Document:

Blue Sphere Corporation 8-K

Exhibit 10.1

 

LOAN
AGREEMENT

 

Dated:
September 12, 2018

 

Between:
Shlomi Palas
Israeli
ID. 057313579 residing at 17 Etrog Street Rosh Ha'ayin,
ISRAEL {Hereinafter: the "lender") and

 

Blue
Sphere Corporation a U.S. company incorporated under the
Nevada U.S. law and / or Eastern Sphere Ltd. a private
fully owned subsidiary of Blue Sphere Corp. Israeli incorporation
number 514415702 and /or each and any
affiliate and subsidiary of Blue Sphere Corp. and / or Eastern Sphere
Ltd. (Hereinafter jointly and severally: the "company ")

WHEREAS:
The lender has agreed to grant a loan to the company based on the company's
declarations and undertakings
in this agreement,
all in accordance and subject to the terms and conditions
of this agreement;

Therefore,
it is agreed between the parties as follows:

1. Introduction
and Interpretation

 

1.1 
The Preamble to this Agreement constitutes an integral part of the Agreement.

 

1.2 This Agreement constitutes a private loan between the lender and the company .

 

1.3  
No change, addition
or derogation from this Agreement shall be valid after the
date of its signature unless it has been made in writing and signed by the parties to this
Agreement.

 

1.4
The section headings
in this Agreement are provided for convenience only and are not part of this
Agreement or a means
of its interpretation.

 

2. Loan amount
and repayment date.

 

2.1 The
lender will make the loan to
the Company
in New Israeli
Shekels in an amount equivalent to about up to US$
150,000 (one hundred and fifty thousand$) {herein after:
"loan/ loan amount ")
for a period of
up to 60 days from the date of granting the loan and in any case no later than 5.11.2018
whichever is
earlier {Hereinafter: the " loan period " and
the "repayment date"). The loan
will not bear interest.

2.2  
Purpose of the loan: The loan money will be used by the Company for
working capital,
including payment of
salaries and amounts owed to third-party service providers .

2.3.
In the case of payment of salaries
or amounts owed to third-party service providers, the lender may transfer funds directly
to persons in one or more tranches
to whom salary payments
are owed and/or third-party
service providers and the funds so transferred will be
considered part of the loan money.

2.4  
The actual date of transfer of any part of the loan to the Company or
to any persons to whom salary payment s
are owed or third -party service providers shall
be considered
for all purposes as the
date of providing the loan ("date of provision of the loan").

 

    	 

    	 

    

2.5  
Subject to the following
sentence, the Company
hereby undertakes an irrevocable undertaking
that the principal amount
of the loan will
be repaid in full to
the lender up to and no later than
the repayment date. In satisfaction
of the Company's obligation
in the previous sentence,
the parties agree that
the Company will transfer back to the
lender the same amount that
the lender loaned to
the Company in New Israeli
Shekels (i.e., even if
exchange rates have changed
and, thus, the amount
repaid to the lender
is more or less than U.S. $150,000). The loan shall be a senior
secured
obligation of the
company, with priority
over all Indebtedness
of the company (unless
such indebtedness is a
senior secured obligation
of the company
or contains a covenant against issuing senior secured indebtedness,
in which case this loan
shall be junior to such
indebtedness). The obligations of
the company under this
agreement are secured
pursuant to the terms of this agreement
and such security interest
includes but is not limited to all of the assets of the company and its subsidiaries.
So long as the
company shall have any
obligation under this agreement, the company shall not
(directly or indirectly
through any subsidiary or affiliate) incur or suffer
to exist or guarantee
any Indebtedness that
is senior to or pari passu with (in priority of
payment and performance)
the company's obligations hereunder.

The
company hereby grants, pledges, and assigns for the benefit
of lender, and there is hereby created in
favor of the lender, a security interest in
and to all of the company's
right , title, and
interest in, to, and under all assets and all personal
property of the company and its subsidiaries,
whether now or hereafter existing,
or now owned or hereafter acquired, including but
not limited to the following (collectively, "Collateral
"):

2.5.1     
All accounts, chattel paper, contracts, contract rights,
accounts receivable, tax
refunds, Notes receivable,
documents, other choses in act
ion and general
intangibles, including,
but not limited to,
proceeds of inventory
and returned goods and proceeds
from the sale
of goods and services,
and all rights, liens, securities, guaranties, remedies
and privileges related thereto, including
the right of stoppage
in transit and
rights and property of
any kind forming the
subject matter of any
of the foregoing ("Accounts
Receivable");

2.5.2     
All time, savings,
demand, certificate of
deposit or other accounts
in the name
of the company or in which the company has any right,
title or interest
including but not
limited to all
sums now or at any
time hereafter on deposit, and
any renewals, extensions or
replacements of and all
other property which
may from time to time
be acquired directly or indirectly using the proceeds
of any of the foregoing;

