Document:

SEPARATION
AGREEMENT AND RELEASE

 

TlllS
SEPARATION AGREEMENT AND RELEASE (“Agreement”) is made and entered into by and between Matthew M. Loar (“Employee”)
and Mateon Therapeutics, Inc. (“Company”), and inures to the benefit of each of Company’s current,
former and future, as applicable, subsidiaries, affiliates, related entities, successors, officers, directors, shareholders, agents,
employees and assigns. The term “Parties” as used in this Agreement means Company and Employee collectively.

 

RECITALS

 

A.
Employee is an at-will employee of Company, working pursuant to an employment agreement dated July 20, 2015 and an October 2,
2017 amendment thereto;

 

B.
Employee will separate from Company effective June 30, 2019 (the “Separation Date”);

and

 

C.
The Parties want to resolve any and all actual or potential disputes arising out of or relating to Employee’s employment
with Company or the cessation of that employment.

 

Company
and Employee hereby agree as follows:

 

1.
Severance Benefit. In consideration of the covenants and releases in this Agreement, and in lieu of any other severance
payments otherwise due and payable to Employee, Company will pay to Employee a payment of $16,250 in cash, for each incremental
$1.0 million in gross proceeds received by the Company in connection with future financings, up to maximum of $325,000 in cash
payments to Employee. In addition, all outstanding options registered in the name of Employee shall not terminate despite Employee’s
termination of employment and shall remain in effect and exercisable for a period of 24 months following the date of this Agreement.
All other terms and conditions of the options shall remain unchanged. The payments and extended exercise period described in this
paragraph are referred to as the “Severance Benefit”. Employee must comply with all of the terms of this Agreement,
and his Confidentiality and Inventions Agreement with the Company (the “Confidentiality Agreement”), in order
to receive, or continue to receive, the Severance Benefit.

 

2.
Wages and Vacation Time Paid. Employee acknowledges that Company has paid Employee on the Separation Date all of Employee’s
wages due and owing and has paid for all accrued-but unused paid time off. Additionally, Employee and Company acknowledge that
Company will reimburse him for all Company business expenses he has incurred up through the Separation Date. Employee’s
receipt of these wages, accrued benefits, and reimbursements is not conditioned upon the execution of this Agreement.

 

3.
Release and Waiver by Employee. Employee, on behalf of himself and his heirs, executors, administrators, assigns and
successors, fully and forever releases and discharges Company, and, as applicable, its current, former and future subsidiaries
and related entities, successors, officers, directors, shareholders, agents, employees and assigns (collectively “Releasees”),
from any and all claims, liabilities and causes of action, of every nature, kind and description , in law, equity or otherwise,
which have arisen, occurred or existed at any time prior to his signing of this Agreement, including, without limitation, any
and all claims, liabilities and causes of action arising out of or relating to Employee’s employment with Company or the
cessation of that employment.

 

    	 	Page 1 of 3	 

    	 	 	 

    

 

4.
Waiver of Employment-Related Claims. Employee waives and releases, except the potential claims identified below, all
rights, remedies, or claims he may have had or now has against Company or any of the Releasees regarding employment-related causes
of action, that are applicable to Employee and Company and to which Company is subject, including without limitation, claims of
wrongful discharge, breach of contract, retaliation, breach of the covenant of good faith and fair dealing, fraud, violation of
public policy, claims that he is or was a “ whistleblower,” defamation, discr imination, personal injury, physical
injury, emotional distress, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, Age Discrimination
in Employment Act of 1967, the Older Workers Benefit Protection Act of 1990, the Federal Rehabilitation Act, the California Fair
Employment and Housing Act, the California Family Rights Act, the Equal Pay Act of 1963, the provisions of the California Labor
Code and any other federal, state or local laws and regulations relating to employment , conditions of employment (including wage
and hour laws) and/or employment discrimination. Claims not covered by the Employee’ s waiver and release are: (a) claims
for unemployment insurance benefits, (b) claims under California ‘ s Workers Compensation laws, (c) claims relating to the
Company’ s express obligations under this Agreement, (d) claims that cannot be waived or released as a matter of law (including,
without limi tation, administrative claims before the United States Equal Employment Opportunity Commission (“EEOC”),
including Employee testifying, assisting or participating in an investigation or proceeding by the EEOC or any comparable
state or local agency), and (e) claims under that certain Indemnification Agreement with the Company dated as of July 27, 2015.
Employee’s waiver and release, however , are intended to be a complete bar to any recovery or personal benefit by or to
Employee regarding any claim (except those which cannot be released under la w), including those raised through a charge with
the EEOC. Accordingly, nothing in this section will be deemed to limit Company’ s right to seek immediate dismissal of the
charge or complaint on the basis that Employee’ s signing of this Agreement constitutes a full release of any individual
rights under the federal discri mination laws, or to seek restitution to the extent permitted by law of the economic benefits
provided to Employee under this Agreement in the event Employee successfully challenges the validity of this release and prevails
in any claim under the federal discrimination laws.

