Document:

Ex 10.2 Jun 2015 Security Agreement

Exhibit 10.2

SECURITY AGREEMENT
Spire Corporation, a Massachusetts corporation, having a principal place of business at One Patriots Park, Bedford, MA 01730 (“Borrower”), for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby grants to Roger G. Little, an individual with a notice address of c/o Blouin & Company, Inc., 2020 Commonwealth Ave.  Suite 200, Newton, MA 02466 (“Lender”), a first lien and security interest in all of Borrower’s right, title and interest in and to the Collateral, as hereinafter defined, as security for the payment and performance of any and all liabilities and obligations of Borrower to Lender pursuant to a certain Secured Promissory Note dated the date hereof in the principal amount of $250,000 (the “Note”).  The liabilities and obligations so secured are hereafter referred to as “Obligations”.
		
	1.
	DEFINITION OF COLLATERAL.  As used herein, the term “Collateral” shall mean:

		
	(a)
	all machinery, apparatus, equipment, fittings, furniture, fixtures, motor vehicles and other tangible personal property (other than Inventory) of every kind and description used in Borrower’s operations or owned by Borrower or in which Borrower has an interest, whether now owned or hereafter acquired by Borrower and wherever located, and all parts, accessories and special tools and all increases and accessions thereto and substitutions and replacements therefor, except: (i) equipment, if any, leased or financed by DeLage Landon Financial Services, Inc., pursuant to contract no. 24995042, together with all additions, attachments, accessories and substitutions to or for the same and all proceeds of the foregoing; and (ii) Solar Plasma System, model 660 and Stringer 8000, together with any derivative or consequential results therefrom including monies paid on account thereof, or proceeds or assets consequential therefrom (“Equipment”);

		
	(b)
	all of Borrower’s inventory, whether now owned or hereafter acquired including, but not limited to, all goods intended for sale or lease by Borrower, or for display or demonstration; all work in process; all raw materials and other materials and supplies of every nature and description used or which might be used in connection with the manufacture, printing, packing, shipping, advertising, selling, leasing or furnishing of such goods or otherwise used or consumed in Borrower’s business; and all documents evidencing and General Intangibles relating to any of the foregoing, whether now owned or hereafter acquired by Borrower (the “Inventory”);

		
	(c)
	all accounts, contract rights, letters of credit, bankers’ acceptances and guaranties whether now owned or hereafter created or acquired by Borrower or in which Borrower now has or hereafter acquired any interest (the “Accounts”), except accounts receivable and claims for payment on account thereof, as against any person or entity that received products or services from Borrower;

		
	(d)
	all personal property of Borrower (including, without limitation, tax and duty refunds, registered and unregistered patents, trademarks, service marks, copyrights, trade names, applications for the foregoing, trade secrets, good will, processes, licenses whether as licensee or licensor, choses in action and other claims and existing and future leasehold interests in equipment, real estate and fixtures and all things in action) other than goods, Accounts, chattel paper, documents, instruments and Investment Property, whether now owned or hereafter created or acquired by Borrower (“General Intangibles”);

		
	(e)
	all investment property, financial assets, certificated and uncertified securities, securities accounts, securities entitlements, commodities contracts and commodities accounts of the Borrower, whether now owned or hereafter acquired or created by Borrower (“Investment Property”);

		
	(f)
	all chattel paper, documents and instruments as defined in the Uniform Commercial Code as adopted and in force in the Commonwealth of Massachusetts, as from time to time in effect;

		
	(g)
	all liens, security interests, rights, remedies and interests in respect of Accounts and other Collateral;

		
	(h)
	all accessions to, substitutions for and all replacements, products and cash and non-cash proceeds of (a) through (g) above, including, without limitation, proceeds of and unearned premiums with respect to insurance policies insuring any of the Collateral; and

		
	(i)
	all books and records (including, without limitation, customer lists, credit files, computer programs, files, print-outs, and other computer materials and records) of Borrower pertaining to any of (a) through (h) above.

		
	(j)
	all of Borrower’s rights in, to and under policies and certificates of insurance, arising out of any of the Collateral, including claims or rights to payment and all proceeds, refunds and premium rebates, including without limitation, proceeds of fire, theft or any other physical damage or loss, and credit insurance; and

		
	(k)
	all rights, remedies, guaranties, and privileges pertaining to any of the foregoing.

The term “Property” as used herein, means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

		
	2.
	REPRESENTATIONS, WARRANTIES, AND COVENANTS OF BORROWER.  Borrower hereby represents and warrants to Lender as follows:

(a)Borrower’s place of business shall be located at the address shown at the beginning of this Agreement.  All the Collateral and records relating thereto shall be kept at Borrower’s place of business.  Borrower will not remove any of the Collateral and will not change its place of business, without giving prior written notice to Lender and prior to the execution and delivery to Lender of new financing statements, in form satisfactory to Lender, reflecting such new address.

(b)Borrower is the owner of the Collateral free from any adverse lien, security interest or encumbrance and Borrower will defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein.

