Document:

EMPLOYMENT AGREEMENT

This employment agreement (this “Employment
Agreement”) is made and entered into as of the 6th day of January, 2021, by and between Daniel S. Peyovich
(the “Employee”) and Dycom Industries, Inc., a Florida Corporation (“Dycom” or the “Company”).

WHEREAS, the Company and the Employee
desire to provide for the employment of the Employee, effective as of the Effective Date;

NOW, THEREFORE, in consideration of the
mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby expressly acknowledged, the parties agree as follows:

1.                 
Employment. Subject to the terms and conditions hereof, effective on or about January 6, 2021 (the “Effective
Date”), the Company hereby agrees to employ the Employee as the Executive Vice President of Operations of the Company.
The Employee agrees to perform such specific duties and accept such responsibilities as the Company’s board of directors
(the “Board”) and the Chief Executive Officer may from time to time establish that are reasonably related and
consistent with the Employee’s position as the Executive Vice President of Operations of the Company. The Employee shall
report directly to the Chief Executive Officer. The Employee hereby accepts employment by the Company as the Executive Vice
President of Operations, subject to the terms and conditions hereof, and agrees to devote his full business time and attention
to his duties hereunder, to the best of his abilities. On or about the date on which Timothy R. Estes no longer serves as the Chief
Operating Officer of the Company (which shall occur no later than the Company’s 2021 Annual Meeting of Shareholders), the
Company agrees, subject to the Employee’s continued employment with the Company as of such date, to appoint the Employee
as Chief Operating Officer (the “Transition Date”). Both parties agree that as of the Transition Date, the Employee
will no longer be the Executive Vice President of Operations and that all references to Executive Vice President of Operations
herein shall refer to Chief Operating Officer.

2.                  Term
of Employment. The Employee’s employment pursuant to this Employment Agreement shall commence on the Effective Date
and shall terminate upon the earlier to occur of (i) termination pursuant to Section 4 hereof or (ii) the
third anniversary of the Effective Date; provided, however, that the term of the Employee’s employment
hereunder shall be automatically extended without further action of either party for additional one year periods, unless
written notice of either party’s intention not to extend has been given to the other party hereto at least
60 days prior to the expiration of the then effective term. Notwithstanding anything in this Employment Agreement to the
contrary, if a Change of Control (as defined in Section 4(f) hereof) occurs during term of the Employee’s
employment hereunder, the Employee’s employment under this Employment Agreement shall be extended for 24 months
following the consummation of the Change of Control and this Employment Agreement shall terminate upon the earlier of
(x) the second anniversary of the consummation of the Change of Control and (y) the termination of the
Employee’s employment under this Employment Agreement (the “Extended Term”). The period from the
Effective Date until the termination of the Employee’s employment hereunder, including, if applicable, the Extended
Term, is referred to as the “Employment Term.”

    	 	 	 

     

    

3.                 
Compensation, Benefits and Expenses. Subject to the provisions of this Employment Agreement, the Company shall
pay and provide the following compensation and other benefits to the Employee during the Term as compensation for services rendered
hereunder:

(a)              
Base Salary. For services rendered under this Employment Agreement, the Company will pay the Employee a base
annual salary of $625,000 (such applicable annual rate referred to herein as the “Base Salary”), which
shall be subject to review in May 2021. Payment will be made on the regularly scheduled pay dates of the Company, subject to all
appropriate withholdings or other deductions required by applicable law or by the Company’s established policies applicable
to employees of the Company. The Company may increase the Base Salary in its sole discretion but shall not reduce the Base
Salary below the rate established by this Employment Agreement without the Employee’s written consent.

(b)              
Annual Incentive Bonus. During the Employment Term, beginning with the fiscal year ending on January 29, 2022, the
Employee shall be entitled to participate in the Company’s annual incentive plan, under which the Employee shall be eligible
to receive an annual target bonus equal to eighty percent (80%) of Base Salary if certain performance criteria and measures
are satisfied, as determined by and within the sole discretion of the Company.

(c)              
Cash Sign-on Bonus. The Company shall pay the Employee a cash sign-on bonus in the amount of $900,000, less applicable
withholdings, payable (i) with respect to fifty percent (50%) on the next regularly scheduled Company payroll date after the Effective
Date and (ii) with respect to the other fifty percent (50%) on next regularly scheduled Company payroll date following the six
(6)-month anniversary of the Effective Date, subject to the Employee’s continued employment on such date except as provided
in Section 4 hereof.

(d)              
Equity Sign-on Grant. On or about the Effective Date (the “Grant Date”), the Employee shall receive
a grant of a number of time-based restricted stock units with (i) an aggregate grant date fair value equal to $1,200,000 based
on the closing price of the Company’s stock on the trading day immediately preceding the Grant Date and (ii) a vesting schedule of 25% annually on each of the
first four anniversaries of the Grant Date, subject to Employee’s continued employment on the applicable vesting date (the
“Initial RSUs”). The Initial RSUs shall be subject to the terms of the Dycom 2012 Long Term Incentive Plan,
as amended (the “LTIP”) and the applicable award agreement, which shall be on a form substantially similar to
the form the Company uses to make annual grants to other senior executives of the Company. Notwithstanding anything contained in
the annual grant form of award agreement, any unvested portion of the Initial RSUs shall vest in full, and be promptly settled
following vesting, in the event of either (i) a resignation by the Employee following the Company’s assignment to the Employee
of duties or responsibilities that are fundamentally, manifestly and indisputably inconsistent with and inferior to those customarily
assigned to a chief operating officer (provided that the Employee gives prompt written notice to the Company specifying in particular
the circumstances he believes make this clause (i) applicable and the Company fails to remedy such circumstances within thirty
(30) days of receipt of such notice), or (ii) a termination of the Employee’s employment by the Company without Cause.

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(e)              
Benefit Plans. During the Employment Term, in addition to the compensation payable to the Employee as described above,
the Employee shall be entitled to participate in all the employee benefit plans or programs of the Company that are available
to employees of the Company generally (“Employee Benefits”).

(f)               
Long-Term Incentive Plan. The Employee shall be entitled to participate in the LTIP or a successor plan which may
be in effect from time to time, with a potential target award opportunity of one hundred forty percent (140%) of Base Salary,
as determined by the Company in its sole discretion. The target award opportunity for the Employee and other executives may be
modified by the Company in its sole discretion from time to time, based on market checks and other factors it deems relevant.
The Board reserves the right to determine eligibility and set or modify the terms of such a plan at any time within its sole discretion.

(g)              
Expenses. During the Employment Term, the Company shall reimburse the Employee for such reasonable out-of-pocket
expenses as he may incur from time to time for and on behalf of the furtherance of the Company’s business, provided that
the Employee submits to the Company satisfactory documentation or other support for such expenses in accordance with the Company’s
expense reimbursement policy.

(h)              
Moving Expenses. The Company shall reimburse Employee’s actual expenses (upon submission of appropriate
supporting documentation) incurred in connection with relocating from Seattle, WA to the Palm Beach Gardens, Florida area as follows:
(i) the costs associated with two (2) house hunting trips for Employee and his spouse (including
reasonable and customary travel and lodging costs), (ii) the following expenses incurred in connection with the sale of Employee’s
primary residence in Seattle, WA: prevailing real estate commission, not to exceed
6%; legal fees, if required in the state or city; title insurance if required by law to be paid by seller; state and local transfer
taxes and fees; building inspection if required by law; and recording release and escrow closing fees; (iii) the reasonable costs
associated with temporary lodging expenses, such as hotels and temporary rental units, for up to six (6) months; (iv) costs associated
with transporting Employee and his immediate family and their household and personal property (including packing, unpacking and
vehicles transportation); and (v) other reasonable and customary out-of-pocket expenses, directly related to relocation, which
have been approved by the Chief Executive Officer, in writing, prior to being incurred (collectively, the “Moving Expenses”).
To the extent that any of the reimbursements described in Section 3(h) are taxable as ordinary income, the Company shall also cover
the taxes on such reimbursements. Notwithstanding anything in this Employment Agreement to the contrary, if the Employee’s
employment is terminated by the Company for Cause (as defined below) or if the Employee resigns for any reason, in each case prior
to the first anniversary of the Effective Date, the Employee shall promptly repay the Company the full amount of the Moving Expenses,
including any payment to cover the taxes on the Moving Expenses.

(i)                
Vacation. The Employee shall be entitled to vacation time consistent with the applicable policies of the Company for
other senior executives of the Company as in effect from time to time.

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4.                 
Termination.

(a)              
Termination for Cause. The Company shall have the right to terminate the Employee’s employment at any
time and for any reason. If the Employee is terminated for Cause (as defined in this Section 4(a)), the Company shall
not have any obligation to pay the Employee any Base Salary or other compensation or to provide any employee benefits subsequent
to the date of such Employee’s termination of employment (unless required by applicable law), including, without limitation,
Severance Benefits and Continued Health Benefits (each as defined in Section 4(b) hereof). Termination for “Cause”
shall mean termination of employment for any of the following reasons:

(i)                
the Employee entering a plea of no-contest with respect to, or being convicted by a court of competent and final jurisdiction
of, any crime, whether or not involving the Company, that constitutes a felony in the jurisdiction involved;

(ii)             
any willful misconduct by the Employee that is materially injurious to the financial condition or business reputation of
the Company;

(iii)           
Employee materially breaches a duty of loyalty owed to the Company or, as a result of his gross negligence, materially
breaches a duty of care owed to the Company;

(iv)            
Employee’s willful misconduct in connection with the performance of his duties (including a willful material breach
of Company policies regarding legal compliance, ethics, or workplace conduct); or

(v)              
Employee materially breaches this Employment Agreement or fails or refuses to perform any of his material duties as required
by this Employment Agreement in any respect, other than as already provided in Section 4(a)(i)-(iv), after Employee being
given written notice of such breach, failure or refusal, and Employee’s failure to cure the same within 30 calendar days
of receipt of such notice.