2.5.3     
All inventory and equipment of every type
or description
wherever located, including,
but not limited to
all raw materials, parts, containers,
work in process, finished
goods, goods in transit, wares, merchandise furniture,
fixtures, hardware, machinery, tools, part s,
supplies, automobiles, trucks,
other intangible property of
whatever kind and wherever
located associated with the company's business, tools and goods returned for
credit, repossessed, reclaimed or otherwise reacquired by
the company;

2.5.4     
All documents of
title and other property
from time to time
received, receivable or otherwise distributed in respect
of, exchange or substitution
for or addition to
any of the foregoing
including, but
not limited to,
any documents
of title;

2.5.5 All know-how,
information, permits, patents,
copyrights, goodwill, trademarks, trade names,
licenses and approvals held
by the company,
including all other intangible
property of the
company;

 

    	 

    	 

    

2.5.6     
All assets of any type or description that may at any time be assigned or
delivered to or come into possession
of the company for
any purpose for the account
of the company or as to
which the company may have any right, title, interest or power, and property in the possession
or custody of or in transit to anyone for
the account of the company,
as well as
all proceeds and products thereof
and accessions and annexations
thereto; and

2.5.7     
All proceeds (including but not limited
to insurance proceeds)
and products of
and accessions and annexations
to any of the foregoing.

 

2.6.
The Company hereby authorizes the lender to
take any actions it
deems necessary or helpful to
perfect or record such security interest and will cooperate
with lender in such recording or perfection
by signing any agreements or instruments or taking any actions required by the lender in a timely
manner.

2.7
The Company will repay the principal of the
loan in one payment on the date of repayment of the
loan. If the date of repayment
of the loan falls on a
day that is not a business
day, the payment date will be postponed to the next business
day. In this
agreement, "business day" means
the day on which most
of the commercial banks in
Israel are open for
business and execute transactions in Israeli currency.

2.8.
The loan will be
repaid by the Company through
a transfer to the lender's bank account (as will
be given to the Company by the
lender) or any other account in Israel in accordance with
the notice of the lender.

3. Right to
early repayment

 

3.1.
The Company may, at its
option, repay the loan ahead
of time.

 

4. Declarations and obligations of the Company

 

4.1.
The Company declares through
its authorized signatory and undertakes that as of the
date of signing this Agreement:

4.1.2. 
The Company has duly authorized its entry into
this Agreement, the transactions contemplated hereby and the execution
of all of its undertakings
pursuant to the provisions
of this Agreement.

4.1.3. 
No application has been filed for the liquidation and / or appointment of
a receiver/ trustee
in bankruptcy/ special administrator or
any other similar functionary
by law.

5.
Repayment of the loan and special terms

5.1.
Without derogating from any relief that will be provided to the lender pursuant to this agreement and/ or under any law,
in the event that
the loan is not
fully repaid on the date of repayment of
the loan and/ or the
date of repayment of
the early loan in the event of one of the events enumerated in section 6 below, from the said date (hereinafter:
"default").

 

    	 

    	 

    

5.2. In the
event of default, the Company will pay the lender an
agreed compensation of $200 per each day of payment delay, (hereinafter: the "agreed compensation"). Such
agreed compensation will be added
to the loan amount.

6.
Providing the loan for immediate repayment

6.1. 
In the event
of any of the
events specified in the following section, the lender
will be entitled to demand the immediate and full repayment
of the loan that has not been repaid by that date, it
is hereby clarified that the
right to demand immediate
repayment and/ or the
demand for immediate
repayment does not
derogate from any other relief available to the
lender.

These
cases are:

 

6.1.1. 
A liquidation order,
receivership and / or stay of proceedings and / or an order to execute an
arrangement or compromise
with its creditors {or its
shareholders) arising from its
inability to repay its
debts and/ or appointment
of a liquidator and/
or receiver and or
if an application is
submitted by the company or any third
party to issue an
order as stated above or to
appoint an office holder
as stated above, and the said proceedings have
not been canceled within 10 days from the date of their
appointment.

6.1.2. 
If the Company
has been declared limited by law
or a foreclosure
has been imposed on its bank account
at Bank Leumi or JPMorgan, a foreclosure that has not
been removed within 10
days or the Company's
economic condition has
deteriorated in such a way that in
the opinion of the lender
this would endanger the repayment
of the loan. If payments of the loan have not been repaid on time
or in any event
where the lender is entitled to make the loan available for immediate repayment as
detailed above, the lender may act as it
sees fit and in its
sole discretion as follows:

6.1.3. 
Lender may take
measures against
the Company by any
means lender
elects which are
available to him under the agreement
and / or by law, for collecting
the amounts due to it under
this agreement, all at once or in installments. To exercise one or all the measures
specified above, in full or
in part, in order to collect the
sums due to
it under this Agreement,
all at once or in
installments. The lender
shall be entitled, as it sees fit, to split
its claim for the repayment
of all or any of the said amounts, and any part of the
amounts claimed by the
lender shall serve as
a separate cause of action
and independent of any
other part of the said amounts.