(c)Borrower will at all reasonable times and from time to time allow Lender or any of Lender’s agents, employees, attorneys or accountants, to examine and inspect and make extracts from the books and other records of Borrower relating to the Collateral.

(d)Borrower shall execute and deliver to Lender such financing statements and amendments thereto or other instruments, all in form satisfactory to Lender, as Lender may from time to time require to comply with the provisions of the Uniform Commercial Code or other applicable laws relating to security interests, and in order to perfect and maintain the priority of the interest of Lender.  Lender may file, as a financing statement, a photographic or other reproduction of this Agreement.

(e)Borrower will not create, grant or suffer to exist any pledge, mortgage, other security interest, lien or encumbrance upon or in respect of any of the Collateral except in favor of Lender.  Except in connection with such purchase money security interests, Borrower will not join in any financing statement or other notice filing except with Lender.

(f)Lender shall be under no obligation to take steps necessary to preserve rights in any Collateral against prior parties but may do so at its option.  After the occurrence and during the continuance of any Event of Default (as defined in Section 5), Lender may at any time take control of any proceeds of Collateral to which Lender is entitled hereunder or under applicable law.

(g)Borrower will not sell, lease, assign, transfer or otherwise dispose of any portion of the Collateral except in transactions in the ordinary course of business.

(h)So long as Borrower shall be indebted to Lender, Borrower shall keep the Collateral insured by reputable insurance companies authorized to transact business in Massachusetts covering such risks and in such amounts as is customarily carried by companies engaged in similar businesses and owning similar properties in the same general areas in which Borrower operates and, upon the request of Lender, shall provide Lender with copies of the applicable insurance policies or certificates thereof.

(i)Borrower will keep the Collateral in good order and repair and will not use the same in violation of law or any policy of insurance thereon.

3.ADDITIONAL COVENANTS OF THE BORROWER.  Borrower covenants and agrees with Lender that until the Note has been paid in full, the Borrower will perform and observe the following additional covenants:

(a)Payment of Taxes.  Pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits or business, or upon any properties belonging to it in accordance with its agreements with the applicable authorities, prior to the date on which penalties attach thereto, and all lawful claims that, if unpaid, might become a lien or charge upon any of the Collateral, provided that Borrower shall not be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith and by appropriate proceedings if Borrower shall have set aside on its books sufficient reserves with respect thereto.

(b)Preservation of Corporate Existence, etc.  Preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business and operations or the ownership or lease of its properties.  Preserve and maintain all required licenses and authorizations, including state regulatory authorizations.

(c)Distributions.  Borrower will not declare or pay any dividends, or redeem, retire, or otherwise acquire for value any of its capital stock (or rights, options or warrants to purchase such shares) now or hereafter outstanding, return any capital to its stockholders as such, or make any distribution of assets to its stockholders as such.

4.EVENTS OF DEFAULT.  All Obligations shall, at the option of Lender, become immediately due and payable, without presentment, demand, protest or notice, upon the occurrence of an event of default under the Note or upon any other failure of Borrower to pay or perform any obligation to Lender under the Note or this Agreement (an “Event of Default”).

5.REMEDIES.  Upon the occurrence of any Event of Default, and at any time thereafter, Lender shall have the rights and remedies of a lender under the Uniform Commercial Code in addition to the rights and remedies provided herein, in the Note, or in any other instrument or paper executed by Borrower and all other rights and remedies available to a Lender at law or in equity.  Borrower agrees to pay on demand all costs and expenses (including reasonable attorneys’ fees) incurred or paid by Lender in enforcing the Obligations.  Borrower hereby irrevocably appoints Lender the true and lawful attorney for Borrower with full power of substitution, in the name of Lender or in the name of Borrower or otherwise, for the sole benefit of Lender but at the sole expense of Borrower, in the event of a default hereunder:  (a) to demand, collect, receive payment of, receipt for, settle, compromise or adjust, and give discharges and releases in respect of the Collateral; (b) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral and to enforce any other rights in respect thereof; (c) to settle, compromise or adjust any suit, action or proceeding described in clause (b) above and, in connection therewith, to give such discharges or releases as Lender may deem appropriate; (d) to endorse checks, notes, drafts, acceptances, money orders or other instruments or documents evidencing or securing the Collateral.  The powers conferred on Lender by this Agreement are solely to protect the interest of Lender and shall not impose any duty upon Lender to exercise any such power, and if Lender shall exercise any such power, he shall be accountable only for 

amounts that he actually receives as a result thereof and shall not be responsible to Borrower except for willful misconduct.

6.WAIVER.  No failure or delay on the part of Lender in exercising any of his rights or remedies hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or remedy preclude any other or future exercise thereof or of any other right or remedy.  All rights and remedies under this Agreement are cumulative, and shall not be exclusive of any rights and remedies otherwise available.  No waiver by Lender of any default by Borrower shall be effective unless in writing.  Borrower waives demand, notice, protest, notice of acceptance of this Agreement, notice of extensions of credit, Collateral received or delivered or other action taken in reliance hereon.  Borrower assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of any of the Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereof and the settlement, compromise, adjustment or discharge of any thereof, all in such manner and at such time or times as Lender may deem advisable, without affecting the Obligations of Borrower hereunder in any manner.

