Document:

EX-10.4

   

  Exhibit 10.4

  EQUIPMENT PURCHASE AND SALE AGREEMENT

  	THIS EQUIPMENT PURCHASE AND SALE AGREEMENT (together with all Schedules and Exhibits hereto which are incorporated herein by reference, this “Agreement”), dated as of August 5, 2022 (the “Effective Date”), is entered into by and between CleanSpark DW, LLC, a Georgia Limited Liability Company, with its mailing address at 2380 Godby Road, College Park, Georgia 30349 (“Buyer”), and WAHA TECHNOLOGIES, INC., a Georgia corporation, with its corporate address at 2146 Roswell Road #108-851, Marietta, Georgia 30062 (“Seller”).

  RECITALS:

  WHEREAS, CSRE Properties Washington, LLC, a Georgia limited liability company, an affiliate of Buyer, and SPRE Commercial Group, Inc. f/k/a WAHA, INC, a Georgia corporation, an affiliate of Seller, have entered into a Purchase and Sale Agreement (“Land Purchase Agreement”) on August 5, 2022; and

  WHEREAS, as part of the Land Purchase Agreement, it is contemplated that Buyer shall purchase certain of Seller’s Bitcoin mining equipment and other assets in addition to the Land Purchase Agreement on the terms and conditions of this Agreement; and 

  WHEREAS, Seller desires to sell such assets to Buyer on the terms and conditions of this Agreement.  

  NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

  Article I
description AND delivery OF ASSETS

  1.1	Purchased Assets. Subject to the terms of this Agreement, Buyer agrees to purchase the assets from Seller that are listed on listed on Schedule 1.1 (“Purchased Assets”):

  I.1Delivery of Purchased Assets.  Buyer shall take possession of the Purchased Assets at 197 Dixie Wood Road, Washington, Georgia 30673 upon the Closing (as defined in Section 3.2 below). 

  1.3	Land Purchase Agreement. 	The consummation of this Agreement is subject to the execution, delivery and consummation of the transactions contemplated by the Land Purchase Agreement. If the Land Purchase Agreement is not consummated for any reason, either party hereto, in its sole discretion, may terminate this Agreement without further liability to the other party. 

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  Article II
PURCHASE AND SALE OF ASSETS

  2.1	Purchase and Sale of Assets.  Subject to the terms of this Agreement, Seller agrees to sell, assign, transfer and deliver to Buyer, and Buyer agrees to purchase and accept from Seller, at the Closing (as defined in Section 3.2 below), all of Seller’s right, title and interest to the Purchased Assets listed on Schedule 1.1.

  II.1Liabilities.  The Purchased Assets shall be sold and conveyed to Buyer free and clear of all liens, charges, claims, counterclaims, rights of set off, rights of recoupment and similar rights, encumbrances, security interests, mortgages, pledges or other claims or interests of any nature (collectively, “Liens”), unless otherwise expressly agreed upon in writing by the parties hereto. 

  II.2Conveyance of Purchased Assets. The Buyer and Seller shall enter into a bill of sale or other instruments of conveyance as shall be reasonably requested by Buyer for the transfer by Seller to Buyer of all of Seller’s right, title and interest in and to the Purchased Assets. The bill of sale to be signed by the Buyer and Seller shall be in the form as attached hereto as Exhibit “A” (the “Bill of Sale”). 

  2.4 	Warranty. Seller hereby transfers and assigns to Buyer any and all warranties with respect to the Purchased Assets provided by the manufacturers to Seller in connection with its original purchase of the Purchased Assets, and Seller provides the Buyer with full benefit of the warranty over the assets provided by the manufacturers.  Seller is the true and lawful owner, and has good title to, all of the Assets, free and clear of all encumbrances.  As of the Closing, there will be no restrictions on the Buyer’s right or ability to modify, relocate, or dispose of the Purchased Assets as the Buyer sees fit.

  Article III
CONSIDERATION; Closing

  3.1	Purchase Price.  The purchase price (the “Purchase Price”) for the Purchase Assets shall be Eight Million, Eight Hundred Ninety-One Thousand, Six Hundred Ten and No/Dollars ($8,891,610.00). 

