Document:

Exhibit 10.1

 

IN ACCORDANCE WITH ITEM 601(b)(10) of REGULATION
S-K, CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT 10.10 BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE
COMPANY TREATS AS PRIVATE OR CONFIDENTIAL. SUCH INFORMATION IS IDENTIFIED BY [***]

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is made as of April 29, 2021 by and between CorMedix Inc., a Delaware corporation
(the “Company”), and Thomas Nusbickel (“Executive”). Each of the Company and Executive
is referred to herein as a “Party” and together they are referred to as the “Parties.”

 

TERMS

 

In consideration of the foregoing
premises and the mutual covenants and agreements herein contained, the Parties, intending to be legally bound, agree as follows:

 

1. Employment.

 

(a) Services.
Executive will serve as the Company’s Executive Vice President and Chief Commercial Officer. Executive will report directly to,
and be subject to the supervision of, the Company’s Chief Executive Officer (the “CEO”). Executive will
perform such services for the Company and have such powers, responsibilities and authority as are customarily associated with the position
of Executive Vice President and Chief Commercial Officer and shall perform customary and appropriate duties as may otherwise be reasonably
assigned to the Executive from time to time by the CEO. The Parties anticipate that the Executive’s first day of employment with
the Company will be on May 13, 2021 (the first day of employment with the Company is referred to as the “Commencement Date”).

 

(b) Effective
Date. The Agreement shall be effective as of the Commencement Date. Executive agrees to adhere to the confidentiality provisions of
Section 5(a), (c), (d) and (i) at all times, including before the Commencement Date.

 

(c) Acceptance.
Executive hereby accepts such employment as of the Commencement Date, subject to the terms of this Agreement.

 

2. Term.

 

The duration of employment
under this Agreement shall commence on the Commencement Date and shall continue for a term of three (3) years thereafter, unless sooner
terminated pursuant to Section 8 (such three-year period referred to herein as the “Initial Term”);
provided, however, that on the expiration of the Term, the Term shall be extended automatically for additional, successive one-year
periods (such extended periods referred to herein as the “Extended Term”), unless one Party shall notify the
other in writing at least ninety (90) days before the expiration of the Initial Term or the expiration of any successive one-year period
during the Extended Term that this Agreement shall not be so extended after such expiry (a “Notice of Nonrenewal”).
The Initial Term and the Extended Term collectively shall be referred to herein as the “Term.” Notwithstanding
anything to the contrary contained herein, the provisions of this Agreement specified in Sections 5, 6, 9, 10, 11, 12, and 13
shall survive the expiration or termination hereof.

 

     

     

    

 

3. Duties;
Place of Performance.

 

(a) Duties.
Except as otherwise set forth in this Section 3(a), Executive (i) shall devote all of his business time, attention and energies to the
business and affairs of the Company, shall use his best efforts to advance the interests of the Company, and shall perform his duties
diligently and to the best of his ability, in compliance with the Company’s policies and procedures and the laws and regulations
that apply to the Company’s business; and (ii) shall not be engaged
in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, that will
interfere with the performance by Executive of his duties hereunder or Executive’s availability to perform such duties or that Executive
knows, or should reasonably know, will adversely affect, or negatively reflect upon, the Company. With the advance written consent of
the Company’s Board of Directors (the “Board”), Executive may serve as a director of, or on the advisory
committee of, other pharmaceutical and life science companies.

 

(b) Place
of Performance. The duties to be performed by Executive hereunder shall be performed remotely from Executive’s home office in
Florida, subject to reasonable travel requirements on behalf of the Company, and provided that the Company can require Executive to work
at the Company’s headquarters for a reasonable number of days per month.

 

4. Compensation.

 

As full compensation for Executive’s
performance of services as an employee of the Company, the Company shall pay Executive as follows:

 

(a) Base
Salary. During the Initial Term, the Company shall pay Executive an annual base salary of three hundred seventy-five thousand dollars
($375,000) (as it may be increased from time to time as provided hereunder, the “Base Salary”), less applicable
withholdings and deductions. Payment shall be made in accordance with the Company’s normal payroll practices. Upon the expiration
of the Initial Term, the Board, or its Compensation Committee, shall review the Base Salary to determine whether an increase in the amount
thereof is warranted in its sole discretion. The Base Salary will not be decreased unless (i) all officers and/or members of the Company’s
executive management team experience an equal or greater percentage reduction in annual base salary and/or total compensation; and
(ii) Executive’s Base Salary reduction is no greater than twenty-five percent (25%).

 

(b) Annual
Bonus. Subject to the following provisions of this Section 4(b), Executive shall be eligible for an annual bonus, less
applicable withholdings and deductions, based upon a target amount of thirty percent (30%) of the Base Salary then in effect, as determined
by the Board (or its Compensation Committee) in good faith based upon the achievement, during the year in question, of corporate objectives
for the Company as a whole established by the Board (or its Compensation Committee) and such other factors as the Board (or its Compensation
Committee) deems appropriate. Executive must be employed by the Company through December 31 of a given year in order to be eligible to
earn the annual bonus for such year. The annual bonus for a given year will be paid no later than March 15 of the year following the year
to which it relates.

 

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(c) Equity
Grants.

 

(i) Initial
Stock Option Grant. Subject to Board (or its Compensation Committee) approval, effective as of the Commencement Date, the Company
will grant to Executive stock options to purchase two hundred sixty thousand (260,000) shares of the Company’s outstanding common
stock (the “Initial Options”). The Initial Options shall be granted pursuant to and subject to the terms and
conditions of the stock option agreements to be entered into between Executive and the Company. The exercise price shall be equal to the
fair market value of the Company common stock on the date of grant, as determined under the CorMedix Inc. 2019 Omnibus Stock Incentive
Plan. The Initial Options will be divided into “Time Options” and “Milestone Options” as described below.

 

(1)  The
“Time Options” will be one hundred sixty thousand (160,000) of the total Options, and will vest over four (4)
years in four (4) equal annual installments beginning one year after the Commencement Date and continuing on each of the next three (3)
anniversaries of the Commencement Date, subject to Executive’s continued employment with the Company.

 

(2) The
“Milestone Options” will consist of the remaining one hundred thousand (100,000) of the total Options, and will
vest based on achievement of the performance milestones described in the attached Exhibit A.

 

(ii) Special
Stock Option Grant. Subject to Board (or its Compensation Committee) approval, effective as of the Commencement Date, the Company
will grant to Executive a stock option to purchase seven thousand five hundred (7,500) shares of the Company’s outstanding common
stock (the “Special Option”), which shall vest in full on the first anniversary of the Commencement Date, subject
to Executive’s continued employment with the Company. The exercise price shall be equal to the fair market value of the Company
common stock on the date of grant, as determined under the CorMedix Inc. 2019 Omnibus Stock Incentive Plan. The Special Option shall be
granted pursuant to and subject to the terms and conditions of the stock option agreement to be entered into between Executive and the
Company.

 

(iii) Annual
Equity Grants. Each year during the Term, commencing in 2022, the Board (or its Compensation Committee) will make an annual equity
grant to Executive, which may include restricted stock or restricted stock units (“Awards”) or options to purchase
shares of capital stock of the Company (“Stock Options”), with time-based or performance-based vesting, in such
amounts and on such terms as the Board (or its Compensation Committee) deems appropriate.

 

(d) Signing
Bonus. The Company shall pay Executive a fifty thousand dollar ($50,000) signing bonus in cash on the first anniversary of the Commencement
Date, subject to Executive’s continued employment with the Company.

 

(e) Withholding.
The Company will withhold from any amounts payable under this Agreement such federal, state and local taxes as the Company determines
are required to be withheld pursuant to applicable law.

 

(f)
Expenses. The Company shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive in furtherance
of the business and affairs of the Company, including without limitation reasonable travel, lodging, meals, and entertainment, upon timely
receipt by the Company of appropriate vouchers or other proof of Executive’s expenditures and otherwise in accordance with any expense
reimbursement policy as may from time to time be adopted by the Company. Such reimbursements will be made in a timely manner and in accordance
with the policies of the Company, but in no event later than December 31 of the year following the year in which Executive incurs such
expense. The amount of expenses eligible for reimbursement during one year will not affect the expenses eligible for reimbursement in
any other year, and is not subject to liquidation or exchange for another benefit.