(b)              
Termination without Cause. Subject to the provisions of Section 4(c), if, prior to the expiration of the Employment
Term, the Company terminates the Employee’s employment without Cause, the Company shall, subject to the Employee’s
execution and non-revocation of a general release of claims against the Company in a form substantially similar to the form
attached hereto as Exhibit A, provide the Employee with Severance Benefits and Continued Health Benefits. “Severance
Benefits” means an amount equal to two (2) times the sum of (i) Base Salary (at the rate in effect on the date
the Employee’s employment is terminated) plus (ii) Bonus (defined as the greater of (1) the average bonus
amount paid to the Employee over the three fiscal years immediately preceding the year of termination and (2) 80%
of Base Salary at the rate in effect on the date the Employee’s employment is terminated), paid over the twenty-four (24)-month
period immediately following Employee’s termination of employment without Cause (such period being referred to hereunder
as the “Severance Period”), at such intervals as the Employee would have received payments of Base Salary if
he had remained in the active service of the Company; provided, however, that, in accordance with Section 409A of
the Internal Revenue Code (the “Code”), and as described more fully in Section 25(b), payment of a portion
of the Severance Benefits may be delayed until the six-month anniversary of the Employee’s termination of employment. 

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The
Company shall also provide the Employee and his eligible dependents with group medical and life insurance after termination
of the Employee’s employment without Cause (to the extent such eligible dependents were participating in the Company’s
group medical and life insurance programs prior to the Employee’s termination of employment) or, in the event such participation
is not permitted, a cash payment equal to the value of the benefit excluded, payable in equal monthly installments beginning
60 days following the Employee’s Separation from Service (as defined in Section 4(f) hereof) (the “Continued
Health Benefits”) until the earlier of (x) the end of the Severance Period or (y) the Employee obtaining other employment
and becoming eligible to participate in the medical and life insurance plans of his new employer. In addition, if the Company terminates
the Employee’s employment without Cause prior to payment to the Employee of the second installment of the Cash Sign-on Bonus
amount described in Section 3(c), the Company shall pay the Employee that installment on the next regularly scheduled Company payroll
date following the execution and non-revocation of the general release of claims. Further, in accordance with Section 3(d), the
vesting and settlement of any unvested Initial RSUs shall be accelerated. Any general release of claims against the Company required
pursuant to this Section 4(b) shall be executed and (unless revoked) become irrevocable within sixty (60) days
following the date of the Employee’s termination of employment.

(c)              
Conditions Applicable to Severance Period. If, during the Severance Period, the Employee breaches any of his then
applicable obligations under this Employment Agreement (including, but not limited to, Sections 6 through 8) or
such other agreement between the Company and the Employee, the Company may, upon written notice to the Employee
terminate the Severance Period and cease to make any payments or provide any benefits, including, without limitation, Severance
Benefits and Continued Health Benefits.

(d)              
Resignation by the Employee. In the event the Employee resigns his employment with the Company, the Employee: (i) shall
provide the Company with sixty (60) days prior written notice; (ii) shall not make any public announcements
concerning his resignation prior to the resignation date without the written consent of the Company and (iii) shall
continue to perform faithfully the duties assigned to him under this Employment Agreement (or such other duties as the Company or
Board may assign to him) from the date of such notice until the termination date. In addition, in the event the Employee resigns
his employment with the Company for any reason, the Company shall not have any obligation to pay the Employee any Base
Salary or other compensation or to provide any employee benefits subsequent to the date of such Employee’s termination of
employment (unless required by applicable law or as provided in Section 3(d)), including, without limitation, Severance Benefits
or Continued Health Benefits. Notwithstanding the foregoing, this Section 4(d) shall not apply in the event the Employee
resigns his employment for Good Reason on or following a Change of Control pursuant to Section 4(f) hereof.

(e)              
Termination Upon Death or Disability. Unless otherwise terminated earlier pursuant to the terms of this Employment
Agreement, the Employee’s employment under this Employment Agreement shall terminate upon his death and may be terminated
by the Company upon giving not less than thirty (30) days written notice to the Employee in the event that
the Employee, because of physical or mental disability or incapacity, is unable (notwithstanding reasonable accommodations) to
perform (or, in the opinion of a physician, is reasonably expected to be unable to perform) his duties hereunder for an aggregate
of one hundred eighty (180) days during any twelve-month period (“Disabled”). All questions arising
with respect to whether the Employee is Disabled shall be determined by a reputable physician mutually selected by the Company and
the Employee at the time such question arises. If the Company and the Employee cannot agree upon the selection of a physician
within a period of seven (7) days after such question arises, then the Chief of Staff of Good Samaritan Hospital in Palm
Beach County, Florida shall be asked to select a physician to make such determination. The determination of the physician selected
pursuant to the above provisions of this Section 4(e) as to such matters shall be conclusively binding upon the parties
hereto.

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(f)               
Termination without Cause or resignation for Good Reason on or following a Change of Control. (i) Subject to the
execution, delivery and non-revocation of a general release of claims against the Company as provided under Section 4(b) hereof,
if, prior to the expiration of the Employment Term, the Company terminates the Employee’s employment without Cause or
the Employee resigns his employment for Good Reason on or prior to the second anniversary following the consummation of a Change
of Control, the Employee shall receive: (1) the Severance Benefits (provided that the Severance Benefits shall be payable
in a single lump sum within five days following such termination of employment); (2) the Continued Health Benefits; (3) full
and immediate vesting, to the extent not already vested, of all outstanding equity-based awards, including but not limited to stock
options, restricted stock, and restricted stock unit awards, granted by the Company to the Employee pursuant to any of the
Company’s long-term incentive plans; in addition, all outstanding performance share, performance share unit, and other equivalent
awards granted by the Company to the Employee pursuant to any of the Company’s long-term incentive plans shall immediately
vest at their respective target performance levels to the extent not already vested; and (4) a pro-rata bonus equal to (x) the
greater of (i) the average amount of the annual bonus paid to the Employee for each of the three fiscal years immediately
prior to the fiscal year in which the “Separation from Service” (as defined under Section 409A of
the Code, “Section 409A”) occurs or (ii) the annual bonus the Employee would have earned for the fiscal year
in which the Separation from Service occurs based on performance as determined through the date of the Separation from Service,
multiplied by (y) a fraction, the numerator of which is the number of days worked during the fiscal year in which the
Separation from Service occurs and the denominator of which is 365 (the “Pro-Rata Annual Bonus”), payable
in a single lump sum within five days; provided, however, that if such Separation from Service occurs in the
same fiscal year as the Change in Control and the Employee is paid an annual bonus for such year in connection with the
Change in Control, the fraction shall be adjusted so that the numerator reflects the number of days worked during the fiscal year
following the Change in Control and the denominator reflects the number of days in the fiscal year following the Change
in Control. In addition, if the Company terminates the Employee’s employment without Cause or the Employee resigns from his
employment for Good Reason on or following the consummation of a Change of Control prior to payment to the Employee of the second
installment of the Cash Sign-on Bonus amount described in Section 3(c), the Company shall pay the Employee that installment on
the next regularly scheduled Company payroll date following the execution and non-revocation of the general release of claims.

(ii)             
A “Change of Control” shall be deemed to have occurred with respect to the Company upon the occurrence
of any of the following events:

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(A) any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations promulgated thereunder) is or becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 20% of the total
outstanding voting stock of the Company, excluding, however, (1) any acquisition directly from the Company,
other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself
acquired directly from the Company; (2) any acquisition by the Company; or (3) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company;

(B) the individuals who constitute the
Board as of the Effective Date (the “Incumbent Board”) cease to constitute a majority of the Board; provided,
however, (1) that if the nomination or election of any new director of the Company was approved by a majority
of the Incumbent Board, such new director shall be deemed a member of the Incumbent Board and (2) that no individual shall
be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened
“Election Contest” (as described in Rule 14a-11 promulgated under the Exchange Act) or as a result of a solicitation
of proxies or consents by or on behalf of any “person” or “group” identified in clause (A) above;

(C) a reorganization of the Company or
the Company consolidates with, or merges with or into another person or entity or conveys, transfers, leases or otherwise
disposes of all or substantially all of its assets to any person or entity, or any person or entity consolidates with or merges
with or into the Company; provided, however, that any such transaction shall not constitute a Change of Control if
(1) the shareholders of the Company immediately before such transaction own, directly or indirectly, immediately following
such transaction in excess of 50% of the combined voting power of the outstanding voting securities of the corporation or other
person or entity resulting from such transaction, (2) no “person” or “group” owns 20% or more of the
outstanding voting securities of the corporation or other person or entity resulting from such transaction, and (3) a majority
of the Incumbent Board remains; or

(D) the approval by the shareholders
of the Company of a complete liquidation or dissolution of the Company.

(iii)           
Resignation for “Good Reason” shall mean termination of employment by the Employee because of the occurrence
of any of the following events:

(A) a failure by the Company to
pay compensation or benefits due and payable to the Employee in accordance with the terms of this Employment Agreement;

(B) a material adverse change in the
assignment of duties or responsibilities inconsistent with those duties and responsibilities as set forth in Section 1 of
this Employment Agreement;

(C) a relocation of the Company’s
principal office by more than 25 miles from Palm Beach Gardens, Florida without the Employee’s consent;

(D) a failure by the Company to obtain
agreement by a successor to assume this Employment Agreement in accordance with Section 10(b); or

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(E) the Company’s material breach
of this Agreement, after written notice by the Employee to the Company and the Company’s failure to cure such breach within
thirty (30) days of receipt of such notice.

5.                 
Limitations on Severance Payment and Other Payments or Benefits.

(a)              
Notwithstanding any provision of this Employment Agreement, if any portion of the severance payments or any other payment
under this Employment Agreement, or under any other agreement with the Employee or plan or arrangement of the Company or its
affiliates (in the aggregate, “Total Payments”), would constitute an “Excess Parachute Payment”
(as defined in Section 5(c) hereof) and would, but for this Section 5, result in the imposition on the Employee
of an excise tax under Code Section 4999 (the “Excise Tax”), then the Total Payments to be made to
the Employee shall either be (i) delivered in full, or (ii) delivered in the greatest amount such that no portion of
such Total Payment would be subject to the Excise Tax, whichever of the foregoing results in the receipt by the Employee of the
greatest benefit on an after-tax basis (taking into account the Employee’s actual marginal rate of federal, state and local
income taxation and the Excise Tax).

