Document:

Exhibit
10.1

 

SEPARATION
AND RELEASE AGREEMENT

 

This
Agreement (this “Agreement”) is made as of July 1, 2020 (the “Effective Date”), by and between DIGIPATH,
INC., a Nevada corporation (the “Company”), and KYLE REMENDA (“Remenda”).

 

RECITALS

 

WHEREAS,
Remenda is currently employed as the Company’s Chief Executive Officer pursuant to an Employment Agreement dated September
25, 2019 (the “Employment Agreement”), and serves as the Chief Executive Officer of VSSL Enterprises Ltd., the Company’s
wholly-owned subsidiary (“VSSL”);

 

WHEREAS,
Remenda and the Company are parties to that certain Stock Purchase Agreement (the “SPA”), dated as of March 9, 2020,
among the Company, VSSL and the other stockholders of VSSL party thereto; and

 

WHEREAS,
the Company and Remenda have mutually agreed to a termination of their relationship on the terms set forth herein.

 

NOW,
THEREFORE, THE PARTIES AGREE AS FOLLOWS:

 

1.
Termination of Employment Relationship; Resignation as Officer and Director. Effective as of the Effective Date, without
any further action of the parties hereto, Remenda shall cease to be an officer, director and/or employee of the Company and each
of its subsidiaries (including, without limitation, VSSL).

 

2.
Severance Payments. The Company shall (i) deliver to Remenda the 2,925,000 shares of the Company’s Common Stock issuable
to him under the SPA, promptly following the execution of this Agreement, and (ii) subject to Remenda’s continued compliance
with the terms of this Agreement, pay to Remenda an aggregate amount of $87,136.42 in cash (representing Remenda’s unpaid
salary through September 25, 2020), in 12 equal monthly installments on the first day of each month beginning July 1, 2020.

 

3.
Releases.

 

(a)
In exchange for the consideration provided for by Section 2 hereof, Remenda for himself and for his heirs, executors, administrators
and assigns (collectively, “Releasors”), forever releases and discharges the Company, VSSL, and all other now or hereafter
existing subsidiaries, parent companies, divisions, affiliates or related business entities, successors and assigns of the Company,
and any of their past or present shareholders, directors, officers, attorneys, agents, trustees, administrators, employees, consultants
or assigns (whether acting as agents for the Company or in their individual capacities) (hereinafter referred to collectively
as “Releasees”), from any and all claims, demands, causes of action, fees and liabilities of any kind whatsoever,
whether known or unknown, which Releasors ever had, now have or may have against Releasees by reason of any actual or alleged
act, omission, transaction, practice, conduct, occurrence or other matter up to and including the date hereof, including, without
limitation, under the SPA or the Employment Agreement.

 

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(b)
Without limiting the generality of the foregoing, this Agreement is intended to and shall release Releasees from any and all claims,
whether known or unknown (but excluding any claims or rights that Remenda may have as a stockholder of the Company or under COBRA),
which Releasors ever had, now have and may have against Releasees, including but not limited to any claims, whether or not asserted,
arising out of Remenda’s employment with Releasees and/or his termination from such employment, including but not limited
to: (i) any claim under the Civil Rights Act of 1964, as amended; (ii) any other claim of discrimination or retaliation in
employment (whether based on federal, state or local law, statutory or decisional); (iii) any claim arising out of the terms and
conditions of Remenda’s employment with the Company, his termination from such employment, and/or any of the events relating
directly or indirectly to or surrounding such termination; (iv) any claim of discrimination or breach of fiduciary duty under
the Employee Retirement Income Security Act of 1974, as amended (except claims for accrued vested benefits under any employee
benefit plan of the Company in accordance with the terms of such plan and applicable law); (v) any claim arising under the Federal
Age Discrimination in Employment Act of 1997, as amended, and the applicable rules and regulations thereunder; and (vi) any claim
for attorney’s fees, costs, disbursements and/or the like.

