Document:

Exhibit
10.2

 

	 	April 30, 2018

 

VIA
EMAIL

 

GlyEco,
Inc.

230
Gill Way

Rock
Hill, SC 29730

Attention:
Ian Rhodes,

President
and Chief Executive Officer

 

Re:     Waiver

 

Dear
Mr. Rhodes:

 

Jennifer
Geib (the “Noteholder”) owns a note in GlyEco, Inc., a Nevada corporation (the “Company”)
pursuant that certain 8% Convertible Promissory Note due December 27, 2021 (the “Note”). All capitalized terms
used herein without definition have the respective meanings ascribed to them in the set forth in the Note and any transaction documents
issued in connection with the Note, including, without limitation, that certain Stock Purchase Agreement dated as of December 26,
2016 (the “Purchase Agreement”).

 

The
Company has advised the Noteholder that it requests a waiver from having to comply with Section 2(a) of the Note, in order to avoid
triggering an Event of Default under Section 4(a)(i) of the Note. The Noteholder is willing to waive such non-compliance through
and including December 31, 2018.

 

This
will confirm the agreement of the Noteholders and the Company:

 

1.       Waivers.
The Noteholder hereby waives the Company’s failure to comply with Section 2(a) of the Note through December 31, 2018, provided
that such waiver is limited to such period, and shall not constitute a waiver with respect to any other period or with respect
to any other provision of the Note, the Purchase Agreement, or any other transaction document issued in connection with the Note
in any other respect (collectively, the “Transaction Documents”).

 

2.       The
Company is responsible for paying all interest including the as amounts due pursuant to Section 2 of the Note, which the parties
agree equals $138,945 through May 31, 2018 (the “Stated Amount”). Upon an initial payment of, $25,000, the Company
will commit to defeasing the Stated Amount as well as other accrued interest as follows:

 

     

     

    

  

		(a)	The Company will
make monthly payments of $20,000, in arrears. The monthly payments will be applied first toward the Stated Amount, next to accrued
interest from 2017, and finally to interest due after May 31, 2018.

 

		(b)	The Company will
not make a monthly payment in any month in which the Company’s cash position is not equal to or greater than $[250,000] on
the 20th day of a month in which a payment is due.

 

		(c)	In the event
of the closing of an offering that raises in the aggregate $5,000,000 of gross proceeds, any balance due shall be paid off within
10 business days of the Company and the Holders’ agreement as to the final amount due and owing. In the event that such aggregate
amount of $5,000,000 of gross proceeds is achieved in one or more tranches, of at least $1,500,000, then any remaining balance
shall be paid off in a proportionate amount, which proportion shall be determined by multiplying such remaining balance by a fraction
determined by the quotient determined by dividing the amount raised, if at least $1,500,000 over $5,000,000.

 

3.       Consideration.
In consideration for this limited waiver, the Company hereby agrees to: (a) apply proceeds raised as a result of any common stock
offering that raises gross proceeds of $5,000,000 or greater1 against any accrued
interest owed; and/or (b) apply the proceeds raised as a result of any sale of assets associated with equipment previously purchased
from Dow Corning/Union Carbide Corporation on or about December 26, 2016, which assets have not previously been pledged to a lender,
or net proceeds from such sale after repayment of any existing liens on such assets.

 

4.       Expenses.
The Company shall pay or reimburse the Noteholder for its costs and expenses incurred in connection with the preparation of this
Waiver.

 

5.       Release.
If: (a) the Company fails to raise the necessary capital to maintain operations and pay the Noteholder; (b) the Company is unable
to make all interests payments due on the Note by December 31, 2018; or (c) the Company defaults on a material agreement or obligation
with a vendor of the Company, which default is a reportable event on Form 8-K, the Noteholder will be automatically and immediately
released from her Employment Agreement (Dated December 28, 2016) and any and all non-competition provisions shall be immediately
voided, unless the Noteholder and Company agree otherwise.

 

6.       Key
Man Benefit. If on or before December 31, 2018 Richard S. Geib dies then the money that Company receives from the Key Man Insurance
Policy will be used to pay any and all interest payments as well as paying the principle on the notes held by both the Noteholder
and Richard S. Geib.