(b)              
Within thirty (30) days following the Employee’s termination of employment or notice by one party to
the other of its belief that there is a payment or benefit due the Employee that will result in an Excess Parachute Payment, the
Company, at the Company’s expense, shall select a nationally recognized certified public accounting firm (which will not
be the Company’s independent auditors) (“Accounting Firm”) reasonably acceptable to the Employee, to determine
(i) the Base Amount (as defined in Section 5(c) hereof), (ii) the amount and present value of the Total Payments,
(iii) the amount and present value of any Excess Parachute Payments determined without regard to any reduction of Total Payments
pursuant to Section 5(a), and (iv) the after-tax proceeds to the Employee, taking into account the tax imposed under
Code Section 4999 if (x) the Total Payments were reduced in accordance with Section 5(a) or (y) the Total
Payments were not so reduced. If the Accounting Firm determines that Section 5(a)(ii) above applies, then the payments
hereunder or any other payment or benefit determined by such Accounting Firm to be includable in Total Payments shall be reduced
or eliminated so that there will be no Excess Parachute Payment. In such event, payments or benefits included in the Total Payments
shall be reduced or eliminated by applying the following principles, in order: (1) the payment or benefit with the later possible
payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (2) cash payments
shall be reduced prior to non-cash benefits, provided that if the foregoing order of reduction or elimination would violate Section 409A,
then the reduction shall be made pro-rata among the payments or benefits included in the Total Payments (on the basis of the relative
present value of the “Parachute Payments”, as defined in Section 5(c) hereof).

(c)              
For purposes of this Employment Agreement: (i) the terms “Excess Parachute Payment” and “Parachute
Payments” shall have the meanings assigned to them in Code Section 280G and such Parachute Payments shall be valued
as provided therein; (ii) present value shall be calculated in accordance with Code Section 280G(d)(4); (iii) the
term “Base Amount” means an amount equal to the Employee’s “annualized includible compensation for
the base period” as defined in Code Section 280G(d)(1); 

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(iv) for purposes of the determination by the Accounting
Firm, the value of any noncash benefits or any deferred payment or benefit shall be determined in accordance with the principles
of Code Sections 280G(d)(3) and (4) and (v) the Employee shall be deemed to pay federal income tax and employment
taxes at his actual marginal rate of federal income and employment taxation, and state and local income taxes at his actual marginal
rate of taxation in the state or locality of the Employee’s domicile (determined in both cases in the calendar year
in which the termination of employment or notice described in Section 5(b) above is given, whichever is earlier), net
of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. The covenants
set forth in Sections 6, 7, and 8 of this Employment Agreement have substantial value to the Company and a portion
of any Total Payments made to the Employee are in consideration of such covenants. For purposes of calculating the Excess Parachute
Payment and the Parachute Payments, the parties intend that an amount equal to not less than the Employee’s highest annual
base salary during the twelve (12) month period immediately prior to his termination of employment shall be in consideration
of the covenants in Sections 6, 7, and 8 below. The Accounting Firm shall consider all relevant factors in appraising
the fair value of such covenants and in determining the amount of the Total Payments that shall not be considered to be a Parachute
Payment or Excess Parachute Payment. The determination of the Accounting Firm shall be addressed to the Company and the Employee
and such determination shall be binding upon the Company and the Employee.

(d)              
This Section 5 shall be amended to comply with any amendment or successor provision to Sections 280G or 4999 of
the Code.

6.                 
Confidentiality.

(a)              
Confidential Information.

(i)                
The Employee agrees that during his employment with the Company for any reason and for a period of five years
following his Separation from Service, he will not at any time, except with the prior written consent of the Company or
any of its subsidiaries or affiliates (collectively, the “Company Group”) or as required by law, directly
or indirectly, reveal to any person, entity or other organization (other than any member of the Company Group or its respective
employees, officers, directors, shareholders or agents) or use for the Employee’s own benefit any information deemed to be
confidential by any member of the Company Group (“Confidential Information”) relating to the assets, liabilities,
employees, goodwill, business or affairs of any member of the Company Group, including, without limitation, any information
concerning customers, business plans, marketing data, or other confidential information known to the Employee by reason of the
Employee’s employment by, shareholdings in or other association with any member of the Company Group; provided that
such Confidential Information does not include any information which (x) is available to the general public or is generally
available within the relevant business or industry other than as a result of the Employee’s action or (y) is or becomes available
to the Employee after his Separation from Service on a non-confidential basis from a third-party source provided that such third-party
source is not bound by a confidentiality agreement or any other obligation of confidentiality. Confidential Information may be
in any medium or form, including, without limitation, physical documents, computer files or disks, videotapes, audiotapes, and
oral communications.

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(ii)             
In the event that the Employee becomes legally compelled to disclose any Confidential Information, the Employee shall provide
the Company with prompt written notice so that the Company may seek a protective order or other appropriate remedy.
In the event that such protective order or other remedy is not obtained, the Employee shall furnish only that portion of such Confidential
Information or take only such action as is legally required by binding order and shall exercise his reasonable efforts to obtain
reliable assurance that confidential treatment shall be accorded any such Confidential Information. The Company shall promptly
pay (upon receipt of invoices and any other documentation as may be requested by the Company) all reasonable expenses and fees
incurred by the Employee, including attorneys’ fees, in connection with his compliance with the immediately preceding sentence.

(b)              
Exclusive Property. The Employee confirms that all Confidential Information is and shall remain the exclusive property
of the Company Group. All business records, papers and documents kept or made by the Employee relating to the business of
the Company Group shall be and remain the property of the Company Group. Upon the request and at the expense of the Company Group,
the Employee shall promptly make all disclosures, execute all instruments and papers and perform all acts reasonably necessary
to vest and confirm in the Company Group, fully and completely, all rights created or contemplated by this Section 6.

(c)              
Protected Conduct. Nothing contained in this Employment Agreement or any other agreement between the Employee and
the Company, shall limit the Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission,
the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission,
or any other federal, state, or local governmental agency or commission (each, a “Government Agency”). Neither
this Employment Agreement nor any other agreement between the Employee and the Company, shall limit the Employee’s ability
to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by
any Government Agency, including providing documents or other information to a Government Agency that is Confidential Information
or a trade secret, without advance approval from or notice to the Company; provided, however, that any disclosure must be limited
to only the information reasonably necessary to make reports and respond to any Government Agency. In addition, nothing in this
Employment Agreement or any other agreement between the Employee and the Company shall be construed to prohibit the Employee from
using Confidential Information to the extent necessary to exercise any legally protected whistleblower rights (including pursuant
to Rule 21F under the Securities Exchange Act of 1934, as amended) or to limit or eliminate the Employee’s right to receive
an award from a Government Agency for information provided to a Government Agency, and the Company may not, and will not, retaliate
against the Employee if the Employee chooses in good faith to notify, report to, or file a charge or complaint with, any Government
Agency or otherwise participate in any investigation or proceeding.

(d)              
DTSA. The Employee acknowledges that, pursuant to the Defend Trade Secrets Act of 2016, an individual may not be
held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret (i) made in confidence
to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating
a suspected violation of law, (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal or (iii) made to his or her attorney or used in a court proceeding in an anti-retaliation lawsuit based on the reporting
of a suspected violation of law, so long as any document containing the trade secret is filed under seal and the individual does
not disclose the trade secret except pursuant to court order.

    	 	 10	 

     

    

7.                 
Noncompetition. The Employee agrees that during his employment with the Company and for a period commencing
on the Employee’s Separation from Service and ending on the first anniversary of the Employee’s Separation from Service
(the “Restricted Period”), the Employee shall not, without the prior written consent of the Company, directly
or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent or
otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on a business
competitive with the Company in any geographic area in which the Company Group has engaged in business, or is reasonably
expected to engage in business during such Restricted Period (including, without limitation, any area in which any customer of
the Company Group may be located); provided, however, that nothing herein shall limit the Employee’s right
to own not more than 1% of any of the debt or equity securities of any business organization.

8.                 
Non-Solicitation. The Employee agrees that, during his employment and for the Restricted Period, the Employee shall
not, directly or indirectly, other than in connection with the proper performance of his duties in his capacity as an executive
of the Company, (a) interfere with or attempt to interfere with any relationship between the Company Group and any of
its employees and, if they devote a substantial portion of their services to the Company Group, consultants and independent contractors,
(b) employ, hire or otherwise engage, or attempt to employ, hire or otherwise engage, any current or former employee and,
if they devote a substantial portion of their services to the Company Group, consultant or independent contractor, of the Company Group
in a business competitive with the Company Group, (c) solicit the business or accounts of the Company Group or (d) divert
or attempt to direct from the Company Group any business or interfere with any relationship between the Company Group
and any of its clients, suppliers, customers or other business relations. As used herein, the term “indirectly” shall
include, without limitation, the Employee’s permitting the use of the Employee’s name by any competitor of any member
of the Company Group to induce or interfere with any employee or business relationship of any member of the Company Group.

9.                 
Reservation of Invention Rights(a). The Employee acknowledges notification that this Employment Agreement does not
require the Employee to assign or offer to assign to the Company any of the Employee’s rights in any invention developed
by the Employee entirely on the Employee’s own time without using the Company’s equipment, supplies, facilities, or
trade secret information, except for those inventions that either (i) relate, at the time of conception or reduction to practice
of the invention, to the Company’s business, or the Company’s actual or demonstrably anticipated research or development;
or (ii) result from any work performed by Employee for the Company. To the extent the Employee developed inventions prior to the
Employee’s employment with the Company, the Employee has listed any such inventions on the attached Exhibit B, and expressly
reserves the Employee’s rights in those such inventions.

    	 	 11	 

     

    

10.             
Assignment and Succession.

(a)              
The services to be rendered and obligations to be performed by the Employee under this Employment Agreement shall not be
assignable or transferable.

(b)              
This Employment Agreement shall inure to the benefit of and be binding upon and enforceable by the Company and the
Employee and their respective successors, permitted assigns, heirs, legal representatives, executors, and administrators. If the
Company shall be merged into or consolidated with another entity, the provisions of this Employment Agreement shall be binding
upon and inure to the benefit of the entity surviving such merger or resulting from such consolidation. The Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to expressly assume and agree
to perform this Employment Agreement in the same manner that the Company would be required to perform it if no such succession
had taken place. The provisions of this Section 10(b) shall continue to apply to each subsequent Company of the
Employee hereunder in the event of any subsequent merger, consolidation, or transfer of assets of such subsequent Company.