  III.1Closing.  The consummation of the transactions contemplated by this Agreement shall occur contemporaneously with the consummation of the transactions contemplated by the Land Purchase Agreement. Upon closing, Buyer and Seller shall execute and delivery the Bill of Sale and Buyer shall pay the Seller the Purchase Price via wire transfer to an account designated in writing by Seller.

  Article IV
REPRESENTATIONS AND WARRANTIES OF SELLER

  Seller represents and warrants to Buyer as follows:

  4.1 Organization and Good Standing.  Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Georgia.  Seller has all requisite power and 

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  authority to own, occupy and operate the Purchased Assets.  Seller is duly qualified to do business and is in good standing in all other jurisdictions in which the ownership of the Purchased Assets make such qualification necessary.

  IV.1Authority.  Seller has all requisite power and authority to execute and deliver this Agreement and all agreements contemplated hereunder and to consummate the transactions contemplated hereunder.  The execution, delivery and performance of the Agreement and all agreements contemplated hereunder, and the consummation of the transactions contemplated hereunder, have been duly and validly authorized by all necessary action on the part of Seller.  The Agreement and all agreements contemplated hereunder have been duly executed and delivered by Seller and constitute or will constitute when executed and delivered the valid and binding obligations of Seller, enforceable against Seller in accordance with their terms, except that enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting creditor’s rights generally and by principles of equity.

  IV.2Effect of Agreement.  The execution, delivery and performance of the Agreement and all agreements contemplated hereunder, and the consummation of the transactions contemplated hereunder, do not violate or result in a breach of the terms or provisions of, or constitute a default under, create a Lien under, or conflict with or result in the termination of, or require Seller to obtain any consent or approval under any agreements to which the Seller is bound, or the certificate of formation, governing documents or any documents comparable thereto or any amendments or modifications thereto of Seller. 

  IV.3Consents.  All consents, approvals, authorizations, and other requirements that must be obtained or satisfied by Seller that are necessary for the execution of this Agreement, the agreements contemplated hereunder, and the consummation of the transactions contemplated hereunder, have been obtained and satisfied.  

  IV.4Title to Purchased Assets.  Seller has good title to the Purchased Assets, and the right to transfer such title free and clear of all Liens.  

  IV.5Taxes.	All taxes owed by Seller in connection with the Purchased Assets have been paid and there are no Liens on the Purchased Assets in connection with, or otherwise related to, any failure to pay any tax.  

  IV.6Brokers.  No finder, broker, agent or other intermediary has acted for or on behalf of the Seller in connection with the negotiation or consummation of this Agreement, and there are no claims for any brokerage commission, finder’s fee or similar payment due from Seller.

  IV.7Warranty.  The Seller expressly warrants that the Purchased Assets are (i) free of liens or encumbrances; (ii) merchantable and good for ordinary purpose for which they are used; and (iii) fit for the particular purpose for which they are intended. 

  4.8 	Terahash Warranty.  Seller warrants that the Purchased Assets consisting of Bitcoin miners will provide no less than 341,985 terahash of computing power (the "Guaranteed Hashrate").  Purchaser shall be satisfied in its sole discretion that Purchased Assets meet the Guaranteed Hashrate requirements as a condition to Closing. 

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  Article V
REPRESENTATIONS AND WARRANTIES OF BUYER

  Buyer represents and warrants to Seller as follows:

  5.1	Organization and Good Standing.  Buyer is a Limited Liability Company duly organized, validly existing and in good standing under the laws of the State of Georgia.

  V.1Authority.  Buyer has all requisite power and authority to execute and deliver this Agreement and all agreements contemplated hereunder, and to consummate the transactions contemplated hereunder.  The execution, delivery and performance of the Agreement and all agreements contemplated hereunder and the consummation of the transactions contemplated hereunder have been duly and validly authorized by all necessary action on the part of Buyer.  The Agreement and all agreements contemplated hereunder have been duly executed and delivered by Buyer and constitute or will constitute when executed and delivered valid and binding obligations of Buyer enforceable against Buyer in accordance with their terms, except that enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity.