 

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(g) Other
Benefits. Executive shall be entitled to all rights and benefits for which he shall be eligible under any benefit or other plans (including,
without limitation, dental, medical, medical reimbursement and hospital plans, pension plans, employee stock purchase plans, profit sharing
plans, bonus plans, prescription drug reimbursement plans, short and long term disability plans, life insurance and other so-called “fringe”
benefits) as the Company shall make available to its senior executives from time to time. All such benefits are subject to the provisions
of their respective plan documents in accordance with their terms and are subject to amendment or termination by the Company without Executive’
s consent.

 

(h) Vacation.
Executive shall be entitled to a vacation up to four (4) weeks per annum, of which no more than two (2) weeks may be taken consecutively,
in addition to holidays observed by the Company and reasonable periods of paid personal and sick leave. All such paid time off shall accrue
and be used in accordance with the Company’s established policies and procedures.

 

5. Confidential
Information and Inventions.

 

(a) Confidential
Information; Non-Disclosure and Non-Use. Executive recognizes and acknowledges that in the course of his duties he will receive
confidential or proprietary information of the Company, its affiliates or third parties with whom the Company or any such affiliates has
an obligation of confidentiality. Accordingly, during and after the Term, Executive agrees to keep confidential and not disclose or make
accessible to any other person or use for any other purpose other than in connection with the fulfillment of his duties under this Agreement,
any “Confidential and Proprietary Information” (defined below) owned by, or received by or on behalf of the Company or any
of its affiliates. The term “Confidential and Proprietary Information” shall include, but shall not be limited
to, confidential or proprietary scientific or technical information, data, formulas and related concepts, business plans (both current
and under development), client lists, promotion and marketing programs, trade secrets, or any other confidential or proprietary business
information relating to development programs, costs, revenues, marketing, investments, sales activities, promotions, credit and financial
data, manufacturing processes, financing methods, and any and all information relating to the operation of the Company’s business
which the Company may from time to time designate as confidential or proprietary or that Executive reasonably knows should be, or has
been, treated by the Company as confidential or proprietary. Executive expressly acknowledges that the Confidential and Proprietary Information
constitutes a protectable business interest of the Company. Confidential and Proprietary Information encompasses all formats in which
information is preserved, whether electronic, print, or any other form, including all originals, copies, notes, or other reproductions
or replicas thereof. Executive agrees: (i) not to use any such Confidential and Proprietary Information for himself or others; and
(ii) not to take any Company material or reproductions (including but not limited to writings, correspondence, notes, drafts, records,
invoices, technical and business policies, computer programs or disks) thereof from the Company’s offices at any time during his
employment by the Company, except in connection with the execution of Executive’s duties to the Company.

 

(b) Return
of Property. Upon request during employment and immediately at the termination of his employment, Executive will return to the Company
all Confidential and Proprietary Information in any form (including all copies and reproductions thereof) and all other property whatsoever
of the Company in his possession or under his control. If requested by the Company, Executive will certify in writing that all such materials
have been returned to the Company. Executive also expressly agrees that immediately upon the termination of his employment with the Company
for any reason, Executive will cease using any secure website, computer systems, e-mail system, phone system or voicemail service provided
by the Company for the use of its employees. Notwithstanding the foregoing, Executive may retain his address book to the extent it only
contains contact information.

 

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(c) Exceptions.
Confidential and Proprietary Information does not include any information that: (i) at the time of disclosure is generally known to, or
readily ascertainable by, the public; (ii) becomes known to the public
through no fault of Executive or other violation of this Agreement; or
(iii) is disclosed to Executive by a third party under no obligation to Executive’s knowledge to maintain the confidentiality of
the information. The restrictions in Section 5(a) above will not apply to any information to the extent that that Executive
is required to disclose such information by law, provided that the Executive (x) notifies the Company of the existence and terms of such
obligation, (y) gives the Company prompt notice to seek a protective or similar order to prevent or limit such disclosure, and (z) only
discloses that information actually required to be disclosed. Notwithstanding the foregoing, nothing in this Agreement is meant to prohibit
Executive from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited
to the Department of Justice, the SEC, the Congress, and any agency Inspector General, or making other disclosures that are protected
under the whistleblower provisions of federal law or regulation. Executive shall not be required to obtain the prior authorization of
the Company to make any such reports or disclosures and is not required to notify the Company that he has made such reports or disclosures.

 

(d) Notice
Of Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing. Pursuant to the Federal
Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (b) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the trade secret to his attorney and use the trade secret information
in the court proceeding, if the individual (a) files any document containing the trade secret under seal;
and (b) does not disclose the trade secret, except pursuant to court order.

 

(e) Inventions.
Executive agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”)
initiated, conceived or made by him within the scope of the Company’s business and in the course of his employment with the Company,
either alone or in conjunction with others, during the Term shall be the sole property of the Company to the maximum extent permitted
by applicable law and, to the extent permitted by law, shall be “works made for hire” as that term is defined in the United
States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents, copyrights, trade secret rights,
and other intellectual property or other rights in connection therewith; provided,
however that this Section 5(e) shall not apply to Inventions which are not related to the business of the Company and which
are made and conceived by Executive not during normal working hours, not on the Company’s premises and not using the Company’s
tools, devices, equipment or Confidential and Proprietary Information. Subject to the foregoing, Executive hereby assigns to the Company
all right, title and interest he may have or acquire in all Inventions; provided,
however, that the Board may in its sole discretion agree to waive the Company’s rights pursuant to this Section 5(e).

 

(f) Further
Actions and Assistance. Executive agrees to cooperate reasonably with the Company and at the Company’s expense, both during
and after his employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents, trademarks
and other intellectual property rights (both in the United States and foreign countries) relating to the Inventions. Executive shall sign
all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments
of priority rights and powers of attorney, that the Company reasonably may deem necessary or desirable in order to protect its rights
and interests in any Inventions. Executive further agrees that if the Company is unable, after reasonable effort, to secure Executive’s
signature on any such papers, any officer of the Company shall be entitled to execute such papers as his agent and attorney-in-fact and
Executive hereby irrevocably designates and appoints each officer of the Company as his agent and attorney-in-fact to execute any such
papers on his behalf and to take any and all actions as the Company reasonably may deem necessary or desirable in order to protect its
rights and interests in any Inventions, under the conditions described in this Section 5(f).

 

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(g) Prior
Inventions. Executive will not assert any rights to any invention, discovery, idea or improvement relating to the business of the
Company or to his duties hereunder as having been made or acquired by Executive prior to his work for the Company, except for the matters,
if any, described in Exhibit B to this Agreement.

 

(h) Disclosure.
Executive agrees that he will promptly disclose to the Company all Inventions initiated, made, conceived or reduced to practice by him,
either alone or jointly with others, during the Term.

 

(i) Survival.
The provisions of this Section 5 shall survive any termination of this Agreement.

