Document:

Exhibit 10.2

 

Execution
Version

 

 

TRIGGER
EXCHANGE AGREEMENT

 

This
Trigger Exchange Agreement (this “Agreement”), dated as of May 11, 2020, is entered into by and among
TearLab Corporation, a Delaware corporation (the “Company”), and each of the entities listed on the signature
page hereof under the heading “HOLDERS” (each, a “Holder” and, collectively, the “Holders”).

 

WHEREAS,
the Company is indebted on the date hereof to the Holders in the aggregate principal amount of $34,066,755 (the “Total
Debt”) pursuant to that certain Term Loan Agreement, dated as of March 4, 2015, by and among the Company, certain of
its subsidiaries and the Holders, as amended from time to time (the “Loan Agreement”);

 

WHEREAS,
each Holder desires to exchange a portion of the Total Debt owed to such Holder into shares of common stock, par value $0.001
per share, of the Company (the “Common Stock”) at an exchange rate of 0.0586 per share, and the Company agrees
to effectuate such exchange, all on the terms and conditions provided for in this Agreement.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:

 

1.
The Exchange.

 

 

(a)
Issuance of Shares; Satisfaction of Indebtedness. Subject to the terms and conditions of this Agreement, at the Closing
(as defined below), the Company shall issue to each Holder the number of shares of Common Stock set forth on Schedule 1
(collectively, the “Shares”) opposite the name of such Holder in exchange (the “Exchange”)
for the satisfaction of the principal amount of the Total Debt set forth on Schedule 1 (collectively, the “Exchanged
Debt”) opposite the name of such Holder. Accrued but unpaid interest on the Exchanged Debt is hereby expressly excluded
from the Exchange and shall remain due and payable by the Company to the Holders.

 

(b)
Section 3(a)(9) Transaction. It is the intent of the parties that the Exchange be effectuated pursuant to an exemption
from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant
to Section 3(a)(9) thereunder and that, therefore, the holding period of the original indebtedness of the Total Debt will, for
securities law purposes, be tacked to the holding period of the Shares.

 

2.
Closing Deliveries.

 

(a)
At or promptly after the Closing, the Company shall deliver to the Holders:

 

(i)
a stock certificate in the name of each Holder evidencing each Holder’s portion of the Shares (as set forth on Schedule
1), free and clear of all liens and encumbrances, other than those imposed pursuant to the Securities Act;

 

(ii)
if requested by the Holders, a new promissory note issued to each Holder in a principal amount equal to the Total Debt owing to
such Holder minus the applicable Exchanged Debt of such Holder; and

 

(iii)
such other documents, certificates or other information as the Holders or their counsel may reasonably request to evidence or
effect the Exchange.

 

    	 	 	 

    	 

    

 

 

(b)
At the Closing, the Holders, in their capacity as lenders under the Loan Agreement, shall make or cause to be made appropriate
entries in the applicable registers to reflect the subtraction of the Exchanged Debt from the Total Debt in respect of the transactions
contemplated hereby.

 

3.
The Closing. The closing of the Exchange shall be deemed to have occurred as of the date of this Agreement, immediately
after the execution and delivery of that certain Agreement and Plan of Merger, by and among the Company, Accelmed Partners II
LP and Accelmed Merger Sub, Inc. (the “Closing”).

 

4.
Representations and Warranties of the Company. As of the date of this Agreement and as of the Closing, the Company
hereby represents and warrants to the Holders that the following representations and warranties are true and complete as of each
respective date:

 

(a)
Organization and Standing. The Company is a corporation duly organized, validly existing under, and by virtue of, the laws
of the State of Delaware, and is in good standing under such laws. The Company has all requisite corporate power and authority
to own and operate its properties and assets and to carry on its business as presently conducted and as proposed to be conducted.

 

(b)
Corporate Power. The Company has all requisite legal and corporate power and authority to execute and deliver this Agreement
and the other agreements contemplated hereby, to sell and issue the Shares and to carry out and perform its obligations under
the terms of this Agreement and the Exchange.

 

(c)
Authorization. All corporate action on the part of the Company and its officers, directors and stockholders necessary for
the (i) authorization, execution, delivery and performance of this Agreement, (ii) authorization, sale, issuance and delivery
of the Shares and (iii) performance of all of the Company’s obligations hereunder have been taken or will be taken prior
to the Closing. This Agreement has been duly executed by the Company and constitutes (or will constitute) the valid and legally
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the laws of general
application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive
relief or other equitable remedies.