6.4.
The Company will reimburse
lender for all reasonable expenses and
payments to be paid by it, including
fees of counsel and other expenses to be directly incurred for the purpose of
enforcing this agreement.

7.
Transfer of rights

7.1.
The Company shall not be entitled to transfer or assign
its rights under this Agreement, in whole
or in part. The lender
may transfer any of its rights under this agreement without
seeking the company's consent.

8. Remedies

 

    	 

    	 

    

8.1 
The company acknowledges that a breach
by it of its obligations
hereunder will cause irreparable harm to
the lender, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly,
the company acknowledges
that the remedy at law
for a breach of
its obligations under
this agreement will be inadequate and agrees, in
the event of a breach or threatened breach by the company
of the provisions of this agreement, that the lender
shall be entitled, in addition
to all other available
remedies at law or under this agreement, and in addition to the penalties
assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this agreement and to enforce
specifically the terms and provisions
thereof, without the necessity of showing economic loss and without any
bond or other security being required.

 

9.
Conflict of Interest

9.1.
The company and the lender each hereby (i)
acknowledge the inherent conflict of interest in the transactions
contemplated hereby, (ii)
waives any claims or rights
it may have in
respect of such conflict of interest and (iii) accepts any decision to pre-pay the
loan.

 

10.
Statements by Parties

10.1. 
Any change or addition
to this Agreement shall have
no effect unless it
has been made in writing
and signed by all parties.

10.2. 
No conduct by
either party shall be
construed as a
waiver of any
of its rights under this Agreement
or under any law, or as a waiver or consent on its
part to any breach or non-fulfillment of any condition ,
unless the waiver or consent has
been made expressly and
in writing .

10.3
The addresses of the parties are as stated in the Preamble
to this Agreement. Notices under this Agreement shall be made in writing and delivered
by registered mail,
facsimile or e-mail or delivered by hand, at
the addresses of the parties to this Agreement or other addresses to be notified by the Parties in
accordance with the provisions of this Article. Any notice sent by registered mail shall be deemed to have reached the recipients
within 3 days of its delivery to the post office, a notice
delivered by personal delivery by 17:00 on any business day shall be deemed delivered upon delivery, and if
delivered after 17:00 on any business day
then it shall be deemed delivered on the next
business day. Message sent
by facsimile or email shall be deemed received one business day
after from the date of dispatch as approved by
the notification of
the instrument from which it was transmitted.

 

 

 

    	 

    	 

    

In witness
whereof, the parties have signed today, September 06, 2018:

 

 

	Signatures	 	 
	 	 	 
	For the Company	 	For the lender
	 	 	 
	/s/ Yossi Keret	 	/s/ Shlomi Palas
	Name: Yossi Keret	 	Shlomi Palas
	Title: Chief Financial OfficerEX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

THIS SEPARATION AGREEMENT AND RELEASE (this “Separation Agreement”) is entered into by and between Calyxt, Inc. (the
“Company”) and Mr. Federico Tripodi (“Executive”). 
 WITNESSETH 

WHEREAS, Executive is currently employed by the Company as Chief Executive Officer; 

WHEREAS, Executive and the Company are currently parties to an Offer Letter, dated May 6, 2016, which sets forth the terms and
conditions of Executive’s employment with the Company (the “Employment Agreement”) (attached hereto as Exhibit A); 

