance coverage through a new employer before the end of the specified reimbursement period.  For sake of reference, all severance benefits provided in entire subsection 10(g)(i) shall be referred to collectively as the “Severance Benefits.” For purposes of this Agreement, “Pro Rata Bonus” means an amount equal to (A) Executive’s Bonus Target for the calendar year in which the Separation Date (as defined herein) occurs if his employment had continued, multiplied by (B) a fraction, the numerator of which is the number of days he was employed hereunder during such year and the denominator of which is the number of days in such year.

(ii)Preconditions.  As a precondition to receiving any Severance Benefits, Executive must (1) remain in compliance with all continuing obligations Executive owes to the Company, including those set forth under Executive’s Proprietary Information Agreement, and (2) within twenty-one (21) days after the Separation Date, Executive must sign and return to the Company, a separation agreement and release of claims in substantially the form attached hereto as Exhibit B (the “Release”) and allow the Release to become fully-effective and non-revocable by its terms.  The Severance Benefits will be paid in the form of continuing salary installment payments, paid on the Company’s ordinary payroll schedule starting immediately after the Separation Date; provided, however, that any payments that would be paid prior to the date the Release becomes fully effective and non-revocable (the “Effective Date”), shall be delayed and paid in full on the first payroll date after the Effective Date.  Notwithstanding the foregoing, the Pro Rata Bonus, when payable in connection with a Covered Termination, shall be paid in a lump sum, within ten (10) business days after the Effective Date.  (For avoidance of doubt, no Severance Benefits will be paid under any circumstances if the foregoing preconditions are not satisfied, or if Executive’s employment ends because of a resignation without Good Reason, a termination for Cause, or as a result of Executive’s death or Disability.)

10.    Change In Control Benefits.

(a)    Change in Control Termination.  If Executive’s employment with the Company is terminated by the Company without Cause (but not due to Executive’s death or Disability) or Executive resigns for Good Reason, and such termination or resignation occurs within one (1) month before, or within thirteen (13) months after a Change in Control (defined below) (each a “CIC Termination”), Executive shall be eligible to receive the following enhanced severance package (in lieu of the Severance Benefits described above): (i) payment of twenty-four (24) months of Executive’s Base Salary as in effect immediately prior to the Separation Date, less applicable withholdings and deductions; (ii) payment of a bonus in an amount equal to Executive’s Bonus Target times two (2x) as described in Section 5 above, less applicable withholdings and deductions (the payments under clauses (i) and (ii) referred to as the “CIC Cash Severance”); (iii) the Pro Rata Bonus; and (iv) accelerated vesting of Executive’s Equity Awards so that Executive becomes one hundred percent (100%) vested in all such Equity Awards; and (iv) a twenty-four (24) month extension of the exercise period applicable to the Equity Awards so that Executive has 730 days after the Separation Date to exercise any vested Equity Awards (including, for avoidance of doubt, any portion of such awards that became vested as a result of the foregoing accelerated vesting benefit) (the “CIC Extended Exercise Period”).  The foregoing CIC Extended Exercise Period benefit may convert Equity Awards that were incentive stock options into non-statutory stock options.  Executive should consult with an independent tax advisor for additional guidance. Except for the foregoing accelerated vesting benefits, all existing terms and conditions applicable to the Equity Awards shall remain in full force and effect.  In addition, provided Executive timely elects to continue Executive’s group health insurance coverage after the Separation Date pursuant to COBRA, and the terms of the governing health insurance policies, the Company will reimburse all monthly COBRA health insurance premiums the Executive pays to continue Executive’s health insurance coverage (including dependent coverage), less the amount Executive would have been required to contribute for such health insurance coverage had he continued his employment, for twenty-four (24) months after the Separation Date or until such earlier date as Executive either becomes eligible for group health insurance coverage through a new employer or Executive ceases to be eligible for COBRA coverage.  These CIC severance benefits shall be paid subject to the same preconditions and on the same terms and conditions applicable to the Severance Benefits; provided, however, that the CIC Cash Severance shall be paid in a lump sum within ten (10) business days of the Effective Date of the Release required under Section 9(g)(ii) (Preconditions).  For purposes of 

Exhibit 10.1

this provisions only and notwithstanding any other provisions of this Agreement to the contrary, in the event of a resignation without Good Reason as described in Section 9(e) above, the Company may elect to accelerate Executive’s designated resignation effective date, and Executive shall not be entitled to any additional pay in lieu of notice.