 

6. Non-Competition,
Non-Solicitation and Non-Disparagement.

 

(a) Executive
understands and recognizes that his services to the Company are special and unique and that in the course of performing such services
Executive will have access to and knowledge of Confidential and Proprietary Information. Executive agrees that, during the Term and the
twelve (12) month period immediately following Executive’s separation from employment (the “Termination Restriction
Period”), whether such separation is voluntary or involuntary, he shall not in any manner, directly or indirectly, on behalf
of himself or any person, firm, partnership, joint venture, corporation or other business entity (“Person”),
enter into or engage in any business involving the development or commercialization of a preventive anti-infective product that would
be a competitor of Neutrolin or a product containing taurolidine or any other product being actively developed or produced by the Company
as of the date of Executive’s termination of employment (the “Business of Company”), either as an individual
for his own account, or as a partner, joint venturer, owner, executive, employee, independent contractor, principal, agent, consultant,
salesperson, officer, director or shareholder of such Person, in any capacity that requires or could result in Executive’s intentional
or unintentional use of the Confidential and Proprietary Information and/or requires Executive to perform services substantially similar
to those performed for the benefit of the Company during the Term, anywhere in the world, provided, however, that nothing shall prohibit
Executive from performing executive duties for any Person that does not engage in the Business of Company. Executive acknowledges that,
due to the unique nature of the Business of the Company, the Company has a strong legitimate business interest in protecting the continuity
of its business interests and its Confidential and Proprietary Information and the restriction herein agreed to by Executive narrowly
and fairly serves such an important and critical business interest of the Company. Notwithstanding the foregoing, nothing contained in
this Section 6(a) shall be deemed to prohibit Executive from acquiring or holding, solely for investment, publicly traded
securities of any corporation, some or all of the activities of which are engaged in the Business of Company so long as such securities
do not, in the aggregate, constitute more than four percent (4%) of any class or series of outstanding securities of such corporation;
or being a passive investor holding less than four percent (4%) of a private equity, venture capital or other commingled fund;
and further notwithstanding the foregoing, nothing contained in this Section 6(a) shall preclude Executive from becoming
an employee of, or from otherwise providing services to, a separate division or operating unit of a multi-divisional business or enterprise
(a “Division”) if: (i) the Division by which Executive is employed, or to which Executive provides services,
is not engaged in the Business of Company, (ii) Executive does not provide services, directly or indirectly, to any other division or
operating unit of such multi-divisional business or enterprise engaged in or proposing to engage in the Business of Company (individually,
a “Competitive Division” and collectively, the “Competitive Divisions”) and (iii)
the Competitive Divisions, in the aggregate, accounted for less than one-third of the multi-divisional business or enterprise’s
consolidated revenues for the fiscal year, and each subsequent quarterly period, prior to Executive’s commencement of employment
with or provision of services to the Division.

 

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(b) Reasonableness
of Restriction. Executive hereby acknowledges and agrees that the covenant against competition provided for pursuant to Section
6(a) is reasonable with respect to its duration, geographic area and scope. In addition, Executive acknowledges that the Company
engages in the Business of Company throughout the world, and Executive has been involved in the Business of the Company in that geographic
area. If, at the time of enforcement of this Section 6, a court holds that the restrictions stated herein are unreasonable
under the circumstances then existing, the Parties hereto agree that the maximum duration, scope or geographic area legally permissible
under such circumstances will be substituted for the duration, scope or area stated herein.

 

(c) Non-Solicitation.
During the Term and the applicable Termination Restriction Period (as defined below), Executive shall not, directly or indirectly, on
his own behalf or on behalf of any person or entity, without the prior written consent of the Company:

 

(i) solicit
or induce any employee, consultant or independent contractor of the Company or any of its affiliates to leave the employ of (or end a
contracting relationship with) the Company or any affiliate; or hire for
any competitive purpose any employee consultant or independent contractor of the Company;
or hire any former employee who has left the employment of the Company or any affiliate of the Company within six (6) months of
the termination of such employee’s employment with the Company or any such affiliate for any competitive purpose;
or hire any former consultant or independent contractor who has ended his or her consultancy or contracting relationship with the
Company or any affiliate of the Company within six (6) months of the end of such consultancy or contracting relationship for any competitive
purpose; or hire any former employee of the Company in knowing violation
of such employee’s non-competition agreement with the Company or any such affiliate;
or

 

(ii) solicit,
divert or take away, or attempt to divert or take away, the business or patronage of any agent, client or customer of the Company which
was served by the Company during the twelve (12) -month period prior to the termination of Executive’s employment with the Company;
or induce, encourage, or attempt to induce or encourage any client or customer of the Company which was served by the Company during
the twelve (12) -month period prior to the termination of Executive’s employment with the Company to reduce, limit, or cancel its
business with the Company.

 

For clarity, the foregoing shall not be violated
by general advertising, by serving as a reference upon request or by actions taken in the good faith performance of Executive’s
duties to the Company.

 

(d) Non-Disparagement.
Executive agrees that he shall not directly or indirectly disparage, whether or not truthfully, the name or reputation of the Company
or any of its affiliates, including but not limited to, any officer, director, employee or shareholder (provided Executive has had material
dealings with such shareholder) of the Company or any of its affiliates; provided
that, nothing in this Section shall be construed to interfere with Executive’s right to engage in protected concerted activity under
the National Labor Relations Act. Notwithstanding this Section 6(d), nothing contained herein shall apply to statements
made by Executive (x) in the course of his responsibility to evaluate the performance and/or participate in any investigation of the conduct
or behavior of officers, employees and/or others, (y) as part of any judicial, administrative or other legal action or proceeding, or
(z) in rebuttal of false or misleading statements by others, and nothing shall be construed to limit or impair the ability of Executive
to provide truthful testimony in response to any validly issued subpoena or to file pleadings or respond to inquiries or legal proceedings
by any government agency to the extent required by applicable law. These non-disparagement obligations will cease to apply two (2) years
after Executive’s termination of employment.

 

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(e) Enforcement.
In the event that Executive breaches or threatens to breach any provisions of Section 5 or this Section 6,
then, in addition to any other rights the Company may have, it shall be entitled to seek injunctive relief to enforce such provisions.
In the event that an actual proceeding is brought in equity to enforce the provisions of Section 5 or this Section
6, Executive shall not urge as a defense that there is an adequate remedy at law nor shall the Company be prevented from seeking
any other remedies that may be available to it nor shall the Company be required to post a bond.

 

(f) Remedies
Cumulative; Judicial Modification. Each of the rights and remedies enumerated in Section 6(e) shall be independent
of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or in equity.
If any of the covenants contained in this Section 6, or any part of any of them, is hereafter construed or adjudicated to
be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants or rights or remedies, which shall be
given full effect without regard to the invalid portions. If any of the covenants contained in this Section 6 is held to
be invalid or unenforceable because of the duration of such provision or the area covered thereby, the Parties agree that the court making
such determination shall have the power to reduce the duration and/or area of such provision and in its reduced form such provision shall
then be enforceable.

 

(g) Survival.
The provisions of this Section 6 shall survive any termination of this Agreement.

 

7. Representations
and Warranties.

 

(a) By
Executive. Executive hereby represents and warrants to the Company as follows:

 

(i) Neither
the execution or delivery of this Agreement nor the performance by Executive of his duties and other obligations hereunder conflict with
or constitute a default or breach of any covenant or obligation under (whether immediately, upon the giving of notice or lapse of time
or both) any prior employment agreement, contract, or other instrument to which Executive is a party or by which he is bound.

 

(ii) Executive
has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations hereunder.
This Agreement constitutes the legal, valid and binding obligation of Executive enforceable against him in accordance with its terms.
No approvals or consents of any persons or entities are required for Executive to execute and deliver this Agreement or perform his duties
and other obligations hereunder.

 

(iii) Executive
will not use any confidential information or trade secrets of any third Party in his employment by the Company in violation of the terms
of the agreements under which he had access to or knowledge of such confidential information or trade secrets.

 

(b) By
The Company. The Company hereby represents and warrants to Executive that the Company has the full right and power to enter and deliver
this Agreement and to perform its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of the Company
enforceable against it in accordance with its terms. All approvals or consents required for the Company to validly execute and deliver
this Agreement and perform its obligations hereunder, including, without limitation, approval of the Board, if required, have been obtained.

 

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8. Termination.