11.             
Notices.

All notices, requests, claims, demands
and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt)
by delivery in person or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 11):

if to the Company:

Dycom Industries, Inc.

11780 US Highway 1, Suite 600

Palm Beach Gardens, Florida 33408

Attention: President

 

if to the Employee:

To Employee’s home address most recently communicated
to the Company.

 

12.             
Waiver of Breach.

(a)              
The waiver by the Company or the Employee of a breach of any provision of this Employment Agreement shall not operate
or be construed as a waiver by such party of any subsequent breach.

(b)              
The parties hereto recognize that the laws and public policies of various jurisdictions may differ as to the validity and
enforceability of covenants similar to those set forth herein. It is the intention of the parties that the provisions hereof be
enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be sought,
and that the unenforceability (or the modification to conform to such laws or policies) of any provisions hereof shall not render
unenforceable, or impair, the remainder of the provisions hereof.

    	 	 12	 

     

    

 

Accordingly, if, at the time of enforcement of any provision
hereof, an arbitrator or court of competent jurisdiction holds that the restrictions stated herein are unreasonable under circumstances
then existing, the parties hereto agree that the maximum period, scope or geographic area reasonable under such circumstances will
be substituted for the stated period, scope or geographical area and that such arbitrator or court shall be allowed to revise the
restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.

13.             
Amendment. This Employment Agreement may be amended only by a written instrument signed by the parties hereto.

14.             
Full Settlement. The Company’s obligation to pay the Employee the amounts required by this Employment Agreement
shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any setoff,
counterclaim, recoupment, defense or other right which the Company may have against the Employee or anyone else. All
payments and benefits to which the Employee is entitled under this Employment Agreement shall be made and provided without offset,
deduction, or mitigation on account of income that the Employee may receive from employment from the Company or otherwise.

15.             
Certain Remedies.

(a)              
Injunctive Relief. Without intending to limit the remedies available to the Company Group, the Employee agrees
that a breach of any of the covenants contained in Sections 6 through 9 of this Employment Agreement may result
in material and irreparable injury to the Company Group for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, any member of
the Company Group shall be entitled to seek a temporary restraining order or a preliminary or permanent injunction, or both,
without bond or other security, restraining the Employee from engaging in activities prohibited by the covenants contained in Sections 6 through
9 of this Employment Agreement or such other relief as may be required specifically to enforce any of the covenants contained
in this Employment Agreement. Such injunctive relief in any court shall be available to the Company Group in lieu of, or prior
to or pending determination in, any arbitration proceeding.

(b)              
Extension of Restriction Period. In addition to the remedies the Company may seek and obtain pursuant to this
Section 15(b) the Restricted Period shall be extended by any and all periods during which the Employee shall be found
by a court or arbitrator possessing personal jurisdiction over him to have been in violation of the covenants contained in Sections 7 and
8 of this Employment Agreement.

16.             
Other Severance. In consideration for the payments and benefits to be made to the Employee under this Employment
Agreement, the Employee agrees to waive any and all rights to any payments or benefits under any other severance plan, program
or arrangement of the Company.

    	 	 13	 

     

    

 

17.             
Governing Law; Jurisdiction and Service of Process. This Employment Agreement shall be governed by the laws of the
State of Florida applicable to contracts executed in and to be performed in that State.

18.             
Partial Invalidity. The invalidity or unenforceability of any provision hereof shall in no way affect the validity
or enforceability of any other provision.

19.             
Withholding. The payment of any amount pursuant to this Employment Agreement shall be subject to applicable withholding
and payroll taxes, and such other deductions as may be required under the Company’s employee benefit plans, if any.

20.             
Counterparts. This Employment Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instruments.

21.             
Entire Agreement. All prior negotiations and agreements between the parties hereto with respect to the matters contained
herein are superseded by this Employment Agreement, and there are no representations, warranties, understandings or agreements
other than those expressly set forth herein. The Company and the Employee acknowledge that the parties will enter into other agreements
in connection with this Employment Agreement, including, without limitation, an indemnification agreement, a confidentiality and
inventions agreement, and an equity award agreement.

22.             
Headings. The headings of sections herein are included solely for convenience of reference and shall not control
the meaning or interpretation of any of the provisions of this Employment Agreement.

23.             
Arbitration. Subject to Section 15(a) hereof, any dispute or controversy arising under or in connection
with this Employment Agreement or otherwise in connection with the Employee’s employment by the Company that cannot
be mutually resolved by the parties to this Employment Agreement and their respective advisors and representatives shall be settled
exclusively by arbitration in Palm Beach County, Florida in accordance with the commercial rules of the American Arbitration Association
before one arbitrator of exemplary qualifications and stature, who shall be selected jointly by an individual to be designated
by the Company and an individual to be selected by the Employee, or if such two individuals cannot agree on the selection
of the arbitrator, who shall be selected by the American Arbitration Association, and judgment upon the award rendered may be entered
in any court having jurisdiction thereon.

24.             
Survival of Certain Provisions. The rights and obligations set forth in this Employment Agreement that, by their
terms, extend beyond the Term shall survive the Term.

25.             
Section 409A.

(a)              
General. This Employment Agreement is intended to meet the requirements of Section 409A and shall be interpreted
and construed consistent with that intent.

(b)              
Deferred Compensation. Notwithstanding any other provision of this Employment Agreement, to the extent that the right
to any payment (including the provision of benefits) hereunder provides for the “deferral of compensation” within the
meaning of Section 409A(d)(1), the payment shall be paid (or provided) in accordance with the following:

    	 	 14	 

     

    

 

(i)                
Notwithstanding anything in this Employment Agreement to the contrary, if at the time of the Employee’s termination
of employment, he is a “specified employee” within the meaning of Section 409(A)(a)(2)(B)(i), as determined under
the Company’s established methodology for determining “specified employees”, then no payments or amounts under
this Employment Agreement shall be made or commence during the period beginning on the date of the Employee’s termination
of employment and ending on the date that is six months following the Employee’s termination of employment or, if earlier,
on the date of the Employee’s death, unless such payments or amounts are payable earlier under an applicable exemption to
the six-month delay rule of Section 409A. The amount of any payment that would otherwise be paid to the Employee during this period
and was not paid shall instead be paid to Employee on the fifteenth day of the first calendar month following the end
of the period (“Delayed Payment Date”). If payment of an amount is delayed as a result of this Section 25(b)(i),
such amount shall be increased with interest from the date on which such amount would otherwise have been paid to the Employee
but for this Section 25(b)(i) to the day prior to the Delayed Payment Date. The rate of interest shall be compounded monthly,
at the prime rate as published by Citibank NA for the month in which occurs the date of the Employee’s Separation from
Service. Such interest shall be paid on the Delayed Payment Date.

(ii)             
If any amount owed to the Employee under this Employment Agreement is considered for purposes of Section 409A to be
owed to the Employee by virtue of his termination of employment, such amount shall be paid if and only if such termination constitutes
a Separation from Service with the Company, determined using the default provisions set forth in Treasury Regulation §1.409A-1(h)
or any successor regulation thereto.

(iii)           
Notwithstanding anything in this Employment Agreement to the contrary, payments with respect to reimbursements of expenses
shall be made in accordance with Company policy and in no event later than the last day of the calendar year following
the calendar year in which the relevant expense is incurred. The amount of expenses eligible for reimbursement during a calendar year
may not affect the expenses eligible for reimbursement in any other calendar year.

(iv)            
For purposes of Section 409A, the Employee’s right to receive any installment payments pursuant to this Employment
Agreement shall be treated as a right to receive a series of separate and distinct payments.

26.             
Source of Payments. All payments provided under this Employment Agreement, other than payments made pursuant to a
plan which provides otherwise, shall be paid in cash from the general funds of the Company, and no special or separate fund shall
be established, and no other segregation of assets shall be made, to assure payment. The Employee shall have no right, title or
interest whatsoever in or to any investments which the Company may make to aid the Company in meeting its obligations
hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall
be no greater than the right of an unsecured creditor of the Company.

    	 	 15	 

     

    

 

IN WITNESS WHEREOF, the parties have entered
into this Employment Agreement as of the date set forth above.

	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 	 
	 	/s/ Daniel S. Peyovich
	 	Name:  Daniel S. Peyovich
	 	 	 
	 	 	 
	 	DYCOM INDUSTRIES, INC.

a Florida corporation
	 	 	 
	 	 	 
	 	By:	/s/ Steven E. Nielsen
	 	 	Name:  Steven E. Nielsen
	 	 	Title:    President and CEO

 

 

 

16eyes-ex101_10.htm

Exhibit 10.1

 

CONTRIBUTION AGREEMENT 

 

 

 

 

 

Dated [●] 2021

 

 

 

Between:

 

 

 

Pixium Vision

 

 

And:

 

 

Second Sight Medical Products Inc.

 

 

 

 

1

 

Exhibit 10.1

Table of contents 

1.Definitions and Interprétation5

2.Identification of the parties5

3.relationship between the two companies6

4.rationale and purpose of the contribution6

5.valuation Method and reference accounts7

6.legal and tax Regime of the contribution7

7.Designation and valuation of the contribution10

8.Consideration for the contribution12

9.Conditions precedent12

10.Completion Date of the Contribution13

11.Charges and conditions of the contribution13

12.Pixium’s covenants during the interim period16

13.Representations and Warranties16

14.formalities - miscellaneous18

15.Election of domicile21

16.applicable law – disputes21

 

2

 

Exhibit 10.1

This contribution agreement (the “Contribution Agreement”), dated [●], 2021, is made:

 

between the undersigned:

 

	
 
	
1.
	
PIXIUM VISION, a French société anonyme having its registered office 74, rue du Faubourg Saint-Antoine, 75012 Paris, France, registered with the Commercial Registry of Paris under number 538 797 655 (hereafter referred to as “Pixium”), represented by Mr. Lloyd Diamond, its Directeur-Général (Chief Executive Officer), duly empowered for the purposes hereof;

 

On the first part,

 

AND

 

	
 
	
2.
	
SECOND SIGHT MEDICAL PRODUCTS INC., a California corporation (hereafter referred to as “Second Sight”), represented by Mr. Matthew Pfeffer, its Chief Executive Officer, duly empowered for the purposes hereof; 

 

On the second part,

 

Pixium and Second Sight shall be collectively referred to as the « Parties » and individually as a « Party ».