7.PROTECTION OF COLLATERAL.  In the absence of willful misconduct, Lender shall have no duty as to the collection or protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of any rights pertaining thereto beyond the safe custody of the Collateral in the possession of Lender.  Lender may exercise its rights with respect to the Collateral without resort or regard to other collateral or sources of payment or reimbursement for the Obligations of Borrower.

8.FURTHER ASSURANCES.  Borrower shall execute and deliver to Lender any and all writings and do any and all things reasonably requested by Lender to carry into effect the provisions and intent of this Agreement.  Without limiting the foregoing, Borrower will take all actions necessary to assign its contract rights to Lender or any other purchaser by or through Lender following an Event of Default.

9.ENFORCEMENT COSTS.  Borrower shall be obligated to pay to or reimburse Lender for all costs incurred or paid by Lender, including reasonable attorneys’ fees, in connection with the enforcement of its rights under this Agreement.

10.NOTICES.  Any demand upon, or notice to, Borrower that Lender may elect to give shall be in writing and delivered personally, via overnight priority U.S. mail or a nationally recognized overnight courier, and deemed delivered the first business day following the date of mailing if not personally delivered, to the address shown at the beginning of this Agreement or as modified by any notice given after the date hereof.

11.BINDING AGREEMENT.  The Agreement shall bind Borrower and Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns.

12.GOVERNING LAW.  This Agreement and all rights and obligations hereunder, including matters of construction, validity and performance, shall be governed by the laws of the Commonwealth of Massachusetts without regard to choice or conflict of law principles.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, Borrower has caused this Agreement to be signed in its name by its duly authorized officer as of the date first written above.
                        
BORROWER
SPIRE CORPORATION

By:     /s/ Rodger W. LaFavre     
Name:    Rodger W. LaFavre
Title:    President & CEO

Accepted and agreed by:            LENDER

 /s/ Roger G. Little                       
Roger G. Little    

[SIGNATURE PAGE TO SECURITY AGREEMENT]Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (this
“Agreement”) is made and entered into as of June 19, 2015 by and Second Sight Medical Products, Inc., a California
corporation (“Company”) and Will McGuire (“Executive”), whose address [___________________________],
with reference to the following:

 

A.           Second
Sight Medical Products is a medical device company that is in the business of developing, manufacturing, and marketing implantable
prosthetic devices to restore functional vision to blind patients.

 

B.           Executive
is a professional manager with multiple years of senior experience in operating medical device companies.

 

C.           Company
desires to employ and retain services of the Executive and Executive desires to render his services to the Company on the terms
and subject to the conditions provided herein.

 

NOW, THEREFORE, in
consideration of the various covenants and agreements hereinafter set forth and for such other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Company and Executive hereby agree as follows:

 

1.            At-Will
Employment. 

 

1.1          At-Will.
Subject to the provisions of this Section 1.1,

 

		(a)	Company hereby employs Executive and Executive accepts such employment on an at-will basis which
means that either party can terminate the employment relationship at any time with or without cause. Executive’s start date
shall commence as soon as possible, but no later than August 18, 2015.

 

		(b)	Executive’s employment with Company is contingent upon a successful completion of a background
screening and post-employment drug screen, along with Executive’s ability to meet the requirements of the Immigration Reform
and Control Act (1996). In order to comply with this legal obligation, Executive must provide proof of his eligibility to work
legally in the United States of America and complete an Employment Eligibility Verification form (I-9) within three days of hire.

 

2.           Titles
and Responsibilities; Exclusivity. 

 

2.1          Title
and Responsibilities.

 

(a)          Executive
shall serve as Chief Executive Officer of Company and shall report to the Board of Directors (the “Board”) of
the Company or such other person or persons as may be designated by the Board.

 

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(b)          Subject
to applicable law and except to the extent (if at all) as may be otherwise set forth herein, the “Articles” or “Bylaws”
of Company (with the Articles and Bylaws, the “Company Governing Documents”) Executive shall have: (i)
all executive powers and authority which are necessary to enable him to discharge his duties as Chief Executive Officer of
Company and (ii) all authority and discretion with respect to the day to day management and operations of
Company.

 

(c)          Subject
to applicable law and except to the extent (if at all) otherwise set forth in the Company Governing Documents, Executive
shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of Company,
to make all decisions regarding those matters, to perform any and all other acts or activities customary or incident to the management
of Company’s business and to cause all of the foregoing through Company’s officers, employees or agents.