 

(a) Cause.
Executive’s employment hereunder may be terminated by the Company immediately for Cause. Any of the following actions by Executive
shall constitute “Cause”:

 

(i) The
willful failure, disregard or refusal by Executive to perform his material duties or obligations under this Agreement (other than as a
result of Executive’s mental incapacity or illness, as confirmed by medical evidence provided by a physician selected by the mutual
agreement of Executive (or his legal representative) and the Company);

 

(ii) Any
willful, intentional or grossly negligent act by Executive having the effect of materially injuring (whether financially or otherwise)
the business or reputation of the Company or any of its affiliates (other than acts that were performed in a good faith attempt to advance
the business interests of the Company);

 

(iii) Executive’s
conviction of any felony involving moral turpitude (including entry of a guilty or nolo contendere plea);

 

(iv) The
Executive’s qualification as a “bad actor,” as defined by 17 CFR 230.506(a);

 

(v) The
good faith determination by the Board, after a reasonable and good-faith investigation by the Company that Executive engaged in some form
of harassment prohibited by law (including, without limitation, harassment on the basis of age, sex or race) unless Executive’s
actions were specifically directed by the Board;

 

(vi) Any
material misappropriation or embezzlement by Executive of the property of the Company or its affiliates (whether or not a misdemeanor
or felony); or

 

(vii) Breach
by Executive of any material provision of this Agreement that is materially injurious to the Company.

 

Notwithstanding the foregoing,
in no event shall Cause exist unless the Company’s Board has made a formal determination of Cause by majority vote and provided
Executive with ten (10) days advance notice followed by the right to be heard in front of the entire Board followed by a second majority
vote finding that Cause still exists. Such meeting of the Board can occur in person or via teleconference. If the circumstances surrounding
Cause are reasonably curable, then the Executive shall have the right to cure those circumstances over the next twenty (20) days. If the
circumstances are not curable or if those circumstances still exist after the cure period has expired, then (and only then) shall Cause
be deemed to exist for purposes of this Agreement.

 

(b) Death.
Executive’s employment hereunder shall be terminated upon Executive’s death.

 

(c) Disability.
The Company may terminate Executive’s employment hereunder due to Executive’s “Disability” (defined below) while
Executive is so Disabled. For purposes of this Agreement, a termination due to Executive’s “Disability”
shall be deemed to have occurred if the Executive has not been able to perform his material duties for one hundred eighty (180) days in
a three hundred sixty five (365) day period.

 

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(d) Good
Reason. Executive may terminate his employment hereunder for “Good Reason” (as defined below) pursuant to the procedures
set forth in this Section 8(d). In order for Executive to resign for Good Reason, Executive must provide written notice
to the Board of the existence of the Good Reason condition within sixty (60) days of the initial existence of such Good Reason condition.
Upon receipt of such notice, the Company will have thirty (30) days during which it may attempt to remedy the Good Reason condition. If
so remedied, Executive may not resign for Good Reason based on such condition. If the Good Reason condition is not remedied within such
thirty (30) day period, Executive may resign based on the Good Reason condition specified in the notice effective no later than thirty
(30) days following the expiration of the thirty (30) day cure period. The term “Good Reason” shall mean any
of the following occurring without the Executive’s consent:

 

(i) any
material breach of this Agreement by the Company;

 

(ii) any
material reduction by the Company of Executive’s duties, responsibilities, or authority;

 

(iii) a
material reduction in Executive’s annual Base Salary unless (i) all officers and/or members of the Company’s executive management
team experience an equal or greater percentage reduction in annual base salary and/or total compensation;
and (ii) Executive’s Base Salary and/or total compensation reduction is no greater than twenty-five (25) percent;
or

 

(iv) a
material reduction in Executive’s target bonus level unless: (i) all officers and/or members of the Company’s executive management
team experience an equal or greater percentage reduction related to target bonus levels;
and (ii) Executive’s target bonus level reduction is no greater than twenty-five (25) percent.

 

(e) Convenience.
Either Party may terminate Executive’s employment hereunder for any reason or no reason at any time upon sixty (60) days written
notice of termination to the other Party, which notice shall specify the termination date, or by providing a Notice of Nonrenewal to the
other Party pursuant to the terms of Section 2.

 

9. Compensation
upon Termination.

 

In the event Executive’s
employment is terminated, the Company shall pay to Executive the Base Salary and benefits otherwise payable to him under Section
4 through the last day of his actual employment by the Company, along with any reimbursable business expenses subject to Company
policy and any amounts due under any benefit plan or program in accordance with its terms (together, the “Accrued Compensation”).
Except for the Accrued Compensation, rights to indemnification and directors’ and officers’ liability insurance, and as otherwise
required by law, Executive will have no further entitlement hereunder to any other compensation or benefits from the Company except as
expressly provided below:

 

(a) Death
or Disability. If Executive’s employment is terminated as a result of his death or Disability, the Company shall pay to Executive
or to Executive’s estate, as applicable, the Accrued Compensation. In addition, Executive shall receive the bonus due for any completed
fiscal year to the extent that such bonus has not yet been paid (including timing of payment, the “Prior Year Bonus”).

 

(b) Cause.
If Executive’s employment is terminated by the Company for Cause, Executive shall not be entitled to receive any payments or benefits
other than the Accrued Compensation, rights to indemnification and directors’ and officers’ liability insurance and as otherwise
required by law. All outstanding Awards and Stock Options, whether or not vested, shall be forfeited to the Company as of such date.

 

    10 

     

    

 

(c) Other
than for Cause, Non-Renewal, Death or Disability. If the Company terminates Executive’s employment, other than as a result of
Executive’s death or Disability, other than by Notice of Nonrenewal and other than for Cause, or if Executive terminates Executive’s
employment for Good Reason, then conditioned upon Executive executing and not revoking a Release (as defined below) following such termination,
the Company will provide to Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation and Prior Year Bonus, rights to indemnification and directors’ and officers’ liability insurance
and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of an amount equal to nine (9) months of his Base Salary, which shall be paid over a period of nine (9) months following
the termination date,

 

(iii) Payment
to Executive of a prorated annual bonus for the year in which the termination date occurs, based on the actual achievement of the objectives
referenced in Section 4(b). The prorated bonus will be calculated as the annual bonus based on performance, multiplied by
a fraction, the numerator of which is the number of days preceding the termination date in the year of termination and the denominator
of which is three hundred sixty five (365) (the “Prorated Bonus”).

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium necessary
to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid for by the Company
at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base Salary payments under Section
9(c)(ii) above or until Executive becomes eligible for group health insurance coverage under another employer’s plan, whichever
occurs first, provided however that the Company has the right to terminate such payment of COBRA premiums on behalf of Executive and instead
pay Executive a lump sum amount equal to the COBRA premium amount described above times the number of months remaining in the specified
period if the Company determines in its discretion that continued payment of the COBRA premiums is or may be discriminatory under Section
105(h) of the Code, consistent with Section 409A of the Code, and

 

(v) All
Awards and Stock Options that are scheduled to vest on or before the next succeeding anniversary of the date of termination shall be accelerated
and deemed to have vested as of the termination date; provided that, for the avoidance of doubt, any performance-based Awards and Stock
Options whose vesting requirements have not been successfully met as of the date of Employee’s termination of employment or resignation
with Good Reason will not accelerate.. All Stock Options that have vested (or been deemed pursuant to the immediately preceding sentence
to have vested) as of the date of Executive’s termination shall remain exercisable until the earlier of the expiry of ninety (90)
days following such termination or the termination date applicable under the grant.

 

The separation benefits set
forth above are conditioned upon Executive executing a release of claims against the Company, its parents, subsidiaries and affiliates
and each of its officers, directors, employees, agents, successors and assigns in substantially the form attached hereto as Exhibit
C (the “Release”) within the time specified therein, which Release is not revoked within any time period
allowed for revocation under applicable law. The salary continuation described in Section 9(c)(ii) above will be payable
to Executive over time in accordance with the Company’s payroll practices and procedures beginning on the sixtieth (60th) day following
the termination of Executive’s employment with the Company, provided that the Company, in its sole discretion but in accordance
with Internal Revenue Code Section 409A, may begin the payments earlier. The Prorated Bonus described in Section 9(c)(iii)
above shall be paid at the date on which the annual bonus would have been paid had Executive continued in employment, and the COBRA payments
Section 9(c)(iv) above shall be paid monthly beginning on the date on which the salary continuation commences.