 

whereas:

 

	
 
	
A.
	
On the date hereof, the Parties have entered into a Memorandum of Understanding (hereafter the « MOU ») in the framework of a potential strategic combination of their businesses, with a view to become the market leader in the blindness space offering multiple products through a company with strong organizational synergies. In that context, Pixium has undertaken to contribute to Second Sight all the assets and liabilities in relation to its activity specialised in neuromodulation technology used in the treatment of blindness (hereafter the « Activity »), (the “Contribution”). 

 

	
 
	
B.
	
In consideration for this Contribution, Second Sight shall issue 34,876,043 new shares, representing 60% of the share capital and voting rights of Second Sight, in accordance with the terms of this Contribution Agreement. The Contribution shall be subject to the prior irrevocable completion of a share capital increase launched by SSMP in a minimum amount of twenty-five million (25,000,000.00) USD (that is approximately 20,5 million euros) (the “Fund Raising”), to be completed immediately prior to and conditional upon the Contribution. 

 

	
 
	
C.
	
Following the Fund Raising, Second Sight shall transfer the Orion Assets to a subsidiary the share capital of which would be partially spun off to its shareholders (the “Spin-Off”) (together with the Fund Raising and the Contribution, the « Transaction »).

 

	
 
	
D.
	
As a result, the Parties have decided to enter into this Contribution Agreement in order to define the terms and conditions of the Contribution.

 

	
 
	
E.
	
The Parties jointly agree that the Contribution shall be governed by the provisions of articles L.236-1 to L.236-6 and L.236-16 to L.236-21 of the French Commercial Code (the spin-off regime) in accordance with articles L.236-6-1 and L.236-22 f of the French Commercial Code. 

 

	
 
	
F.
	
The Parties have requested the President of the Commercial Court of Paris to appoint, on the grounds of article L.236-10 of the French Commercial Code, one or more valuing auditors with the 

3

 

Exhibit 10.1

	
 
		
mission to issue the reports referred to in articles L.225-147 and L.236-10 of the French Commercial Code and to carry out the checks and verifications required by French law (hereafter the « Valuing Auditors »).

 

	
 
	
G.
	
The Transaction has been agreed, subject to the satisfaction of the Conditions Precedent set forth in Article 9 by:

 

	
 
	
(i)
	
Pixium’s board of directors during its meeting dated December 3, 2020; and 

 

	
 
	
(ii)
	
Second Sight’s board of directors during its meeting dated January 5, 2020.

 

	
 
	
H.
	
The Contribution Agreement shall be filed with the clerk’s office of the Commercial Court of Paris and shall also be published on the website of each Party for an unbroken period of time starting at the latest thirty days prior to the date on which the general meeting of the relevant Parties is convened to discuss the contemplated Contribution.

 

this having been said, it is hereafter specified as follows:

 

	
 
	
1.
	
Definitions and Interprétation

 

The exhibits to the Contribution Agreement (an « Exhibit») form an integral part thereof and have the same contractual value as if they were expressly included in the Contribution Agreement and all references to this Contribution Agreement imply the Contribution Agreement and its exhibits.

 

The provisions set out in articles 640 to 642 of the French Code of Civil Procedure shall apply to calculate the period of time required for the completion of an act or a measure.

 

All references to a legal provision should be construed to mean its modification, replacement or codification should this be applicable or likely to become applicable to the operations set out in this Contribution Agreement, unless otherwise provided for by the context.

 

Words including the plural form must include the singular form and vice versa.

 

	
 
	
2.
	
Identification of the parties 

 

	
 
	
2.1
	
Pixium

 

Pixium is a French société anonyme à conseil d’administration listed on the Euronext Growth market of Euronext Paris (ISIN: FR0011950641).

 

Its financial year starts on 1 January and ends on 31 December of each year. 

 

Pixium’s corporate purpose is the following:

 

	
 
	
(i)
	
research and development in the field of implantable medical and surgical products and equipment;

 

	
 
	
(ii)
	
developing including through clinical trials, manufacturing and marketing of all implantable medical and surgical products and equipment;

 

4

 

Exhibit 10.1

	
 
	
(iii)
	
providing services and service activities in relation to said activities;

 

	
 
	
(iv)
	
acquiring, using or selling all processes, patents and intellectual property rights relating to said activities;

 

	
 
	
(v)
	
acquiring a stake by any means, either directly or indirectly, in all operations in relation to its corporate purpose, through the creation of a new company, contribution, subscription or acquisition of shares or stakes, merger, creation, acquisition, rental, or      management lease contract of any business or entity; and

 

	
 
	
(vi)
	
the technical, administrative and financial management of the entities held by the company. 

 

As at the date of this Contribution Agreement, Pixium’s share capital stands at [●] euros, divided into [●] fully paid-up ordinary shares with a par value of €0.06 each. The shares issued by Pixium are all of the same class and no specific advantage has been granted to Pixium. 

 

	
 
	
2.2
	
Second Sight

 

Second Sight is a California company whose shares are listed on the Nasdaq (EYES).

 

Its financial year starts on 1 January and ends on 31 December of each year. 

 

The corporate purpose of Second Sight is the following: Develops implantable visual prosthetics to potentially enable blind individuals to achieve greater independence.

 

As at the date of this Contribution Agreement, Second Sight’s share capital stands at [●], divided into [●] fully paid-up ordinary shares with no par value. The shares issued by Second Sight are all of the same class.

 

As of the date of this Agreement, SSMP has [●] warrants for common stock outstanding.

 

	
 
	
3.
	
relationship between the two companies 

 

As at the date of this Contribution Agreement, neither Pixium nor Second Sight holds shares in the other and they have no management executive or director in common. As at the Completion Date, Lloyd Diamond, Chief Executive Officer of Pixium, shall become Chief Executive Officer of Second Sight.

 

	
 
	
4.
	
rationale and purpose of the contribution 

 

The Contribution forms part of the contemplated strategic combination of Pixium’s and Second Sight’s activities, set out in paragraph B of the Preamble above, with the aim to become a leader in the treatment of blindness.

 

In the context of the contemplated strategic combination, the Parties entered into the MOU on the date hereof in order to define the conditions necessary to implement the Transaction.

 

	
 
	
5.
	
valuation Method and reference accounts 

 

	
 
	
5.1
	
Pixium’s accounts  

5

 

Exhibit 10.1

 

[●]

 

 

[●]

 

	
 
	
5.2
	
Second Sight’s accounts 

 

[●]

 

	
 
	
5.3
	
 Valuation Method 

 

[●]

 

	
 
	
6.
	
legal and tax Regime of the contribution 

 

	
 
	
6.1
	
Legal regime

 

It is restated that the Parties jointly agree that the Contribution shall be governed by the provisions of articles L.236-1 to L.236-6 and L.236-16 to L.236-21 of the French Commercial Code (the spin-off regime) in accordance with articles L.236-6-1 and L.236-22 of the French Commercial Code, and the issuance of new shares by Second Sight and the Fund Raising shall be governed by the United States’ Securities Act of 1933, the  Securities Exchange Act of 1934, the California Corporations Code, and the California Corporate Securities Law of 1968.

 

Pixium and Second Sight expressly agree that the Contribution shall be governed by the provisions of article L.236-21 of the French Commercial Code and to exclude any joint and several liability between them. 

 

In view of the absence of liability and in accordance with the provisions of articles L.236-14 and L.236-21 of the French Commercial Code, the creditors who are not debenture holders of Pixium and, if necessary, of Second Sight, whose claims predate the publicity given to this Contribution Agreement may file an appeal within a thirty-day (30) period starting on the date on which the Contribution Agreement was announced or published on the website of each Party, as provided by article R.236-2 of the French Commercial Code or, as the case may be, by article R.236-2-1 of the French Commercial Code. 

 

In accordance with article L.236-18 of the French Commercial Code, the Contribution Agreement will be submitted to the meeting, or written consultation, of bondholders of Pixium unless the redemption of the securities upon their request is offered to the said bondholders.

 

It is specified that the provisions set out above cannot be considered as an admission of debt towards so-called creditors, the latter being required to set out their rights and provide justification of their titles. 

 

According to Article L.236-14 of the French Commercial Code, an appeal filed by a creditor would not result in the Contribution being prohibited.

 

	
 
	
6.2
	
Tax regime 

 

 

	
 
	
6.2.1
	
General Provisions

6

 

Exhibit 10.1

 

This Contribution Agreement will take effect, on a tax standpoint, on [●].

 

Pixium and Second Sight, through their representatives, oblige themselves to comply with all applicable legal provisions, regarding the returns to be established and the payment of any and all taxes resulting from the final completion of the Contribution, in accordance with the provisions hereafter. 

 

Pixium shall file, by electronic means, within the same delay as the tax return for the financial year during which the Contribution occurred, a special declaration enabling the French tax administration authorities to assess the reasons for and consequences of the Contribution (see article 210-0 A, IV of the French Tax Code). 

 

	
 
	
6.2.2
	
Corporate Income Tax

 

As the contributed Activity constitutes Pixium’s sole activity, the Parties agree, with respect to corporate income tax, that the present partial contribution of assets will be subject to the French favourable tax regime of article 210 B of the French Tax Code where the conditions to benefit from such French favourable tax regime are satisfied. 

 

In accordance with article 210 B of the French Tax Code, Pixium shall comply with the reporting obligations provided for under article 54 septies of the French Tax Code and attach to its tax return, an “54 septies” form monitoring notably capital gains subject to deferred taxation with the requirement of the French tax authorities. 

 

In addition, Pixium shall calculate the capital gains (or losses) resulting from the subsequent sale of the securities issued in consideration for the Contribution on the basis of the value, from a tax standpoint, of the assets and rights contributed in its own books. 

 

In accordance with article 210 C, 2 of the French Tax Code, the contributed assets will be attached to Second Sight’s permanent establishment in France.