WHEREAS, it has been determined to be in both parties’ interests for Executive’s employment with the Company to terminate;
and 
 WHEREAS, in conjunction with this separation of employment, the Company and Executive desire to enter into an agreement
setting forth the following terms and conditions. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
herein, the Company and Executive hereby agree as follows: 
 1.    Termination of Employment. Pursuant to
this Separation Agreement, the effective date of Executive’s separation of employment will be August 21, 2018 (the “Separation Date”). The parties agree that Executive shall not report to work after the Separation Date.
Executive recognizes that he will be removed from the Company’s payroll and his employment relationship with the Company will be terminated for all purposes on the Separation Date. Further, Executive hereby resigns from all other positions and
offices, if any, that he holds with the Company or any entity that is a subsidiary of, or is otherwise related to or affiliated with, the Company, effective as of the Separation Date. On the first payroll date following the Separation Date,
Executive shall receive (a) any base salary that has accrued but is unpaid as of the Separation Date, (b) any reimbursable expenses that have been incurred but are unpaid as of the Separation Date, (c) an amount equal to $24,695.40,
which represents payment for all of Executive’s unused vacation days that have accrued as of the Separation Date, and (d) an amount equal to $144,000, less any applicable deductions, which represents a
pro-rata portion of Executive’s 2018 annual bonus. 
 2.    Severance
Compensation. In exchange for Executive’s commitments as outlined in this Separation Agreement, the Company agrees to continue to pay Executive his base salary as in effect on the Separation Date at the annual rate of $360,000 (less any
applicable deductions (e.g., tax withholdings)) for a period of twelve (12) months following the Separation Date in accordance with the Company’s normal payroll practices as in effect from time to time (such payments hereinafter referred
to as the “Severance Payments”); provided, however, that the first installment of such payment will be issued on the next regularly administered pay period following the Effective Date (as defined in Section 14)
and will include any amounts that were not paid following the Separation Date because Executive had not executed this Separation Agreement. Each payment under this Section 2 shall be considered a separate payment and not one of a series of
payments for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Executive expressly acknowledges that the Severance Payments described in this section are being provided in exchange for his
promises set forth herein and that he is not otherwise entitled to the compensation outlined in this Section 2 and that such compensation serves as adequate consideration for his commitments set forth in this Separation Agreement. Executive
shall not accrue or be eligible for any salary, pay, benefits or consideration from the Company other than outlined herein. The offer to enter into this Separation Agreement shall remain open for twenty-one
(21) days from Executive’s receipt of this Separation Agreement, after which time it shall be deemed withdrawn without further action or notice by the Company. Executive will not receive any Severance Payments if this Separation Agreement
is not executed on or prior to the twenty-first (21st) day following receipt of this Separation Agreement. 

 3.    Equity Acknowledgement. In accordance with the terms
of (a) the Equity Incentive Plan (as amended) (the “Equity Incentive Plan”) and the Stock Option Agreement, dated April 7, 2016, by and between the Company and Executive (the “2016 Stock Option
Agreement”), and (b) the Company’s 2017 Omnibus Incentive Plan (the “2017 Equity Plan”), the Stock Option Agreement, dated June 14, 2017, by and between the Company and Executive (the “2017 Stock
Option Agreement”), and the Restricted Stock Unit Agreement, dated June 14, 2017, by and between the Company and Executive (the “2017 RSU Agreement”), (i)(A) 156,187 options to purchase shares of the Company’s
common stock that were granted to Executive pursuant to the 2016 Stock Option Agreement that have vested and remain unexercised as of the Separation Date shall continue to be held by Executive and remain exercisable until November 21, 2018, in
accordance with the terms of the Equity Incentive Plan and the 2016 Stock Option Agreement; (B) 44,100 options to purchase shares of the Company’s common stock that were granted to Executive pursuant to the 2017 Stock Option Agreement that have
vested and remain unexercised as of the Separation Date shall continue to be held by Executive and remain exercisable until November 21, 2018, in accordance with the terms of the 2017 Equity Plan and the 2017 Stock Option Agreement, and (C)
52,063 options that were granted pursuant to the 2016 Stock Option Agreement and 249,900 options that were granted pursuant to the 2017 Stock Option Agreement, all of which are unvested as of the Separation Date, shall be forfeited and cancelled on
the Separation Date; and (ii) (A) 166,600 restricted stock units granted to Executive pursuant to the 2017 RSU Agreement that remain unvested as of the Separation Date shall be forfeited on the Separation Date; and (B) Executive shall continue
to be entitled to all rights and benefits with respect to 29,400 shares of the Company’s common stock that were received with respect to restricted stock units that vested prior to the Separation Date under the 2017 RSU Agreement. Executive
acknowledges that he may not trade in Company securities while he is in possession of the Company’s material nonpublic information, including after the Separation Date, until that information has become public or is no longer material. 