 

 

1
The parties agree that this amount may be achieved in one or more tranches
of financings between the date of this Agreement and December 31, 2018.

 

    	 	2	 

     

    

  

7.       Reaffirmation.

 

(a)       The
Company hereby reaffirms all of its representations and warranties in the Transaction Documents on and as of the date hereof, as
if expressly made on and as of the date hereof.

 

(b)       The
Company hereby (i) confirms the ongoing validity of all of the obligations, undertakings, representations, and warranties, outstanding
on the date hereof and on the effectiveness of this limited waiver, (b) confirms that such obligations on the Note are owing without
reservation, defense, counterclaim or offset, (c) confirms that, after giving effect to this waiver, neither the Company nor any
subsidiary has any claims or causes of action against the Noteholder or any of its Affiliates, managers or officers, and (d) acknowledges,
confirms and agrees that none of the amendments to be effected by this waiver shall constitute a novation of Note.

 

8.       Representations
and Warranties. Noteholder and the Company hereby represents and warrants that (a) this waiver has been duly and validly authorized
by all necessary corporate or company action on such party’s part, (b) this waiver has been duly executed and delivered
by such party’s duly authorized officer, and (c) this waiver constitutes such party’s valid and binding obligation,
enforceable against such party in accordance with its terms.

 

9.      Ongoing
Force and Effect. Exceptas expressly set forth herein, all of the terms and conditions of the Note and the other Transaction
Documents remain unchanged and in full force and effect. This waiver may not be amended or modified, nor may any performance required
hereunder be waived, except pursuant to a written agreement signed by the party to be charged therewith.

 

10.     Governing
Law. This waiver shallbe governed by and construed in accordance with the laws of the State of New York, without giving
effect to conflicts of laws principles.

 

[The
remainder of this page is intentionally blank]

 

    	 	3	 

     

    

  

Kindly
confirm your agreement to the foregoing by countersigning a counterpart copy of this waiver in the space provided below.

 

	 	Very truly yours,
	 	 
	 	JENNIFER GEIB
	 	 
	 	/s/ Jennifer Geib

 

Acknowledged,
Confirmed and Agreed To:

 

	GLYECO,
    INC.	 
	 	 	 
	By:	/s/ Ian Rhodes	 
	 	Name:
    IAN RHODES	 
	 	Title:   CEO	 

 

    	 	4EX-10.1

SEPARATION AGREEMENT WITH GENERAL RELEASE OF ALL CLAIMS

This Separation Agreement With General Release of All Claims (“Agreement”) is entered into by
and between Harold C. Flynn, Jr. (“Mr. Flynn”), and Biolase, Inc., a Delaware corporation (the
“Company”), and is intended by the parties hereto to settle fully and finally any claims that Mr.
Flynn may have against the Company and all obligations of the Company to Mr. Flynn, except as set
forth in and incorporated into this Agreement.

	a.	 	Employment Separation. Mr. Flynn’s employment with the Company ended effective April
9, 2018 (the “Separation Date”). From and after the Separation Date, Mr. Flynn shall no
longer be employed by, or act in any capacity (including as a director) for, the Company, and
Mr. Flynn hereby resigns as a Director of the Company, and from all Company positions held and
on any Company subsidiary boards as of the Separation Date.

	b.	 	Termination Pay. Mr. Flynn acknowledges that he has been paid his base salary and
accrued but unused vacation through the Separation Date (“Termination Pay”). Mr. Flynn shall
submit expense reimbursement requests with suitable documentation within thirty (30) days
following the Separation Date, and the Company shall promptly process such requests in
accordance with its expense reimbursement policies.