 

(c)
Subject to Section 7, below, in exchange for the release provided under Section 3(a) hereof, the Company, on behalf of itself
and VSSL, forever releases and discharges Remenda from any and all claims, demands, causes of action, fees and liabilities of
any kind whatsoever, whether known or unknown, which any of them ever had, now have or may have against Remenda by reason of any
actual or alleged act, omission, transaction, practice, conduct, occurrence or other matter up to and including the date hereof.

 

4.
Covenants not to Sue.

 

(a)
Remenda covenants, except to the extent prohibited by law, not to commence, maintain, prosecute or participate in any action,
charge, complaint or proceeding of any kind (on their own behalf and/or on behalf of any other person or entity and/or on behalf
of or as a member of any alleged class of persons) in any court, or before any administrative or investigative body or agency
(whether public, quasi-public or private), except if otherwise required by law, against Releasees with respect to any act, omission,
transaction or occurrence up to and including the date on which this Agreement is executed.

 

(b)
The Company covenants, except to the extent prohibited by law, not to commence, maintain, prosecute or participate in any action,
charge, complaint or proceeding of any kind (on their own behalf and/or on behalf of any other person or entity and/or on behalf
of or as a member of any alleged class of persons) in any court, or before any administrative or investigative body or agency
(whether public, quasi-public or private), except if otherwise required by law, against Remenda with respect to any act, omission,
transaction or occurrence up to and including the date on which this Agreement is executed.

 

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5.
Non-Disparagement.

 

(a)
Remenda agrees that he will not at any time, orally or in writing, willfully denigrate, disparage, ridicule or criticize, or willfully
make any derogatory, disparaging or damaging statements (or induce or encourage others to engage in any such act) regarding (i)
the Company or any of its subsidiaries, divisions, affiliates or related business entities, successors and assigns, (ii) any of
their past or present directors, officers, attorneys, agents, trustees, administrators, employees, consultants or any other representatives
of the Company, (iii), any other company with respect to which a director or officer of the Company serves as a director or officer
(including, without limitation, One World Pharma, Inc. and its subsidiaries), or (iv) any of their products or services, including,
in each case, by way of news interviews or the expression of personal views, opinions or judgments to the media.

 

(b)
The Company agrees that it will not at any time, orally or in writing, willfully denigrate, disparage, ridicule or criticize,
or willfully make any derogatory, disparaging or damaging statements (or induce or encourage others to engage in any such act)
regarding Remenda, including by way of news interviews or the expression of personal views, opinions or judgments to the media.

 

(c)
Disparaging remarks include, without limitation, comments or statements that impugn the character, honesty, integrity, morality
or business acumen or abilities of the individual or entity being disparaged.

 

6.
Cooperation. Remenda agrees to cooperate with the Company and its counsel in any action, proceeding or litigation relating
to any matter in which Remenda was involved or of which Remenda has knowledge as a result of or in connection with his service
to the Company. In addition, Remenda shall cooperate with the Company, and take all action reasonably requested by the Company,
in connection with the audit of VSSL’s financial statements.

 

7.
Confidentiality; Non-Compete; Non-Solicitation. Following the date hereof, Remenda shall continue to be bound by the provisions
of Section 7.2, and Articles 8 and 9, of the Employment Agreement in accordance with the terms thereof; provided, however, that
following the date hereof, the term “Competitor” as used in the Employment Agreement shall be amended to mean any
entity or person engaged in any cannabis business in the State of Nevada, including, without limitation (i) testing cannabis (including
hemp) or products derived from cannabis, or (ii) providing any predictive, molecular or genomic tools or similar services relating
to the cultivation or processing of cannabis or cannabis products.

 

8.
Acknowledgment. Remenda acknowledges that he: (i) has carefully read this Agreement in its entirety; (ii) has had an opportunity
to consider fully the terms of this Agreement; (iii) fully understands the significance of all the terms and conditions of this
Agreement; (v) has had answered to his satisfaction any questions he has asked with regard to the meaning and significance of
any of the provisions of this Agreement; and (v) is signing this Agreement voluntarily and of his own free will and assents to
all the terms and conditions contained herein.