4.    Release in Full of All Claims. In exchange for the consideration set forth herein, Executive, for
himself, his agents, attorneys, heirs, administrators, executors, assigns, and other representatives, and anyone acting or claiming on his or their joint or several behalf, hereby releases, waives, and forever discharges the Company, including its
past or present employees, officers, directors, managers, trustees, board members, stockholders, agents, affiliates (including, but not limited to, Cellectis S.A. and its affiliates, and their respective past or present employees, officers,
directors, managers, trustees, board members, stockholders, and agents), parent entity(ies), subsidiaries, successors, assigns, and other representatives, and anyone acting on their joint or several behalf (the “Releasees”), from
any and all known and unknown claims, causes of action, demands, damages, costs, expenses, liabilities, or other losses arising on or prior to the date Executive signs this Separation Agreement, including, but not limited to, those that in any way
arise from, grow out of, or are related to Executive’s employment with the Company or any of its affiliates and subsidiaries or the termination thereof. By way of example only and without limiting the immediately preceding sentence, Executive
agrees that he is releasing, waiving, and discharging any and all claims against the Company and the Releasees under (a) any federal, state, or local employment law or statute, including, but not limited to, Title VII of the Civil Rights Act(s)
of 1964 and 1991, Section 1981 of the Civil Rights Act of 1870, the Fair Labor Standards Act, the Executive Retirement Income Security Act, the Americans with Disabilities Act (the “ADA”), the Age Discrimination in Employment
Act (the “ADEA”), the Older Workers Benefit Protection Act (the “OWBPA”), the Family and Medical Leave Act (the “FMLA”), the Worker Adjustment and Retraining Notification Act
(“WARN”), the Uniformed Services Employment and Reemployment Rights Act (the “USERRA”), applicable state civil rights law(s), including, but not limited to, the Minnesota Human Rights Act, Minn. Stat. Chap. 363, and
any provision of Minn. Stat. Chapter 181 or (b) any federal, state or municipal law, statute, ordinance or common law doctrine regarding (i) the existence or breach of oral or written contracts of employment, (ii) negligent or
intentional misrepresentations, (iii) promissory estoppel, (iv) interference with contract or employment, (v) defamation or damage to business or personal reputation, (vi) assault and battery, (vii) negligent or intentional
infliction of emotional distress, (viii) unlawful discharge in violation of public policy, (ix) discrimination, (x) retaliation, (xi) wrongful discharge, (xii) harassment, (xiii) whistleblowing, (xiv) breach of implied
covenant of good faith, or (xv) claims under any of the Releasees’ policies or practices. 

  
 2 

 Notwithstanding the foregoing, Executive does not: (A) give up his right to any
benefits to which he is entitled under any retirement plan of the Company that is intended to be qualified under Section 401(a) of the Code, (B) give up his rights, if any, under Part 6 of Subtitle B of Title I of the Employee Retirement
Income Security Act of 1974, as amended (“COBRA”), (C) give up his rights to any monetary award from a government-administered whistleblower award program, such as that offered by the Securities and Exchange Commission pursuant
to Section 21F of the Securities Exchange Act of 1934, (D) give up his rights to enforce the terms of this Separation Agreement, (E) release any claims to challenge the validity of this Separation Agreement under the ADEA, (F) give up
any rights to indemnification under the Indemnification Agreement between the Company and Executive, dated as of July 19, 2017 (the “Indemnification Agreement”), any D&O liability insurance procured by the Company prior to
the Separation Date, or applicable federal or state law, or (G) release any claims that Executive cannot waive by operation of law. Nothing contained herein shall be construed to prohibit Executive from filing a charge with or participating in
any investigation by the Equal Employment Opportunity Commission (the “EEOC”) or any other governmental or administrative agency or participating in investigations by that entity or any other governmental or administrative agency.
However, Executive acknowledges that the release he executes herein waives his right to seek or accept individual remedies or monetary damages in any such action or lawsuit arising from such charges or investigations, including, but not limited to,
back pay, front pay, or reinstatement. Executive further agrees that if any person, organization, or other entity should bring a claim against the Releasees involving any matter covered by this Separation Agreement, Executive will not accept any
personal relief in any such action, including damages, attorneys’ fees, costs, and all other legal or equitable relief. 

5.    Employment Reference. For purposes of inquiries from prospective employers, the Company agrees to
provide neutral employment information such as Executive’s dates of employment, job title(s) and salary. All inquiries from prospective employers shall be directed to the Chief Executive Officer of the Company. 

6.    Affirmation of Confidentiality, Non-Competition and Non-Solicitation Obligations. In executing this Separation Agreement, Executive hereby reaffirms his confidentiality, non-competition,
non-solicitation and other obligations set forth in Section 9 of the Employment Agreement. Executive further affirms that in order to protect the Company’s Business as outlined in Section 9(a)
of the Employment Agreement, Executive has the obligation to notify the Company of any future activity and responsibilities prior to starting a new position during the one-year period following the Separation
Date and to reimburse the Company for any severance and non-compete payments received from the Company after the Separation Date in the event that Executive breaches Section 9(b)(i) of the Employment
Agreement. Any such reimbursements shall be made to the Company within five (5) days after the Company gives Executive written notice of the breach of Section 9(b)(i) of the Employment Agreement. Further, Executive acknowledges and
expressly agrees that the Company has the unilateral right to discontinue payment of any severance under Section 2 of this Separation Agreement in the event that Executive breaches any of his other post-employment obligations under the
Employment Agreement. In addition, the U.S. Defend Trade Secrets Act of 2016 (the “DTSA”) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, the DTSA provides that an individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (x) files any document containing the trade secret under seal
and (y) does not disclose the trade secret, except pursuant to court order. 
 7.    Return of Company
Property. Executive affirms that he has returned to the Company all property of the Company in his possession including, without limitation, all computers, records, paper and electronic files, documents, software programs, and copies
thereof, pertaining to the business of the Company, which records, files, documents and programs may constitute trade secrets and proprietary information belonging solely to the Company. Executive may not retain copies of any such records, files,
documents or programs, and hereby relinquishes and assigns to the Company any and all rights, if any, that he may have in any such records, files, documents or programs. Executive may retain copies of Executive’s Employment Agreement, benefits
summaries, personal payroll documents, and equity agreements without violating his obligation under this Section 7 to return Company property. 

