Document:

EX-10.1

 Exhibit 10.1 

TWIST BIOSCIENCE CORPORATION 

SENIOR BUSINESS ADVISOR AGREEMENT 

This Senior Business Advisor Agreement (the “Agreement”) is entered into as of November 1, 2017 (the “Effective
Date”), by and between Twist Bioscience Corporation, a Delaware corporation (the “Company”), and Nelson C. Chan (“Advisor”). 

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Services. Advisor agrees to act as a Senior Business Advisor,
including attending all or part of any Board (as defined below) meeting, as and when deemed appropriate by the Board, to collaborate and provide advice and assistance to the Company as is mutually agreed by the parties and as further described in
Exhibit A (collectively, the “Services”). 
 2. Compensation. For Services rendered by Advisor under this
Agreement, the Company shall pay Advisor at the rate of $2,500 per month of Services provided hereunder, payable upon receipt by the Company of an invoice (which may be via email) from Advisor to the Company. In addition, subject to the approval of
the Company’s Board of Directors (the “Board”). Advisor will be granted an option to purchase 70,000 shares of the Company’s Common Stock (the “Option”). Subject to the approval of the Board, the Option
will vest and become exercisable at the rate of 1/48th of the total original number of Option shares on each monthly anniversary of the Effective Date, subject to Advisor’s continuous service
with the Company through each vesting date. Notwithstanding the foregoing, in the event Advisor is terminated (A) upon the consummation of, or at any time following, a Change of Control (as defined in the Company’s 2013 Stock Plan (the
“Plan”)) and (B) by the Company without Cause (as defined in the Plan), then 100% of the then unvested shares subject to the Option will immediately vest and become exercisable upon the date of such termination; provided, however, if
the successor to the Company or any affiliate of such successor does not agree to assume, substitute or otherwise continue the Option at the time of a Change of Control, then 100% of the then unvested shares subject to the Option shall fully vest
and become exercisable immediately prior to, and contingent upon, the consummation of such Change of Control. The exercise price per share of the Option will be equal to the fair market value per share of the Company’s Common Stock on the date
the Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. Advisor should consult with his own tax advisor concerning the tax consequences associated with
accepting the Option. The Option will be subject to the terms and conditions set forth in the Plan and the Company’s standard form of stock option agreement. 

1. Expenses. The Company shall reimburse Advisor for reasonable travel and related expenses incurred in the course of performing
Services hereunder, provided, however, that any such expenses shall be approved in advance by the Company. As a condition to receipt of reimbursement, Advisor shall be required to submit to the Company reasonable evidence that the amount involved
was both reasonable and necessary to the Services provided under this Agreement. 
 2. Termination. This Agreement may be
terminated by either party for any or no reason immediately upon written or e-mail notice without further obligation or liability. 

  
 1 

 3. Independent Contractor. Advisor’s relationship with the Company
will be that of an independent contractor and not that of an employee. Advisor will not be eligible for any employee benefits and, to the extent Advisor otherwise would be eligible for any Company employee benefits but for the express terms of this
Agreement. Advisor hereby expressly declines to participate in such Company employee benefits. Advisor shall have full responsibility for applicable taxes for all compensation paid to Advisor under this Agreement, including any withholding
requirements that apply to any such taxes, and for compliance with all applicable labor and employment requirements with respect to Advisor’s self-employment, sole proprietorship or other form of business organization. Advisor agrees to
indemnify, defend and hold the Company harmless from any liability for, or assessment of, any claims or penalties or interest with respect to such taxes, labor or employment requirements, including any liability for, or assessment of, taxes imposed
on the Company by the relevant taxing authorities with respect to any compensation paid to Advisor or any liability related to the withholding of such taxes. Advisor will have no authority to enter into contracts that bind the Company or create
obligations on the part of the Company without the prior written authorization of the Company. 
 4. Nondisclosure of Confidential
Information. 
 (a) Agreement Not to Disclose. Advisor agrees not to use any Confidential Information (as defined
below) disclosed to Advisor by the Company or otherwise for Advisor’s own use or for any purpose other than to carry out discussions concerning, and the undertaking of, the Services. Advisor shall not disclose or permit disclosure of any
Confidential Information of the Company to third parties. Advisor agrees to take all reasonable measures to protect the secrecy of and avoid disclosure or use of Confidential Information of the Company in order to prevent it from falling into the
public domain or the possession of others. Advisor further agrees to notify the Company in writing of any actual or suspected misuse, misappropriation or unauthorized disclosure of the Company’s Confidential Information which may come to
Advisor’s attention. 
 (b) Definition of Confidential Information. “Confidential Information” means any
information, technical data or know-how (whether disclosed before or after the date of this Agreement), including, but not limited to information relating to business and product or service plans, financial
projections, technology, customer lists, business forecasts, sales and merchandising, human resources, patents, patent applications, computer object or source code, research, inventions, processes, designs, drawings, engineering, marketing or
finance to be confidential or proprietary or which information would, under the circumstances, appear to a reasonable person to be confidential or proprietary. Confidential Information does not include information, technical data or know-how which: (i) is in the possession of Advisor at the time of disclosure, as shown by Advisor’s files and records immediately prior to the time of disclosure; or (ii) becomes part of the public
knowledge or literature, not as a direct or indirect result of any improper inaction or action of Advisor. 
 (c) Exceptions.
Notwithstanding the above, Advisor shall not have liability to the Company or any of its subsidiaries with regard to any Confidential Information of the Company which Advisor can prove: (i) is disclosed with the prior written approval of the
Company; or (ii) is disclosed pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that Advisor shall provide prompt notice of such court order or requirement to the Company to
enable the Company or its appropriate subsidiary to seek a protective order or otherwise prevent or restrict such disclosure. 