(b)    Definition of Change in Control.  For purposes of this Agreement, “Change in Control” has the definition set forth in the Equity Plan.

11.    Code Section 409A Compliance.  Notwithstanding anything set forth in this Agreement to the contrary, any payments and benefits provided pursuant to this Agreement which constitute “deferred compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A shall not commence until Executive has incurred a “separation from service” (as such term is defined in the Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A.
For the avoidance of doubt, it is intended that the payments and benefits set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation 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.  To the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A and incorporates by reference all required definitions and payment terms.  For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A 2(b)(2)(iii)), Executive’s 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 the Company (or, if applicable, the successor entity thereto) determines that any payments upon Executive’s Separation From Service set forth herein and/or under any other agreement with the Company constitute “deferred compensation” under Section 409A and Executive is, on Executive’s Separation From Service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely, to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the payments upon Executive’s Separation From Service shall be delayed until the earlier to occur of: (a) the date that is six months and one day after Executive’s Separation From Service or (b) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”).  On the Specified Employee Initial Payment Date, the Company (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the payments upon Executive’s Separation From Service that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of the severance benefits had not been so delayed pursuant to this section and (B) commence paying the balance of the severance benefits in accordance with the applicable payment schedules set forth in this Agreement.
None of the severance benefits under this Agreement will commence or otherwise be delivered prior to the effective date of the Release.  If the period of time Executive has to execute the Release “crosses over” two (2) calendar years, the Release will be deemed to have been executed on the twenty-first (21st) day after the Separation Date.  Except to the minimum extent that payments must be delayed because Executive is a “specified employee” (as described above) or until the effectiveness of the Release, all amounts will be paid as soon as practicable in accordance with the Company’s normal payroll practices and no interest will be due on any amounts so deferred.
12.    Code Section 280G.

(a)    Better After-Tax Provision.  If any payment or benefit that Executive will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment will be equal to the Reduced Amount.  The “Reduced Amount” will be either (x) the largest portion of the 280G Payment that would result in no portion of the 280G Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the 280G Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, 

Exhibit 10.1

state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the 280G Payment may be subject to the Excise Tax.  If a reduction in a 280G Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction will occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive.  If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the 280G Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, will be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification will preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (B) as a second priority, 280G Payments that are contingent on future events (e.g., being terminated without Cause), will be reduced (or eliminated) before 280G Payments that are not contingent on future events; and (C) as a third priority, 280G Payments that are “deferred compensation” within the meaning of Section 409A of the Code will be reduced (or eliminated) before 280G Payments that are not “deferred compensation” within the meaning of Section 409A of the Code.
The independent professional firm engaged by the Company for general tax audit purposes as of the day prior to the effective date of the Change in Control (the “Accountants”) will make all determinations required to be made under this Section.  If the firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company will appoint a nationally recognized independent professional firm to make the determinations required hereunder.  The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder.  The Company will use commercially reasonable efforts to cause the firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to the Company and Executive within thirty (30) calendar days after the date on which Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive.
(b)    Indemnification.  The Company hereby agrees that, for purposes of determining whether any 280G Payment would be subject to the excise tax under Section 4999 of the Code, the non-competition provisions of the Proprietary Information Agreement (the “Non-Compete”) shall be treated as an agreement for the performance of personal services.  The Company hereby agrees to indemnify, defend, and hold harmless Executive from and against any adverse impact, tax, penalty, or excise tax resulting from the Company or the Accountants’ attribution of a value to the Non-Compete that is less than the product of (i) the greater of (A) the total compensation amount that would be disclosed under Item 402(c) of Securities and Exchange Commission Regulation S-K if Executive had been a “named executive officer” of the Company in the year prior to the year of the event that triggers the Excise Tax or (B) an independent valuation of the Non-Compete, multiplied by (ii) the duration of the Non-Compete in years (this product, the “Post Change in Control Reasonable Compensation”), to the extent that the use of such lesser amount results in a larger excise tax under Section 4999 of the Code than Executive would have been subject to had the Company or Accountants attributed a value to the Non-Compete that is at least equal to the Post Change in Control Reasonable Compensation.
13.    Miscellaneous.