  
 3 

 8.    Nondisclosure of Terms. Executive agrees that the
existence, terms and conditions of this Separation Agreement, and any and all underlying communications and negotiations in connection with or leading to this Separation Agreement, are and shall remain confidential. Executive agrees that he will not
disclose the existence or terms of this Separation Agreement in whole or in part to any individual or entity except (a) to members of Executive’s immediate family and his professional advisors, who shall be advised of this confidentiality
provision, (b) to the extent required by a final and binding court order or other compulsory process, and (c) to any federal, state, or local taxing authority. Upon Executive’s receipt of any order, subpoena or other compulsory
process demanding production or disclosure of this Separation Agreement, Executive agrees that he will promptly notify the Company in writing of the requested disclosure, including the proposed date of the disclosure, the reason for the requested
disclosure and the identity of the individual or entity requesting the disclosure, at least ten (10) business days prior to the date that such disclosure is to be made or immediately upon receipt of the requested disclosure. Executive agrees
not to oppose any action that the Company might take with respect to any such requested disclosure. Nothing in this Separation Agreement prevents Executive from providing, without prior notice to the Company, information to governmental or
administrative authorities regarding possible violations of law or otherwise testifying or participating in any investigation or proceeding by any governmental or administrative authorities regarding possible violations of law. If Executive breaches
his promise of confidentiality contained in this Section, Executive agrees to pay the Company as liquidated damages immediately and upon demand, any and all amounts paid to Executive under this Separation Agreement. Executive agrees that this sum
represents fair and reasonable liquidated damages since the amount of actual damages to the Company in the event of such breach is uncertain. 

9.    Mutual Nondisparagement. Executive agrees that he shall not talk about or otherwise communicate to any
third parties in a malicious, disparaging or defamatory manner regarding the Company or the Releasees or any aspect of his employment with the Company. Further, Executive shall not make or authorize to be made any written or oral statement that may
disparage or damage the reputation of the Company or the Releasees. The Company agrees to use its reasonable best efforts to cause the appointed officers of the Company and the individual members of the Board who, in each case, provided services to
the Company as of the Separation Date to refrain from talking about or otherwise communicating to any third parties in a malicious, disparaging or defamatory manner regarding Executive or any aspect of his employment with the Company. 

10.    Future Cooperation. Executive agrees that he will fully cooperate with the Company in effecting an
orderly transition of his duties and in ensuring that the business of the Company is conducted in a professional, positive and competent manner through the Separation Date. Thereafter, Executive agrees that he shall respond to reasonable requests
for information from the Company regarding matters that may arise in the Company’s business. Executive agrees that he will respond to any such requests from the Company promptly. Executive further agrees to fully and completely cooperate with
the Company, its advisors and its legal counsel with respect to any litigation that is pending against the Company and any claim or action that may be filed against the Company in the future.    Such cooperation shall include
making himself available at reasonable times and places for interviews, reviewing documents, testifying in a deposition or a legal or administrative proceeding, and providing advice to the Company in preparing defenses to any pending or potential
future claims against the Company. The Company and Executive agree that the first 80 hours of Executive’s cooperation during the Severance Period will be at no additional cost to the Company. If the Company requests Executive to spend
additional time providing such services, the Company shall agree to pay Executive for any additional services at an hourly rate to be mutually determined by the Company and Executive in accordance with the Company’s standard policies and/or
practices for such payments. The Company also agrees to pay/reimburse Executive for any approved travel expenses incurred as a result of his cooperation with the Company. 