	c.	 	Severance Payment; COBRA Premiums. In consideration for the promises contained
herein and subject to Mr. Flynn’s continued compliance with the terms and conditions of this
Agreement and his execution and non-revocation of this Agreement within the timeframe
specified herein, Mr. Flynn shall receive the following benefits:

	 	i.	 	$365,000.00, payable in equal installments, beginning on the first regular
payroll cycle following June 30, 2018 and ending on December 28, 2018, coinciding
with the Company’s regular payroll cycle;

	 	ii.	 	Subject to Mr. Flynn’s timely election of COBRA continuation coverage,
Company-paid COBRA premiums for Mr. Flynn (and his eligible dependents) under the
Company’s medical and dental benefit plans in which Mr. Flynn participated in as of
the Separation Date, for the twelve (12) month period following the Separation Date;

	 	iii.	 	The time-based stock options awarded to Mr. Flynn prior to the Separation
Date shall continue to vest according to their stated vesting schedule until the
second anniversary of the Separation Date, and upon a change of control prior to the
second anniversary of the Separation Date, the time-based options that would have
vested on or before such second anniversary shall vest and be exercisable. For the
avoidance of doubt, any stock options that are unvested following the second
anniversary of the Separation Date shall be cancelled and shall not vest. The time
to exercise Mr. Flynn’s vested stock options shall be extended to December 31, 2021,
after which such vested stock options shall lapse and shall not be exercisable by Mr.
Flynn; and

	 	iv.	 	The time-based restricted stock unit award provided to Mr. Flynn on
February 6, 2017 shall continue to vest according to its stated vesting schedule
through and including February 6, 2019 and upon a change of control prior to February
6, 2019, the time-based restricted stock unit award that would have vested on
February 6, 2019 shall vest. For the avoidance of doubt, restricted stock units that
are unvested following February 6, 2019 shall be cancelled and shall not vest.

	d.	 	Vested Retirement Benefits. Nothing in this Agreement shall limit, expand upon, or
alter in any way any vested retirement benefits that Mr. Flynn has or is entitled to receive
under any Company sponsored 401(k) or other retirement plan to which Mr. Flynn may have been
entitled to participate by virtue of his employment. Mr. Flynn’s rights and obligations shall
continue to be governed by the terms of such plans, as they presently exist or as they may
permissibly be amended, and shall be based upon his Separation Date.

	e.	 	No Other Payments. Other than whatever is specifically provided for in this
Agreement, Mr. Flynn acknowledges that there are no other sums or benefits of any nature
whatsoever due and owing to him, including without limitation any sums or benefits set forth
in that certain Employment Agreement, dated May 14, 2015, by and between the Company and Mr.
Flynn (the “Employment Agreement”), other than whatever payments or benefits are specifically
provided for and set forth in this Agreement. In consideration for this Agreement, Mr. Flynn
specifically waives any claim that he may have to any past, present, or future compensation of
any nature whatsoever arising out of his prior employment with the Company.

	f.	 	Confirmation Of Payment Of Wages. Mr. Flynn acknowledges that he has been paid all
wages due and owing to him from the Company, including all minimum wages, overtime
compensation, commissions, bonuses, waiting-time penalties, and liquidated damages.
Accordingly, Mr. Flynn understands that the release provisions below release and discharge the
Company from any and all claims that he may have against the Company for unpaid wages and
other compensation including, but not limited to, any claims for unpaid wages, salary,
bonuses, commissions, stock, stock options, vacation pay, holiday pay, sick or disability pay,
fringe benefits, expense reimbursements, severance pay, or any other form of compensation.

	g.	 	Biolase Proprietary Information. As a material inducement to Biolase to enter into
this Agreement, Mr. Flynn covenants and represents that (i) he has complied with the terms and
conditions of the Biolase Proprietary Information Agreement at all times during his employment
with Biolase; and (ii) he will continue to comply with such terms for the periods specified
therein. The terms of the Biolase Proprietary Agreement are incorporated into this Agreement
by reference and made a part hereof.

	h.	 	Continuing Obligations of Mr. Flynn. To the extent that Mr. Flynn has come into
contact with confidential or trade secret information concerning the Company and its
operations or concerning the Company’s customers, prospective customers, or projects, Mr.
Flynn will continue to protect the confidentiality of such information. In addition, Mr.
Flynn represents and warrants that, except with respect to those items communicated by the
Company to Mr. Flynn in writing (electronic mail acceptable), he has returned to the Company
and has not copied or duplicated in any manner whatsoever, all tangible and intangible
property (including, without limitation, all computer hardware, whether portable or
stationary, and software), books, records, documents and reports owned by, or pertaining to
the business of, the Company or any of the Company’s existing or prospective clients that was
in Mr. Flynn’s possession or under Mr. Flynn’s direct or indirect control as of the Separation
Date. If Mr. Flynn shall come into possession of any property (tangible or intangible),
books, records, documents or reports of the type described above after the Separation Date,
Mr. Flynn will promptly return them to the Company.

