Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

NOTE TERMINATION AGREEMENT 

This Note Termination Agreement (this “Agreement”) is made and entered into as of August 17, 2020 by and among Chinook
Therapeutics U.S., Inc., a Delaware corporation (the “Company”), the parties listed in Exhibit A (each, individually, an “Investor” and collectively, the “Investors”),
and Aduro Biotech, Inc., a Delaware corporation (“Parent”). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Note Purchase Agreement (as defined below). 

RECITALS 

A.    WHEREAS, as a condition to Parent’s entry into the Agreement and Plan of
Merger and Reorganization, dated as of June 1, 2020, by and among Parent, Aspire Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and the Company (the “Merger
Agreement”), the Company and the Investors previously entered into the Note Purchase Agreement, dated as of June 1, 2020 (the “Note Purchase Agreement”). 

B.    WHEREAS, Parent, Merger Sub and the Company desire to amend the Merger
Agreement and are entering into that certain Amendment to Agreement and Plan of Merger and Reorganization (the “Merger Agreement Amendment,” together with the Merger Agreement, the “Amended Merger
Agreement”), pursuant to which the requirement to enter into the Note Purchase Agreement shall be terminated, cancelled, and exchanged with a requirement to enter into that certain Subscription Agreement, dated as of the date hereof,
between the Company, the Investors and certain other purchasers thereto (the “Subscription Agreement”). 

C.    WHEREAS, Section 6.8 of the Note Purchase Agreement provides that, the
Note Purchase Agreement may be amended or waived only with the written consent of (i) the Company, (ii) the holders of Notes representing at least a majority of the aggregate Principal Balances and (iii) Parent (collectively, the
“Requisite Approval”). 
 D.    WHEREAS, in accordance with
the provisions of the Amended Merger Agreement and the Note Purchase Agreement, the Investors constituting the Requisite Approval and the Company desire to terminate, cancel and extinguish the Note Purchase Agreement, contingent upon and effective
as of immediately prior to the execution of the Subscription Agreement by the Company and the Investors. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the premises, covenants and mutual agreements
set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1.    Termination of Note Purchase Agreement. The undersigned, comprising
the Requisite Approval, agree that, contingent upon and effective as of immediately prior to the execution of the Subscription Agreement by the Company and the Investors (the “Effective Time”), the Note Purchase Agreement
shall be terminated, cancelled and extinguished in its entirety in for no additional consideration. 

2.    Release; Authority and Ownership. Contingent and effective upon the
termination of the Note Purchase Agreement, Investor hereby releases, waives and forever discharges the Company from all right, title and interest that Investor has or may have in, to or under the Note Purchase Agreement and any and all claims,
demands, damages, debts, liabilities, obligations, costs, expenses, actions and causes of action related thereto. Investor represents to Company that Investor has not been issued a Note pursuant to the Note Purchase Agreement. Each of the parties
represents and warrants that such party possesses full right, power and authority to enter into this Agreement without any violation of, or conflict with, the rights of any third party. 

 3.    Miscellaneous. 

(a)    Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties. 
 (b)    Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of Delaware without reference to such state’s principles of conflicts of law. 

(c)    Counterparts; Facsimile Signatures. This 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 instrument. This Agreement may be executed and delivered by facsimile or by email in portable document format (.pdf), and delivery of the signature page
by either such method will be deemed to have the same effect as if the original signature had been delivered to the other parties. 

(d)    Further Assurances. Each party to this Agreement agrees to execute any instrument, to take any other action
and to give any further assurances that the Investors reasonably requests to terminate any right, title or interest such party may have in the Note Purchase Agreement. 

(e)    Amendment; Waiver. Subject to the provisions of applicable law, the parties hereto may amend this Agreement
at any time pursuant to an instrument in writing signed on behalf of each of the parties hereto. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

  
 2 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement all
as of the date first above written. 
 THE COMPANY 

CHINOOK THERAPEUTICS U.S., INC. 
  

			
	By:	 	 /s/ Eric Dobmeier

	Name:	 	Eric Dobmeier
	Title:	 	President and Chief Executive Office

 [SIGNATURE PAGE TO NOTE
TERMINATION AGREEMENT] 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement all
as of the date first above written. 
 PARENT 

ADURO BIOTECH, INC. 
  

			
	By:	 	 /s/ Stephen T. Isaacs

	Name:	 	 Stephen T. Isaacs

	Title:	 	 Chairman, President and CEO

 [SIGNATURE PAGE TO NOTE
TERMINATION AGREEMENT] 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement all
as of the date first above written. 
 THE INVESTORS: 

INVESTOR NAME: Samsara BioCapital, L.P. 
  