11.    Assistance to Others. Executive agrees not to assist or cooperate, in any way, directly or
indirectly, with any person, entity or group (other than the EEOC or other governmental or administrative agency) involved in any proceeding, inquiry or investigation of any kind or nature against or involving the Company or any of the Releasees,
except as required by law, subpoena or other compulsory process. 
 Moreover, Executive agrees that to the extent he is compelled to
cooperate with such third parties, he shall disclose to the Company in advance that he intends to cooperate and shall disclose the manner in which he intends to cooperate. Further, Executive agrees that within three (3) days after such
cooperation, he will meet with representatives of the Company and disclose the information that he provided to the third party. This Section is to be broadly construed and is to include conversations, informal comments, confirmations, suggestions or
advice of any type to third parties, their counsel or their advisors. Further, if Executive is legally required to appear or participate in any proceeding that involves or is brought against the Company or the Releasees, Executive agrees to disclose
to the Company in advance what he plans to say or produce and otherwise cooperate fully with the Company or the Releasees; however, nothing in this Separation Agreement is intended to require Executive to notify the Company in advance of any
communication with or disclose what he plans to say to the EEOC, the Securities and Exchange Commission (SEC) or any other governmental or administrative agency. 

  
 4 

 12.    Arbitration and Damages in Case of Breach. Any and
all disputes arising out of or in any way relating to this Separation Agreement shall be submitted to binding arbitration before a panel mutually agreed to by the parties and conducted in accordance with the Rules of the American Arbitration
Association. Notwithstanding the foregoing, no claim or controversy for injunctive or equitable relief contemplated or allowed by applicable law (including, without limitation, injunctive relief to prevent violations of Section 9 of the
Employment Agreement) will be subject to arbitration under this Section 12, but will instead be subject to determination before a federal or state court of competent jurisdiction located in the State of Minnesota (exclusive of any legal
principles pertaining to conflicts of laws), which court shall apply Minnesota law consistent with Section 17 of this Separation Agreement. 

Any breach of this Separation Agreement by Executive or the Company shall entitle the other party to recover (a) any and all amounts paid
pursuant to this Separation Agreement, plus (b) any actual damages that the Company or Executive can establish resulted or will result from such breach, upon a showing to a binding arbitration panel mutually agreed to by the parties and
conducted in accordance with the Rules of the American Arbitration Association. Each party shall bear its or his own attorney’s fees. This Section shall not apply to any claim filed by Executive with the EEOC, SEC or other governmental or
administrative agencies, including an action concerning the enforceability of this Separation Agreement. 

13.    No Admission of Wrongful Conduct. Executive hereby acknowledges and agrees that, by the Company
providing the consideration described above and entering into this Separation Agreement, the Company, including its past or present employees, officers, managers, directors, trustees, board members, stockholders, agents, affiliates (including, but
not limited to, Cellectis S.A. and its affiliates), subsidiaries, parent corporations, successors, assigns, or other representatives, and the Releasees are not admitting any unlawful or otherwise wrongful conduct or liability to Executive or his
heirs, executors, administrators, assigns, agents, or other representatives. 
 Executive and the Company further understand and agree that
this Separation Agreement shall not be admissible as evidence in any court or administrative proceeding, except that either party may submit this Separation Agreement to any appropriate forum in the event of an alleged breach of this Separation
Agreement or a claim by either party concerning the enforceability or interpretation of this Separation Agreement. 

14.    ADEA/OWBPA Waiver & Acknowledgment. Executive understands that
the release set forth in Section 4 includes a release of any claims he may have under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., against any of the Releasees that may have existed on or prior to the date upon which
Executive executes this Separation Agreement. Executive understands that the ADEA is a federal statute that prohibits discrimination on the basis of age. Executive wishes to waive any and all claims under the ADEA that Executive may have against any
of the Releasees as of the date upon which Executive executes this Separation Agreement, and hereby waives such claims. Executive understands that any claims under the ADEA that may arise after the date this Separation Agreement is executed by
Executive are not waived. Executive acknowledges that he is receiving consideration for the waiver of any and all claims under the ADEA to which he is not already entitled. 

Executive, pursuant to and in compliance with the rights afforded him under the Older Workers Benefit Protection Act and the Minnesota Human
Rights Act: (a) is advised to consult with an attorney before executing this Separation Agreement; (b) has, at his option, at least twenty-one (21) days to consider this Separation Agreement;
(c) may revoke this Separation Agreement at any time within the fifteen (15) day period following his execution of this Separation Agreement (the “Revocation Period”); (d) is advised that this Separation Agreement shall
not become effective or enforceable until the Revocation Period has expired; and (e) is advised that he is not waiving claims that may arise after the date on which he executes this Separation Agreement. 

Executive may revoke this Separation Agreement by delivering a written notice of revocation to Mr. André Choulika, at Cellectis
SA, 8, rue de la Croix Jarry, 75013 Paris, FRANCE or by email at andre.choulika@cellectis.com. For this revocation to be effective, such written notice must be received by such person, at the address set forth above no later than the close of
business on the fifteenth (15th) day after Executive signs this Separation Agreement. If this Separation Agreement is not revoked within the Revocation Period, this Separation Agreement will become effective and enforceable on the date immediately
following the last day of the Revocation Period (the “Effective Date”). Executive understands and acknowledges that if he revokes this Separation Agreement within the Revocation Period, Executive will not receive any Severance
Payments. 