 

2.2          Exclusivity.
Executive shall in good faith and consistent with his ability, experience and talent perform his duties, and shall devote all of
his business time and efforts to the performance of such duties; provided, however, that Executive may, so long as
such activities do not interfere or conflict with Executive’s duties hereunder, (i) devote time to his personal investments;
(ii) serve on the boards of, and otherwise render services to, non-profit, civic, charitable or political businesses or organizations;
(iii) serve on the boards of for-profit businesses or organizations, so long as (A) such business or organization is not engaged
in activities competitive with Company’s business, (B) Executive notifies Company in writing of each such board on which
Executive is serving and (C) such business or organization fully indemnifies Executive for his acts and omissions committed while
serving as a director thereof; and (iv) continue to provide services to those entities set forth on Schedule A attached hereto
(the “Approved Entities”) to the extent and limit that Executive previously provided such services, but only
to the extent the provision of such services is not in conflict with, in derogation of or in interference with, in any way, Executive’s
duties and responsibility to the Company, as shall be determined by Company (all of the foregoing clauses (i) through (iv) being,
the “Approved Activities”). Schedule B attached to this Agreement shall also contain: (v) holdings of at least
5% or more that Executive beneficially owns or controls directly or indirectly in any company whose shares are eligible to trade
in any domestic or foreign securities market; (vi) any holding that Executive beneficially owns or controls directly or indirectly
in any other company or enterprise; and shall also set forth (vii) all activities, work or consulting not set forth on Schedule
A that Executive performs for others. Executive will promptly notify the Board of the Company and the Board of Company of any changes
or modifications to the foregoing as they occur, but in any event not later than fifteen (15) days thereafter (the foregoing clauses
(v) through (vii) being, the “Noticed Holdings and Payments”).

 

3.            Compensation
and Benefits. Company shall pay and/or provide the following compensation and benefits to Executive during the term hereof,
and Executive shall accept the same as payment in full for all services rendered by Executive, in his capacity as an officer of
Company, to or for the benefit of Company: 

 

3.1          Annual
Salary. A salary of $390,000 per annum during the period of Executive employment. Initial Term of this Agreement (the “Salary”).
Company will pay the Salary to Executive semi-monthly for a total of 24 payments of $16,250 per annum in accordance with the payroll
practices of Company in effect from time to time.

 

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3.2          Restricted
Stock Units. Executive will be issued 190,000 shares of Restricted Stock Units (“RSU”) which will have the same
vesting as the current stock option plan described in Section 3.3 below.

 

3.3          Options.
Upon Company’s Board of Directors (the “Board”) approval, Executive will be issued an option to purchase 420,000
shares of Company’s common stock according to the Company’s equity incentive plan. The strike price of these options
will be based on the closing price of Company’s stock on Nasdaq at the close of business the day prior to Executive’s
official start date. The options will vest twenty five percent (25%) on the first anniversary of the grant date, and thereafter
in twelve equal installments of six and one quarter percent (6.25%) on the next twelve quarterly anniversaries of the grant date.

 

3.4          Bonus.
Executive shall be eligible to receive a bonus each year, with the amount of such bonus to be determined in the Board’s sole
discretion, as further noted below in Section 3.5.

 

3.5          Benefit
Package. Executive shall be entitled to the following benefits:

 

		·	Three weeks paid vacation annually, which is based on an accrual basis

		·	Paid sick time (not to exceed [ ] days per year)

		·	Ten paid holidays per calendar year

		·	Paid life insurance in the amount of $300,000

		·	Short and long-term disability insurance

		·	401K tax-sheltered Savings Plan

		·	Group health, dental and vision insurance for Executive and Executive’s eligible dependents
paid with employer and employee contributions

		·	Voluntary Employee Stock Purchase Plan

		·	Executive Insured Medical Reimbursement Plan

		·	Tuition reimbursement in furthering Executive’s education along certain professional related
lines that support continuing management skills and further leadership development

		·	A flexible spending account – Executive may elect to participate in one or more of the account
options offered: before tax insurance premiums, health spending account and/or dependent or elder care spending account

		·	Executive will be eligible to participate in the Company’s annual bonus program. Executive
will be eligible for an annual cash bonus of up to 50% of the Salary, or a portion thereof, depending on whether Company goals
are met at end of calendar year. For 2015, the bonus will be pro-rated based on the number of months the Executive provides his
professional services to the Company. The bonus incentive program is provided at the discretion of the Board and may be changed
or otherwise modified at any time.

		·	Commuting - Company will reimburse Executive for reasonable commuting costs (car mileage and hotel/apartment)
for up to one year.

		·	Relocation – Company will reimburse Executive for reasonable relocation costs (including real
estate and moving expenses) for up to one year.

 

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All compensation payable to Executive hereunder
shall be subject to such deductions as Company is from time to time required to make pursuant to law, governmental regulations
or order. All items covered in this Section 3.5 are subject to change on an annual basis, except that the bonus incentive program
is made available at the discretion of the Board and may be changed or modified at any time.