	i.	 	Complete Release. Mr. Flynn, on behalf of himself, his heirs and assigns, fully and
forever releases and discharges the Company and, as the case may be, each of its respective
employees, shareholders, officers, directors, agents, attorneys, predecessors, successors,
assigns, and affiliated corporations or organizations, whether previously or hereafter
affiliated in any manner (collectively, the “Released Company Parties”), to the fullest extent
permitted by law, from any and all claims, demands, causes of action, charges of
discrimination, obligations, damages, attorneys’ fees, costs and liabilities of any nature
whatsoever, including all claims of race, sex, national origin, religion, handicap and age
discrimination under any federal or state statute, whether or not now known, suspected or
claimed of any nature, including without limitation any claims, demands, causes of action,
charges of discrimination, obligations, damages, attorneys’ fees, costs and liabilities of any
nature in connection with the Employment Agreement, which Mr. Flynn ever had, now has, or may
claim to have as of the date of this Agreement against the Released Company Parties.

	j.	 	General Nature of Release. The Release set forth above is a general release of all
claims, demands, causes of action, obligations, damages, and liabilities of any nature
whatsoever that are described in the Release and is intended to encompass all known and
unknown, foreseen and unforeseen claims which Mr. Flynn may have against the Released Company
Parties, except that Mr. Flynn does not release any claims that may not be released herein as
a matter of law, including but not limited to claims for indemnity under Labor Code Section
2802, claims that may be adjudicated before the California Workers’ Compensation Appeals
Board, claims for vested benefits or any claims for enforcement of any other provision of this
Agreement. This Release specifically includes, without limiting the generality of the
foregoing, any claims against any Released Company Party occurring before the date of this
Agreement and arising out of or related to alleged violations of any federal or state
employment discrimination laws, including, but not limited to, the California Fair Employment
and Housing Act; the Age Discrimination In Employment Act; the Older Workers Benefit
Protection Act; Title VII of the Civil Rights Act of 1964; the Americans With Disabilities
Act; the National Labor Relations Act; the Equal Pay Act; the Employee Retirement Income
Security Act of 1974; as well as claims arising out of or related to violations of the
provisions of the California Government Code; the California Business & Professions Code,
including Business & Professions Code Section 17200 et seq.; state and federal wage and hour
laws; breach of contract; fraud; misrepresentation; common counts; unfair competition; unfair
business practices; negligence; defamation; infliction of emotional distress; invasion of
privacy; assault; battery; false imprisonment; wrongful termination; and any other state or
federal law, rule, or regulation. Mr. Flynn acknowledges that his separation and the
consideration offered hereunder were based on an individual determination and were not offered
in conjunction with any group termination or group severance program and waives any claim to
the contrary, and further acknowledges that he does not presently believe he has suffered any
work-related injury or illness.

	k.	 	Release of Unknown Claims. It is the intention of Mr. Flynn to release both known
and unknown claims of any nature whatsoever. This includes, without limitation, claims, which
Mr. Flynn does not know or suspect to exist in his favor at the time of executing this
release, even though such claims, if known by him would have materially affected his
settlement with the Company. Accordingly, Mr. Flynn expressly waives all rights under Section
1542 of the Civil Code of the State of California, which reads as follows:

“A general release does not extend to claims which the creditor does not know or suspect to
exist in his favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.”