 

5.
Waiver of Unknown Claims. In executing this Agreement, Employee waives and relinquishes all rights and benefits granted
to Employee under the provisions of Section 1542 of the California Civil Code or any similar statute or doctrine. Civil Code Section
1542 provides as follows:

 

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

 

Employee
acknowledges that he has read all of this Agreement, including the above Civil Code section, and that both the general release
and Employee’s release of all rights and benefits pursuant to Civil Code Section 1542 are fully understood. In waiving the
provisions of Section 1542 of the California Civil Code, Employeeacknowledges that he may later discover facts in addition to
or different from those which he now believes to be true with respect to the matters released in this Agreement. But, he agrees
that he has taken that possibility into account in reaching this Agreement, and that the releases in this Agreement will remain
in effect as full and complete releases notwithstanding the discovery or existence of additional or different facts.

 

6.
Severability. If a Court rules that any provision in this Agreement is unenforceable , it will not affect the enforceability
of the remaining provisions. The Court may enforce all remaining provisions to the extent permitted by law.

 

7.
Confidential Information. Employee acknowledges that, as a condition to his employment with Company, he executed the
Confidentiality Agreement. This Agreement in no way affects, alters, or waives Employee’s obligations or Company’s
rights under the Confidentiality Agreement (together with its attached exhibits). Employee’s ongoing compliance with the
Confidentiality Agreement is a material condition to this Agreement, and an express condition to Employee’s receipt of the
Severance Benefit described in this Agreement.

 

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8.
Integrated Agreement. This Agreement (together with the agreements and documents to which it specifically refers) contains
the entire agreement of the Parties concerning its subject matter. The Parties did not make any promises or representations to
each other that do not appear in this Agreement. This Agreement supersedes all other agreements between the Parties exclu ding
the Confidentiality Agreement.

 

9.
Waiver, Amendment and Modification. No waiver, amendment or modification of this Agreement’s terms is effective
unless it is in writing and signed by all parties affected by the waiver, amendment or modification. The Parties’ waiver
of any term or condition of this Agreement will not be construed as a waiver of any other term or conditi on.

 

10.
Counterparts. This Agreement may be signed in counterparts and those counterparts will be treated as if they were one
signed document.

 

11.
Employee’s Right To Release. Employee warrants and represents that (a) Employee has not assigned or transferred,
or purported to assign or transfer, and that Employee will not in the future assign or transfer to any person or entity, any right
or claim released by this Agreement , any part thereof, or any interest therein, and (b) Employee is the sole owner of the rights
and claims released in this Agreement.

 

12.
Venue and Governing Law. The validity, interpre tation, enforceability, and performance of this Agreement must be governed
by and construed in accordance with the laws of the State of California, exclusive of its choice-of-law rules. Any action arising
under or relating to this Agreement must be commenced and maintained in the federal or state courts as applicable in San Francisco
County, California . The parties agree to the personal jurisdiction of these Courts in San Francisco County.

 

13.
Tax Liability. Employee assumes full responsibility for any and all taxes, interest and/or penalties that may be assessed
upon the Severance Benefit.

 

14.
Consideration/Revocation Period. This Agreement is intended to release and discharge any claims by Employee under the
Age Discrimination in Employment Act. To satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C.
section 626(f), as applicable:

 

	 	(a)
    	Employee
    acknowledges that be has read and understands the terms of this Agreement.
	 	 	 
	 	(b)	Employee
    acknowledges that he has been advised to consult with independent counsel regarding this Agreement, and that he has received
    all counsel necessary to willingly and knowingly enter into this Agreement.
	 	 	 
	 	(c)	Employee
    understands that in signing this Agreement, Employee is not waiving rights or claims based on matters occurring after the
    date this Agreement is executed.
	 	 	 
	 	(d)
    	Employee
    understands and agrees that Employee is wa1vmg rights only m exchange for consideration that Employee was not already entitled
    to.
	 	 	 
	 	(e)
    	Employee
    understands that this Agreement does not prohibit Employee from challenging or seeking a determination in good faith of the
    validity of this release or waiver under the Age Discrimination in Employment Act and does not impose any condition precedent,
    penalty, or costs for doing so unless specifically authorized by federal Jaw.
	 	 	 
	 	(f)
    	Employee
    acknowledges that he has been given twenty-one days to consider the terms of this Agreement (the “Consideration Period”),
    has taken sufficient time to consider whether to execute it, and has chosen to enter into this Agreement knowingly and
    voluntarily. If Employee does not present an executed copy of this Agreement to the Company before the expiration of the Consideration
    Period, this Agreement and the offer it contains will lapse.
	 	 	 
	 	(g)
    	During
    the seven days after the execution of this Agreement (should he elect to execute it) , Employee may revoke this Agreement
    by delivering a written revocation (via facsimile, email or personal delivery) to the Company. This Agreement will not become
    effective until the eighth (8th) day after Employee executes and does not revoke it (the “Effective Date”).
    If Employee either fails to sign the Agreement during the Consideration Period, or revokes it prior to the Effective Date,
    he will not receive and/or be entitled to the Severance Benefit described in this Agreement.