 

In addition, Second Sight shall comply with the obligations of the beneficiaries under article 210 A, 3 of the French Tax Code in so far as such obligations relate to the complete branch of activity contributed:

 

	
 
	
-
	
Record as liabilities in its balance sheet, on the one hand, the provisions subject to deferred taxation and on the other hand the special reserve in which Pixium has recorded the long term capital gains subject to the reduced rate of 10%, 15%, 18%, 19% or 25% as well as the reserve in which the provisions for exchange rate fluctuations have been have been recorded in accordance with the sixth paragraph of  5° of 1 of article 39 of the French Tax Code, relating to the contributed branch;

 

	
 
	
-
	
Substitute itself for Pixium for the recapture of any income whose taxation may have been deferred at the level of Pixium, in the taxable income of its permanent establishment in France; 

 

	
 
	
-
	
Calculate the capital gains recognized in case of a subsequent disposal of the fixed non-depreciable assets contributed by reference to the fiscal value they had in the Pixium’s books;

 

7

 

Exhibit 10.1

	
 
	
-
	
Add-back in the taxable income of its permanent establishment in France subject to corporate tax income, under the terms and conditions of article 210 A of the French Tax Code, the capital gains realized on the contribution of depreciable assets;

 

	
 
	
-
	
In accordance with paragraph 3 d of article 210 A of the French Tax Code, in the event of the transfer of depreciable assets, submit to immediate taxation the fraction of the capital gain relating to the assets transferred that has not yet been reintegrated;

 

	
 
	
-
	
Record in the balance sheet of its permanent establishment in France, the contributed assets other than fixed assets at the value they had, from a tax standpoint, in Pixium’s books, or, failing this, add-back to the taxable income for the financial year during which the Contribution occurred, the income corresponding to the difference between the new value of these assets and the value they had, from a tax standpoint, in Pixium’s books;

 

	
 
	
-
	
Comply, as the case may be, with the commitments of Pixium with respect to the securities received in connection with this Contribution that result from prior transactions carried out under the benefit of the favourable tax regime.

 

As may be necessary, Second Sight declares opting for the special regime provided for in Article 42 septies of the French Tax Code with respect to the taxation of the portions of the equipment grant not taxed at the level of Pixium and related to the contributed Activity.

 

	
 
	
6.2.3
	
Value Added Tax

 

Pixium’s and Second Sight’s representatives agree that the partial contribution of assets constitutes an universality of assets within the meaning of article 257 bis of the French Tax Code. Pixium and Second Sight, through its permanent establishment in France, declare that they are subject to VAT as regard to a universality of assets.

 

Consequently, the contributions of intangible personal property and movable capital assets included in the Contribution are exempted from VAT.

 

In accordance with the aforementioned legal provisions, Second Sight will continue through its permanent establishment in France, to act on behalf of  Pixium, in particular for the regularization of the tax deducted by Pixium.

 

The Parties declare that the amount of the transmission of a universality of assets under this Agreement will be mentioned in their respective VAT tax returns (so-called CA3) on the line “Other non-taxable operations” (“autres opérations non imposables”).

 

	
 
	
6.2.4
	
Registration Duties

 

Since the contribution of the Activity is made of a complete and autonomous branch of activity within the meaning of article 817 A of the French Tax Code and articles 301 E and 301 F of the annex II to the French Tax Code, it shall benefit from the provisions of article 817-I of the French Tax Code. 

 

As a consequence, the Contribution will be registered for free, in accordance with article 816-I of the French Tax Code.

8

 

Exhibit 10.1

 

	
 
	
6.3
	
Transfer of employees 

 

All the employees listed in Exhibit 6.3 and dedicated to the Activity, including if necessary the protected employees, shall be transferred automatically to Second Sight on the Completion Date in accordance with article L. 1224-1 of the French Labour Code.

 

Second Sight shall, as a result of the completion of the Contribution, be merely subrogated in the benefits and the obligations resulting from the employment agreements of the employees transferred as from the Completion Date.

 

Pixium specifies that the premises on which the Activity is carried out are governed by the agreements listed on Exhibit 6.3.

 

Pixium specifies that the applicable collective bargaining agreement is that of the metalworking industry and that said agreements and the related collective agreements shall continue to apply to the employees following their transfer to Second Sight, under the conditions set out in article L. 2261-14 of the French Labour Code.

 

Finally, the corporate practices, atypical agreements and unilateral decisions applicable to Pixium shall be transferred to Second Sight and shall continue to apply subject to termination by Second Sight.

 

	
 
	
7.
	
Designation and valuation of the contribution 

 

	
 
	
7.1
	
Contribution 

 

	
 
	
7.1.1
	
The Contribution includes all the assets and liabilities, rights and securities (but not limited to) which constitute the Activity as set out in article 7.2 and in Exhibit 7.1.1. All these items are contributed to Second Sight, whether they are set out in Exhibit 7.1.1 or not and in the state in which they will be on the Completion Date. For clarity, no obligations to issue any equity or profit interest shall constitute a liability included in the Activity, and no such liability shall be assumed by Second Sight. 

 

	
 
	
7.1.2
	
The tangible and intangible assets making up the Assets and covered by this Contribution Agreement constitute a complete branch of activity which may be operated autonomously. 

 

	
 
	
7.1.3
	
The Activity has been valued on the basis of its market value determined by the multicriteria method set out in article 5.3 for a value of [●] euros.

 

	
 
	
7.1.4
	
The valuation of the Activity shall be reviewed by the Valuing Auditors. The Contribution shall be reviewed in the written reports to be provided to the shareholders of the Parties by the Valuing Auditors as set out in articles L.225-147 and L.236-10 of the French Commercial Code.

 

	
 
	
7.2
	
Designation and valuation of the assets contributed 

 

The Contribution includes all the items relating to the Activity contributed (but not limited to), as set out in Exhibit 7.1.1, and notably the following main items:

 

9

 

Exhibit 10.1

	
 
	
-
	
the current intellectual property agreements set out in Exhibit 7.1.1 relating to the Activity and the other intangible assets contributed;

 

	
 
	
-
	
the intellectual property items detailed in Exhibit 7.1.1.;  

 

	
 
	
-
	
the authorisations granted by the public bodies which are required to carry out the activities of the Activity, to hold and use its assets and to comply with the applicable laws;

 

	
 
	
-
	
the right to use software and other similar rights;

 

	
 
	
-
	
the right to lease the premises located 74, rue du Faubourg Saint-Antoine, 75012 Paris, France, where the Activity is carried out as set out in Exhibit 7.1.1 ; 

 

	
 
	
7.3
	
Transferred liabilities

 

	
 
	
7.3.1
	
In the context of the Contribution, as from the Completion Date, Second Sight shall, subject to Section 7.1.1, assume all the liabilities relating to the Activity, in particular the debts listed below and recorded in Pixium’s balance sheet: 

 

Financial debts: 

Loans and debts owed to financial institutions:[__] euros

Other loans and debts owed: [__] euros

 

Operating liabilities 

Debts to suppliers and related accounts: [__] euros

Tax and employee debts: [__] euros

 

	
 
	
7.3.2
	
It is specified that in addition to the liabilities set out above, Second Sight shall assume Pixium’s off-balance sheet commitments, as detailed in Exhibit 7.1.1.

 

	
 
	
7.4
	
Ownership and enjoyment rights 

 

	
 
	
7.4.1
	
Subject to the terms of this Contribution Agreement and to the satisfaction of the Conditions Precedent set out in Article 9, Pixium grants, under the ordinary legal guarantees, without restriction or reservation, to Second Sight which accepts, the full ownership of all the assets and liabilities, rights and securities, without exception or reservation, which make up the Activity in an amount of [●] euros, as of the Completion Date. 

 

	
 
	
7.4.2
	
Second Sight shall have the ownership of the assets and rights contributed in respect of the Activity on the Completion Date. It is specified that both the active and passive transactions carried out by Pixium on the date of this Contribution Agreement shall be considered as having been carried out for the exclusive benefit of Second Sight. 

 

	
 
	
7.4.3
	
Second Sight agrees to take over as from the date on which it will have the ownership over the Activity all the assets and liabilities at that date and in lieu of those set out in Exhibit 7.1.1 of the Contribution Agreement. More generally, Pixium shall be merely subrogated in all rights, acts, obligations and undertakings insofar as said rights, acts, obligations and undertakings relate to the Activity.

 

10

 

Exhibit 10.1

	
 
	
8.
	
Consideration for the contribution 

 

	
 
	
8.1
	
Subject to the satisfaction of the Conditions Precedent, the Contribution is made by Pixium and accepted by Second Sight in consideration for the issuance by Second Sight for the benefit of Pixium, of 34,876,043 shares of common stock of Second Sight (hereafter the « New Shares »).

 

	
 
	
8.2
	
The issuance price of the New Shares to be issued by Second Sight in consideration for the Contribution has been calculated by Pixium and Second Sight on the following basis1:

 

	
 
	
-
	
on the one hand, the fair market value of Second Sight on the date hereof, that is [●]; and  

 

	
 
	
-
	
on the other hand, the fair market value of the assets and liabilities making up the Activity valued at a global amount of [●].

 

	
 
	
8.3
	
As at the Completion Date, the New Shares shall be issued by Second Sight, fully subscribed and fully paid and governed by the provisions of the articles of association of Second Sight. They shall be dividend-paying shares which shall be distributed after their creation and shall be free of all securities, restrictions or third-party rights.

 

	
 
	
8.4
	
Second Sight’s board of directors has received an opinion from its financial advisor to the effect that, as of the date of such opinion and based on and subject to the various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken as set forth therein, the Contribution is fair, from a financial point of view, to Second Sight. 

 

	
 
	
9.
	
Conditions precedent

 

	
 
	
9.1
	
Each Party’s obligation to consummate the Contribution is subject to the satisfaction or waiver of the following conditions precedent:

 

	
 
	
9.1.1
	
Issuance of their reports by the Valuing Auditors confirming the fairness of the Contribution and its consideration;

 

	
 
	
9.1.2
	
Expiry of the 30 days-period under Article R.236-2 of the French Commercial Code; 

 

	
 
	
9.1.3
	
Approval by the shareholders of Pixium and Second Sight of the Contribution Agreement, the valuation and consideration for the Contribution in accordance with the followings:

 

	
 
	
1.
	
Approval by Pixium’s shareholders’ meeting of all the resolutions in a form substantially identical to those set forth in Schedule 9.1.3.1;

 

	
 
	
2.
	