	l.	 	Non-Disparagement; Non-Solicitation; Neutral Reference. Mr. Flynn agrees during the
term of this Agreement and for a period of ten (10) years thereafter, he shall not, in any
communication with any person or entity, including any actual or potential customer, client,
investor, vendor, or business partner of the Company, or any third party media outlet, make
any derogatory or disparaging or critical negative statements – orally, written or otherwise –
against the Company, or any of its directors, officers, agents, employees, contractors, or
affiliated persons or entities. Mr. Flynn also agrees that unless compelled by valid legal
process he will not give or offer to provide any statements, testimony or the like in
connection with any claim, action, or demand (being contemplated or) brought against the
Company which concerns the Company, his employment or the cessation of his employment with the
Company, the Company’s business practices, its customers and/or prospective customers, its
products, and/or any other aspect of the Company’s business, its directors, officers, agents,
employees, contractors, or affiliated persons or entities. Further, Mr. Flynn agrees that if
he agrees that should he be called as a witness or to provide testimony in any case, action,
and/or proceeding concerning the Company, he and/or his counsel will contact either the Chief
Executive Officer or the Secretary / General Counsel of the Company immediately, but in no
event later than ten (10) days before he is to be deposed or to testify as a witness, so that
the Company can take whatever precautionary measures it deems necessary to protect from
disclosure any of its proprietary and/or confidential information and/or documents. Executive
agrees that during the twenty-four (24) month period following the Separation Date he shall
not, directly or indirectly, through any other individual or entity, solicit any employee of
the Company, to cease his or her employment with the Company, and Mr. Flynn will not approach
any such employee for any such purpose or knowingly authorize the taking of any such action by
any other individual or entity. Mr. Flynn further agrees that for the twenty-four (24) period
following the Separation Date, Mr. Flynn shall not, without the prior written approval of the
Company, directly or, with knowledge, indirectly, through or on behalf or any other individual
or entity, solicit, entice or induce any business from any of the Company’s customers
(including actively sought prospective customers) or suppliers/vendors, the identity of whom,
or information concerning, rises to the level of a “trade secret” within the meaning of the
Uniform Trade Secrets Act (“UTSA”).

	m.	 	No Other Actions. Mr. Flynn represents and covenants that he has not filed or lodged
any complaints or charges against any of the Released Company Parties with any local, state,
or federal agency or court.

	n.	 	Risk of Different Facts. The parties to this Agreement acknowledge that they may
hereafter discover facts different from or in addition to those they now know or believe to be
true, and they expressly agree to assume the risk of the possible discovery of additional or
different facts, and agree that this Agreement shall be and remain effective in all respects
regardless of such additional or different facts.

	•	 	. No Future Actions. Mr. Flynn covenants and agrees never to commence, aid in any way,
prosecute or cause to be commenced or prosecuted any action or other proceeding based upon any
claims, demands, causes of action, obligations, damages or liabilities which are the subject
of this Agreement; provided however, that Mr. Flynn does not relinquish any
protected rights he may have to file a charge, testify, assist or participate in any manner in
an investigation, hearing or proceeding conducted by the Equal Employment Opportunity
Commission, the Office of Federal Contract Compliance, or any similar state human rights
agency. However, Mr. Flynn may not recover additional compensation or damages as a result of
such participation.

	p.	 	Twenty-One Day Consideration Period. This Agreement was originally given to Mr.
Flynn on the Separation Date. Mr. Flynn shall have twenty-one (21) days to consider this
Agreement; provided however, that if Mr. Flynn chooses to sign this Agreement
before the end of this twenty-one (21)-day period, Mr. Flynn acknowledges that he does so
knowingly and voluntarily and waives any claim that to the effect that he was not given the
full twenty-one (21) days to consider whether to sign this Agreement or did not use the entire
period of time available to consider this Agreement or to consult with an attorney.

	q.	 	Seven Day Revocation Period. Following execution of this Agreement, Mr. Flynn shall
have seven (7) days to revoke this Agreement. To be effective, the revocation must be in
writing and signed by Mr. Flynn and must be delivered to and received by the Company, before 5
p.m. local time of the 7th day. This Agreement shall become effective on the eighth (8th) day
following the execution of this Agreement (the “Effective Date”). Any revocation shall be in
writing and shall be effective upon timely receipt by the Company by: Corporate Secretary, c/o
Legal Department, Biolase, Inc., 4 Cromwell, Irvine, California, 92618.

	r.	 	Non-Assignment of Claim. Mr. Flynn warrants that he has made no assignment and will
make no assignment of any claim, chose in action, right of action, or any right of any kind
whatsoever, embodied in this Agreement and referred to herein, and that no other person or
entity of any kind (other than as expressly mentioned above) had or has any interest in any of
the demands, obligations, actions, causes of action, debts, liabilities, rights, contracts,
damages, attorneys’ fees, costs, expenses, losses or claims referred to herein.