			
	By:	 	 /s/ Srini Akkaraju

	Name:	 	 Srini Akkaraju

	Title:	 	  

 [SIGNATURE PAGE TO NOTE
TERMINATION AGREEMENT] 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement all
as of the date first above written. 
 THE INVESTORS: 
  

			
	INVESTOR NAME:
	    Apple Tree Partners IV, L.P.
	    By: ATP III GP, Ltd., its General Partner
		
	By:	 	 /s/ Seth L. Harrison

	Name:	 	 Seth L. Harrison

	Title:	 	 Director

 [SIGNATURE PAGE TO NOTE
TERMINATION AGREEMENT] 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement all
as of the date first above written. 
 THE INVESTORS: 
  

			
	INVESTOR NAME:
	  Versant Venture Capital VII, L.P.
	  By:	 	Versant Ventures VII GP, L.P.
	  By:	 	Versant Ventures VII GP-GP, LLC
		
	By:	 	 /s/ Jerel C. Davis

	Name:	 	 Jerel C. Davis

	Title:	 	 Managing Director

 Versant Voyageurs I Parallel, L.P. 

By: Versant Voyageurs I GP, L.P. 
 By: Versant Ventures VI GP,
L.P. 
 By: Versant Ventures VI GP-GP, LLC 
  

			
	By:	 	 /s/ Jerel C. Davis

	Name:	 	 Jerel C. Davis

	Title:	 	 Managing Director

	
	Versant Voyageurs I, L.P.
	By: Versant Voyageurs I GP Company
		
	By:	 	 /s/ Jerel C. Davis

	Name:	 	 Jerel C. Davis

	Title:	 	 Director

 [SIGNATURE PAGE TO NOTE
TERMINATION AGREEMENT] 

 EXHIBIT A 

Investors 
 Versant Venture
Capital VII 
 One Sansome Street, Suite 3630 
 San
Francisco, CA 94104 
 Versant Voyageurs I 
 One Sansome
Street, Suite 3630 
 San Francisco, CA 94104 
 Versant
Voyageurs I Parallel 
 One Sansome Street, Suite 3630 
 San
Francisco, CA 94104 
 Apple Tree Partners IV, L.P. 

230 Park Avenue, Suite 2800 
 New York, New York 10169 

Samsara BioCapital, L.P. 
 628 Middlefield Road 

Palo Alto, CA 94301Exhibit 10.1

 

 

August
17, 2020

 

Dear
Mark:

 

This
letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact
on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).

 

You
have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your
current rate of base salary of $250,000 (your “Regular Salary”) to a rate of base salary of $187,500 (your
“Reduced Salary”). The “Specified Period” shall mean the period commencing on August 1,
2020 and continuing until and including August 31, 2020.

 

For
the avoidance of doubt, the reduction from your Regular Salary to your Reduced Salary will not entitle you to any severance or
other payments or any other rights or be deemed to constitute a breach of the Company’s obligations to you under the executive
employment agreement between you and the Company dated November 6, 2018 (the “Employment Agreement”) during
the Specified Period.

 

Except
as modified hereby, the Employment Agreement shall remain in full force and effect.

 

Please
indicate your agreement to the foregoing by your signature below.

 

Best
Regards,

 

BALLANTYNE
STRONG, INC.

 

	By:	/s/
    Todd R. Major	 
	Name:
    	Todd
    R. Major	 
	Title:
    	CFO	 

 

Acknowledged
and Agreed as of August 17, 2020:

 

	/s/
    Mark D. Roberson	 
	Mark
    D. RobersonExhibit 10.2 

 

 

August
17, 2020

 

Dear
Ray:

 

This
letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact
on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).

 

You
have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your
current rate of base salary of $275,000 (your “Regular Salary”) to a rate of base salary of $206,250 (your
“Reduced Salary”). The “Specified Period” shall mean the period commencing on August 1,
2020 and continuing until and including August 31, 2020.

 

For
the avoidance of doubt, for all purposes of the definition of “good reason” set forth in the executive employment
agreement between you and the Company dated February 14, 2012 (the “Employment Agreement”), the reduction from
your Regular Salary to your Reduced Salary will not be deemed to constitute a material breach of the Company’s obligations
to you under the Employment Agreement during the Specified Period.

 

Notwithstanding
the foregoing, for all purposes of Section 7 of the Employment Agreement, determinations made by reference to your “Base
Salary” shall be based on your Regular Salary during the Specified Period.

 

Except
as modified hereby, the Employment Agreement shall remain in full force and effect.

 

Please
indicate your agreement to the foregoing by your signature below.

 

Best
Regards,

 

BALLANTYNE
STRONG, INC.

 

	By:	/s/ Mark
    D. Roberson	 
	Name:	Mark
    D. Roberson	 
	Title:	CEO	 

 

Acknowledged
and Agreed as of August 17, 2020:

 

	/s/ Ray
    F. Boegner	 
	Ray
    F. Boegner

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