 

    11 

     

    

 

(d) By
Notice of Non-Renewal; Termination without Good Reason. If, pursuant to Section 8(e), Executive terminates his employment
hereunder by written notice of termination without Good Reason or if either Party terminates Executive’s employment by providing
a Notice of Nonrenewal to the other Party, Executive shall not be entitled to receive any payments or benefits other than the Accrued
Compensation, the Prior Year’s Bonus, rights to indemnification and directors’ and officers’ liability insurance and
as otherwise required by law.

 

(e) This
Section 9 sets forth the only obligations of the Company with respect to the termination of Executive’s employment
with the Company, and Executive acknowledges that, upon the termination of his employment, he shall not be entitled to any payments or
benefits which are not explicitly provided in this Section 9, except as required by law or the terms of another employee
plan, program or arrangement covering him. Executive acknowledges and agrees that upon the termination of his employment with the Company,
regardless of the reason or grounds therefor, he shall resign from any board, organization or foundation wherein Executive sits or belongs
as a representative of the Company.

 

(f) The
obligations of the Company that arise under this Section 9 shall survive the expiration or earlier termination of this Agreement.

 

10. Corporate
Transaction.

 

(a) Corporate
Transaction Defined. The term “Corporate Transaction” shall have the same meaning as defined in the Company’s
2019 Omnibus Stock Incentive Plan, as in effect on the date of this Agreement.

 

(b) Consequence
upon Executive’s Termination Without Cause or Executive’s Resignation With Good Reason. Upon Executive’s termination
of employment without Cause or Executive’s resignation of employment with Good Reason within twenty-four (24) months after a Corporate
Transaction, the Company shall provide Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation, the Prior Year Bonus, rights to indemnification and directors’ and officers’ liability insurance
and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of an amount equal to nine (9) months of his Base Salary and full target bonus as in effect for the year of termination,
which shall be paid over a period of nine (9) months following the termination date,

 

(iii)
Payment to Executive of the Prorated Bonus,

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium necessary
to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid for by the Company
at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base Salary and bonus payments
under Section 9(c)(ii) above or until Executive becomes eligible for group health insurance coverage under another employer’s
plan, whichever occurs first, provided however that the Company has the right to terminate such payment of COBRA premiums on behalf of
Executive and instead pay Executive a lump sum amount equal to the COBRA premium amount described above times the number of months remaining
in the specified period if the Company determines in its discretion that continued payment of the COBRA premiums is or may be discriminatory
under Section 105(h) of the Code, consistent with Section 409A of the Code, and

 

    12 

     

    

 

(v) All
unvested Awards and unvested Stock Options held by Executive shall be accelerated and deemed to have vested as of the date of the Executive’s
termination of employment. All Stock Options that have vested (or been deemed pursuant to the immediately preceding sentence to have vested)
as of the date of Executive’s termination of employment shall remain exercisable until the earlier of the expiry of twelve (12)
months following such termination or the termination date applicable under the grant.

 

The separation benefits set
forth above are conditioned upon Executive executing a Release within the time specified therein, which Release is not revoked within
any time period allowed for revocation under applicable law. The salary and bonus continuation described in Section 10(b)(ii)
above will be payable to Executive over time in accordance with the Company’s payroll practices and procedures beginning on the
sixtieth (60th) day following the termination of Executive’s employment with the Company, provided that the Company, in its sole
discretion but in accordance with “Section 409A” (defined below), may begin the payments earlier. The Prorated Bonus described
in Section 10(b)(iii) above shall be paid at the date on which the bonus would have been paid had Executive continued in
employment, and the COBRA payments described in Section 10(b)(iv) above shall be paid monthly beginning on the date on which
the salary continuation commences.

 

(c) Potential
Adjustments due to Tax Implications. Notwithstanding anything in this Agreement or any other agreement between Executive and the Company
to the contrary, but subject to this Section 10(c), the Company will effectuate the acceleration contemplated under Section
10(b) and will make the payments and other acceleration of benefits under this Agreement and other compensatory arrangements without
regard to whether Section 280G of the Code would limit or preclude the deductibility of such payments or benefits. However, if reducing
or eliminating any payment and/or other benefit (including the vesting of his options or other equity compensation) would increase the
“Total After-Tax Payments” (defined below), then the amounts payable to Executive will be reduced or eliminated as follows
(or in such other manner as Executive may specify at the applicable time if permitted to do so without violation of Internal Revenue Code
Sections 280G, 409A and 4999) to the extent necessary to maximize such Total After-Tax Payments:

 

(i) first,
by reducing or eliminating any cash payments or other benefits (other than the vesting of any options or stock) and

 

(ii) second,
by reducing or eliminating the vesting of options and stock that occurs as a result of a Corporate Transaction or other event covered
by Section 280G of the Code in reverse order of vesting and with grants whose parachute value is calculated without regard to Treasury
Regulations 280G-1 Q&A 24(c) being reduced prior to those subject to Q&A 24(c).

 

The Company’s independent,
certified public accounting firm will determine whether and to what extent payments or vesting are required to be reduced or eliminated
in accordance with the foregoing. If there is ultimately determined to be an underpayment of or overpayment to Executive under this provision,
the amount of such underpayment or overpayment will be immediately paid to Executive or refunded by him, as the case may be, with interest
at the applicable federal rate under the Code. The term “Total After Tax Payments” means the total value of
all “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to Executive or for his benefit
(whether made under the Agreement or otherwise), after reduction for all applicable federal taxes (including, without limitation, the
tax described in Section 4999 of the Code). The cost of the accountant shall be paid by the Company and the accountant shall deliver to
the parties its calculations in a form that can be relied upon for filing of tax returns. The calculations made pursuant to this section
shall be made by allocating the full summary compensation table value (from the latest filed proxy) or an estimate thereof of the Executive’s
annual total compensation to the noncompete set forth in this Agreement.

 

    13 

     

    

 

11. Indemnification.

 

The Company shall defend and
indemnify Executive with regard to his capacities with the Company, its affiliates and its benefit plans to the fullest extent permitted
under the Delaware General Corporate Law (the “DGCL”). The Company shall also maintain a policy for indemnifying
its officers and directors, including but not limited to Executive, for all actions permitted under the DGCL taken in good faith pursuit
of their duties for the Company, including, but not limited to, the obtaining of an appropriate level of directors and officers liability
insurance coverage and including such provisions in the Company’s bylaws or certificate of incorporation, as applicable and customary.
Executive shall be designated as a named insured on such directors and officers liability insurance policy. Executive’s rights to,
and the Company’s obligation to provide, indemnification shall survive termination of this Agreement.

 

12. Compliance
with Code Section 409A.

 

(a) Intent
of the Parties. The intent of the Parties is that the payments, compensation and benefits under this Agreement will be exempt from
or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder
(collectively “Section 409A”) and, in this connection, the Agreement shall be interpreted to be exempt or in
compliance with Section 409A. Further, if any benefit or payment payable under this Agreement is deemed to not comply with Section 409A,
the Company and Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing
of any severance payments payable hereunder) so that either (i) Section 409A will not apply or (ii) compliance with Section 409A will
be achieved; provided, however, that any resulting renegotiated terms shall provide to Executive the after-tax economic equivalent
of what otherwise has been provided to Executive pursuant to the terms of this Agreement, and provided further, that any deferral of payments
or other benefits shall be only for such time period as may be required to comply with Section 409A.

 

(b) Potential
Delay of Payment(s) and Adjustments. For the avoidance of doubt, the Parties intend that payments of the separation benefits set forth
in Section 9 and Section 10 above satisfy, to the greatest extent possible, the exemptions from the application
of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9). If any payment, compensation
or other benefit provided to Executive in connection with his separation from service is determined, in whole or in part, to constitute
“nonqualified deferred compensation” within the meaning of Section 409A and Executive is a “specified employee”
within the meaning of Section 409A, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after
the termination date or his earlier death (the “New Payment Date”). The aggregate of any payments that otherwise
would have been paid to Executive during the period between the termination date and the New Payment Date shall be paid to Executive in
a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment
Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.

 

(c) Separation
from Service. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under Section 9
or Section 10 above that constitute “deferred compensation” within the meaning of Section 409A will not commence
in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation from service”
(as such term is defined in Treasury Regulation Section 1.409A-1(h)), unless the Company reasonably determines that such amounts may be
provided to Executive without causing Executive to incur additional tax under Section 409A.

