Document:

Exhibit 10.2 Employment Agreement

Murray Williams

17 Leicester Ct. 

Laguna Niguel, CA 92677

Re:

Terms of Employment

Dear Murray:

This letter confirms the principal terms of our agreement, as set forth below, with respect to your employment by Sigma Labs, Inc. (the “Company”), which shall be effective as of July 18, 2016 (the "Effective Date"):

1.

Position:  Effective as the Effective Date, you shall serve as Chief Financial Officer, Treasurer, Principal Accounting Officer and Principal Financial Officer of the Company, and you shall be based in Laguna Niguel, California unless otherwise approved by the Chief Executive Officer of the Company.  You shall perform such duties as are customarily performed by individuals acting in these capacities and such other related duties as may be assigned to you from time to time by the Chief Executive Officer or the Board of Directors of the Company. 

2.

At-Will Employment:  Your employment shall be on an “at-will” basis.  Either party may terminate your employment at any time by five days' written notice to the other party.

3.

Compensation:

(a)

Base:  The Company shall pay you at the rate of $200 per hour.  It is anticipated your monthly hours will not exceed 25 hours, without the prior written consent of the Chief Executive Officer.  All payments shall be made in accordance with the Company’s payroll practices.  The Company may deduct and withhold from your compensation any amounts of money required to be deducted or withheld by the Company under any or all applicable local, state or federal laws.

(b)

Benefits:  Subject to the terms, conditions and limitations in the plans and insurance programs, you shall be eligible to participate in the group medical, dental, vision, and 401K plans and any other Company benefits made available to other employees at your level of employment.

(c)

Expense Reimbursement:  The Company will reimburse you for ordinary and necessary expenses incurred in the performance of your duties, provided that such expenses are reasonable and are accounted for in accordance with the Company’s usual policies.

(d)

Restricted Stock:  Subject to your entering into the Company's standard-form restricted stock agreement, effective as of the Grant Date (as defined below), the Company shall grant you 31,000 shares of restricted common stock of the Company (the "Shares") pursuant to the Company’s 2013 Equity Incentive Plan (the “Plan”).  The grant date of the Shares will be the later of (i) the Effective Date, and (ii) the first business day immediately following the date that the Company files the Company's second Registration Statement on Form S-8 relating to the Plan (the "Grant Date"). A copy of the Plan, as presently in effect, will be delivered to you concurrently with this letter agreement. Provided that you remain an employee of the Company through the vesting date, the Shares will vest on the one-year anniversary of the Effective Date (the "First Anniversary Date"), provided further, however, that 50% of the Shares will be subject to accelerated vesting as set forth in the restricted stock agreement pursuant to which the shares are issued.  The grant of the Shares shall be on such other terms and provisions as are contained in the Company's standard-form restricted stock agreement. 

(e)

Option:  Subject to your entering into the Company's standard-form nonqualified stock option agreement under the Plan, effective as of the Grant Date, the Company shall grant you pursuant to the Plan a non-qualified stock option (the "Option") to purchase up to 63,000 shares of common stock of the Company.  The Option will have an exercise price equal to the closing price of the Company's common stock on the Grant Date, will vest and become exercisable as follows: 21,000 shares shall vest and become exercisable on the First Anniversary Date, and the balance of the shares underlying the Option shall vest and become exercisable in eight equal installments of 5,250 shares each on a quarterly basis following the First Anniversary Date, provided, in each case, that you remain an employee of the Company through such vesting. 

The Option shall expire on the day before the fifth anniversary of the Effective Date, unless such Option shall have been terminated prior to that date in accordance with the provisions of the Company's standard-form nonqualified stock option agreement, and the Option shall be on such other terms and provisions as are contained in such stock option agreement. 

In the event of any stock split, reverse stock split or stock dividend after the date hereof, the number of Shares, the number of shares of the Company's common stock underlying the Option, and the exercise price of the Option shall be appropriately adjusted for any such stock split, reverse stock split or stock dividend.  

4.

Confidential Information.  Both during and subsequent to your employment with the Company, you shall not disclose any confidential information you acquired while an employee of the Company to any other person or use such information in any manner that may be detrimental to the Company’s interests.

5.

Company Property:  You agree that all designs, lists, books, files, reports, correspondence, computer databases and files, records, supplies, services, computers, postage, telephones and other property and materials (“Company Materials”) used by, prepared for or by, or made available to you while you are employed with the Company, shall be and shall remain the property of the Company.  Upon termination of your employment with the Company, all Company Materials shall be returned immediately to the Company, and you shall not make or retain any copies thereof.