(a)    Taxes.  Executive shall be responsible for the payment of any taxes due on any and all compensation, stock option, or benefit provided by the Company pursuant to this Agreement which are not withheld by the Company.  Executive agrees to indemnify and hold harmless the Company from any and all claims or penalties asserted against the Company arising from Executive’s failure to pay taxes due on any compensation, stock option, or benefit provided by the Company pursuant to this Agreement.  Executive expressly acknowledges that the Company has not made any representation about the tax consequences of any consideration provided by the Company to Executive pursuant to this Agreement.

Exhibit 10.1

(b)    Modification/Waiver.  This Agreement may not be amended, modified, superseded, canceled, renewed or expanded, or any terms or covenants hereof waived, except by a writing executed by each of the Parties or, in the case of a waiver, by the Party waiving compliance.  Failure of any Party at any time to require performance of any provision hereof shall in no manner affect his, her or its right at a later time to enforce such provision.  No waiver by a Party of a breach of this Agreement shall be deemed to be or construed as a waiver of any other breach of any term or condition contained in the Agreement.

(c)    Successors and Assigns.  This Agreement may be assigned by the Company to an affiliated entity or to any successor or assignee of the Company with or without Executive’s consent.  This Agreement shall not be assignable by Executive.

(d)    Notices.  All notices to be given hereunder shall be in writing and shall be deemed to have been duly given on: the date personally or hand delivered; one (1) day after being sent by internationally-recognized overnight delivery courier; and three (3) days after being sent by certified mail, return receipt requested.  Notices mailed to Executive shall be sent to Executive’s last home address as reflected in the Company’s personnel records. Executive promptly shall notify Company of any change in Executive’s address.  Notices to be issued to the Company shall be directed to the Board c/o the Lead Independent Director copied to General Counsel and shall be mailed to the Company’s headquarters.

(e)    Dispute Resolution.  To aid in the rapid and economical resolution of any disputes that may arise in the course of Executive’s employment relationship, the Parties agree that any and all disputes, claims, or demands arising from or relating to the terms of this Agreement (including but not limited to the Proprietary Information Agreement incorporated by reference herein), Executive’s employment relationship with the Company, or the termination of that  relationship (including statutory claims), shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in Austin, Texas conducted before a single neutral arbitrator by JAMS, Inc. (“JAMS”) or its successor, under the then applicable JAMS Arbitration Rules and Procedures for Employment Disputes (available at http://www.jamsadr.com/rules-employment-arbitration/) and subject to JAMS’ Policy on Employment Arbitration Minimum Standards of Procedural Fairness.  The Parties acknowledge that by agreeing to this arbitration procedure, they waive the right to resolve any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding.  Executive will have the right to be represented by legal counsel at any arbitration proceeding, at Executive’s expense.  The arbitrator shall:  (a) have authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based; and (c) have authority to, in the arbitrator’s discretion, award recovery of attorneys’ fees and costs to the prevailing party.  The Company shall pay all JAMS’ arbitration fees.  Nothing in this Agreement is intended to prevent either Party from obtaining injunctive relief in a court of applicable jurisdiction to prevent irreparable harm pending the conclusion of any arbitration; or from enforcing any arbitration award in a court of applicable jurisdiction.

(f)    Entire Agreement.  This Agreement, together with the Exhibits, sets forth the complete and exclusive agreement and understanding of the Parties with regard to the subject matter hereof, and supersedes any and all prior or contemporaneous agreements, promises, representations, or communications, written or oral, pertaining to the subject matter hereof.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement, and the invalid or unenforceable provision shall be modified to render it valid and enforceable consistent with the intent of the parties insofar as possible under applicable law.  For purposes of construing this Agreement, any ambiguities shall not be construed against any party as the drafter.  This Agreement may be executed in counterparts, which shall be deemed to be part of one original, and facsimile signatures, signatures transmitted by .PDF, as well as electronic signatures, shall be equivalent to original signatures. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Iowa, without regard to conflict of laws principles.

Exhibit 10.1

In Witness Whereof, the Parties have each duly executed this Agreement as of the date written above to indicate their understanding and acceptance of all of the above-stated terms and conditions.
Lumos Pharma Inc. 