  
 2 

 5. No Duplication; Return of Materials. Advisor agrees, except as otherwise
expressly authorized by the Company, not to make any copies or duplicates of any the Company’s Confidential Information. Any materials or documents that have been furnished by the Company to Advisor in connection with the Services shall be
promptly returned by Advisor to the Company, accompanied by all copies of such documentation, within five days after (a) the termination of this Agreement or (b) the written request of the Company. 

6. No Rights Granted. Nothing in this Agreement shall be construed as granting any rights under any patent, copyright or other
intellectual property right of the Company, nor shall this Agreement grant Advisor any rights in or to the Company’s Confidential Information, except the limited right to use the Confidential Information in connection with the Services. 

7. Assignment of Inventions. To the extent that, in the course of performing the Services. Advisor jointly or solely conceives,
develops, or reduces to practice any inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable or registrable under copyright or
similar laws (the “Advisor Inventions”). Advisor hereby assigns all rights, titles and interest to such Advisor Inventions to the Company. 

8. Duty to Assist. As requested by the Company, Advisor shall take all steps reasonably necessary to assist the Company in
obtaining and enforcing in its own name any patent, copyright or other protection which the Company elects to obtain or enforce with respect to the Advisor Inventions. Advisor’s obligation set forth in this Section 10 shall continue beyond
the termination of Advisor’s relationship with the Company, but the Company shall compensate Advisor at a reasonable rate after the termination of such relationship for time actually spent at the Company’s request providing such
assistance. 
 9. No Conflicts. Advisor represents that Advisor’s compliance with the terms of this Agreement and
provision of Services hereunder will not violate any duty which Advisor may have to any other person or entity (such as a present or former employer), including obligations concerning providing services to others, confidentiality of proprietary
information and assignment of inventions, ideas, patents or copyrights, and Advisor agrees that Advisor will not do anything in the performance of Services hereunder that would violate any such duty. In addition, Advisor agrees that, during the term
of this Agreement, prior to performing any services for or otherwise participating in a company developing or commercializing new services, methods or devices that may be competitive with the Company. Advisor shall first notify the Company in
writing. It is understood that in such event, the Company will review whether Advisor’s activities are consistent with Advisor continuing to provide the Services. 

10. External Communication. 

(a) Advisor shall not name nor use the Company’s logos or trade names for publicity, marketing, or any other external communications
without the Company’s prior written consent. 

  
 3 

 (b) Advisor shall not use any Confidential Information to negatively influence any of the
Company’s clients, licensors, licensees or customers or to solicit or influence or attempt to influence any client, licensor, licensee, customer or other person either directly or indirectly, to direct any purchase of products and/or services
to any person, firm, corporation, institution or other entity in competition with the Company’s business. 
 11.
Miscellaneous. Any term of this Agreement may be amended or waived only with the written consent of the parties. This Agreement, including any exhibits hereto, constitutes the sole agreement of
the parties and supersedes all oral negotiations and prior and contemporaneous writings with respect to the subject matter hereof. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt,
when delivered personally or by courier, overnight delivery service, email or confirmed facsimile, 48 hours after being deposited in the regular mail as certified or registered mail (airmail if sent internationally) with postage
prepaid, if such notice is addressed to the party to be notified at such party’s address or facsimile number as set forth below, or as subsequently modified by written notice, or if no address is set forth below, at the most
recent address set forth in the Company’s books and records. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California, without giving effect to the principles of
conflict of laws. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

[Signature Page Follows] 

  
 4 

 The parties have executed this Agreement as of the date first written above. 