Approval by Second Sight’s shareholders’ meeting of all the resolutions in a form substantially identical to those set forth in Schedule 9.1.3.2.

 

	
 
	
9.1.4
	
Irrevocable completion of the Fund Raising conditional upon Contribution;

 

	
 
	
9.1.5
	
Approval by the bondholders of Pixium of the Contribution;

 

	
	 

	
1 
	
 Note to Draft: The accounting treatment will have to be validated according to U.S. accounting standards.

11

 

Exhibit 10.1

	
 
	
9.1.6
	
Transfer of the contracts listed in Schedule 9.1.6 ; 

 

	
 
	
9.1.7
	
Clearance by the French Ministry of Economy under the foreign direct investment screening referred to in Articles L.151-3 et seq. of the French Monetary and Financial Code;

 

	
 
	
9.1.8
	
There shall not be any Action pending by or before any Regulatory Authority in which a Regulatory Authority is a party nor shall there be any Order or Law in effect that, in either case, restrains, enjoins, prevents, prohibits or makes illegal the consummation of the Transaction.

 

	
 
	
9.2
	
The Parties undertake to cooperate fully and to make their commercially reasonable efforts, within the limits of their respective powers and each in its own respect, to ensure that the abovementioned conditions (the “Conditions Precedent”) are met.

 

	
 
	
9.3
	
In accordance with the provisions of article 1304 of the French Civil Code, the satisfaction of the Conditions Precedent shall have no retroactive effect. 

 

	
 
	
9.4
	
The Conditions Precedent listed in Section 9.1 above are stipulated to the benefit of both Parties and may only be waived by their mutual consent.

	
 
	
10.
	
Completion Date of the Contribution 

 

The Contribution and the issuance of New Shares by Second Sight shall be carried out on the date of completion of the last condition precedent set out in Article 9 of this Contribution Agreement (hereafter the « Completion Date »).

 

	
 
	
11.
	
Charges and conditions of the contribution 

 

This Contribution Agreement is granted and accepted subject to the Parties’ compliance with the following requirements and conditions:

 

	
 
	
11.1
	
Second Sight shall take over the assets and rights in the state in which they are on the Completion Date and shall not be entitled to take any action against Pixium for any reason whatsoever, in particular on the grounds of a change in the composition of the assets and rights, insolvency of debtors, wear and tear or poor condition of the equipment, error in the designation or the capacity, regardless of the difference. 

	
 
	

	
 

	
 
	
11.2
	
Second Sight shall be bound by the passive easements either apparent or hidden, continuous or discontinuous, conventional or legal, unless Second Sight should decide to benefit from the active easements if there are any.

 

	
 
	
11.3
	
Second Sight shall pay, after the Completion Date, all the taxes, contribution, charges, rents, either ordinary or extraordinary, due on the assets and rights contributed, in each case for the periods starting from the Completion Date.

 

	
 
	
11.4
	
Second Sight shall pay, after the Completion Date, all insurance premiums and contributions as well as all charges payable on the assets contributed and those due or which will become due for their exploitation, in each case incurred for the periods starting from the Completion Date.

 

	
 
	
11.5
	
Second Sight shall carry out all formalities required for the transfer of the assets and rights contributed and to render said transfer effective against third parties. 

 

12

 

Exhibit 10.1

	
 
	
11.6
	
Second Sight shall be personally responsible, without the right to take any action against Pixium, for the performance or the termination at its own cost and risks, of all agreements, treaties, contracts, protocols, conventions entered into with clients, suppliers, creditors, employees and more generally all third parties, insurance policies or other undertakings entered into by Pixium prior to the Completion Date as regards the Activity governed by this Contribution Agreement; provided that in each case Second Sight shall only be liable for obligations under such agreements, treaties, contracts, protocols, conventions and other undertakings arising after the Completion Date.   

 

	
 
	
11.7
	
Second Sight shall be substituted to Pixium in all rights and obligations relating to the Activity and the assets and rights transferred; provided that in each case Second Sight shall only be liable for obligations arising after the Completion Date.

 

	
 
	
11.8
	
On the same day, Second Sight shall enter into, without the right to take any action against Pixium, all treaties, agreements, conventions and undertakings relating to the assets and rights contributed.

 

	
 
	
11.9
	
Second Sight shall also be subrogated in all rights and obligations resulting from all leases and rights of occupancy and their amendments set out in Exhibit 7.1.1 relating to the Activity contributed; consequently, Second Sight shall pay all fees and rents relating to said leases and occupancy rights incurred after the Completion Date, Second Sight shall comply with all related clauses and conditions after the Completion Date of this Contribution Agreement. 

 

	
 
	
11.10
	
As the transfer of the commercial leases is made through a partial transfer of assets under the conditions set out articles L. 236-6-1 and following of the French Commercial Code and in accordance with article L. 145-16 of the French Commercial Code, Second Sight shall, notwithstanding all provisions to the contrary, be subrogated in the rights and obligations arising from the commercial leases relating to the Activity; provided that in each case Second Sight shall only be liable for obligations arising after the Completion Date.

 

	
 
	
11.11
	
Second Sight shall comply with the laws, decrees, rules and practices relating to the business contributed and shall be personally responsible for requesting all authorisations which may be necessary, at its own risks. 

 

	
 
	
11.12
	
Second Sight shall be merely subrogated in all rights, actions, mortgages, pledges relating to the debts contributed.

 

	
 
	
11.13
	
Second Sight shall be fully subrogated in the rights of Pixium to recover all debts including bad debts contributed under this Contribution Agreement, institute and follow up all legal proceedings, approve all decisions, receive and pay all amounts due as a result of said decisions, inasmuch as they relate to the activity or assets and rights contributed, it being specified that at this date no litigation is ongoing, as set out in Exhibit 7.1.1. 

 

	
 
	
11.14
	
Second Sight shall be liable for the debts of Pixium that it is taking over under the conditions set out herein without joint and several liability with it and without entailing novation vis-à-vis creditors.

 

	
 
	
11.15
	
As of the date hereof and until the Completion Date, Pixium shall refrain from transferring all or part of the items of the Activity to a third party or from granting any security, option, promise or undertaking or any other right which would restrict the ownership rights relating to the items of the Activity.

 

13

 

Exhibit 10.1

	
 
	
11.16
	
Pixium shall merely withdraw from all rights and actions under which it would benefit from the assets and rights contributed. Consequently, it expressly waives the right that the registrations be made for its benefit, in all clerk’s offices or other offices and gives all due exemptions and discharges.

 

	
 
	
11.17
	
As regards the agreements listed in Exhibit 11.17, whose transmission would be subject to the agreement of a contractual partner or a third party, Pixium undertakes to request the necessary agreements or approval prior to the Completion Date. 

 

	
 
	
11.18
	
Pixium undertakes to make all necessary notifications and request the discharge of any right of pre-emption which may encumber the assets and rights contributed, prior to the Completion Date of the Contribution.  

 

	
 
	
11.19
	
Should the holder of a pre-emption right exercise its right at the time of the Contribution, the Contribution would not be challenged and Second Sight would be entitled to the price, regardless of the difference between said price and the value of the asset.

 

	
 
	
11.20
	
Pixium undertakes to provide Second Sight with all the necessary information, as well as any signatures and assistance as regards the contribution of the assets and rights included in the Contribution as provided herein. 

 

	
 
	
11.21
	
Pixium undertakes upon Second Sight’s first request to have all additional, reiterative or confirmatory acts relating to the Contribution drawn up and to provide all justifications and signatures which may be required at a later date. 

 

	
 
	
11.22
	
Pixium undertakes to deliver to Second Sight, immediately following the Completion Date, all the assets and rights contributed as well as all related books, records and documents.

 

	
 
	
12.
	
Pixium’s covenants during the interim period

 

	
 
	
12.1
	
As of the date hereof and until the Completion Date, Pixium shall refrain from transferring all or part of the elements constituting the Activity that it holds to a third party or grant any type of encumbrance, liens, option, promise or commitment of any nature whatsoever, or any other right whatsoever to the benefit of any person which could restrict the ownership of the elements constituting the Activity.

 

	
 
	
12.2
	
In the event that a lien or pledge is registered on all or part of the elements of the Activity between the date hereof and the Completion Date, Pixium undertakes to make its best efforts at its own expense to ensure that the liens or pledges are discharged or, as the case may be, cancelled as soon as possible, and to hold Second Sight harmless from any prejudice that Second Sight may suffer as a result of these registrations.

 

	
 
	
12.3
	
Pixium undertakes to provide Second Sight with all information that the latter may require, to provide Second Sight with all signatures, to draw up all additional, repetitive or confirmatory documents for the Contribution and to provide all justifications and signatures that may subsequently be necessary to ensure the transfer of the property and rights included in the Contribution and the full effect of this Contribution Agreement with respect to any person.

 

	
 
	
12.4
	
Pursuant to Article L. 236-9 paragraph 5 of the French Commercial Code, the board of directors of Pixium and the board of directors of Second Sight shall respectively inform the shareholders of these companies, of any material change in the assets contributed or the liabilities assumed between the date hereof and the date of approval of the Contribution by the shareholders.

14

 

Exhibit 10.1

 

	
 
	
13.
	
Representations and Warranties

 

	
 
	
13.1
	
Representations and warranties of Pixium

 

Pixium represents and warrants to Second Sight, as of the date of execution of this Contribution Agreement and the Completion Date:

 

	
 
	
13.1.1
	
Organization – Good standing

 

Pixium is an entity duly organized and validly existing under the Laws of its jurisdiction of organization and has full capacity to hold its assets and carry on its business as currently conducted.

 

	
 
	
13.1.2
	
Corporate authority

 

Pixium has all requisite corporate power and authority to execute and perform this Contribution Agreement.

 

The execution of this Contribution Agreement and its execution by Pixium has been duly authorized by its competent corporate bodies.

 

With the exception of the Conditions Precedent referred to in the Contribution Agreement, no administrative authorization shall be obtained by Pixium prior to the Completion Date for the purposes of carrying out the transactions contemplated by this agreement. 

 

The Contribution Agreement has been duly signed on behalf of Pixium and its obligations under this agreement are valid and enforceable.

 

	
 
	
13.1.3
	
Insolvency

 

Pixium is not in a situation of suspension of payments.