By:    _/s/ Brad Powers_________________________

Its:    _General Counsel________________________

Executive

__/s/ Richard J. Hawkins__________________________

Exhibit 10.1

Exhibit A
EMPLOYEE PROPRIETARY INFORMATION AGREEMENT
EMPLOYEE PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
This Employee Proprietary Information, Inventions, Non-competition, and Non-solicitation Agreement (this “Agreement”) is made in consideration for my employment or continued employment by Lumos Pharma, Inc. or any of its subsidiaries (the “Company”), and the compensation now and hereafter paid to me.  I hereby agree as follows: 
		
	1.
	Nondisclosure. 

1.1    Recognition of Company’s Rights; Nondisclosure.  At all times during my employment and thereafter, I will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with my work for the Company, or unless an officer of the Company expressly authorizes such in writing.  I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to my work at Company and/or incorporates any Proprietary Information.  I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns. 
1.2    Proprietary Information.  The term “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company.  By way of illustration but not limitation, “Proprietary Information” includes (a) tangible and intangible information relating to antibodies and other biological materials, cell lines, samples of assay components, media and/or cell lines and procedures and formulations for producing any such assay components, media and/or cell lines, formulations, products, processes, know-how, designs, formulas, methods, developmental or experimental work, clinical data, improvements, discoveries, plans for research, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers, and information regarding the skills and compensation of other employees of the Company; (b) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”); (c) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (d) information regarding the skills and compensation of other employees of the Company.  Notwithstanding the foregoing, it is understood that, at all such times, I am free to use information which is generally known in the trade or industry, which is not gained as result of a breach of this Agreement, and my own, skill, knowledge, know-how and experience to whatever extent and in whichever way I wish. 
1.3    Third Party Information.  I understand, in addition, that the Company has received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.  During the term of my employment and thereafter, I will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with my work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing.
1.4    No Improper Use of Information of Prior Employers and Others.  During my employment by the Company I will not improperly use or disclose any confidential information or trade secrets, if any, of any third party, including but not limited to any former employer or any other person or entity to whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any unpublished documents or any property belonging to any third party, including but not limited to any former employer or any other person or entity to whom I have an obligation of confidentiality unless consented to in writing by that third party.  I will use in the performance of my duties only 

Exhibit 10.1

information which is generally known and used by persons with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided, obtained, or developed by or for the Company. 
		
	2.
	Assignment of Inventions.

2.1    Proprietary Rights.  The term “Proprietary Rights” shall mean all trade secret, patent, copyright, mask work and other intellectual property rights throughout the world. 
2.2    Prior Inventions.  Inventions, if any, patented or unpatented, which I made prior to the commencement of my employment with the Company are excluded from the scope of this Agreement.  To preclude any possible uncertainty, I have set forth on Exhibit A (Previous Inventions) attached hereto a complete list of all Inventions that I have, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of my employment with the Company, that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”).  If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in Exhibit A but am only to disclose a cursory name for each such invention, a listing of the party (ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason.  A space is provided on Exhibit A for such purpose.  If no such disclosure is attached, I represent that there are no Prior Inventions.  If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention.  Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company’s prior written consent. 
2.3    Assignment of Inventions.  Subject to Sections 2.4, and 2.6, I hereby assign and agree to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all my right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with the Company.  Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 2, are hereinafter referred to as “Company Inventions.” 
2.4    Nonassignable Inventions.  I recognize that, in the event of a specifically applicable state law, regulation, rule, or public policy (“Specific Inventions Law”), this Agreement will not be deemed to require assignment of any invention which qualifies fully for protection under a Specific Inventions Law by virtue of the fact that any such invention was, for example, developed entirely on my own time without using the Company’s equipment, supplies, facilities, or trade secrets and neither related to the Company’s actual or demonstrably anticipated business, research or development, nor resulted from work performed by me for the Company.  In the absence of a Specific Inventions Law, the preceding sentence will not apply. 
2.5    Obligation to Keep Company Informed.  During the period of my employment with the Company, I will promptly disclose to the Company fully and in writing all Inventions authored, conceived or reduced to practice by me, either alone or jointly with others; and all patent applications filed by me or on my behalf.  At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify for protection under the provisions of a Specific Inventions Law; and I will at that time provide to the Company in writing all evidence necessary to substantiate that belief.  The Company will keep in confidence and will not use for any purpose or disclose to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this Agreement relating to Inventions that qualify fully for protection under a Specific Inventions Law.  I will preserve the confidentiality of any Invention that does not fully qualify for protection under a Specific Inventions Law. 
2.6    Government or Third Party.  I also agree to assign all my right, title and interest in and to any particular Company Invention to a third party, including without limitation the United States, as directed by the Company. 