 

			
	COMPANY:
	
	TWIST BIOSCIENCE CORPORATION
		
	By:	 	/s/ Bill Banyai

 
			
	Name:	 	Bill Banyai

 
			
	Title:	 	  Chief Operations Officer

 
			
		
	Address:	 	
	
	455 Mission Bay Blvd. South Suite 545
San Francisco, CA 94158

 
			
	
	ADVISOR:

 
			
		
	By: 	 	/s/ Nelson C. Chan

 
			
	Name:	 	Nelson C. Chan

 
			
		
	Address:	 	
	
	[Address]

 EXHIBIT A 

DESCRIPTION OF ADDITIONAL SERVICES 
 Description
of Additional Services: 
  

	 	•	 	 Advisor will develop strategies for developing (1) a standard for DNA storage, (2) a consortium to
promote competition and (3) a product portfolio. 

  

	 	•	 	 Advisor will also create timelines relating to DNA storage for (1) proof of concept, (2) early adopters
and (3) market entry. 

 Schedule: 
 The
project is expected to require at least 1/2 a day a month.Exhibit 10.1

    

    

    

    
      
        April 30, 2019

        

        

        Mr. Matthew McConnell

        1092 White Hawk Ranch Drive

        Boulder, CO  80303

        

        

        Dear Matt:

        

        

        We are pleased to extend to you an offer of employment to join USA Technologies, Inc. (“USA”) as Chief Operating Officer.
            In your role as Chief Operating Officer you will report to me. Your first day of employment will be May 20, 2019.

        

        

        This offer is contingent upon approval of this letter by our Board of Directors which is expected to be no later than May
            8, 2019.

        

        

        The following are the terms of your employment:

        

        

      

      
        
          
            	

                  	•	
                    Your annual base salary will be $400,000.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    For the first six months of your employment, you will be located at and will work out of USA’s Malvern, Pennsylvania office. You will be reimbursed by USA
                        for all necessary business expenses reasonably incurred and documented per USA’s expense policy.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You will participate in the Short-Term Incentive (“STI”) Plan for USA’s executive officers. If the target goals would be achieved, you would earn a cash
                        bonus equal to 45%  of your base salary. For fiscal year 2019, your STI award would be pro-rated from your start date through the end of USA’s fiscal year ended June 30, 2019. This award is subject to the terms and conditions of the
                        STI Plan.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You will participate in the Long-Term Incentive Stock Plan (“LTI”) for USA’s executive officers. If the year-over-year percentage target goals would be
                        achieved, you would earn an equity award with a value on the last day of the applicable fiscal year equal to 100% of your base salary. For fiscal year 2019, your LTI award would be pro-rated from your start date through the end of
                        USA’s fiscal year ended June 30, 2019.  The shares would vest over the two-year period following the end of the applicable fiscal year. This award
                        is subject to the terms and conditions of the LTI Plan.

                  

          

        

      

      
        

        

      

      
        
          

      

      
        
          
            
              
                Offer of Employment

                Matthew McConnell

                Page 2

                 

                    

              

            

            	

                  	•	
                    You will receive an equity grant of non-qualified options to purchase up to 50,000 shares with an exercise price equal to the closing price of the shares
                        on the date of the grant. The options would vest  as follows, provided that you are employed by USA on the respective vesting dates:  one-third on September 30, 2019; one-third on September 30, 2020; and one-third on September 30,
                        2021. The options would be exercisable for a period of seven years following commencement of employment. The options would not be exercisable in any event unless or until USA would be eligible to utilize a Form S-8 registration
                        statement under the Securities Act of 1933.