 

4.            Representations
and Warranties. Executive represents and warrants to Company that (a) Executive is under no contractual or other restriction
or obligation which is inconsistent with the execution of this Agreement, the performance of his duties hereunder, or the other
rights of Company or hereunder, (b) Executive is under no physical or mental disability that would hinder the performance of his
duties under this Agreement, and (c) this Agreement constitutes the valid and binding obligation of Executive, enforceable by Company
and against Executive in accordance with its terms (subject to laws in effect with respect to creditors’ rights generally
and applicable principles relating to equitable remedies). Company represents and warrants to Executive that (a) the execution
and delivery of this Agreement by Company and the performance of its obligations hereunder have been duly authorized by Company
and no further action on Company’s part is necessary to authorize this Agreement and the performance of such obligations,
and (b) this Agreement constitutes the valid and binding obligation of Company, enforceable by Executive against Company in accordance
with its terms (subject to laws in effect with respect to creditors’ rights generally and applicable principles relating
to equitable remedies). 

 

5.            Insurance
and Indemnification. 

 

5.1          D&O
Insurance. Company shall, at its cost, provide insurance coverage to Executive with respect to (i) director’s and officer’s
liability, (ii) errors and omissions and (iii) general liability.

 

5.2          Indemnification.
Company shall indemnify Executive and hold him harmless from and against any and all costs, expenses, losses, claims, damages,
obligations or liabilities (including actual attorneys fees and expenses) arising out of or relating to any acts, or omissions
to act, made by Executive on behalf of or in the course of performing services for Company to the full extent permitted by the
Company to other officers and directors as in effect on the date of this Agreement, provided that the indemnity afforded by the
Company shall never be greater than that permitted by applicable law. If any claim, action, suit or proceeding is brought, or claim
relating thereto is made, against Executive with respect to which indemnity may be sought against Company pursuant to this section,
Executive shall notify Company in writing thereof, and Company shall have the right to participate in, and to the extent that it
shall wish, in its discretion, assume and control the defense thereof, with counsel satisfactory to Executive.

 

6.            Termination.

 

6.1          Termination
by Company without Cause. Company may terminate Executive’s employment with or without Cause (as defined in Section 6.2
below) at any time during the period of Executive’s employment. If Company terminates Executive’s employment without
Cause, Company shall, immediately after the Termination Date (as defined in Section 6.6 below), continue to pay to Executive his
Salary for a period of 12 months following such termination and his pro-rated target bonus through the balance of the calendar
year in which such termination of Executive occurs ("Severance Payments"). Severance Payments made to Executive shall
be in addition to any other benefits earned by Executive or to which Executive was entitled prior to such termination without Cause
including pro-rated bonus.

 

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6.2          Termination
for Cause. Termination for “Cause” shall mean termination because of Executive’s (a) willful misconduct
or habitual neglect in the performance of his duties under this Agreement, (b) conviction for any felony involving fraud, dishonesty
or moral turpitude, (c) material breach of any material provision of this Agreement that remains uncured ten (10) days following
receipt by Executive from Company of written notice thereof, unless such breach is of a kind not susceptible to cure within such
ten (10) day period, in which case Executive shall have used his commercially reasonable effort to commence cure of such breach
within such ten (10) day period and shall have cured such breach no later than the thirtieth (30th) day following receipt by Executive
of such written notice, (d) material violation of Company’s policies, the violation of which by other management employees
would be grounds for termination of such other management employees, and that remains uncured ten (10) days following receipt by
Executive from Company of written notice thereof, unless such violation is of a kind not susceptible to cure within such ten (10)
day period, in which case Executive shall have used his commercially reasonable effort to commence cure of such violation within
such ten (10) day period and shall have cured such violation no later than the thirtieth (30th) day following receipt by Executive
of such written notice, (e) Executive’s conviction by, or entry of a plea of guilty or nolo contendere in, a court of competent
and final jurisdiction for any felony which would materially and adversely interfere with Executive’s ability to perform
his services under this Agreement, (f) Executive’s perpetration of an intentional and knowing fraud against or affecting
Company, or any customer, agent, or employee thereof, or (g) material dishonesty, moral turpitude, fraud or misrepresentation with
respect to his material duties under this Agreement. For purposes hereof, no act or failure to act on Executive’s part shall
be “willful” unless done or omitted not in good faith and without actual belief that the action or omission was in
the best interest of Company. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless
and until there shall have been delivered to him a notice of termination which shall include a statement to the effect that Executive
was guilty of conduct justifying termination for Cause and specifying the particulars thereof in detail. Executive shall not have
the right to receive compensation or other benefits for any period after termination for Cause which have not vested or been earned
as of the Termination Date. Executive shall have the right to receive compensation or other benefits which have already vested
or been earned as of the Termination Date for Cause, unless payment of such compensation or benefits is expressly prohibited by
the terms of any plan, program or agreement governing such compensation or benefits.