  V.2Effect of Agreement.  The execution, delivery and performance of the Agreement and all agreements contemplated hereunder, and the consummation of the transactions contemplated hereunder do not violate or conflict with the charter or bylaws and any amendments or modifications thereto of Buyer.

  V.3Brokers.  No finder, broker, agent or other intermediary has acted for or on behalf of Buyer in connection with the negotiation or consummation of this Agreement, and there are no claims for any brokerage commission, finder’s fee or similar payment due from Buyer.

  Article VI
CERTAIN COVENANTS AND UNDERSTANDINGS

  6.1	Transfer Taxes.  Any and all Transfer Taxes (as defined below) shall be borne by Seller.  Seller shall timely and accurately file all necessary tax returns and other documentation with respect to Transfer Taxes (the “Transfer Tax Returns”) and timely pay all such Transfer Taxes.  If required by applicable law, Seller will join in the execution of any Transfer Tax Return.  For purposes of this Agreement, “Transfer Taxes” means all sales (including bulk sales), use, transfer, recording, value added, ad valorem, privilege, documentary, gross receipts, registration, conveyance, excise, license, stamp or similar Taxes and fees arising out of, in connection with or attributable to the transactions effectuated pursuant to this Agreement.

  VI.1Title and Risk of Loss. Seller and Buyer understand and agree that title to the Purchased Assets and the risk of loss with respect to the Purchased Assets shall pass from Seller to Buyer upon Closing. 

  VI.2Further Assurances.  Seller shall, at any time on or after a Closing Date and at Seller’s expense, execute, acknowledge and deliver all such further acts, deeds and instruments as may be 

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  reasonably required for the effective transfer to and possession by Buyer, or its successors or assigns, of any of the respective Purchased Assets.

  Article VII
INDEMNIFICATION

  7.1	Survival of Representations and Warranties.  All representations, warranties, covenants and agreements set forth in this Agreement or in any other certificate or document delivered pursuant to this Agreement shall survive the Closing and for a period of one year (1) year.  

  VII.1Indemnification by Seller.  Seller shall defend, indemnify, and hold harmless Buyer and its officers, agents, representatives, successors and assigns from and against any loss, damage, injury, settlement, judgment, award, fine, penalty, fee, charge, cost or expense (including interest, investigative expenses and costs of experts and other witnesses and reasonable attorneys’ fees), and any claims or other liabilities or obligations (collectively, “Losses”) arising from or related to (a) any misrepresentation or breach of any representation or warranty by Seller contained in this Agreement or any of the agreements contemplated hereunder; (b) the use, ownership, or operation by Seller of the Purchased Assets prior to the Closing; (c) Seller’s breach or failure to perform any covenant, undertaking or other agreement contained in this Agreement; (d) any and all Taxes and assessments related to the Purchased Assets for periods prior to the applicable Closing Date(s); and (e) any liabilities, debts or obligations of Seller.   

  VII.2Indemnification by Buyer.  Buyer shall defend, indemnify, and hold harmless Seller, its officers, agents, representatives, successors and assigns from and against any Losses arising from or related to (a) any misrepresentation or breach of any representation or warranty by Buyer contained in this Agreement or any of the agreements contemplated hereunder; (b) the use, ownership, or operation of the Purchased Assets by Buyer after the Closing Date; (c) Buyer’s breach or failure to perform any covenant, undertaking or other agreement contained in this Agreement; and (d) any and all Taxes and assessments of Buyer on the Purchased Assets related to periods after the Closing Date applicable thereto.

  VII.3Limitation on Liability.  The maximum aggregate amount of all Losses for which Seller or Buyer shall be liable under this Agreement shall not exceed the Purchase Price.

  VII.4No Consequential Damages.  Notwithstanding anything to the contrary elsewhere in this Agreement, no party shall, in any event, be liable to any other person for any consequential, incidental, indirect, special or punitive damages of such other person, including loss of future revenue, income or profits, diminution of value or loss of business reputation or opportunity relating to the breach or alleged breach hereof.