 

(d)
No Conflicts; Consents. The execution, delivery and performance by the Company of this Agreement and the documents to be
delivered hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby, do not and will
not: (a) violate or conflict with the certificate of incorporation or bylaws of the Company; (b) violate or conflict with any
judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company; (c) conflict with, or result in
(with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination,
acceleration or modification of any obligation or loss of any benefit under any agreement or other instrument to which the Company
is a party, in the case of clauses (b) and (c), other than would not be material to the Company and its subsidiaries, taken as
a whole. No consent, approval, waiver or authorization is required to be obtained by the Company from any person in connection
with the execution, delivery and performance by the Company of this Agreement or the consummation of the transactions contemplated
hereby or thereby, other than the filing of a Current Report on Form 8-K and such consents, approvals, waivers, or authorizations
that would not be material to the Company and its subsidiaries, taken as a whole, or prohibit the consummation of the Exchange.

 

(e)
Valid Issuance of Stock. The Shares have been duly authorized and, when issued, sold and delivered in compliance with the
provisions of this Agreement, will be duly and validly issued, fully paid and nonassessable and issued in compliance with applicable
federal and state securities laws. The Shares will be free and clear of any liens or encumbrances; provided, however, that the
Shares shall be subject to restrictions on transfer under state and/or federal securities laws. None of the Shares will be subject
to any preemptive rights or rights of first refusal.

 

    	-2-

     

    

 

 

(f)
Exemption. It is the intention of the Company that the Exchange be made pursuant to an exemption from the registration
requirements of the Securities Act pursuant to Section 3(a)(9) thereunder.

 

5.
Representations and Warranties of Each Holder. As of the date of this Agreement and as of the Closing, each Holder
hereby represents and warrants to the Company that the following representations and warranties are true and complete as of each
respective date:

 

(a)
Organization and Standing. The Holder is a legal entity duly organized, validly existing under, and by virtue of, the laws
of the state of its formation, and is in good standing under such laws.

 

(b)
Corporate Power. The Holder has all power and authority to execute and deliver this Agreement, purchase its portion of
the Shares, effect the Exchange, and carry out and perform its obligations under the terms of this Agreement and the transactions
contemplated hereby.

 

(c)
Authorization. All action on the part of the Holder necessary for the authorization, execution, delivery and performance
of this Agreement, the purchase of its portion of the Shares, and the performance of all of the Holder’s obligations hereunder
have been taken or will be taken prior to the Closing. This Agreement has been duly executed by the Holder and constitutes the
valid and legally binding obligation of the Holder, enforceable against it in accordance with its terms, subject to the laws of
general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance,
injunctive relief or other equitable remedies.

 

(d)
For Holder’s Account. The Holder represents and confirms that the portion of the Shares to be issued to the Holder
hereunder are being and will be acquired for the Holder’s own account, not as nominee or agent, and not with a view to the
resale or distribution of any part thereof.

 

(e)
Accredited Investor and Investment Experience. The Holder is an Accredited Investor, as such term is defined in Regulation
D promulgated under the Securities Act. The Holder represents that is and its representatives are experienced in evaluating and
investing in private placement transactions of securities of companies in a similar stage of development as the Company and that
the Holder can bear the economic risk of an investment in its portion of the Shares and has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of the investment in its portion of the Shares.

 

(f)
Adequacy of Payment. The Holder agrees that the Shares the Holder is receiving upon the conversion and exchange of the
Exchanged Debt is fair and equitable consideration to such Holder, and such Holder has determined that the conversion and exchange
of the Exchanged Debt at this particular time and for the amount and form of consideration set forth in Section 1 is in such Holder’s
best interests. The Holder acknowledges that the Holder agreed to the sufficiency of the consideration in exchange for the conversion
and exchange of the Exchanged Debt following arm’s length negotiations with representatives of the Company.

 

    	-3-

     

    

 

(g)
Rule 144. The Holder acknowledges that the Shares must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the
Securities Act which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions,
which may include, among other things, the availability of certain current public information about the Company; the resale occurring
not less than a specified period after a party has purchased and paid for the security to be sold; the number of shares being
sold during any three-month period not exceeding specified limitations; the sale being effected through a “brokers’
transaction,” a transaction directly with a “market maker” or a “riskless principal transaction”
(as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Holder acknowledges and understands that
the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder wishes to sell
the Shares, and that, in such event, the Holder may be precluded from selling such securities under Rule 144, even if the other
applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable requirements
of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for any disposition
of the Shares. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed
its opinion that persons proposing to sell restricted securities received in a private offering other than in a registered offering
or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales and that such persons and the brokers who participate in the transactions do so at their own risk.