 

(d) Installments;
Year of Payment. If any payment, compensation or other benefit required by the Agreement is to be paid in a series of installment
payments, each individual payment in the series shall be considered a separate payment for purposes of Section 409A. In no event may Executive
designate the year of payment of a benefit under this Agreement, except in accordance with Section 409A.

 

    14 

     

    

 

13. Miscellaneous.

 

(a) Governing
Law. This Agreement and all questions relating to its validity, interpretation, performance, remediation, and enforcement (including,
without limitation, provisions concerning limitations of actions) shall be governed by and construed in accordance with the substantive
laws of the State of Delaware, notwithstanding any choice-of-law doctrines of that jurisdiction or any other jurisdiction that ordinarily
would or might cause the substantive law of another jurisdiction to apply.

 

(b) Company
Policies. All incentive compensation under this Agreement shall be subject to the terms of any clawback, recoupment or other policies
approved by the Board and applicable to executive officers of the Company.

 

(c) Personal
Jurisdiction. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING RELATING IN ANY WAY TO THIS AGREEMENT MAY
ONLY BE BROUGHT AND ENFORCED IN THE STATE OR FEDERAL COURTS LOCATED IN UNION COUNTY, NEW JERSEY, TO THE EXTENT SUBJECT MATTER JURISDICTION
EXISTS THEREFORE. THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. THE PARTIES
IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, AS WELL AS ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM.

 

(d) Service
of Process. THE PARTIES FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE MANNER
AND TO THE ADDRESS SPECIFIED IN SECTION 13(i) OF THIS AGREEMENT.

 

(e) Waiver of Jury Trial.
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(f) Assignment.
This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive. The Company may assign its rights,
together with its obligations, hereunder only in connection with any sale, transfer or other disposition of all or substantially all of
its business or assets and to an assignee who assumes such obligations by law or in writing. Subject to the foregoing, this Agreement
shall be binding upon and inure to the benefit of the Parties hereto, and their respective heirs, legal representatives, successors and
assigns.

 

(g) Amendment.
This Agreement cannot be amended orally, or by any course of conduct or dealing, but only by a written agreement duly executed by the
Parties.

 

(h) Waiver.
The failure of either Party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall
not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions shall remain
in full force and effect. No waiver of any term or condition of this Agreement on the part of either Party shall be effective for any
purpose whatsoever unless such waiver is in writing and signed by such Party. Unless the written waiver instrument expressly provides
otherwise, no waiver by a Party of any right or remedy or breach by the other Party in any particular instance shall be construed to apply
to any right, remedy or breach arising out of or related to a subsequent instance.

 

(i) Notices.
All notices, demands or other communications desired or required to be given by a Party to the other Party shall be in writing and shall
be deemed effectively given upon (i) personal delivery to the Party to be notified, (ii) upon confirmation of receipt of fax or other
electronic transmission, (iii) one business day after deposit with a reputable overnight courier, prepaid for priority overnight delivery,
or (iv) five days after deposit with the United States Postal Service, postage prepaid, certified mail, return receipt requested, in each
case to the Party to be notified at the Company’s principal executive officers in the case of the Company and at the latest address
of the Executive on the books of the Company in the case of the Executive; or to such other addresses and to the attention of such
other individuals as either Party shall have designated to the other by notice given in the foregoing manner.

 

    15 

     

    

 

(j) Entire
Agreement. This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter hereof,
and supersedes all prior agreements, arrangements and understandings, written or oral between the Parties, relating to the subject matter
hereof.

 

(k) Affiliate
and Control Defined. As used in this Agreement, the term “affiliate” of a specified Person shall mean and
include any Person controlling, controlled by or under common control with the specified Person. A Person shall be deemed to “control”
another Person if such first Person possesses directly or indirectly the power to direct, or cause the direction of, the management and
policies of the second Person, whether through the ownership of voting securities, by contract or otherwise.

 

(l) Captions,
Headings and Cross-References. The section headings contained herein are for reference purposes and convenience only and shall not
in any way affect the meaning or interpretation of this Agreement. Except as expressly set forth otherwise, all cross-references to sections
refer to sections of this Agreement.

 

(m) Severability.
In addition to, and not in conflict with, the provisions of Sections 6(b) and 6(f), the Parties agree that each and every
provision of this Agreement shall be deemed valid, legal and enforceable in all jurisdictions to the fullest extent possible. Any provision
of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be adjusted
and reformed rather than voided, if possible, in order to achieve the intent of the Parties. Any provision of this Agreement that is determined
to be invalid, illegal or unenforceable in any jurisdiction which cannot be adjusted and reformed shall for the purposes of that jurisdiction,
be voided. Any adjustment, reformation or voidance of any provisions of this Agreement shall only be effective in the jurisdiction requiring
such adjustment or voidance, without affecting in any way the remaining provisions of this Agreement in such jurisdiction or adjusting,
reforming, voiding or rendering that provision or any other provision of this Agreement invalid, illegal or unenforceable in any other
jurisdiction.

 

(n) Counterpart
Execution. This Agreement may be executed in one or more counterparts each of which shall be an original document and all of which
together shall constitute one and the same instrument. The Parties acknowledge that this Agreement may be executed and delivered by means
of electronic signatures and that use and acceptance of electronic signatures to bind the Parties represents the voluntary agreement and
intention of the Parties to conduct this transaction by electronic means. The Parties agree that execution and delivery by electronic
means will have the same legal effect as if signatures had been manually written on this Agreement. This Agreement will be deemed lawfully
executed by the Parties by such action for purposes of any statute or rule of law that requires this Agreement to be executed by the Parties
to make the mutual promises, agreements and obligations of the Parties set forth herein legally enforceable. Facsimile and .pdf exchanges
of signatures will have the same legal force and effect as the exchange of original signatures. THE PARTIES HEREBY WAIVE ANY RIGHT TO
RAISE ANY DEFENSE OR WAIVER BASED UPON EXECUTION OF THIS AGREEMENT BY MEANS OF ELECTRONIC SIGNATURES IN ANY PROCEEDING ARISING UNDER OR
RELATING TO THIS AGREEMENT. The Parties agree that the legal effect, validity and enforceability of this Agreement will not be impaired
solely because of its execution in electronic form or that an electronic record was used in its formation. The Parties acknowledge that
they are capable of retaining electronic records of this transaction.

 

IN WITNESS WHEREOF, the
Parties hereto have executed this Employment Agreement as of the date set forth above.

 

Signature page follows.

 

    16 

     

    

 

	CORMEDIX INC.	 	EXECUTIVE
	 	 	 
	/s/ Khoso Baluch	 	/s/ Thomas Nusbickel
	Date: April 29, 2021	 	Thomas Nusbickel
	 	 	 
	 	 	Date: April 29, 2021

 

    17 

     

    

 

EXHIBIT A

 

PERFORMANCE MILESTONES

 

[***]

 

 

 

 

    18 

     

    

 

EXHIBIT B

 

PRIOR INVENTIONS

 

 

 

 

    19 

     

    

 

EXHIBIT C

 

RELEASE

 

 

Separation
Agreement and Release

 

This Separation Agreement and Release (the “Agreement”)
sets forth the terms of your separation from employment with CorMedix Inc. (the “Company”). If you understand and agree with
these terms, please sign in the space provided below. If you and the Company sign below, this will be a legally binding document representing
the entire agreement between you and the Company regarding the subjects it covers. We will refer to this document as the “Agreement.”

 

Termination Date. Your last day of work with the Company will
be XXX.

 

Consideration. The Company will pay you [DESCRIBE SEVERANCE
PAY AND PAYMENT DATES], if you sign and do not revoke this Agreement. The severance pay is provided pursuant to the terms of the Employment
Agreement dated [______], 2021 between you and the Company (the “Employment Agreement”).