                  

          

        

      

      
         

        

      

      
        
          
            	

                  	•	
                    The Compensation Committee of USA’s Board of Directors, in consultation with the Chief Executive Officer, shall annually review your compensation.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You would be covered by and entitled to all of the fringe benefits that are generally available to USA employees, including health insurance, dental
                        insurance, group life and disability insurance, and matching 401(k) plan. Please note that USA’s benefits program is subject to change and any such change would supersede this letter.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You will be covered as an executive officer of USA under our Directors and Officers liability insurance policy.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    The term of your employment with USA would be for a period of one year or until May 6, 2020, and would continue thereafter for consecutive one year
                        periods unless terminated by you or USA upon at least 90-days’ notice prior to the end of the initial one year employment period or any one year extension thereof. Your employment could also be terminated at any time upon notice to
                        you from USA for “cause” or upon your death. The term "cause" shall mean any of the following have occurred or exist as determined by USA: (A) your fraud, gross malfeasance, or willful misconduct, with respect to USA's business; (B)
                        any material breach by you of this letter or any policy of USA; (C) any violation by you of any law, rule or regulation, which violation results or could reasonably be expected to result in material harm to the business or
                        reputation of USA; (D) conviction of or the entry of a guilty plea or plea of no contest to any felony or to any other crime involving moral turpitude; (E) any intentional misapplication by you of USA's funds, or any material act of
                        dishonesty committed by you; or (F) any other action by you that, in the reasonable judgment of USA, is damaging or detrimental in a significant way to USA’s business or reputation. For the purposes of the foregoing sentence, the
                        term USA shall mean and include any affiliate (as such term is defined in Rule 144 under the Securities Act of 1933) of USA, whether on the date of this letter or in the future, including but not limited to Cantaloupe Systems, Inc.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You will devote your full time, energy, skills and attention to the business of USA, and shall not be engaged or employed in any other business activity
                        whatsoever, whether or not such activity is pursued for gain, profit or other pecuniary advantage. Nothing contained in the prior sentence shall
                        prohibit you from serving as a member of boards of directors or boards of trustees of non-profit organizations, provided that such activities shall not detrimentally impact your duties at USA, that USA approves such activities in
                        advance, and that you shall coordinate such activities with USA.

                  

          

        

      

      
        

        

      

      
        
          

      

      
        
          
            
              
                Offer of Employment

                Matthew McConnell

                Page 3

                 

                    

              

            

            	

                  	•	
                    Except in connection with your duties as Chief Operating Officer, you shall not, directly or indirectly, at any time from and after the date hereof, and
                        whether or not your employment with USA has been terminated or has expired for any reason whatsoever, make any use of, exploit, disclose, or divulge to any other person, firm, or corporation, any confidential information, including
                        but not limited to, proprietary information, trade secret, business secret, financial information, financial projections, documents, process, procedures, know-how, data, marketing information, marketing method, marketing means,
                        software information, intellectual property, special arrangement, or any other confidential information concerning the business or policies of USA, or concerning USA' s customers, clients, accounts, or suppliers, that you learned as
                        a result of, in connection with, through your employment  with, or through your affiliation with USA, but not information that can be shown through documentary evidence to be in the public domain, or information that falls into the
                        public domain, unless such information falls into the public domain by your direct or indirect disclosure or other acts. You agree to use your best endeavors to prevent the unauthorized disclosure or publication of confidential
                        information and not to copy nor remove confidential information from USA’s premises, whether physically or electronically, without the express written permission of USA. For any and all purposes of this paragraph, the term USA shall
                        mean and include any affiliate (as such term is defined in Rule 144 under the Securities Act of 1933) of USA, whether on the date of this letter or in the future, including but not limited to Cantaloupe Systems, Inc.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    Nothing in this letter prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or
                        other proceeding before any federal, state, or local government agency. You further understand that this letter does not limit your ability to make any disclosures that are protected under the whistleblower provisions of federal law
                        or regulation. This letter does not limit your right to receive an award for information provided to any governmental agencies.

                  

          

        

        

        

        
          
            	

                  	•	
                    For a one-year period following the termination or expiration of your employment with USA for any reason whatsoever, you will be prohibited from competing
                        within any geographic area in which USA’s business was conducted as of the date of termination or expiration of your employment, with the business of USA, as presently or as hereinafter conducted as of the termination or expiration
                        of your employment, including but not limited to, delivering services or products to unattended retail locations, and any related production, promotion, marketing, or sales activities. The term “competing” means acting, directly or
                        indirectly, as a partner, principal, stockholder, joint venturer, associate, independent contractor, creditor of, consultant, trustee, lessor to, sub-lessor to, employee or agent of, or to have any other involvement with, any
                        person, firm, corporation, or other business organization which is engaged in the businesses described in this paragraph. For any and all purposes of this paragraph, the term USA shall mean and include any affiliate (as such term is
                        defined in Rule 144 under the Securities Act of 1933) of USA, whether on the date of this letter or in the future, including but not limited to, Cantaloupe Systems, Inc.