6.

Notices:  Any notice, consent, request or other communications made or given in connection with this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by postage prepaid to those listed below at their following respective addresses or at such other address as each may specify by notice to the other:

To the Company:

Mark Cola

President and Chief Executive Officer

Sigma Labs, Inc.

3900 Paseo del Sol

Santa Fe, NM 87507

To you:

Murray Williams

17 Leicester Ct. 

Laguna Niguel, CA 92677

(Signature page follows)

2

If the foregoing terms are acceptable, please sign below and return this letter to me.  

				
	Sigma Labs, Inc.

	Employee

	 
	 
	 
	 

	By

	/s/ Mark J. Cola

	By

	/s/ Murray Williams

	Name

	Mark J. Cola

	Name

	Murray Williams

	Title

	President & CEO

	 
	 

3Exhibit 10.1

 

SECOND AMENDMENT TO LICENSE AGREEMENT

This Second Amendment (the "Second Amendment") is made effective as of May 27, 2016 (the "Second Amendment Effective Date"), by and between The Wistar Institute of Anatomy and Biology ("Wistar") and Oncocyte Corporation ("OncoCyte").

BACKGROUND

WHEREAS the parties entered into a License Agreement dated January 22, 2016 (the "License Agreement");

WHEREAS the parties amended the License Agreement by entering into a First Amendment to the License Agreement dated January 25, 2016 (the "First Amendment"); and

WHEREAS now seeking to add an additional patent application to the amended License Agreement the parties wish to enter into this Second Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and intending to be legally bound hereby, the parties hereto agree as follows:

1.         All capitalized terms not expressly defined herein shall have the same meanings assigned to them in the amended License Agreement. Except as expressly amended or modified herein, all other terms and conditions of the amended License Agreement remain in full force and effect.

2.         Exhibit A of the License Agreement shall be deleted in its entirety and replaced with the attached Exhibit A-l included in this Second Amendment.

3.          In consideration of this Second Amendment, Oncocyte shall pay to Wistar a one-time, non-refundable, non-creditable license amendment fee of twenty-five thousand dollars ($25,000 USD) within 30 days of the Second Amendment Effective Date.

4.         This Second Amendment shall be construed by and enforced in accordance with the laws of the Commonwealth of Pennsylvania without regard to its principles of conflicts of law.

5.         This Second Amendment shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures of Wistar and OncoCyte. This Second Amendment may be executed in any number of counterparts, and counterparts may be exchanged by electronic transmission (including by email), each of which shall be deemed an original as against the party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument.

	
Second Amendment

	
	
Wistar Reference No. LIC15-35-AMD-2

	
Wistar/Oncocyte

	
27-May-16

	
Tech ID No. 16-16

 

Page 1 of 3

IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed by their duly authorized representatives as of the First Amendment Effective Date.

 

	THE WISTAR INSTITUTE OF ANATOMY AND BIOLOGY	 	ONCOCYTE CORPORATION	 
	 	 	 	 	 
	
By:

	/s/ Heather Steinman	 	
By:

	/s/ William Annett	 
			 			 
	
Name:

	Heather Steinman	 	
Name:

	William Annett	 
			 			 
	
Title:

	Vice President for Business Development & 	 	
Title:

	CEO	 
	 	Executive Director, Technology Transfer 	 	 	 	 
		The Wistar Institute	 	
Date:

	July 5, 2016	 
	
Date:

	May 27, 2016	 	 	 	 

 

	
Second Amendment

	
	
Wistar Reference No. LIC15-35-AMD-2

	
Wistar/Oncocyte

	
27-May-16

	
Tech ID No. 16-16

 

Page 2 of 3

EXHIBIT A-l

Licensed Patents

	
Tech ID

	
Serial Number

	
Filing Date

	
Title

	
Inventors

	
15-12

	
62/163,766

	
May 19, 2015

	
Methods and Compositions for Diagnosing or Detecting Lung Cancers

	
Drs. Louise

Showe, Michael K. Showe, Andrei V. Kossenkov

	
16-16

	
To be provided

	
June,2016

	
Compositions and Methods for Diagnosing Lung Cancers Using Gene Expression Profiles

	
Drs. Louise

Showe, Michael K. Showe, Andrei V. Kossenkov

 

	
Second Amendment

	
	
Wistar Reference No. LIC15-35-AMD-2

	
Wistar/Oncocyte

	
27-May-16

	
Tech ID No. 16-16

 

 

Page 3 of 3

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