 

(h)
Ownership of the Debt. The Holders are the beneficial and record owner of the Total Debt, including without limitation,
the Exchanged Debt. The Holders have good, valid and marketable title to said Total Debt, free and clear of all liens, mortgages,
charges or other encumbrances and any preemptive or subscription rights, and have not assigned or otherwise transferred or granted
any interest in the Total Debt to any person.

 

(i)
No Consents. The Holder is not required to obtain any order, consent, approval or authorization of any person or entity
in connection with the Exchange.

 

6.
Miscellaneous.

 

(a)
Successors and Assigns. Except as otherwise provided herein, 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. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)
Governing Law. This Agreement is to be construed in accordance with and governed by the internal laws of the State of Delaware
without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the
internal laws of the State of Delaware.

 

(c)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which
together shall constitute one and the same instrument. Signatures received by .pdf shall be deemed to be original signatures.

 

(d)
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

(e)
Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant
to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) if delivered personally, when
received, (b) if transmitted by facsimile or email, on the date of transmission with receipt of a transmittal confirmation or
(c) if by courier service, on the second (2nd) business day following the date of deposit with such courier service, or such earlier
delivery date as may be confirmed in writing to the sender by such courier service.

 

    	-4-

     

    

 

(f)
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms.

 

(g)
Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties
with respect to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties,
representations or covenants except as specifically set forth herein or therein.

 

[Remainder
of Page Intentionally Omitted; Signature Page Follows]

 

    	-5-

     

    

 

IN
WITNESS WHEREOF, the undersigned, being the duly authorized representatives of the parties, have executed this Agreement as of
the date set forth above.

 

	 	COMPANY:
	 	 	 
	 	TEARLAB
    CORPORATION
	 	 	 
	 	By:
    	/s/
    Seph Jensen
	 	 	Seph
    Jensen
	 	 	Chief
    Executive Officer

 

[Signature
Page – Trigger Exchange Agreement]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, being the duly authorized representatives of the parties, have executed this Agreement as of
the date set forth above.

 

HOLDERS:

 

	CAPITAL
    ROYALTY PARTNERS II L.P. 	 	PARALLEL
    INVESTMENT OPPORTUNITIES PARTNERS II L.P. 
	 	 	 
	By:
    CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner 	 	By:
    PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner 
	 	 	 
	By:
    CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner  	 	By:
    PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC, its General Partner 
	 	 	 	 	 
	By:
    	/s/
    Nathan Hukill	 	By:
    	/s/
    Nathan Hukill 
	Name:
    	Nathan
    Hukill	 	Name:
    	Nathan
    Hukill 
	Title:	Authorized
    Signatory 	 	Title:	Authorized
    Signatory 
	 	 	 	 	 
	CAPITAL
    ROYALTY PARTNERS II (CAYMAN) AIV I L.P. 	 	CAPITAL
    ROYALTY PARTNERS II – PARALLEL FUND “B” (CAYMAN) L.P.  
	 	 	 
	By:
    CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LP, its General Partner  	 	By:
    CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LP, its General Partner  
	 	 	 
	By:
    CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner  	 	By:
    CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner  
	 	 	 	 	 
	By:
    	/s/
    Nathan Hukill	 	By:
    	/s/
    Nathan Hukill
	Name:
    	Nathan
    Hukill 	 	Name:
    	Nathan
    Hukill 
	Title:	Authorized
    Signatory 	 	Title:	Authorized
    Signatory
	 	 	 	 
	 	 	 	CAPITAL
    ROYALTY PARTNERS II – PARALLEL FUND “A” L.P. 
	 	 	 	 