 

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9.
Specific Performance. In view of the irreparable harm and damage which would be incurred by the Company in the event of
any violation by Remenda of any of the provisions of Sections 4 through 7 hereof, Remenda hereby consents and agrees that in any
such event, in addition to any other rights the Company may have, and without prejudice to any other remedies which may be available
at law or in equity, the Company shall be entitled to an injunction or similar equitable relief to be issued by any court of competent
jurisdiction restraining Remenda from committing or continuing any such violation, without the necessity of proving damage, or
posting any bond or other security.

 

10.
Governing Law. This Agreement shall be governed in all respects by the laws of the State of Nevada without reference to
its choice of law rules.

 

11.
Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

12.
Entire Agreement; Amendment. This Agreement constitutes the full and entire understanding and agreement between the parties
with regard to the subjects hereof. Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by the party to be charged.

 

13.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against
the parties actually executing such counterparts, and all of which together shall constitute one instrument.

 

14.
Severability. The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction
shall not affect any other provision of this Agreement, which shall remain in full force and effect.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	DIGIPATH,
    INC.
	 	 
	 	By:	/s/
    Bruce Raben
	 	Name:	Bruce
    Raben 
	 	Title:	Chairman
    of the Board
	 	 	 
	 	 	/s/ Kyle Remenda
	 	 	Kyle
    Remenda 

 

    	4Exhibit 10.1

 

EXECUTION VERSION

 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to U.S.$300,000	Dated as of May 27, 2020

 

FOR VALUE RECEIVED and subject to the terms
and conditions set forth herein, ACE Convergence Acquisition Corp., a Cayman Islands exempted company (“Maker”),
promises to pay to ACE Convergence Acquisition LLC, a Delaware limited liability company (“Payee”), or order,
the principal sum of Three Hundred Thousand U.S. Dollars (U.S.$300,000) or such lesser amount as shall have been advanced by Payee
to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of
America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice
in accordance with the provisions of this Note.

 

1.                  
Principal. The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) December
31, 2020, and (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of
(i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined
below). The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally
for any obligations or liabilities of Maker hereunder.

 

2.                  
Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand U.S.
Dollars (U.S.$300,000) in draw downs under this Note to be used for costs and expenses related to Maker’s proposed initial
public offering of its securities (the “IPO”), including its formation. The principal of this Note may be drawn
down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a “Drawdown Request”).
Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand U.S. Dollars (U.S.$10,000)
unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt
of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any
time may not exceed Three Hundred Thousand U.S. Dollars (U.S.$300,000). No fees, payments or other amounts shall be due to Payee
in connection with, or as a result of, any Drawdown Request by Maker.

 

3.                  
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

4.                  
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

    

     

    

 

5.                  
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)               
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the
Maturity Date.

 

(b)               Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)               
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of sixty (60) consecutive days.

 

6.                  
Remedies.

 

(a)               
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)               
Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7.                  
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.                  
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers or modifications that may be
granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

    2

     

    

 

9.                  
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in
writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or
electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the
electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing
by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.              
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.              
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

12.              
Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
proceeds of the IPO (including the deferred underwriting discounts and commissions) and proceeds of the sale of the warrants issued
in a private placement to occur in connection with the IPO are to be deposited, as described in greater detail in the registration
statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.              
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of Maker and Payee.

 

14.              
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

  

	 	ACE
                                         CONVERGENCE ACQUISITION CORP.
	 	 	 
	 	By:	 /s/ Denis Tse
		 	Name:	   Denis Tse
	 	 	Title:	   Secretary

 

Agreed and acknowledged:

  

	ACE
CONVERGENCE ACQUISITION LLC	 
	 	 	 
	By:  	/s/ Denis Tse	 
	 	Name:	  Denis Tse	 
	 	Title:	   President	 

 

[Signature Page to Promissory Note]

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