 

Release of Claims. In exchange for the payment(s) described
in the Consideration clause, you hereby waive all claims available under federal, state or local law against the Company, its parent,
partners and affiliates, and its and their respective directors, officers, employees, agents, insurers and reinsurers, and employee benefit
plans (and the trustees, administrators, fiduciaries, insurers and reinsurers of such plans) past, present, and future, their heirs, executors,
administrators, representatives, successors and assigns arising out of your employment with the Company or the termination of that employment,
including but not limited to all claims arising under the Americans with Disabilities Act, the Civil Rights Act of 1991, the Employee
Retirement Income Security Act, the Equal Pay Act, the Genetic Information Non-discrimination Act, the Family and Medical Leave Act, Section
1981 of U.S.C, Title VII of the Civil Rights Act, and you also hereby waive your rights under the following statutes to the fullest extent
permissible under applicable state and local laws including, but not limited to the New Jersey Law Against Discrimination, New Jersey
Equal Pay Act, New Jersey Civil Rights Law, New Jersey Security and Financial Empowerment Act, New Jersey Conscientious Employee Protection
Act, New Jersey Family Leave Act, New Jersey Wage and Hour Law, New Jersey WARN Laws, retaliation provisions of New Jersey Workers’ Compensation
Law, as well as wrongful termination claims, breach of contract claims, discrimination claims, harassment claims, retaliation claims,
whistleblower claims (to the fullest extent they may be released under applicable law), defamation or other tort claims, and claims for
attorneys’ fees and costs. You are not waiving your right to vested benefits under the written terms of the Company 401(k) Plan,
claims for unemployment or workers’ compensation benefits, any medical claim or any judgment or monetary awards or settlements that
may arise related to medical benefits under the group health plan sponsored by the Company, claims arising after the date on which you
sign this Agreement, claims that are not otherwise waivable under applicable law, or claims to indemnification under Section 11 of the
Employment Agreement. You acknowledge that you have not made any claims or allegations related to sexual harassment or sexual abuse and
none of the payments set forth in this Agreement are related to sexual harassment or sexual abuse.

 

    20 

     

    

 

Medicare Disclaimer. You represent that you are not a Medicare
Beneficiary as of the time you enter into this Agreement.

 

Limit on Disclosures. You shall not disclose or cause to be
disclosed the terms of this Agreement to any person (other than your spouse or domestic/civil union partner, attorney and tax advisor),
except pursuant to a lawful subpoena, as set forth in the Reports to Government Entities clause below, or as otherwise permitted by law.
This provision is not intended to restrict your legal right to discuss the terms and conditions of your employment.

 

Restrictive Covenants. You agree to comply with the confidentiality,
inventions, non-competition, non-solicitation and non-disparagement provisions of the Employment Agreement according to their terms.

 

Reports to Government Entities. Nothing in this Agreement, including
the Limit on Disclosures or Release of Claims clauses, restricts or prohibits you from initiating communications directly with, responding
to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation
to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity,
including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department
of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”),
or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. However,
to the maximum extent permitted by law, you are waiving your right to receive any individual monetary relief from the Company or any others
covered by the Release of Claims resulting from such claims or conduct, regardless of whether you or another party has filed them, and
in the event you obtain such monetary relief the Company will be entitled to an offset for the payments made pursuant to this Agreement.
This Agreement does not limit your right to receive an award from any Regulator that provides awards for providing information relating
to a potential violation of law. You do not need the prior authorization of the Company to engage in conduct protected by this paragraph,
and you do not need to notify the Company that you have engaged in such conduct.

 

Please take notice that federal law provides criminal and civil immunity
to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or
a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related
to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a
suspected violation of the law.

 

Non-Admission of Liability.  Nothing in this Agreement is an
admission of any wrongdoing, liability or unlawful activity by you or by the Company.

 

No Other Amounts Due. You acknowledge that the Company has paid
you all wages, salaries, bonuses, benefits and other amounts earned and accrued, less applicable deductions, and that the Company has
no obligation to pay “any additional amounts other than the payments described in the Consideration Clause of this Agreement.

 

    21 

     

    

 

Addendum to General Release for Age Claims. In addition to all
other claims released for the payment(s) described in the Consideration clause, you hereby waive all claims available against the Company
and the directors, officers, employees, employee benefit plans and agents of the Company arising out of your employment with the Company
or the termination of that employment under the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act.

 

Acknowledgement of Voluntariness and Time to Review.  You acknowledge
that:

 

		●	you read this Agreement and you understand it;
	 	 	 

		●	you are signing this Agreement voluntarily in order to release your claims against the Company in exchange for payment that is greater
than you would otherwise have received;
	 	 	 

		●	you are signing this Agreement after the date of your separation from the Company and you were offered at least 21 days to consider
your choice to sign this Agreement;
	 	 	 

		●	the Company advises you to consult with an attorney;
	 	 	 

		●	you know that you can revoke this Agreement within 7 days of signing it and that the Agreement does not become effective until that
7-day period has passed. To revoke, contact xxx; and
	 	 	 

		●	you agree that changes to this Agreement before its execution, whether material or immaterial, do not restart your time to review
the Agreement.

 

Duty of Cooperation. You agree to cooperate fully and in a timely
manner with the Company and its counsel with respect to any matter (including any litigation, investigation or governmental proceeding)
which relates to your employment with the Company. This cooperation may include appearing from time-to-time for conferences and interviews,
and providing the officers of the Company and its counsel with the full benefit of your knowledge with respect to any such matter. Subject
to the Company’s prior approval, the Company will reimburse you for reasonable out-of-pocket costs and expenses such as travel expenses,
and will endeavor to set meeting times that are mutually agreeable.

 

Governing Law. This Agreement shall be governed by the laws
of New Jersey without reference to that jurisdiction’s choice of law rules.

 

Return of Records and Equipment. You agree that you have returned
all Company property, including but not limited to keys, ID card, cell phone, PDA, and Company documents and information (either hard
copy or electronic) other than records related solely to your own compensation or benefits.

 

Severability. In the event a court, arbitrator or other entity
with jurisdiction determines that any portion of this Agreement (other than the general release clause) is invalid or unenforceable, the
remaining portions of the Agreement shall remain in full force and effect.

 

[Signature Page Follows]

 

    22 

     

    

 

The Company hereby advises you to consult with an attorney prior to
signing this Agreement. You acknowledge that you have had a reasonable amount of time to consider the terms of this Agreement and you
sign it with the intent to be legally bound.

 

	CorMedix Inc.	 	
	 	 	 
	 	 	Date:	 
	 	 	 
	Employee:	 	
	 	 	 
	 	 	Date:	 

 

[TO BE SIGNED AFTER TERMINATION OF EMPLOYMENT]

 

23irix-ex101_29.htm

Exhibit 10.1

 

 

FIRST AMENDMENT TO LEASE

 

THIS FIRST AMENDMENT TO LEASE (this “Amendment”) is dated for reference purposes only as of April 30, 2021, and is entered into by and between ZIC 1212 Terra Bella LLC, a Delaware limited liability company (“Lessor”), and IRIDEX CORPORATION, a Delaware corporation (“Lessee”), with regard to the following facts: 

 

RECITALS

 

A.Lessor and Lessee are parties to that certain Triple Net Lease dated April 26, 2017 (the "Lease”) for certain premises consisting of the entire building located at 1212 Terra Bella Avenue in the City of Mountain View, California, consisting of approximately 37,307 rentable square feet of space (the “Building”), together with the land owned by Lessor upon which the Building is located (the "Land"). The Land and the Building collectively are referred to herein as the “Project.” Capitalized terms used but not defined in this Amendment have the meanings given to such terms in the Lease. 

 

B.Lessor and Lessee desire to amend the Lease to, among other things, reduce the portion of the Project leased by Lessee and extend the term of the Lease. 

 

NOW, THEREFORE, in consideration of the above promises and mutual covenants, conditions and provisions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

1.Extended Term. The initial term of the Lease, which is scheduled to expire on February 28, 2022 (the “Initial Term”), is hereby extended for a period of thirty (30) months (the "Extended Term"), commencing March 1, 2022 and expiring August 31, 2024 (the “Expiration Date”), unless sooner terminated pursuant to the terms of the Lease. Lessee shall have no further option or right to extend the Term of the Lease. As used in the Lease, references to the "term" or "Term" of the Lease shall mean the period starting on the Commencement Date and ending on the Expiration Date (as extended pursuant to this Amendment). 