	 	 	 	By:
    CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” GP LP, its General Partner 
	 	 	 	 
	 	 	 	By:
    CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” GP LLC, its General Partner 
	 	 	 	 	 
	 	 	 	By:
    	/s/
    Nathan Hukill
	 	 	 	Name:
    	Nathan
    Hukill 
	 	 	 	Title:	Authorized
    Signatory 

 

[Signature Page – Trigger Exchange Agreement]EXHIBIT 10.2

  

  
     

      

    Agreement and General Release

     

    BioSpecifics Technologies Corp. (the “Company”) and Pat Caldwell, his heirs, executors, administrators, successors, and assigns (collectively referred to
      throughout this agreement as “you” or “your”), hereby enter into this Separation Agreement and General Release (the “Agreement”)
      to settle all issues arising out of, or related to, your provision of services to the Company and termination thereof. You and the Company agree that:

     

    1.           Last Day of Services.  Your engagement with the Company will terminate on March 31, 2020 (such date is your “Last Day of Services”).  You
      are being provided with this Agreement prior to the Last Day of Services, but in order for it to be valid and enforceable you may not sign it until after the Last Day of Services.  You will continue to receive your fees at your current regular rate
      through the Last Day of Services or while you remain engaged to provide services to the Company.  We expect that you will assist the Company with the transition of your services for the period of time through your Last Day of Services.  You
      acknowledge and understand that nothing in this Agreement alters the termination provisions set forth in Section 5.1 of the Consulting Agreement dated effective April 1, 2019 between you and the Company (the “Consulting Agreement”).  During your
      remaining engagement with the Company, you are required to continue to abide by all Company policies and rules.  Any material violation of such policies and rules prior to the Last Day of Services may result in immediate termination of your contract,
      and in such event, you will not be eligible to sign this Agreement and receive the severance benefits provided in Paragraph 2.

     

    2.           Severance Payment.  Provided you timely execute and do not revoke this Agreement (as provided below), which includes a general release and waiver of claims and other promises
      herein, and otherwise comply with its terms, the Company will provide you with the following severance benefits:

     

    	

          	a.	
            Severance Payment.  No later than thirty (30) days after the Effective Date of this Agreement (as defined below), the Company will pay you
                a lump sum severance payment of Three Hundred Sixty Thousand and 00/100 Dollars ($360,000), representing twelve (12) months of your fees as of the Last Day of Services.

          

     

    	

          	b.	
            Treatment of Equity.  Upon your termination of service with the Company, 100% of your unvested and outstanding restricted stock units
                granted pursuant to the Company’s 2019 Omnibus Incentive Compensation Plan (the “Equity Plan”) shall immediately vest (the “Accelerated RSUs”).  Pursuant to the terms of your Consulting Agreement, the remaining 500 restricted stock units
                that are scheduled to be granted to you on April 1, 2020, shall be granted immediately prior to your termination of service with the Company and shall be 100% vested upon such termination of service (the “Accelerated RSU Grant”).  Except as
                provided herein, the Accelerated RSUs and the Accelerated RSU Grant shall otherwise remain subject to the applicable terms and conditions of the Equity Plan and the applicable restricted stock unit award agreement.

          

     

    
      
        

    

    
    3.           Taxes.  You acknowledge and warrant that you are, and shall be, responsible for all federal, state, and local tax liabilities that may result from the payments described in
      Section 2 above and you hereby warrant that the Company shall bear no responsibility for any such tax liabilities.  You further agree and acknowledge that you shall indemnify, defend, and hold harmless the Company for any possible federal, state, or
      local tax liabilities that may result from such payments and that you shall reimburse any taxes, interest and/or penalties assessed against the Company for any such tax liabilities caused by such payments.

     

    4.            Release.

     

    	

          	a.	
            In consideration of the severance benefits set forth in Paragraph 2, to the fullest extent permitted by law you waive, release and forever discharge the Company, Advance Biofactures Corp., and each of their respective past and current
              parents, subsidiaries, affiliates, and each of its and their respective past and current directors, officers, members, trustees, employees, representatives, agents, attorneys, employee benefit plans and such plans’ administrators,
              fiduciaries, trustees, recordkeepers and service providers, and each of its and their respective successors and assigns, each and all of them in their personal and representative capacities (collectively the “Company Releasees”) from any and
              all claims legally capable of being waived, grievances, injuries, controversies, agreements, covenants, promises, debts, accounts, actions, causes of action, suits, arbitrations, sums of money, attorneys’ fees, costs, damages, or any right to
              any monetary recovery or any other personal relief, whether known or unknown, in law or in equity, by contract, tort, law of trust or pursuant to federal, state or local statute, regulation, ordinance or common law, which you now have, ever
              have had, or may hereafter have, based upon or arising from any fact or set of facts, whether known or unknown to you, from the beginning of time until the date of execution of this Agreement, including without limitation such claims arising
              out of or relating in any way to the Consulting Agreement, your provision of services to the Company or the termination thereof (the “Released Claims”).