 

6.3          Termination
by Executive. If Executive terminates his employment with Company for any reason other than the reasons set forth in Section
6.3 hereof or Executive’s employment is terminated as a result of his death, Company shall pay to Executive, or in the event
of his death, his beneficiary or beneficiaries or his estate, as the case may be, the Salary and prorated annual bonus, less taxes
required to be withheld and other applicable withholdings, earned but unpaid pursuant to Sections 3.1 or 3.4 hereof through the
Termination Date and the value of any earned but unused vacation time due to Executive at the Termination Date. Any such payments
due Executive, under this Section 6.3 shall be paid on the Termination Date, unless the termination of Executive's employment was
due to his death, in which case, such payment shall be made no later than thirty (30) days after the Termination Date. Executive,
or, in the event of Executive's death, Executive's beneficiary or beneficiaries, shall not have the right to receive compensation
or other benefits for any period after the Termination Date which have not vested or been earned as of the Termination Date. Executive,
or, in the event of Executive's death, Executive's beneficiary or beneficiaries, shall have the right to receive compensation or
other benefits which have already vested or been earned as of the Termination Date, unless payment of such compensation or benefits
is expressly prohibited by the terms of any plan, program or agreement governing such compensation or benefits.

 

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6.4          Termination
for Disability. If Executive becomes subject to a mental or physical condition that, in the opinion of the Board, with or without
reasonable accommodation, renders Executive unable or incompetent to carry out his work responsibilities or duties which Executive
had at the time such condition was incurred, (i) which has existed for at least 45 days and (ii) which in the opinion of a physician
selected by the Board may be expected to last for an indefinite duration or for a duration in excess of three (3) months (a “Disability”),
Company may terminate Executive’s employment hereunder as of the Termination Date specified in a written notice of termination
from Company to Executive. If Executive’s employment is terminated by Company pursuant to this Section 6.4, Company promptly
following the Termination Date shall pay to Executive, less taxes required to be withheld and other applicable withholdings, the
Salary through the Termination Date and any earned but unused vacation time due to Executive at the Termination Date. In addition,
Executive shall be entitled to receive benefits based on Company’s applicable disability plans then in effect. Executive
shall not have the right to receive compensation or other benefits for any period after the Termination Date which have not vested
or been earned as of the Termination Date. Executive shall have the right to receive compensation or other benefits which have
already vested or been earned as of the Termination Date, unless payment of such compensation or benefits is expressly prohibited
by the terms of any plan, program or agreement governing such compensation or benefits.

 

6.5          Termination
on Change of Control.

 

In the event of a Change
of Control of the Company (as defined below) during period of Executive’s employment, the Executive shall be entitled to
the benefits set forth in Section 6.1 above. For purposes of this Agreement, a “Change in Control” of Company
shall mean:

 

		a.	any “person” (as the term is used in Rule 13d-5 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or “group” (as defined in Sections 3(a)(9) and 13(d)(3) of the
Exchange Act), other than an Affiliate or any employee benefit plan (or any related trust) of Company or a subsidiary, becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities
of Company, representing 50% or more of Company's outstanding voting securities entitled to vote generally in the election of directors
of Company; or

 

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		b.	the consummation of (A) a merger, consolidation or reorganization to which Company is a party,
whether or not Company is the entity surviving or resulting therefrom, or (B) a sale or other disposition of all or substantially
all of the assets of Company, in one transaction or a series of related transactions, to any person other than Company or an Affiliate
of Company; provided, however, that no such consummation will constitute a Change of Control pursuant to this clause (ii) if persons
who were stockholders of Company immediately before the consummation of the transaction are the beneficial owners immediately following
the consummation of the transaction, of more than 50% of the combined voting power of the then outstanding voting securities of
the person surviving or resulting from any merger, consolidation or reorganization referred to in clause (ii)(A) or the person
to whom the assets of Company are sold, assigned or disposed of in any transaction or series of transactions referred to in clause
(ii)(B), in substantially the same proportions as immediately prior to such consummation.

 

		c.	For purposes of this Agreement, an “Affiliate” of a person or entity means a
person (or relative of a person) or entity that owns or controls, is owned or controlled by, or is under common control with such
person or entity.

 

6.6          Termination
Date. Any termination of Executive’s employment hereunder pursuant to this Article 6, other than a termination as a result
of Executive’s death, shall be effected by written notice of termination. Any written notice of termination shall indicate
the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provisions so indicated. The effective date
of any such termination (the “Termination Date”) shall be as follows: in the event of a termination due to Executive’s
death, the date of such death. In the event of termination for any reason other than Executive’s death, the date specified
in the written notice of termination which in no event shall be prior to the date of delivery of such notice.

 

7.            Confidentiality.

 

7.1          Nondisclosure.
Executive acknowledges that in the course of employment with Company, Executive will have access to and will learn confidential
information concerning Company and its Affiliates. Confidential information includes, but is not limited to: (a) information
about Company’s and its Affiliates' customers and suppliers, the terms and conditions under which Company or its Affiliates
deal with customers and suppliers, pricing information, financing arrangements, research materials, manuals, computer programs,
techniques, data, marketing plans and tactics, technical information, lists of asset sources, the processes and practices of Company
and its Affiliates, all information contained in electronic or computer files, all financial information, salary and wage information,
and any other information that is designated in writing by Company or its Affiliates as confidential or that Executive knows or
should know is confidential; (b) information provided by third parties that Company or any of its Affiliates is obligated
to keep confidential; and (c) all other proprietary information of Company or any of its Affiliates. Executive acknowledges
that all confidential information is and shall continue to be the exclusive property of Company, whether or not prepared in whole
or in part by Executive and whether or not disclosed to or entrusted to Executive in connection with employment by Company. Executive
agrees not to disclose confidential information, directly or indirectly, under any circumstances or by any means, to any third
persons without the prior written consent of Company. Executive agrees that he will not copy, transmit, reproduce, summarize, quote,
or make any commercial or other use whatsoever of confidential information, except as may be necessary to perform work done by
Executive for Company. Executive agrees to exercise the highest degree of care in safeguarding confidential information against
loss, theft or other inadvertent disclosure and agrees generally to take all steps necessary or requested by Company to ensure
maintenance of the confidentiality of the confidential information. Executive agrees in addition to the specific covenants contained
herein to comply with all of Company’s policies and procedures for the protection of confidential information.