Exhibit 10.1

2.7    Works for Hire.  I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my employment at the Company and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101). 
2.8    Enforcement of Proprietary Rights.  
(i)Obligation to Assist.  I will assist the Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights relating to Company Inventions in any and all countries.  To that end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof.  In addition, I will execute, verify and deliver assignments of such Proprietary Rights to the Company or its designee.  My obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of my employment, but the Company shall compensate me at a reasonable rate after my termination for time actually spent by me at the Company’s request on such assistance. 

(ii)Appointment of Attorney in Fact.  In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in the preceding paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me.  I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.

3.No Conflicts, Non-Solicitation, and Non-Interference.  I acknowledge that during my employment I will have access to and knowledge of Proprietary Information.  To protect the Company’s Proprietary Information, I agree that during the period of my employment by the Company I will not, without the Company’s express written consent, engage in any other employment or business activity directly related to the business in which the Company is now involved or becomes involved, nor will I engage in any other activities which conflict with my obligations to the Company or the interests of the Company.  For the period of my employment by the Company and continuing until one year after my last day of employment with the Company, I will not:  (a) directly or indirectly induce any employee of the Company to terminate or reduce his or her relationship with the Company; (b) solicit the business of any Client or Customer of the Company (other than on behalf of the Company) for any competitive purpose; or (c) induce any supplier, vendor, consultant or independent contractor of the Company to terminate or reduce his, her or its relationship with the Company.  I agree that for purposes of this Agreement, a “Client or Customer” is any person or entity with whom or which, at any time during the two year period prior to my last day of employment with the Company, (i) I had direct dealings; (ii) an individual whom I supervised had direct dealings; or (iii) about whom or which I obtained confidential information.  If any restriction set forth in this Section is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 

4.Covenant Not to Compete.  I acknowledge that during my employment I will have access to and knowledge of Proprietary Information.  To protect the Company’s Proprietary Information, I agree that during my employment with the Company, whether full-time or part-time, and for a period of one year after my last day of employment with the Company, I will not directly or indirectly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest in, or participate in the financing, operation, management or control of, any person, entity, corporation or business that engages in a “Restricted Business” in a “Restricted Territory” (as defined below).  It is agreed that ownership of (i) no more than one percent (1%) of the outstanding voting stock of a publicly traded corporation, or (ii) any stock I presently own shall not constitute a violation of this provision. 

Exhibit 10.1

4.1    Reasonable.  I agree and acknowledge that the time limitation on the restrictions in this paragraph, combined with the geographic scope, is reasonable.  I also acknowledge and agree that this paragraph is reasonably necessary for the protection of the Company’s Proprietary Information as defined in paragraph 1.2 herein, that through my employment I shall receive adequate consideration for any loss of opportunity associated with the provisions herein, and that these provisions provide a reasonable way of protecting the Company’s business value, some of which will be imparted to me in the ordinary course of my employment with the Company.  If any restriction set forth in this paragraph 4 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable. 
4.2    As used herein, the terms: 
(i)“Restricted Business” shall mean a business that is engaged in or is preparing to engage in any of the areas that the Company is actively pursuing, including but not limited to research, development and/or commercialization of (1) one or more products for the treatment of any rare disease based upon the Company’s LUM-201 technology platform; (2) one or more products for the treatment of any rare disease utilizing growth hormone, recombinant growth hormone, or any isoforms, analogs or secretagogues thereof; (3) vaccines against the Ebola virus; or (4) any other area of research, development, or commercialization drug or biologic candidate which is intended to address a rare disease that (i) is the subject area of research, development, or commercialization in which the Company or any subsidiary is engaged pursuant to a program which is being materially funded by the Company, a strategic partner of the Company, and/or a grant to the Company and (ii) as to which I participated in or was familiar with the details of such research, development or commercialization during my time of my employment with Company or regarding which I possess Confidential Information.  For purposes of the preceding sentence, the determination of the scope of the Company’s business activities shall be made as of the date of termination of my employment.

(ii) “Restricted Territory” shall mean any state, county, or locality in the United States in which the Company conducts business and any other country, city, state, jurisdiction, or territory in which the Company does business or plans to do business.

5.Records.  I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and any other form that may be required by the Company) of all Proprietary Information developed by me and all Company Inventions made by me during the period of my employment at the Company, which records shall be available to and remain the sole property of the Company at all times. 

6.No Conflicting Obligation.  I represent that my 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 information acquired by me in confidence or in trust prior to my employment by the Company, nor any other lawful obligation I have to any third party.  I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith. 