          

     

    Without limiting the generality of the foregoing, and notwithstanding that, as an independent contractor to, and not an employee of, the Company you are unable to assert claims under statutes that
      provide rights to employees, out of an abundance of caution this waiver, release, and discharge includes any claim or right, to the extent legally capable of being waived, based upon or arising under any federal, state or local fair employment
      practices or equal opportunity laws, including, but not limited to, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Rehabilitation Act of 1973, the Worker Adjustment and Retraining
      Notification Act, 42 U.S.C. Section 1981, Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”) (including, but not limited to, claims for breach of fiduciary duty under ERISA), the
      Uniformed Services Employment and Reemployment Rights Act of 1994, the Americans With Disabilities Act, the Family and Medical Leave Act of 1993, California’s Fair Employment and Housing Act; the Unruh Civil Rights Act; the California Business and
      Professions Code; California Equal Pay Law; California Family Rights Act; California Pregnancy Disability Leave Law; California WARN law; any applicable California Industrial Welfare Commission Wage Order; wrongful termination in violation of public
      policy (Tameny claims); and the California Constitution.

     

    
      2

      
        

    

    California Civil Code Section 1542.  You acknowledge that you have been advised to consult with legal
        counsel and you are familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows:

     

    A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM
      OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

     

    Being aware of said code section, you agree to expressly waive any rights you may have thereunder, as well as under any other statute or common law principles of similar effect.

     

    	

          	b.	
            You also agree that you waive any right to bring, maintain, or participate in a class action, collective action, or representative action against the Company and/or the Company Releasees to the fullest extent permitted by law.  You agree
              that you may not serve as a representative of a class action, collective action, or representative action, may not participate as a member of a class action, collective action, or representative action, and may not recover any relief from a
              class action, collective action, or representative action.  You further agree that if you are included within a class action, collective action, or representative action, you will take all steps necessary to opt-out of the action or refrain
              from opting in, as the case may be.  You are not waiving any right to challenge the validity of this Paragraph 4(b) on any grounds that may exist in law and equity.  However, the Company and the Company Releasees reserve the right to attempt
              to enforce this Agreement, including this Paragraph 4(b), in any appropriate forum.

          

     

    	

          	c.	
            You hereby represent and warrant that you are not aware of any claims you have or might have against the Company and/or the Company Releasees that are not included in the Released Claims.  Moreover, you acknowledge that you have not made
              any claims or allegations, the factual foundation for which involves discrimination, retaliation, sexual harassment or sexual assault or abuse.

          

     

    
      3

      
        

    

    	

          	d.	
            Notwithstanding the generality of the foregoing, and notwithstanding your agreement and acknowledgment that, as an independent contractor to, and not an employee of, the Company you are unable to assert claims under statutes that provide
              rights to employees, out of an abundance of caution nothing herein constitutes a release or waiver by you of, or prevents you from making or asserting: (i) any claim or right you may have under COBRA; (ii) any claim or right you may have for
              unemployment insurance or workers’ compensation benefits (other than for retaliation under workers’ compensation laws); (iii) any claim to vested benefits under the written terms of a qualified employee pension benefit plan; (iv) any medical
              claim incurred during your engagement that is payable under applicable medical plans or an employer-insured liability plan; and further, nothing herein constitutes a release or waiver by you of, or prevents you from making or asserting (v)
              any claim or right that may arise after the execution of this Agreement; (vi) any claim or right you may have under this Agreement; or (vii) any claim that is not otherwise waivable under applicable law.

          

     

    5.           No Additional Entitlements.  You agree and represent that you have received all entitlements due from the Company relating to your engagement with the Company, including but not
      limited to, all fees earned, and that no other entitlements are due to you other than as set forth in this Agreement.

     

    6.          Return of Property.  Upon termination of your engagement, you agree to promptly return to the Company all of its property, including, but not limited to, computers, cell phones,
      files, and documents, including any correspondence or other materials containing trade secrets of the Company, identification cards, credit cards, keys, equipment, software and data, however stored.  To the extent you have any Company information or
      material stored on any PDA, personal computer, personal email, hard drive, thumb drive, cloud or other electronic storage device, you agree to cooperate with the Company in permanently deleting such information from such devices, subject to any
      Company litigation preservation directive then in effect.

     

    7.            Nondisclosure.

     

    
      	 	
              a.