  VII.5Fraud or Intentional Representation. Nothing in this Article VII shall be deemed to limit any claim(s) based upon fraud or intentional misrepresentation (but not, for the avoidance of doubt, claims for negligent misrepresentation).

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  Article VIII
MISCELLANEOUS

  I.1Notices.  All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); or (b) when received by the addressee if sent by a nationally recognized overnight courier, for delivery the next day (receipt requested).  Such communications must be sent to the respective parties at the following addresses: 

  If to Seller:	WAHA Technologies, Inc.

  	2146 Roswell Road, #108-851

  	Marietta, GA 30062

   

  			If to Buyer:		CleanSpark, Inc.		

  						2370 Corporate Circle, Suite 160

  						Henderson, NV 89074

  						Attn: Legal Department

   

  With a copy to:	Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, 3414 Peachtree Road, NE, Suite 1500, 

  Atlanta, GA  30326, 

  Attn: Justin Daniels, Esq. 

  Email: jdaniels@bakerdonelson.com. 

   

  The above addresses may be changed by written notice to the other party in the manner provided above; however, that no notice of a change of address shall be effective until actual receipt of such notice.

  VIII.1Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Georgia without giving effect to any choice or conflict of law provision or rule of such jurisdiction.

  VIII.2Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. Any signature page of this Agreement may be detached from any counterpart of this Agreement without impairing the legal effect of any signatures thereon any may be attached to another counterpart of this Agreement identical in form hereto but having attached to it one or more additional signature pages. Counterparts hereof which are transmitted by facsimile or electronic transmission shall be given identical legal effect as an original. 

  VIII.3Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Neither this Agreement nor any of the rights, interest or obligations hereunder shall be assigned by Seller or Buyer without the prior written consent of the non-assigning party.  Any purported assignment without such consent shall be void.  

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  VIII.4Third Party Beneficiaries.  None of the provisions of this Agreement or any document contemplated hereby is intended to grant any right or benefit to any person or entity which is not a party to this Agreement.

  VIII.5Headings.  The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.

  VIII.6Amendments; Waivers.  This Agreement may not be amended, changed, supplemented or otherwise modified except by an instrument in writing signed on behalf of all of the parties hereto.  No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

  VIII.7Confidentiality. The parties shall hold in strictest confidence any information and material which is related to either Buyer or Seller’s business or is designated by either Buyer or Seller as proprietary and confidential, herein or otherwise.  Seller further covenants not to disclose or otherwise make known to any individual or entity nor to issue or release for publication any articles or advertising or publicity matter relating to this Agreement in which the name of Buyer or any of its affiliates is mentioned or used, directly or indirectly, unless prior written consent is granted by the other party; provided, however, that the Buyer shall be entitled to make any disclosures required by it as a public company under applicable law, regulation or stock exchange rule without any consent of Seller, including the filing of this Agreement as an exhibit thereto.

  VIII.8Severability.  In the event that any provision in this Agreement shall be determined to be invalid, illegal or unenforceable, in any respect, the remaining provisions of this Agreement shall not be in any way impaired, and the illegal, invalid or unenforceable provision shall be fully severed from this Agreement and there shall be automatically added in lieu thereof a provision as similar in terms and intent to such severed provision as may be legal, valid and enforceable.

  VIII.9Entire Agreement.  This Agreement and the Schedules and Exhibits hereto constitute the entire contract between the parties hereto pertaining to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings between the parties with respect to such subject.  

  VIII.10Fees and Expenses.  Each party shall bear his or its own commissions, expenses and legal fees incurred on his or its behalf with respect to this Agreement and the closing of the transactions contemplated hereby.    

  [SIGNATURE PAGES FOLLOW]

   

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  	IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed by its duly authorized officer as of the date first above written.

  SELLER:  WAHA TECHNOLOGIES, INC, a Georgia corporation

   

  /Robert C. Bissell/	

  By: Robert C. Bissell

  Its: Director & C.E.O.

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  Counterpart Signature Page to

  Equipment Purchase and Sale Agreement  

   

   

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  IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed by its duly authorized officer as of the date first above written.