 

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7.2          Exclusions.
Section 7.1 shall not apply to the following information: (a) information previously, now or hereafter voluntarily disseminated
by Company or its Affiliates to the public or which otherwise becomes part of the public domain through lawful means; (b) information
known to Executive prior to Executive’s employment with Company; (c) information received by Executive from third parties
not known by Executive to be subject to a confidentiality agreement with Company or its Affiliates; or (d) information which
is not principally derived from the business plans and activities of Company or its Affiliates.

 

7.3          Confidential
Proprietary and Trade Secret Information of Others. Executive represents that he has disclosed to Company any agreement to
which Executive is or has been a party regarding the confidential information of others and Executive understands that Executive’s
employment by Company will not require Executive to breach any such agreement. Executive will not disclose such confidential information
to Company nor induce Company to use any trade secret proprietary information received from another under an agreement or understanding
prohibiting such use or disclosure.

 

7.4          No
Unfair Competition. Executive hereby acknowledges that the sale or unauthorized use or disclosure of any of Company’s
or its Affiliates' confidential information (as described in Section 7.1 above) obtained by Executive by any means whatsoever,
at any time before, during, or after the Term shall constitute unfair competition. Executive shall not engage in any unfair competition
with Company or its Affiliates either during his employment at the Company or at any time thereafter.

 

8.           Company’s
Ownership in Employee’s Work. 

 

8.1          Company’s
Ownership. Executive agrees that all inventions, discoveries, improvements, trade secrets, formulae, techniques, processes,
and know-how, whether or not patentable, and whether or not reduced to practice, that are conceived or developed during Executive’s
employment with Company, either alone or jointly with others, that are conceived or developed on Company’s time and using
Company’s facilities, and that relate to Company shall be owned exclusively by Company, and Executive hereby assigns to Company
all Executive’s right, title, and interest in all such intellectual property. Executive agrees that Company shall be the
sole owner of all domestic and foreign patents and all rights pertaining thereto, and further agrees to execute all documents that
Company reasonably determines to be necessary or convenient for use in applying for, prosecuting, perfecting, or enforcing patents
or other intellectual property rights, including, without limitation, the execution of any assignments, patent applications, or
other documents that Company may reasonably request. This provision is intended to apply only to the extent permitted by applicable
law.

 

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8.2          Return
of Company’s Property and Materials. Upon termination of employment with Company, Executive shall deliver to Company
all Company property and materials that are in Executive’s possession or control, including all of the information described
as confidential information pursuant to this Agreement and including all other information relating to any inventions, discoveries,
improvements, trade secrets, formulae, processes, or know-how of Company.

 

8.3          Ventures.
If Executive, during employment with Company, is engaged in or associated with the planning or implementation of any project, program,
or venture involving Company and any third parties, all rights in the project, program, or venture shall belong to Company, and
Executive shall not be entitled to any interest therein or to any commission, finder's fee, or other compensation in connection
therewith other than the salary and other benefits to be paid or provided to Executive as provided in this Agreement.

 

9.            General
Relationship. Executive shall be considered an employee of Company within the meaning of all federal, state and local laws
and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation,
industrial accident, labor and taxes.

 

10.          Non-Solicitation.

 

10.1        Executive
agrees, in consideration of Company agreeing to obligate itself to make the Severance Payments on the terms and subject to the
conditions set forth herein, Executive, except as may be otherwise expressly set forth herein, will not during the Restricted Period
(as defined below):

 

(a)          directly
or indirectly solicit any Person who is a current or prospective customer of Company in respect of any Restricted Business (as
defined below), except on behalf of Company; or

 

(b)          induce
or attempt to induce any employee of Company to terminate his or her association with Company, or, except on behalf of Company,
solicit any such employee as an independent contractor, employee or other service provider.

 

For purposes hereof,
“Restricted Business” means, collectively, the businesses engaged in by the Company as of the date hereof
or during the period of Executive’s employment and, “Restricted Period” means the period starting
with such date as Executive’s employment hereunder is terminated for any reason and ending 12 months from such termination.

 

11.          Miscellaneous.

 

11.1        Entire
Agreement. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and
supersedes all existing agreements between them concerning such subject matter.