            	
              You recognize that during your affiliation with the Company, the Company provided you with, and you had access to, information of substantial value to the Company, which is not otherwise generally known in
                the trade, and which gives the Company an advantage over its competitors who do not know or use it, including but not limited to Proprietary Information (defined below).  You acknowledge that the Company expended substantial time and money
                to create, acquire, gather and maintain the confidentiality of its Proprietary Information, and that it would take significant time and money to acquire and duplicate this Proprietary Information.  You represent that at all times during
                your engagement with the Company you held, and you covenant and agree that at all times after your engagement with the Company you will hold, in strictest confidence and you have not and you will not disclose, use, lecture upon, or publish
                any of the Company’s Proprietary Information (defined below), except as permitted in Paragraph 9 of this Agreement, unless an officer or other authorized representative of the Company expressly authorizes such in writing.  You will obtain
                the Company’s prior written approval before publishing or submitting for publication any material (written, oral, or otherwise) that relates to your work for the Company or incorporates any Proprietary Information.  Notwithstanding the
                foregoing, disclosure of any Proprietary Information shall not be prohibited if such disclosure is directly related to a valid and existing order of a court or other governmental body or agency within the United States; provided, however,
                that you shall have first given prompt notice to the Company of any possible or prospective order and the Company shall have been afforded a reasonable opportunity to prevent or limit any such disclosure.  You hereby assign to the Company
                any rights you may have or acquire in any Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns.

            

    

     

    
      4

      
        

    

    
      	 	
              b.

            	
              The term “Proprietary Information” means any and all confidential or proprietary knowledge, data or information of the Company, Advance Biofactures Corp. or any of their subsidiaries or controlled
                affiliates.  By way of illustration but not limitation, “Proprietary Information” includes:  (a) developments, inventions, ideas, data, programs, other works of authorship, designs and techniques, trade secrets, mask works, processes,
                formulas, source and object codes, algorithms, compositions of matter, methods (including, without limitation, methods of use or delivery), know-how, technology, improvements and discoveries (hereinafter collectively referred to as
                “Inventions”); (b) information regarding plans for research, development, new services or products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, clients, customers, and
                suppliers; and (c) information regarding the skills and compensation of the employees and/or consultants of the Company or any of its subsidiaries or controlled affiliates.  For purposes of this Agreement, the term “Proprietary Information”
                shall not include information which is or becomes publicly available without breach of:  (i) this Agreement; (ii) any other agreement or instrument to which the Company or any of its subsidiaries or controlled affiliates is a party or a
                beneficiary; or (iii) any duty owed to the Company or any of its subsidiaries or controlled affiliates by you or by any third party; provided, however, that if you shall seek to disclose, use, lecture upon, or publish any Proprietary
                Information, you shall bear the burden of proving that any such information shall have become publicly available without any such breach.

            

    

     

    
      	 	
              c.

            	
              You understand that during your engagement with the Company, the Company received from third parties confidential or proprietary information (“Third Party Information”) subject to a duty to maintain the
                confidentiality of such information and to use it only for certain limited purposes.  You represent that at all times during your engagement with the Company you held, and you covenant and agree that at all times after your engagement with
                the Company you will hold, Third Party Information in the strictest confidence and that you have not, and will not, disclose to anyone (other than personnel of the Company or any of its subsidiaries or controlled affiliates who need to know
                such information in connection with their work for the Company or any of its subsidiaries or controlled affiliates) or use, Third Party Information unless expressly authorized by an officer or other authorized representative of the Company
                in writing.  You hereby assign to the Company any rights you may have in any Third Party Proprietary Information.

            

    

     

    
      5

      
        

    

    8.           Confidentiality of the Agreement.  Except as permitted in Paragraph 9 of this Agreement or if otherwise required by law, you agree that you shall not disclose the terms of this
      Agreement, or the circumstances giving rise to this Agreement, to any person other than your attorney, immediate family members, accountant, or financial advisor.  Should you disclose any of the terms of this Agreement to your attorneys, immediate
      family members, accountants, or financial advisors, you agree to use your best efforts to ensure that those individuals abide by the confidentiality terms of this section. In the event that an action is brought pursuant to this section, all of the
      remaining provisions of this Agreement shall remain in full force and effect.