7.Return of Company Materials.  When I leave the employ of the Company, or earlier if requested by the Company, I will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, documents, materials, and tangible or intangible property of the Company together with all copies thereof, and any other material containing or embodying any Company Inventions, Third Party Information or Proprietary Information of the Company without retaining any reproductions or embodiments thereof in whole or in part and in any medium.  By way of example, such items include but are not limited to: Company files, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information, information regarding potential business development partners, research and development information, sales and marketing information, operational and personnel information, code, software, databases, computer-recorded information, and tangible property and equipment (including, but not limited to, computers, data storage devices, facsimile machines, mobile telephones, servers, credit cards, entry cards, identification badges and keys).  In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, I agree to provide Company with a computer-useable copy of all such Confidential Information and then permanently 

Exhibit 10.1

delete and expunge such Confidential Information from those systems; and I agree to provide Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is completed. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. 

8.Legal and Equitable Remedies.  Because my services are personal and unique and because I may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement. 

9.Notices.  Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing.  Such notice shall be deemed given upon personal delivery or express delivery service (e.g., FedEx) to the appropriate address; upon delivery via facsimile; or if sent by certified or registered mail, three days after the date of mailing. 

10.Notification of New Employer.  In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this Agreement. 

11.General Provisions.

11.1    Governing Law; Consent to Personal Jurisdiction and Exclusive Forum.  This Agreement will be governed by and construed according to the laws of the State of Texas as such laws are applied to agreements entered into and to be performed entirely within Texas between Texas residents.  I hereby expressly understand and consent that my employment is a transaction of business in the State of Texas and constitutes the minimum contacts necessary to make me subject to the personal jurisdiction of the federal courts located in the State of Texas, and the state courts located in the County of Travis, Texas, for any lawsuit filed against me by Company arising from or related to this Agreement.  I agree and acknowledge that any controversy arising out of or relating to this Agreement or the breach thereof, or any claim or action to enforce this Agreement or portion thereof, or any controversy or claim requiring interpretation of this Agreement must be brought in a forum located within the State of Texas.  No such action may be brought in any forum outside the State of Texas.  Any action brought in contravention of this paragraph by one party is subject to dismissal at any time and at any stage of the proceedings by the other, and no action taken by the other in defending, counter claiming or appealing shall be construed as a waiver of this right to immediate dismissal.  A party bringing an action in contravention of this paragraph shall be liable to the other party for the costs, expenses and attorney’s fees incurred in successfully dismissing the action or successfully transferring the action to the federal courts located in the State of Texas, or the state courts located in the County of Travis, Texas. 
11.2    Severability.  In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement; this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein; and such provision shall be deemed modified and enforceable, insofar as possible consistent with its original intent.  By way of example, if, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 
11.3    Successors and Assigns.  This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.  My obligations under this Agreement are not assignable to any party.
11.4    Survival.  The provisions of this Agreement shall survive the termination of my employment and the assignment of this Agreement by the Company to any successor in interest or other assignee. 
11.5    Employment.  I agree and understand that my employment is at-will which means I or the Company each have the right to terminate my employment, with or without advanced notice and with or without cause.  I further agree 

Exhibit 10.1

and understand that nothing in this Agreement shall confer any right with respect to continuation of employment by the Company, nor shall it interfere in any way with my right or the Company’s right to terminate my employment at any time, with or without cause. 
11.6    Waiver.  To be valid, any waiver by me or the Company of any breach of this Agreement or right hereunder shall be specifically stated in writing, and shall not be a waiver of any preceding or succeeding breach unless so specifically stated.  No waiver of any right under this Agreement and applicable law shall be construed as a waiver of any other right.  Neither party shall be required to give notice to enforce strict adherence to all terms of this Agreement. 
11.7    Entire Agreement.  The obligations pursuant to this Agreement shall apply to any time during which I was previously, or am in the future, employed or engaged as a consultant by the Company, if no other agreement governs the subject matter thereof.  This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior communications and representations with respect to such subject matter.  No modification of or amendment to this Agreement will be effective unless in writing and signed by the party to be charged.  Any subsequent changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

Exhibit 10.1

EMPLOYEE PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
ACKNOWLEDGEMENT FORM

I acknowledge that I have been given a copy of the Employee Proprietary Information and Inventions Agreement, that I have read it, and that I understand its terms and procedures.  Furthermore, I agree to abide by it and understand that if Lumos Pharma determines my conduct warrants it, I may be subject to discipline for breaches hereof, up to and including the immediate termination of my employment.  