   

  BUYER:  CleanSpark DW, LLC, a Georgia limited liability company

  By: CSRE Property Management Company, LLC, a Georgia limited liability company, its Manager

  By: CleanSpark, Inc., a Nevada corporation, its Manager

  By: /Zachary K. Bradford/	
       Zachary K. Bradford, its President

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  Counterpart Signature Page to

  Equipment Purchase and Sale Agreement  

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			Exhibit 10.1

		

		
			VERMILLION, INC. 
		

		
			2019 STOCK INCENTIVE PLAN
		

		
			____________________________
		

		
			Stock Option Award Agreement
		

		
			____________________________
		

		
			﻿
		

		
			You are hereby awarded this stock option (the “Option”) to purchase shares of Common Stock of Aspira Women’s Health Inc. (the “Company”), subject to the terms and conditions set forth in this Stock Option Award Agreement (the “Award Agreement”) and in the Vermillion, Inc.  2019 Stock Incentive Plan (the “Plan”).  A link to this Plan is attached in Exhibit A.  Terms below that begin with capital letters have the special meaning set forth in the Plan (or in this Award Agreement, if defined herein).
		

		
			This Award is subject to your execution of this Award Agreement specified in Section 1 below.  By executing this Award Agreement, you will be irrevocably agreeing that all of your rights under this Award will be determined solely and exclusively by reference to the terms and conditions of the Plan and this Award Agreement, subject to the provisions set forth below.    As a result, you should not execute this Award Agreement until you have carefully considered the terms and conditions of the Plan and this Award, plus the information disclosed within the Plan prospectus, and consulted with your personal legal and tax advisors about all of these documents.
		

		
			1.Specific Terms.  Your Option has the following terms:
		

			
					
						﻿

					
					
						 

				
	
					
						Name of Participant

					
					
						Name

				
	
					
						Type of Option:

					
					
						☒ Incentive Stock Option (“ISO”)1

					
						☐ Nonqualified Stock Option2

				
	
					
						Grant Date:

					
					
						[●]

				
	
					
						Expiration Date:

					
					
						Except as otherwise provided for in the Award Agreement, 10 years after Grant Date, at 5:00 p.m. (E.D.T. or E.S.T., as applicable). 

				
	
					
						Exercise Price:

					
					
						U.S. $[●] per Share.

				
	
					
						Number of shares of Common Stock subject to this Award: 

					
					
						[●]

				

		
			__________________________
		

		
			1 If you directly or indirectly own more than 10% of the voting power of all classes of stock of the Company or of any Subsidiary, then the term of your ISO cannot exceed 5 years and the exercise price must be at least 110% of the Fair Market Value (100% for any other employee who is receiving ISO awards). Only employees may receive ISOs.
		

		
			2 The exercise price of a Nonqualified Stock Option must be at least 100% of the Fair Market Value of the underlying Shares.
		

		 

 

		

			Exhibit 10.1

		

			
					
						Vesting: 

					
					
						Your Option will vest over four years with 25% vesting on [●], and an additional 25% per year for the remaining three years.   

					
						In all cases, vesting of your ISO or Nonqualified Stock Option will only occur on a particular date if your Continuous Service has not ended before the particular vesting date (subject to the terms of any employment or services agreement between you and the Company or any of its Subsidiaries).

				
	
					
						Recapture and Recoupment

					
					
						☒ Section 5.13 of the Plan shall apply re Termination, Rescission, and 

					
						    Recapture of this Award. 

					
						☒ Section 5.14 of the Plan shall apply re recoupment of this Award.

				

		
			﻿
		

		
			2.Manner of Exercise.  This Option shall be exercised in the manner and by any means set forth in Section 2.1(c) the Plan, using the exercise form attached hereto as Exhibit B.  The amount of shares of Common Stock for which this Option may be exercised is cumulative; that is, if you fail to exercise this Option for all of the shares of Common Stock vested under this Option during any period set forth above, then any shares of Common Stock subject hereto that are not exercised during such period may be exercised during any subsequent period, until the expiration or termination of this Option pursuant to Sections 1 and 4 of this Award Agreement and the terms of the Plan.  Fractional shares of Common Stock may not be purchased.
		