 

Pixium is not subject to any liquidation or other similar proceedings under any law or regulation applicable. Pixium has not requested the opening of safeguard or conciliation proceedings nor the appointment of a purpose trustee (mandataire ad hoc) or any other similar proceedings under any applicable law or regulation.

 

	
 
	
13.1.4
	
No conflicts

 

Neither the execution and the performance of the Contribution Agreement will result in any breach or violation of the provisions of (i) any law or regulation applicable, (ii) agreement to which Pixium is a Party, the effect of which would deprive it of its ability to perform its obligations under this Contribution Agreement or (iii) any injunction, judgment, order, decree, decision or any act to which Pixium is a party or by virtue of which Pixium or its assets are related, the effect of which would deprive it of its ability to perform its obligations under the Contribution Agreement.

 

To its knowledge, there are no legal or administrative proceedings pending against it that would be likely to significantly delay the completion of the transactions contemplated by the Contribution Agreement.

 

15

 

Exhibit 10.1

	
 
	
13.1.5
	
Ownership of the Activity

 

Pixium shall have, on the Completion Date full ownership of the Activity, which shall be free of any restriction or security interest, option, third party right, promise or commitment of any nature whatsoever, lien or any right whatsoever in favor of any person of such nature as to restrict its ownership.

 

	
 
	
13.2
	
Representations and Warranties of Second Sight

 

Second Sight represents and warrants to Pixium, as of the date of execution of this Contribution Agreement and the Completion Date:

 

	
 
	
13.2.1
	
Organization – Good standing – Share capital

 

Second Sight is an entity duly organized and validly existing under the Laws of its jurisdiction of organization and has full capacity and to hold its assets and carry on its business as currently conducted.

 

As of the date of this Agreement, [●] shares of Second Sight common stock are issued and outstanding and no shares are held in treasury by Second Sight. No shares of Second Sight preferred stock are issued or outstanding.

 

	
 
	
13.2.2
	
Corporate authority

 

Second Sight has all requisite corporate power and authority to execute and perform this Contribution Agreement.

 

The execution of this Contribution Agreement and its execution by Second Sight has been duly authorized by its competent corporate bodies.

 

With the exception of the Conditions Precedent referred to in the Contribution Agreement, no administrative authorization shall be obtained by Second Sight prior to the Completion Date for the purposes of carrying out the transactions contemplated by this agreement

 

The Contribution Agreement has been duly signed on behalf of Second Sight and its obligations under this agreement are valid and enforceable.

 

	
 
	
13.2.3
	
Insolvency

 

Second Sight is not in a situation of suspension of payments.

 

Second Sight is not subject to any liquidation or other similar proceedings under any law or regulation applicable. Second Sight has not requested the opening of a safeguard or conciliation proceeding nor the appointment of a purpose trustee (mandataire ad hoc) or any other similar proceedings under any applicable law or regulation.

 

	
 
	
13.2.4
	
No conflicts

 

Neither the execution and the performance of the Contribution Agreement will result in any breach or violation of the provisions of (i) any law or regulation applicable, (ii) agreement to which Second Sight is a Party, the effect of which would deprive it of its ability to perform its obligations under this Contribution Agreement or (iii) any injunction, judgment, order, decree, 

16

 

Exhibit 10.1

decision or any act to which Second Sight is a party or by virtue of which Second Sight or its assets are related, the effect of which would deprive it of its ability to perform its obligations under the Contribution Agreement.

 

To its knowledge, there are no legal or administrative proceedings pending against it that would be likely to significantly delay the completion of the transactions contemplated by the Contribution Agreement.

 

	
 
	
14.
	
formalities - miscellaneous

 

	
 
	
14.1
	
Cooperation

 

	
 
	
14.1.1
	
The Parties undertake to cooperate in order to, among other things, sign all documents, take all measures and provide all information that may be necessary or appropriate for the purposes of carrying out the operations provided for in the Contribution Agreement and, more generally, to do nothing, directly or indirectly, that could make the execution of the Contribution Agreement more difficult or impossible.

 

	
 
	
14.1.2
	
In the event of any investigation or litigation affecting Pixium after the Completion Date in connection with Pixium, the Activity or the operations described herein, Second Sight undertakes to cooperate with a view to providing Pixium with the information that could be reasonably needed to usefully prepare its defense.

 

	
 
	
14.2
	
Notices

 

	
 
	
14.2.1
	
Any notice under the Contribution Agreement shall be validly made:

 

1.either by email;

2.or by registered letter with acknowledgment of receipt;

3.or delivered by hand against an acknowledgment of delivery.

 

	
 
	
14.2.2
	
Any notice made under this Article by email must be accompanied by a notice sent no later than the next Business Day by one of the means stipulated above and will take effect on the date of first presentation at the recipient’s address in the case of a registered letter and on the date of acknowledgment of receipt in the case of a hand-delivery.

 

	
 
	
14.2.3
	
The notices under the Contribution Agreement shall be validly delivered to the following persons:

 

	
 
	
1.
	
if to Pixium, to: 

Pixium Vision

74 Rue du Faubourg Saint-Antoine, 75012

Paris, France

Attn: Lloyd Diamond and Guillaume Renondin

Email: ldiamond@pixium-vision.com and grenondin@pixium-vision.com

 

with a copy (which shall not constitute notice) to:

 

Brandford Griffith

9 rue des Pyramides – 75001

Paris, France

Attn: Henri Brandford Griffith and Stanislas Langlois

Email: hbg@brandfordgriffith.Com and s.langlois@brandfordgriffith.com

17

 

Exhibit 10.1

 

and

 

Fenwick & West LLP

801 California Street

Mountain View, CA 94041

Attn: Robert Freedman and David Michaels

Email: rfreedman@fenwick.com and dmichaels@fenwick.com

 

	
 
	
2.
	
if to Second Sight, to:

 

Second Sight Medical Products

12744 San Fernando Road Suite 400

Sylmar, CA 91342 USA

Attn: Matthew Pfeffer

Email: mattpfeffer@sbcglobal.net

 

with a copy (which shall not constitute notice) to:

 

DLA Piper LLP (US)

2000 University Avenue

East Palo Alto, California 94303

Attention: Brandee Diamond

Email: Brandee.Diamond@us.dlapiper.com

 

 

	
 
	
14.3
	
Formalities

 

Pixium and Second Sight shall carry out within the legal deadlines all legal and regulatory publications and legal filings relating to the Contribution in order to make it enforceable against third parties. In particular, this Contribution Agreement shall be filed with the clerk’s office of the Paris Commercial Court, in accordance with applicable laws and regulations.

 

	
 
	
14.4
	
Expenses

 

All costs and expenses (including registration fees, if applicable) incurred in connection with the Contribution or the Contribution Agreement shall be borne by Pixium (with the exception of all costs, expenses and fees due by Second Sight under any law or regulation applicable to it), it being specified that each Party shall bear the costs and fees of their respective counsels. 

 

	
 
	
14.5
	
Compulsory execution

 

Each Party acknowledges that the failure to perform its obligations under the Contribution Agreement would not be sufficiently sanctioned by damages and agrees that the other Party may always sue and obtain the execution in kind in the event of a breach of the Contribution Agreement in accordance with the provisions of the article 1221 of the French Civil Code, without prejudice, where applicable, to any additional damages. Each Party acknowledges and agrees that such enforcement will not result in, nor constitute, a “manifest disproportion” within the meaning of the abovementioned article 1221.

 

	
 
	
14.6
	
No renegotiation

 

18

 

Exhibit 10.1

Each Party hereby agrees to waive any right they may have under article 1195 of the French Civil Code so that the Parties fully assume any risk which may arise from any of the unforeseeable circumstances referred to under such article.

 

	
 
	
14.7
	
Entire agreement

 

The Contribution Agreement constitutes, together with the other documents of the Transaction (including the MOU), the entire agreement among the Parties with respect to the subject matter hereof and supersede all previous correspondence, communications, agreements and undertakings between the Parties related to the subject matter hereof.

 

The Parties undertake, throughout the duration of the Contribution Agreement, not to enter into any agreement, act, contract or other commitment with third parties that would conflict with the provisions of the Contribution Agreement or that would constitute a breach of the provisions of the Contribution Agreement.

 

	
 
	
14.8
	
Severability

 

This Contribution Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the Parties hereto intend that there shall be added as a part of this Contribution Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

	
 
	
14.9
	
Amendment

 

Any term of the Contribution Agreement may be amended only with the prior written consent of each Party.

 

	
 
	
14.10
	
Waiver

 

No failure in exercising any right hereunder shall be construed as a waiver to invoke such provision in another case or to invoke any other provision.

 

	
 
	
14.11
	
Confidentiality – Publicity

 

The Parties agree to keep confidential the provisions of the Contribution Agreement, subject to their legal and regulatory obligations and to the disclosure of said provisions required to allow the completion of the operations provided for in the MOU, in particular regarding the filing of the Contribution Agreement with the clerk’s office of the Paris Commercial Court and the information of the public through the websites of the Parties (as described in paragraph H the Preamble), or the implementation of any provision of the MOU and in particular the disclosure to banking institutions, financing institutions and potential investors in the context of the implementation of the Share Capital Increase and the Offer.

 

Each Party undertakes to submit to the other Party, for prior approval, any draft press release or document made available to the public in connection with the Contribution, at least one business day prior to its effective publication.

 

	
 
	
15.
	
Election of domicile

 

19

 

Exhibit 10.1

For the entire performance of this Contribution Agreement and all acts or minutes caused by or resulting from it, either directly or indirectly, the Parties elect domicile at their respective registered offices. 

 

	
 
	
16.
	
applicable law – disputes

 

	
 
	
16.1
	
This Contribution Agreement is governed by and construed in accordance with the laws of France. 

 

	
 
	
16.2
	
Any dispute in connection with the validity, performance or interpretation of the Contribution Agreement which cannot be settled amicably by the Parties shall be settled by the courts within the jurisdiction of the Court of Appeal of Paris.

 

 

 

 

 

Signed in [●], on [●] 2021

 

 

In 4 original copies

 

 

 

 

			
	
Pixium Vision

Represented by Lloyd Diamond

Directeur-Général (CEO)
	
 
	
Second Sight Medical Products Inc. 

Represented by [●]

[●]

 

 

 

 

20

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