     

    9.            Permitted Conduct.

     

    	

          	a.	
            Nothing in this Agreement prohibits or prevents you from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission or a
              similar agency enforcing federal, state or local anti-discrimination laws.  However, to the maximum extent permitted by law, you agree that if such an administrative claim or charge is made to such an anti-discrimination agency, you shall not
              be entitled to recover any individual monetary relief or other individual remedies in connection with such claim or charge, and in the event you obtain such monetary relief the Company will be entitled to an offset for the payments made
              pursuant to this Agreement.  In addition, nothing in this Agreement restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to,
              reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including without limitation, the U.S. Department of
              Labor, the National Labor Relations Board, the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Commodities Futures Trading Commission, the Financial Industry Regulatory Authority, the Occupational Safety and
              Health Administration,  the U.S. Congress, any other federal, state, or local government agency or commission, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the
              whistleblower provisions of federal, state, or local law or regulation. You do not need the prior authorization of the Company to engage in conduct protected by this paragraph, and you do not need to notify the Company that you have engaged
              in such conduct.  This agreement does not limit your right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of the law.  You recognize and agree that, in connection with
              any such activity outlined above, you must inform the Regulators, your attorney, a court or a government official that the information you are providing is confidential. Despite the foregoing, you are not permitted to reveal to any
              third-party, including any governmental, law enforcement, or regulatory authority, information you came to learn during the course of your engagement with the Company that is protected from disclosure by any applicable privilege, including
              but not limited to the attorney-client privilege and/or attorney work product doctrine. The Company does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work
              product, and other privileged information.

          

     

    
      6

      
        

    

    	

          	b.	
            Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (1) in confidence
              to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made to your attorney in relation to a
              lawsuit for retaliation against you for reporting a suspected violation of law; or (iii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nor does this Agreement require you
              to obtain prior authorization from the Company before engaging in any conduct described in this paragraph, or to notify the Company that you have engaged in any such conduct

          

     

    10.         Non-Disparagement: Except as permitted in Paragraph 9 of this Agreement, you agree that you shall not at any time make any written or oral comments or statements of a defamatory
      or disparaging nature regarding the Company and/or any of the Company Releasees and you shall not make any statement or take any action that would cause or contribute to their being held in disrepute.

     

    11.         Non-Admission.  It is understood and agreed that neither the execution of this Agreement nor the terms of this Agreement constitute an admission of liability to you by the Company
      or the Company Releasees, and such liability is expressly denied.  It is further understood and agreed that no person shall use the Agreement, or the consideration paid pursuant thereto, as evidence of an admission of liability, inasmuch as such
      liability is expressly denied

     

    12.         Notice to Company.  Subject to Paragraph 9 above, upon service on you, or anyone acting on your behalf, of any order or other legal process requiring you to divulge information
      prohibited from disclosure under this Agreement, you shall immediately notify the Company in writing (attention: Chief Executive Officer), of such service and of the content of any testimony or information to be provided pursuant to such order or
      process and will cooperate with the Company if the Company shall contest or seek to quash such order or other legal process.

     

    13.         Cooperation.  You agree that upon the Company’s reasonable notice to you, you shall cooperate with the Company and its counsel (including, if necessary, preparation for and
      appearance at depositions, hearings, trials or other proceedings) with regard to matters that in its sole discretion the Company determines relate to or arise out of matters about which you have knowledge or with which you were involved during your
      engagement with the Company.  In the event that such cooperation is required, you will be reimbursed for any reasonable lost income and reasonable travel expenses incurred in connection therewith.

     

    
      7

      
        

    

    14.          Review of Separation Agreement: You acknowledge that:

     

    	

          	a.	
            you have been provided at least forty-five (45) calendar days to review and consider this Agreement (and its Exhibits) and, if you knowingly and voluntarily choose to do so, you may accept the terms of this Agreement before the forty-five
              (45) day consideration period has expired, but under no circumstances should you sign this Agreement prior to your Last Day of Services;

          

     

    	

          	b.	
            you agree that changes to the Company’s offer contained in this Agreement, whether material or immaterial, will not re-start the forty-five (45) day consideration period provided for above;

          

     

    	

          	c.	
            you may revoke this Agreement within seven (7) calendar days of signing this document by giving written notice to the undersigned.  Any revocation must be submitted in writing, and state: “I hereby revoke my acceptance of our agreement” or
              words to that effect.  The revocation must be personally delivered to, or mailed to the undersigned and postmarked within seven (7) calendar days after you sign this Agreement;

          

     

    	

          	d.	
            the Company advises you to consult with an attorney of your choice prior to signing this Agreement;

          

     

    	

          	e.	
            you fully understand the significance of all of the terms and conditions of this Agreement (and its Exhibits);

          

     

    	

          	f.	
            in accordance with the OWBPA, you have received (as Exhibit A hereto) a listing of the ages and titles of the employees in your decisional unit who were selected for termination and eligible to receive severance payments and benefits in
              exchange for signing an Agreement and General Release, and employees who were not selected for termination and not eligible to receive severance payments and benefits in exchange for signing an Agreement and General Release; and

          

     

    	

          	g.	
            you are signing this Agreement voluntarily and of your own free will and agree to all of the terms and conditions contained in it.