                  

          

        

        

        

      

      
        
          

      

      
        
          
            
              
                Offer of Employment

                Matthew McConnell

                Page 4

              

            

             

            

            	

                  	•	
                    For a one-year period following termination or expiration of your employment with USA for any reason whatsoever, you will not (a) directly or indirectly,
                        solicit for hire for any business entity other than USA, any person employed by USA as of the date of termination or expiration of your employment; or (b) directly or indirectly interfere with USA's relations with any person
                        employed by USA as of the date of termination or expiration of your employment with USA.  Such restriction shall not limit any employee or candidate responding to a general job posting. For all purposes of this paragraph, the term
                        USA shall mean and include any affiliate (as such term is defined in Rule 144 under the Securities Act of 1933) of USA, whether on the date of this letter or in the future, including but not limited to, Cantaloupe Systems, Inc.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    For a one-year period following termination or expiration of your employment with USA for any reason whatsoever, you will be prohibited from soliciting
                        any of USA’s customers in connection with engaging in a business competing with or similar to that of USA as conducted as of the date of the termination or expiration of your employment, including but not limited to, delivering
                        services or products to unattended retail locations, and any related production, promotion, marketing, or sales activities relating thereto. For all purposes of this paragraph, the term USA shall mean and include any affiliate (as
                        such term is defined in Rule 144 under the Securities Act of 1933) of USA, whether on the date of this letter or in the future, including but not limited to, Cantaloupe Systems, Inc.

                  

          

        

        

        

        
          
            	

                  	•	
                    You acknowledge that any breach by you of the obligations set forth in this letter would substantially and materially impair and irreparably harm your
                        business and goodwill; that such impairment and harm would be difficult to measure; and, therefore, total compensation in solely monetary terms would be inadequate. Consequently, you agree that in the event of any breach or any
                        threatened breach by you of any of the provisions of this letter, USA shall be entitled, in addition to monetary damages or other remedies, and without posting bond, to equitable relief, including injunctive relief, and to the
                        payment by you of all costs and expenses incurred by USA in enforcing the provisions thereof, including attorneys' fees. The remedies granted to USA in this letter are cumulative and are in addition to remedies otherwise available
                        to USA at law or in equity.

                  

          

        

        

        

      

      
        
          
            	

                  	•	
                    You acknowledge that you will be subject to the following policies of USA: Employee Manual, Code of Business Conduct and Ethics; Blackout Period and
                        Notification Policy; and Stock Ownership Guidelines for Directors and Executive Officers as well as any other policies that may be adopted by USA from time to time. As Chief Operating  Officer, you would also be required to file
                        statements of beneficial ownership of USA securities pursuant to Section 16(a) of the Securities Exchange Act of 1934.

                  

          

        

      

      
        

        

      

      
        
          

      

      
        
          
            
              
                Offer of Employment

                Matthew McConnell

                Page 5

                 

                    

              

            

            	

                  	•	
                    If any term or provision of this letter or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the
                        remainder of this letter or the application of any such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of
                        this letter shall be valid and enforceable to the fullest extent permitted by law.

                  

          

        

      

      
        

        

      

      
        
          
            	

                  	•	
                    You represent and warrant to USA that you are not as of the date of this letter a party to or subject to any employment, non-compete, or similar agreement
                        that would limit or prohibit, in whole or in part, the performance of your employment duties or responsibilities.

                  

          

        

      

      
        

        

        This letter constitutes our entire agreement and understanding regarding the matters addressed herein, and merges and
            supersedes all prior or contemporaneous discussions, agreements and understandings of every nature between us regarding these matters. This letter may only be modified by an agreement in writing executed by both USA and you.

        

        

        This letter will be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without
            regard to the application of the principles of conflicts of laws.

        

        

      

      
        The rights and obligations of both parties under this Agreement shall inure to the benefit of, and shall be binding upon,
            their respective personal representatives, heirs, successors and assigns. This Agreement, or any part hereof, may be assigned by USA without your consent. This Agreement, or any part thereof, may not be assigned by you.

      

      
        

        

        Your employment with USA will also be subject to a satisfactory background investigation to be conducted by USA.

        

        

        Matt, we are very much looking forward to your joining the USA team! Please indicate your written acceptance by signing
            this letter and returning it to me by email.

        

        

        Sincerely,

        

        

        USA Technologies, Inc.

        

        

        By:   /s/Stephen P. Herbert

        Stephen P. Herbert, Chief Executive Officer

        

        

        Accepted and Agreed to:

        

        

          /s/ Matthew McConnell

        Matthew McConnell

        

        

        Dated:  May 3, 2019

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]