		
			3.Special ISO Provisions.  If designated as an ISO, this Option shall be treated as an ISO to the extent allowable under Section 422 of the Code and shall otherwise be treated as a Nonqualified Stock Option.  If you sell or otherwise dispose of shares of Common Stock acquired upon the exercise of an ISO within 1 year from the date such shares of Common Stock were acquired or 2 years from the Grant Date, you agree to deliver a written report to the Company within 10 days following the sale or other disposition of such shares of Common Stock detailing the net proceeds of such sale or disposition.
		

		
			4.Termination of Continuous Service.  
		

		
			(a)Cessation of Vesting.  Subject to the terms of any employment or services agreement between you and the Company (and/or any Subsidiary) that is in effect on the Grant Date, this Award shall be canceled and become automatically null and void immediately after termination of your Continuous Service, but only to the extent you have not become vested, pursuant to the terms of Section 1 above, on or before the date that your Continuous Service ends.    For purposes of this Award Agreement, “Continuous Service” shall mean your period of service in the absence of any interruption or termination, as an employee of the Company or Subsidiary, non-employee director, or consultant to the Company or a Subsidiary. Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; (iv) changes in status from non-employee director to advisory director or emeritus status; or (iv) transfers between 
		

		 

 

		

			Exhibit 10.1

		

		locations of the Company or between the Company and its Subsidiaries. Changes in status between service as an employee, non-employee director, and a consultant will not constitute an interruption of Continuous Service if the individual continues to perform bona fide services for the Company. The Committee shall have the discretion to determine whether and to what extent the vesting of the Option shall be tolled during any paid or unpaid leave of absence; provided, however, that in the absence of such determination, vesting for the Option shall be tolled during any such unpaid leave (but not for a paid leave).
		

		
			(b)Post-Termination Exercise Period.  With respect to the portion of the Option that is vested, or vests, upon your termination of Continuous Service, the following provisions shall apply:
		

			
					
						﻿

					
					
						 

				
	
					
						Reason for terminating Continuous Service

					
					
						Option Termination Date

				
	
					
						(I) By the Company for Cause, or what would have been Cause if the Company had known all of the relevant facts.

					
					
						Termination of the Participant’s Continuous Service

				
	
					
						(II) Disability of the Participant.

					
					
						Within one year after termination of the Participant’s Continuous Service.

				
	
					
						(III) Retirement of the Participant after age 65 with five years or more of Continuous Service. 

					
					
						Within one year after termination of the Participant’s Continuous Service.

				
	
					
						(IV) Death of the Participant during Continuous Service or within 90 days thereafter.

					
					
						Within one year after termination of the Participant’s Continuous Service.

				
	
					
						(V) Other than due to Cause or the Participant’s Disability, Retirement, or Death.

					
					
						Within 90 days after termination of the Participant’s Continuous Service.

				

		
			﻿
		

		
			(c)For purposes of this Award Agreement, 
		

		
			(i)“Cause” will have the meaning set forth in any unexpired employment agreement between the Company or any of its Subsidiaries and you in effect as of the Grant Date. In the absence of such an agreement, “Cause” will exist if you are terminated from employment or other service with the Company, a Subsidiary or an affiliate for any of the following reasons: (i) your willful failure to substantially perform your duties and responsibilities to the Company or any of its Subsidiaries or affiliates or deliberate violation of a material Company or Subsidiary policy; (ii) your commission of any material act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (iii) your material unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any of its Subsidiaries or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with the Company; or (iv) your willful and material breach of any of your obligations under any written agreement or covenant with the Company. The foregoing definition does not in any way limit the Company’s ability to terminate your service relationship at any time, and the term “Company” will be interpreted herein to include any Affiliate or successor thereto, if appropriate.
		

		
			(ii)“Disabled” means a condition under which your:  (x) are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can 
		

		 

 

		

			Exhibit 10.1

		

		be expected to last for a continuous period of not less than 12 months, or (y)  are, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, received income replacement benefits for a period of not less than three months under an accident or health plan covering employees of the Company
		

		
			(iii)“Retirement” means your termination of employment after age 65.
		