  Richard J. Hawkins             
                    
Employee’s Name (Please Print)

  /s/ Richard J. Hawkins         
                    
Employee’s Signature

   3/27/2020                            
                    
Date

Exhibit 10.1

Exhibit B
RELEASE
[To be signed on or within twenty-one (21) days after the Separation Date]
My employment with Lumos Pharma Inc. (the “Company”) ended in all capacities on ___________ (the “Separation Date”).  I hereby confirm that I have been paid all compensation owed to me by the Company for all hours worked; I have received all the leave and leave benefits and protections for which I was eligible, pursuant to the Company’s policies, applicable law, or otherwise; and I have not suffered any on-the-job injury or illness for which I have not already filed a workers’ compensation claim.

If I choose to enter into this Release and allow it to become effective by its terms, the Company will provide me with certain severance benefits pursuant to the terms of the Employment Agreement between me and the Company dated 27 March, 2020 (the “Agreement”).  I understand that I am not entitled to such severance benefits unless I return this fully-executed Release to the Company within twenty-one (21) days after the Separation Date, and allow this Release to become fully effective and non-revocable by its terms.  (Capitalized terms used but not defined in this Release shall have the meaning ascribed to them in the Agreement.)

In exchange for the severance benefits to which I would not otherwise be entitled, I hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, arising from or in any way related to events, acts, conduct, or omissions occurring prior to or at the time that I sign this Release, including but not limited to claims arising from or in any way related to my employment with the Company or the termination of that employment (collectively, the “Released Claims”).  By way of example, the Released claims include, but are not limited to: (1) all claims related to my compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (2) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (3) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (4) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and Iowa state law.
Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (a) any claims for breach of the Agreement arising after the date on which I sign this Release; (2) claims for reimbursement of properly incurred business expenses prior to and through the Separation Date which are submitted to the Company for reimbursement within thirty (30) days after the Separation Date; (3) all rights I have in respect of the Equity Awards; (4) all claims for or rights to indemnification pursuant to the articles of incorporation and bylaws of the Company, any indemnification agreement to which I am a party, or under applicable law; and (5) all claims which cannot be waived as a matter of law.  I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other government agency, except that I acknowledge and agree that I am hereby waiving my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims that I have or might have against any of the parties released above that are not included in the Released Claims.

Exhibit 10.1

[IF EXECUTIVE IS 40 YEARS OF AGE OR OLDER] I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given for this Release is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised, as required by the ADEA, that:  (a) my waiver and release does not apply to any rights or claims that may arise after the date I sign this Release; (b) I have been advised that I have the right to consult with an attorney prior to executing this Release (although I may choose voluntarily not to do so); (c) I have been given twenty-one (21) days to consider this Release (although I may choose voluntarily to sign it earlier); (d) I have seven (7) days following my execution of this Release to revoke my acceptance of it (with such revocation to be delivered in writing to the Company within the 7-day revocation period); and (e) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign it, provided I do not earlier revoke it (“Effective Date”).
I further agree: (a) not to disparage the Company or any of the other Released Parties, in any manner likely to be harmful to its or their business, business reputation or personal reputation (although I may respond accurately and fully to any question, inquiry or request for information as required by legal process); (b) not to voluntarily (except in response to legal compulsion) assist any third party in bringing or pursuing any proposed or pending litigation, arbitration, administrative claim or other formal proceedings against the Company, its affiliates, officers, directors, employees or agents; and (c) to reasonably cooperate with the Company by voluntarily (without legal compulsion) providing accurate and complete information, in connection with the Company’s actual or contemplated defense, prosecution or investigation of any claims or demands by or against third parties, or other matters, arising from events, acts, or omissions that occurred during my employment with the Company.  I hereby certify that I have returned, without retaining any reproductions (in whole or in part), all information, materials and other property of the Company, including but not limited to any such information, materials or property contained on any personally-owned electronic or other storage device (such as computer, cellular phone, PDA, tablet or the like).
This Release, together with the Agreement (including all Exhibits and documents incorporated therein by reference), constitutes the complete, final and exclusive embodiment of the entire agreement between me and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained in the Release or the Agreement, and it entirely supersedes any other such promises, warranties or representations, whether oral or written. 

Reviewed, Understood and Agreed:

By: ___________________________________________    Date: ___________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]