          

     

    15.         Complete Agreement.  This Agreement sets forth the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior negotiations,
      understandings and agreements, whether written or oral, relating to such subject matter, between you and the Company, except for any award documents, and the Insider Trading Plan, which are incorporated herein by reference and remain in full force
      and effect, except as otherwise specifically provided herein.  You acknowledge that neither the Company nor the Company Releasees or their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied,
      written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are
      contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion.

     

    
      8

      
        

    

    16.          Governing Law.  This Agreement shall be construed, performed, enforced and in all respects governed in accordance with the laws of the State of California, without giving effect to the principles of
      conflicts of law thereof.

     

    17.         Severability.  The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and
      enforceable.  Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release and the waiver of claims set forth above
      shall otherwise remain effective to release any and all other Released Claims.

     

    18.         Modification; Counterparts; Facsimile/PDF Signatures.  It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except
      by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement.  This Agreement may be executed in any number of counterparts, each of which shall constitute an
      original and all of which together shall constitute one and the same instrument.  Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal
      proceeding as if an original.

     

    19.         Breach.  You acknowledge that if you breach your commitments to the Company agreed upon in Paragraphs 4, 6, 7, 8, 10, 12 or 13 you will forfeit the severance benefits set forth in
      Paragraph 2 and be subject to suit by the Company for damages and equitable relief relating to such breach.  You further acknowledge that any breach by you of Paragraphs 7, 8 or 10 will cause irreparable damage to the Company and that in the event of
      such breach the Company shall have, in addition to any and all remedies at law, the right to an injunction, specific performance or other equitable relief to prevent the violation of your obligations hereunder.

     

    20.          Waiver.  A waiver by either party hereto of a breach of any term or provision of the Agreement shall not be construed as a waiver of any subsequent breach.

     

    21.         Section 409A.  This Agreement is intended to comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and
      its corresponding regulations with respect to amounts, if any, subject thereto and shall be interpreted, construed and performed consistent with such intent.  Severance benefits under this Agreement are intended to be exempt from Section 409A under
      the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable.  For purposes of Section 409A, each payment hereunder shall be treated as a separate payment, and
      the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  In no event may you, directly or indirectly, designate the taxable year of a payment.  Notwithstanding any provision of
      this Agreement to the contrary, in no event shall the timing of your execution of this Agreement, directly or indirectly, result in you designating the taxable year of payment of any amounts of deferred compensation subject to Section 409A, and if a
      payment could be made in more than one taxable year, payment shall be made in the later taxable year, to the extent required by Section 409A.  All payments to be made upon a termination of employment under this Agreement may only be made upon a
      “separation from service” under Section 409A.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits contemplated under this Agreement are exempt from Section 409A and in no event shall Company be liable
      for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with the requirements of Section 409A.

     

    
      9

      
        

    

    22.          Effective Date: This Agreement is effective on the eighth (8th) day after you sign and do not revoke this Agreement (the “Effective Date”).

     

    23.          Expiration of Offer: The offer set forth in this Agreement expires at 11:59 p.m. New York local time on the later of (i) the forty-fifth (45th) day after delivery of this
      Agreement to you; or (ii) the seventh (7th) day after your Last Day of Services.  If you fail to execute and return this Agreement to the Company within the time specified in this paragraph, or if you timely execute this Agreement and then timely
      revoke it, the promises and agreements made by the Company herein will be revoked.

    

    

    If the above accurately states our agreement, including the waiver and release, kindly sign below and return the original Agreement to me on or after, but not before,
      your Last Day of Services.  Thank you for your efforts on behalf of the Company and I wish you the best in your future endeavors.  If you should have any questions, please call me.

     

    	 	
            BIOSPECIFICS TECHNOLOGIES CORP.

          
	 	 
	
            /s/ Patrick Caldwell

          	
            /s/ J. Kevin Buchi

          
	
            Employee Signature

          	
            J. Kevin Buchi

          
	 	
            Chief Executive Officer

          
	
            Patrick Caldwell

          	 
	
            Print Name

          	 
	 	 
	
            4/3/2020

          	
            3/23/2020

          
	
            Date

          	
            Date

          

    

    

    

    

    10

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