		
			﻿
		

		
			5.Designation of Beneficiary.  Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award Agreement, you may expressly designate a death beneficiary (the “Beneficiary”) to your interest if any, in this Award and any underlying shares of Common Stock.  You shall designate the Beneficiary by completing and executing a designation of beneficiary agreement substantially in the form attached hereto as Exhibit C (the “Designation of Death Beneficiary”) and delivering an executed copy of the Designation of Beneficiary to the Company.  To the extent you do not duly designate a beneficiary who survives you, your estate will automatically be your beneficiary.
		

		
			6.Restrictions on Transfer of Award. Except as provided under the Plan and as set forth in Section 5 above, your rights under this Award Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee.
		

		
			7.Taxes.  Except to the extent otherwise specifically provided in an employment or consulting agreement between you and your employer, by signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise pursuant to this Award (including taxes arising under Sections 409A (regarding deferred compensation) or 4999 (regarding golden parachute excise taxes), and that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from any or all of such taxes.  The Committee shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Award Agreement. The Company shall have the right to require, prior to issuance or delivery of any shares of Common Stock or the payment of any cash pursuant this Award, payment by you of any taxes which may be required to be withheld or paid in connection with this Award, by any means set forth in Section 5.5. of the Plan.
		

		
			8.Not a Contract of Employment or Continued Service.  By executing this Award, you acknowledge and agree that (i) any person who is terminated before full vesting of an award, such as the one granted to you by this Award Agreement, could claim that he or she was terminated to preclude vesting; (ii) you promise never to make such a claim; (iii) nothing in this Award Agreement or the Plan confers on you any right to continue an employment, service or consulting relationship with the Company or any of its Subsidiaries or affiliates, nor shall it affect in any way the right of the Company or any Subsidiary or affiliate thereof to terminate your employment, service, or consulting relationship at any time, with or without cause; and (iv) the Company would not have granted this Award to you but for these acknowledgements and agreements.
		

		
			9.Investment Purposes. By executing this Award Agreement, you represent and warrant that any shares of Common Stock issued to you pursuant to your Option will be held for investment purposes only for your own account, and not with a view to, for resale in connection with, or with an 
		
		
 

 

		

			Exhibit 10.1

		

		intent in participating directly or indirectly in, any distribution of such shares of Common Stock within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

		
		
			10.Securities Law Restrictions.  Regardless of whether the offering and sale of this Option or shares of Common Stock under the Plan have been registered under the Securities Act, or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such shares of Common Stock (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act or the securities laws of any state or any other law or to enforce the intent of this Award.
		

		
			11.Headings.  Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit the scope or intent of this Award Agreement or any provision hereof.
		

		
			12.Severability.  Every provision of this Award Agreement and of the Plan is intended to be severable.  If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.
		

		
			13.Counterparts.  This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.  
		

		
			14.Notices.  Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered electronically, personally, or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records.  Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement.  Any such notice shall be deemed to be given as of the date such notice is personally or electronically delivered or properly mailed.
		

		
			15.Binding Effect.  Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns. 
		

		
			16.Modifications.  This Award Agreement may be modified or amended at any time, in accordance with the Plan, provided that any amendment that materially impairs your rights under this Award Agreement shall require your consent.
		

		
			17.Plan Governs.  By signing this Award Agreement, you acknowledge that you have received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan.  In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control. 
		

		 

 

		

			Exhibit 10.1

		

		
			18.Governing Law.  The laws of the State of Delaware  shall govern the validity of this Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto. 
		

		
			19.Protected Rights. Nothing contained in this Award Agreement is intended to limit your ability to (i) report possible violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, the Congress, any Inspector General, or any other federal, state or local governmental agency or commission (“Government Agencies”), (ii) communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company or (iii) under applicable United States federal law to (A) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or (B) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.
		

		
			BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company agree that this Award is made under and governed by the terms and conditions of this Award Agreement and the Plan.
		

		
			﻿
		

		
			ASPIRA WOMEN’S HEALTH INC. 
		