	s.	 	Successors and Assigns. This Agreement, and all the terms and provisions hereof,
shall be binding upon and shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors and assigns.

	t.	 	Assistance of Counsel. Mr. Flynn acknowledges that he has been advised to consult
with counsel of his choosing before entering into this Agreement. The parties specifically
represent that they either have consulted to their satisfaction with their attorneys, or have
elected on their own accord not to seek legal counsel, prior to executing this Agreement
concerning the terms and conditions of this Agreement.

	u.	 	Interpretation. Should any portion, word, clause, phrase, sentence or paragraph of
this Agreement be declared void or unenforceable, such portion shall be considered independent
and severable from the remainder, the validity of which shall remain unaffected. Whenever
required by the context, as used in this Agreement the singular number shall include the
plural, and the masculine gender shall include the feminine and neuter.

	v.	 	Entire Agreement. This Agreement constitutes the entire agreement between the
parties who have executed it and supersedes any and all other agreements, understandings,
negotiations, or discussions, either oral or in writing, express or implied, between the
parties to this Agreement. The parties hereto acknowledge that no representations,
inducements, promises, agreements, or warranties, oral or otherwise, have been made by them,
or anyone acting on their behalf, which are not embodied in this Agreement, that they have not
executed this Agreement in reliance on any such representations, inducements, promise,
agreement or warranty, and that no representation, inducement, promise, agreement or warranty
not contained in this Agreement, including, but not limited to, any purported supplements,
modifications, waivers or terminations of this Agreement shall be valid or binding, unless
executed in writing by all of the parties to this Agreement.

	w.	 	Governing Law. This Agreement shall be enforced and governed under the laws of the
State of California without reference to its choice of law provisions.

	x.	 	Knowing and Voluntary Agreement. This Agreement in all respects has been voluntarily
and knowingly executed by the parties hereto.

	y.	 	Counterparts. This Agreement may be executed in counterparts, and when each party
has signed and delivered at least one such counterpart, each counterpart shall be deemed an
original, and, when taken together with other signed counterparts, shall constitute one
agreement, which shall be binding upon and effective as to all parties.

	z.	 	No Waiver. Failure to insist on compliance of any term, covenant or condition
contained in this Agreement shall not be deemed a waiver of that term, covenant, or condition,
nor shall any waiver or relinquishment of any right or power contained in this Agreement at
any one time or more times be deemed a waiver or relinquishment of any right or power at any
other time or times.

	aa.	 	Arbitration. Any disputes concerning this Agreement or otherwise arising out of this
Agreement or Mr. Flynn’s employment or termination that the parties are unable to resolve
among them shall be submitted to final and binding arbitration in Orange County, California at
and under the rules of the Judicial Arbitration and Mediation Service (“JAMS”); provided that
nothing in this provision shall prevent the Company from seeking injunctive relief in any
Court of competent jurisdiction.

	bb.	 	Section 409A. The payments to Mr. Flynn pursuant to this Agreement are intended to
be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, to the maximum
extent possible, under either the separation pay exemption pursuant to Treasury regulation
§1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation
§1.409A-1(b)(4), and for such purposes, each installment paid to Mr. Flynn under this
Agreement shall be considered a separate payment. In the event the terms of this Agreement
would subject Mr. Flynn to taxes or penalties under Section 409A of the Code (“409A
Penalties”), the Company and Mr. Flynn shall cooperate diligently to amend the terms of the
Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event
shall the Company be responsible for any 409A Penalties that arise in connection with any
amounts payable under this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Separation Agreement and General
Release of All Claims on the date(s) set forth hereinafter.

	 	 	 	 	 
	Dated: April 30, 2018
	 	By:
	 	/s/ Harold C. Flynn, Jr

	 	 	 	 	 

	 	 	 	 	HAROLD C. FLYNN, JR.

	 	 	 	 	BIOLASE, INC.

	Dated: April 9, 2018
	 	By:
	 	/s/ Jonathan T. Lord, M.D.

	 	 	 	 	 

	 	 	 	 	Jonathan T. Lord, M.D.

	 	 	 	 	Chairman of the Board

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