 

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11.2        No
Assignment. This Agreement may not be assigned by Company or Executive without the prior written consent of the other party
and Company (which consent may be granted or withheld by such Person in its sole and absolute discretion), and any attempt to assign
rights and duties without such written consent shall be null and void and of no force and effect. Subject to the preceding sentence,
this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

 

11.3        Survival.
The covenants, agreements, representations and warranties contained in or made pursuant to this Agreement shall survive Executive’s
termination of employment, irrespective of any investigation made by or on behalf of any party.

 

11.4        Third
Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any
Person not a party to this Agreement.

 

11.5        Waiver.
The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall
in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of
any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.

 

11.6        Section
Headings. The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and
are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof.

 

11.7        Notices.
All notices and other communications required or permitted under this Agreement shall be in writing, served personally on, telecopied,
sent by courier or other express private mail service, or mailed by certified, registered or express United States mail postage
prepaid, and shall be deemed given upon receipt if delivered personally, telecopied, or sent by courier or other express private
mail service, or if mailed when actually received as shown on the return receipt. Notices shall be addressed as follows:

 

(a)          If
to Company, to:

 

Second Sight
Medical Products, Inc.

12744 San Fernando Road

Building 3

Sylmar, California 91342

Telephone: (818) 833-5000

Facsimile: (818) 833-5067

 

With a copy (not constituting notice)
to:

 

Aaron A. Grunfeld

11111 Santa Monica Boulevard

Suite 1840

Los Angeles, California 90025

Telephone: (310) 788-7577

 

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(b)          If
to Executive, to:

 

Will McGuire

[______________________]

[______________________]

Telephone: (___) ______________

Facsimile: (___) _______________

 

Either party may change its address for
purposes of this Section by giving to each other, in the manner provided herein, a written notice of such change.

 

11.8        Severability.
All sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be
invalid by any court, this Agreement shall be interpreted as if such invalid sections, clauses or covenants were not contained
herein.

 

11.9        Applicable
Law. This Agreement is made with reference to the laws of the State of California, shall be governed by and construed in accordance
therewith, and any court action brought under or arising out of this Agreement shall be brought in any competent court within the
State of California, County of Los Angeles, or such other courts in the State of California wherein the principal place of business
of Company is located.

 

11.10      Arbitration.
The parties hereto agree that any and all disputes, claims or controversies arising out of or relating to this Agreement that are
not resolved by mutual agreement shall be submitted to final and binding arbitration before JAMS/ENDISPUTE, or its successor, pursuant
to the United States Arbitration Act, 9 U.S.C. Sec. 1 et seq. Either party may commence the arbitration process called for in this
Agreement by filing a written demand for arbitration with JAMS/ENDISPUTE, with a copy to the other party. The arbitration will
be conducted in accordance with the provisions of JAMS/ENDISPUTE’s Comprehensive Arbitration Rules and Procedures
in effect at the time the demand for arbitration is filed. The parties will cooperate with JAMS/ENDISPUTE and with one another
in selecting an arbitrator from JAMS/ENDISPUTE’s panel of neutrals, and in scheduling the arbitration proceedings. The parties
covenant that they shall participate in the arbitration in good faith, provided that Company shall pay costs of the arbitration.
The provisions of this Section 11.10 may be enforced, consistent with Section 11.9, by any court of competent jurisdiction, and
the party seeking enforcement shall be entitled to an award of all costs, fees and expenses, including attorneys fees, to be paid
by the party against whom enforcement is ordered. All arbitration proceedings shall be held in Los Angeles, California.

 

11.11      Attorneys’
Fees. If any legal action, arbitration or other proceeding is brought for the enforcement of this Agreement, or because of
any alleged dispute, breach, default or misrepresentation in connection with this Agreement, the successful or prevailing party
shall be entitled to recover reasonable attorneys’ fees and other costs it incurred in that action or proceeding, in addition
to any other relief to which it may be entitled.

 

11.12      Gender.
Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular
shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or
other form of association.

 

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11.13      Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement.

 

11.14      Amendments;
Waivers. This Agreement may be amended, supplemented or changed, and any provision hereof may be waived, only by a written
instrument making specific reference to this Agreement signed by (a) the party against whom enforcement of any such amendment,
supplement, modification or waiver is sought, and (b) Company. No action taken pursuant to this Agreement, including any investigation
by or on behalf of any party hereto or Company, shall be deemed to constitute a waiver by the Person taking such action of compliance
with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto and/or Company of a breach
of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. No failure on the part of any party hereto and/or Company to exercise, and no delay in exercising,
any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right,
power or remedy by such Person preclude any other or further exercise thereof or the exercise of any other right, power or remedy.         

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date first set forth.

 

	 	COMPANY
	 	 
	 	SECOND SIGHT MEDICAL PRODUCTS, INC.
	 	 
	 	By: 	/s/ Thomas B. Miller
	 	Thomas B. Miller, Chief Financial Officer
	 	 
	 	EXECUTIVE
	 	 
	 	Will McGuire
	 	 	 
	 	/s/ Will McGuire

 

    	12

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