		
			﻿
		

		
			
		

		
			﻿
		

		
			
		

		
			By:
		

		
			Name:  Robert Beechey
		

		
			Title: Chief Financial Officer
		

		
			﻿
		

		
			PARTICIPANT
		

		
			﻿
		

		
			The undersigned Participant hereby accepts the terms of this Award Agreement and the Plan.
		

		
			﻿
		

		
			By:
		

		
			﻿
		

		
			Name of Participant: 
		

		
			﻿
		

		
			 
		

		

		

		 

 

		

			Exhibit 10.1

		

		

			 

		

		Exhibit A
		

		
			VERMILLION, INC. 
		

		
			2019 STOCK INCENTIVE PLAN
		

		
			﻿
		

		
			____________________________
		

		
			Plan Document
		

		
			____________________________
		

		
			Please click on link below to view the 2019 Stock Incentive Plan.
		

		
			﻿http://www.sec.gov/Archives/edgar/data/926617/000092661719000033/vrml-20190624xex10_1.htm
		

		

		

		 

 

		

			Exhibit 10.1

		

		Exhibit B
		

		
			VERMILLION, INC. 
		

		
			2019 STOCK INCENTIVE PLAN
		

		
			__________________________________________
		

		
			Form of Exercise of Stock Option Award Agreement
		

		
			___________________________________________
		

		
			Aspira Women’s Health Inc.
		

		
			12117 Bee Caves Road, Building 3, Suite 100
		

		
			Austin, TX 78738
		

		
			﻿
		

		
			Attention:  _Robert Beechey_______
		

		
			
		

		
			Dear Sir or Madam:
		

		
			The undersigned elects to exercise his/her Option to purchase _____ shares of Common Stock of the Company under and pursuant to a Stock Option Agreement dated as of ______________.
		

		
			1. Delivered herewith is a certified or bank cashier’s or teller’s check and/or shares of Common Stock owned by the undersigned, valued at the closing sale price of the stock on the date of exercise, as follows:
		

		
			$____________in cash
		

		
			$____________in the form of ____ shares of Common Stock,
		

		
			valued at $___________ per share
		

		
			$                    Total
		

		
			2. The undersigned elects a net exercise, hereby authorizing the Company to withhold from the shares of Common Stock otherwise subject to this Option a number of shares sufficient to cover the exercise price and minimum statutory withholding taxes payable pursuant to this exercise.*
		

		
			If method 1 is chosen, the name or names to be on the stock certificate or certificates and the address and Social Security Number of such person(s) is as follows:
		

		
			Name:  
		

		
			Address:  
		

		
			Social Security Number  
		

		
			Very truly yours,
		

		
			_________________
		

		
			DateOptionee
		

		
			*The Committee must approve this method in writing before your election  
		

		

		

		 

 

		

			Exhibit 10.1

		

		﻿
		

		
			Exhibit C
		

		
			VERMILLION, INC. 
		

		
			2019 STOCK INCENTIVE PLAN
		

		
			_________________________________
		

		
			Designation of Death Beneficiary
		

		
			_________________________________
		

		
			In connection with the Awards designated below that I have received pursuant to the Vermillion, Inc.  2019 Stock Incentive Plan (the “Plan”), I hereby designate the person specified below as the beneficiary upon my death of my interest in such Awards.  This designation shall remain in effect until revoked in writing by me.
		

		
			Name of Beneficiary:
		

		
			Address:__________________
		

		
			Social Security No.:
		

		
			This beneficiary designation relates to any and all of my rights under the following Award or Awards:
		

		
			any Award that I have received or ever receive under the Plan.
		

		
			the _________________ Award that I received pursuant to an award agreement dated _________ __, ____ between myself and the Company.  
		

		
			I understand that this designation operates to entitle the above named beneficiary, in the event of my death, to any and all of my rights under the Award(s) designated above from the date this form is delivered to the Company until such date as this designation is revoked in writing by me, including by delivery to the Company of a written designation of beneficiary executed by me on a later date.
		

		
			Date:
		

		
			﻿
		

		
			By:
		

		
			﻿
		

		
			﻿
		

		
			Name of Participant:
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿

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