  
 5 

 15.    Taxes. The Company may withhold from any amounts
payable under this Separation Agreement all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling. Further, this Separation Agreement shall be construed and interpreted to
comply with Section 409A of the Code, and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Section 409A of the Code. It is intended that amounts payable pursuant to
this Separation Agreement shall be excluded from the requirements of Section 409A of the Code either under the separation pay exception or as short-term deferral amounts to the maximum possible extent. Notwithstanding any other provision of
this Separation Agreement, the Company shall not be obligated to guarantee any particular tax result for Executive with respect to any payment provided to Executive hereunder, and Executive shall be responsible for any taxes imposed on Executive
with respect to any such payment. 
 16.    Reemployment or Future Association. Executive hereby agrees
that he shall not seek reinstatement or apply for future employment with the Company or any of its affiliates and subsidiaries; and should Executive apply for reinstatement or re-employment in violation of
this Section, neither the Company nor any of its affiliates and subsidiaries shall incur any liability by virtue of its or their refusal to hire him or consider him for employment. 

17.    Governing Law. This Separation Agreement shall in all respects be interpreted, construed and governed
by and in accordance with the internal substantive laws of the State of Minnesota. 
 18.    Severability.
Should any provision of this Separation Agreement be declared or be determined by any court to be invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby, and said invalid part, term or provision shall be
deemed not to be part of this Separation Agreement. The waiver of a breach of any of the provisions of this Separation Agreement shall not operate or be construed as a waiver of any other provision of this Separation Agreement or a waiver of any
subsequent breach of the same provision. Notwithstanding the foregoing, if the release set forth in Section 4 is invalidated, this Separation Agreement is nullified in its entirety and the Company shall have no obligations
under this Separation Agreement. 
 19.    Voluntary Execution. Executive acknowledges that he is
executing this Separation Agreement voluntarily and of his own free will and that he fully understands and intends to be bound by the terms of this Separation Agreement. Further, Executive acknowledges that he has received a copy of this Separation
Agreement on August 21, 2018 and has had an opportunity to carefully review this Separation Agreement with his attorney prior to executing it or warrants that he chooses not to have his attorney review this Separation Agreement prior to
signing. Executive will be responsible for any attorneys’ fees incurred in connection with the review of this Separation Agreement by his attorneys. This Separation Agreement may be executed in counterparts and by signatures transmitted by fax
or email. Executive acknowledges that this Separation Agreement may not be executed prior to the Separation Date, and if Executive executes the Separation Agreement prior to the Separation Date, it is null and void. 

20.    No Assignment of Claims. Executive hereby represents and warrants that he has not previously assigned
or purported to assign or transfer to any person or entity any of the claims or causes of action herein released. 

21.    Entire Agreement. This Separation Agreement constitutes the entire agreement between the Company and
Executive with respect to the subject matter of this Separation Agreement, and there are no other written or oral agreements, understandings or arrangements except as set forth herein. For the avoidance of doubt, this Separation Agreement supersedes
the Employment Agreement as of the date hereof, and such Employment Agreement is of no further force and effect; provided, however, that the non-competition,
non-solicitation and other similar obligations set forth in Section 9 of the Employment Agreement shall survive the termination of the Employment Agreement, if applicable, and the Company’s
obligation to indemnify Executive in accordance with the terms of the Indemnification Agreement shall survive the termination of the Employment Agreement. Any amendments, additions or other modifications to this Separation Agreement must be done in
writing, signed by both parties, and subject to approval of the Company’s Board of Directors in order to be binding. 

22.    Successors and Assigns. This Separation Agreement shall bind and inure to the benefit of and be
enforceable by Executive, the Company and their respective heirs, executors, personal representatives, successors and assigns, except that neither party may assign any rights or delegate any obligations hereunder without the prior written consent of
the other party. Executive hereby consents to the assignment by the Company of all of its rights and obligations hereunder to any successor to the Company by merger or consolidation or purchase of all or substantially all of the Company’s
assets, provided such transferee or successor assumes the liabilities of the Company hereunder. 
 [SIGNATURES ON THE FOLLOWING PAGE]

  
 6 

 IN WITNESS WHEREOF, Executive and a duly authorized representative of the Company
hereby certify that they have read this Separation Agreement in its entirety and voluntarily executed as of the date set forth under their respective signatures. 

 

			
	CALYXT, INC.
		
	By:	 	/s/ André Choulika
	Name:	 	André Choulika
	Title:	 	Chairman
		
	Date:	 	September 11, 2018

  

			
	EXECUTIVE
		
		 	/s/ Federico Tripodi
		 	FEDERICO TRIPODI
		
	Date:	 	September 10, 2018

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