 

[Signature
Page Follows]

 

    	 	Page 3 of 3	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the dates written below.

 

	Dated:
    July 1, 2019	/s/
    Matthew M. Loar 
	 	Matthew
    M. Loar

 

	 	MATEON
    THERAPEUTICS, INC.
	 	 	 
	Dated:
    July 1, 2019	 	/s/
    Vuong Trieu
	 	By:	Vuong
    Trieu
	 	Its:	Chief
    Executive OfficerExhibit 10.1

 

Rescission and Termination Agreement

 

This RESCISSION AND TERMINATION AGREEMENT
(the “Agreement”) dated July 5, 2019 by and between KULR Technology Group, Inc., a Delaware corporation (hereinafter
referred to as “KULR”), and all of the stockholders of TECHTOM Co., Ltd (hereinafter referred to as the “Sellers”),
each of KULR and the Sellers individually a “Party” or together the “Parties.”

 

Reference is made to that certain SECURITIES
PURCHASE AGREEMENT (the “Purchase Agreement”) dated April 2, 2019 by and between KULR and the Sellers set forth on
the signature page thereto. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the
Purchase Agreement.

 

WITNESSETH:

 

The Parties to the Purchase Agreement have
mutually agreed and decided to rescind and terminate the Purchase Agreement.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:

 

1. RESCISSION AND TERMINATION OF THE PURCHASE
AGREEMENT

 

Each of the Parties mutually agree to hereby
rescinded and terminated the Purchase Agreement and to deem it null and void ab initio. None of the Parties shall have any rights
or obligation whatsoever to the other party, financial or otherwise, in connection with the Purchase Agreement.

 

2. MUTUAL RELEASE

 

Each Party, and their past, present and
future officers, directors, employees, servants, agents, representatives, successors, predecessors, divisions, subsidiaries, parents,
affiliates, business units, and assigns of each of them, hereby release the other Party (and their past, present and future officers,
directors, employees, servants, agents, representatives, attorneys, successors, predecessors, divisions, subsidiaries, parents,
affiliates, business units, and assigns of each of them) from any and all claims, demands, damages, actions, causes of action or
suits at law or in equity of whatever kind or nature, liabilities, verdicts, debts, judgments, liens and injures, costs or expenses
related to or in any way derived from this Agreement or the Purchase Agreement, based on any legal or equitable theory of recovery,
known or unknown, past, present or future, suspected to exist or not suspected to exist, anticipated or not anticipated, which
have arisen or are now arising or hereafter may arise, whether presently asserted or not. For avoidance of doubt, in connection
with this mutual release, each Party shall be, and hereby is, responsible for all costs and expenses incurred by that Party in
connection with this Agreement, the Purchase Agreement, any negotiations, transactions or actions by that Party in connection with
this Agreement or the Purchase Agreement, whether such costs or expenses were incurred prior to, in connection with execution,
or following the execution of the Purchase Agreement or this Agreement

 

     

     

    

 

3. NONDISPARAGEMENT

 

No Party to the Purchase Agreement shall
disparage or criticize any other Party or its shareholders, directors, officers, management, employees, agents, relatives, products
or services in any communication with a third party (excluding any party’s agents or counsel) at any time, except as required
by law or court order.   

 

4. MISCELLANEOUS

 

4.1 Entire Agreement. This Agreement represents
the entire agreement between the parties in relation to its subject matter and supersedes and voids all prior agreements between
such parties relation to such subject matter.

 

4.2 Amendment of Agreement. This Agreement
may be altered or amended, in whole or in part, only in writing signed by both parties.

 

4.3 Captions. The captions appearing in
this Agreement are inserted as matter of convenience and for reference and in no way affect this Agreement, define, limit or describe
its scope or any of its provisions.

 

4.4 Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York, without reference to the conflict of laws provisions
thereof.

 

4.5 Counterparts. This Agreement may be
executed in counterpart and by fax transmission, each counterpart being deemed an original.

 

[Signature page follows]

 

    	 	2	 
	Rescission and Termination Agreement
	 	 

     

    

 

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

 

	KULR TECHNOLOGY GROUP, INC.	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Michael Mo	 	Date:	July 5, 2019	 
	 	 	 	 	 	 
	Title:  	CEO	 	 	 	 
	 	 	 	 	 	 
	 	Michael Mo	 	 	 	 
	 	 	 	 	 	 
	 	Print Name	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	CONFIRMED AND AGREED:	 	 	 	 
	 	 	 	 	 	 
	SELLERS	 	 	 	 
	being the stockholders of TECHNTOM CO., LTD.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Naoki Tomita	 	/s/ Bingwei YAO                	 
	 	 	 	 	 	 
	 	Duly Authorized	 	Duly Authorized	 
	 	 	 	 	 	 
	 	Naoki Tomita	 	Bingwei YAO	 
	 	Print Name	 	Print Name	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	       	 	 
	 	 	 	 	 	 
	 	Witnessed by                                  	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Print Name	 	 	 	 

 

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	Rescission and Termination Agreement

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