 

2.Surrender. On or before May 1, 2021 (the “Surrender Date”), Lessee shall vacate and surrender that portion of the Building consisting of approximately 7,477 rentable square feet and shown on Exhibit A attached hereto (the “Surrendered Space”) in the condition required by the Lease, including, without limitation, the terms of Sections 7 and 35 of the Lease. Lessor shall be responsible for performing any work required to demise and separate the Surrendered Space from the remainder of the Premises, including any architectural, permitting and construction work, provided that the cost of all such work shall be split equally between Lessor and Lessee. Lessee shall reimburse Lessor for Lessee's share of such costs within thirty (30) days after Lessor's submission of an invoice accompanied by reasonable documentation evidencing the costs incurred. Following completion of such work, Lessor and Lessee shall perform a walk-through of the Surrendered Space. Effective as of the Surrender Date, the Lease shall be terminated with respect to the Surrendered Space, and, unless otherwise specified in this Amendment, "Premises", as defined in the Lease and as used herein, shall mean the remainder of the Building leased by Lessee (including a proportionate share of the interior common area), totaling for purposes of the Lease and this Amendment, approximately 29,830 rentable square feet and shown on Exhibit A attached 

 

1

 

hereto (for purposes of this Amendment, the “Reduced Premises”). For the avoidance of doubt, effective as of the Surrender Date, Lessee shall also surrender any and all right it has to the exclusive use of the Land and the approximately 1,256 rentable square feet of interior common areas (as depicted on Exhibit A), subject to the provisions of Section 5 hereof and the other applicable provisions of this Amendment regarding Lessee's rights to use the common areas. From and after the Surrender Date, all references in the Lease to the “Premises” shall thereafter mean the Reduced Premises. The Reduced Premises shall be referred to from time to time as “Suite 100” and the Surrendered Space as “Suite 200.” 

 

3.Base Monthly Rent. Following the execution of this Amendment, Lessee shall pay Base Monthly Rent on or before the first day of each month without deduction or offset in accordance with the following schedule: 

 

				
	
Time Period
	
Per RSF
	
RSF
	
Base Monthly Rent

	
 
	
 
	
 
	
 

	
5/1/2021-9/30/2021
	
$3.12
	
29,830
	
$93,069.60

	
 
	
 
	
 
	
 

	
10/1/2021-2/28/2022
	
$2.82
	
29,830
	
$84,120.60

	
 
	
 
	
 
	
 

	
3/1/2022-2/28/2023
	
$2.82
	
29,830
	
$84,120.60

	
 
	
 
	
 
	
 

	
3/1/2023-2/28/2024
	
$2.90
	
29,830
	
$86,507.00

	
 
	
 
	
 
	
 

	
3/1/2024-8/31/2024
	
$2.99
	
29,830
	
$89,191.70

 

4.Deferred Rent. In addition to the Base Monthly Rent payable under Section 3 above, on or before May 31, 2021, Lessee shall pay to Lessor the sum of $169,393.34, which represents deferred Base Monthly Rent for the months of August and September, 2020. 

 

5.Multi-Tenant NNN Lease. Lessor and Lessee acknowledge that, prior to the Surrender Date, Lessee shall be the sole occupant of the Project. From and after the Surrender Date, Lessor intends to market and lease the Surrendered Space to another lessee, thereby converting the single-tenant Project to a multi-tenant Project. Accordingly, from and after the Surrender Date: 

 

a.Common Areas. As used in the Lease, the term "common areas" means any walkways, driveways, parking areas, and other improvements and facilities now or hereafter constructed surrounding, servicing or appurtenant lo the Building that are located outside the Building and/or within the Building and that are designated from time to time by Lessor as common areas appurtenant to the Building. Lessee shall have the right to use the nonexclusive use of the common areas, if any, located within the Building, and the non-exclusive use of the areas located outside of the Building on the Project designated by Lessor from time to time as common areas for the Building and the Project. subject to (A) the provisions of any covenants, conditions and restrictions regarding the use thereof now or hereafter recorded against the Project, and (8) the rules and regulations attached hereto as Exhibit B (the “Rules and Regulations”) and such other rules, regulations and restrictions as Lessor may make from time to time. Except with Lessor's prior authorization, Lessee may not go on the roof of Building. Lessor reserves the right from time to time to use any of the common areas of the Project, and the roof, risers and conduits of the Building 

 

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for telecommunications and/or any other purposes, and to make any changes, additions, improvements, repairs and/or replacements in or to the Project, including changes in the location, size, shape and number of entrances, loading and unloading areas, ingress, egress, and common areas; expanding or decreasing the size of the improvements within the Project; temporarily closing any of the common areas while engaged in making repairs, improvements or alterations to the Project; and performing such other acts and make such other changes with respect to the Project as Lessor deems appropriate. As part of Lessor's Maintenance Services, Lessor shall maintain the common areas, including the common restroom areas in the Building and the parking and landscaping areas of the Project.

 

b.Operating Expenses. Lessee shall be responsible for Lessee's Share of all expenses, costs and amounts of every kind and nature which Lessor shall incur during the Term because of or in connection with the ownership, management, maintenance, repair, replacement (to the extent provided in the Lease) or operation of the Project, including, without limitation, the Management Fee and any expenses incurred by Lessor pursuant to Sections 10 (including without limitation Lessor's Maintenance Services), 11, 17, 22, and 35 of the Lease; provided, however, to the extent any of the foregoing are incurred solely with respect to or for the benefit of the Reduced Premises or as a result of the acts or omission of Lessee or Lessee's agents, employees, contractors, visitors, or invitees, then Lessee shall be responsible for one hundred percent (100%) of the cost thereof. 

 

c.Lessee's Share. As used in this Amendment and the Lease, the term “Lessee's Share” shall mean 80.0%. Lessee's Share was calculated by dividing the number of rentable square feet of the Premises (i.e., 29,830 rentable square feet) by the total rentable square feet in the Building (i.e., 37,307 rentable square feet), and stating such amount as a percentage. 

 

d.Payment of Additional Rent. Lessor shall have the right to continue to invoice Lessee for additional rent as incurred by Lessor, as set forth in the Lease, or Lessor my elect to annually estimate such amounts, computed on the basis of periods of twelve (12) consecutive calendar months, commencing and ending on such dates as may be designated by Lessor, and shall be paid in monthly installments on the first day of each calendar month in the amount estimated by Lessor. Within ninety (90) days after the end of each such annual period, Lessor will determine (and furnish to Lessee a statement showing in reasonable detail) the actual annual charge for such period and the amounts so estimated and paid during such period shall be adjusted within such ninety (90) days (including adjustments on a prorata basis of any partial such period at either end of the demised term) and one party shall pay to the other on demand whatever amount is necessary to effectuate such adjustment. 

 

e.Advertisements and Signs. Any future Lessee signage shall be limited to Lessee's Share of the advertising and signage space Lessor, in its sole discretion, makes available to lessees of the Project, and otherwise subject to the terms of Section 16 of the Lease. With respect to Lessee's existing signage, Lessee acknowledges and agrees that in connection with the widening of North Shoreline Boulevard by the City of Mountain View (the "City"), the existing signage along North Shoreline Boulevard, which is located on City-owned property, may need to be moved to another location at the Project. Lessor and Lessee shall cooperate in good faith with the City and each other in connection with the relocation of such signage.

 

 

3

 

 

f.Parking. Lessee shall have the right to use Lessee's Share of the parking spaces available at the Project at no additional cost to Lessee. Notwithstanding anything set forth in this Amendment or in the Lease to the contrary, Lessee shall not have the exclusive right to park in any particular area of the parking lot for the Project. Lessor specifically reserves the right to change the size, configuration, design, layout and all other aspects of the parking lot at any time and Lessee acknowledges and agrees that Lessor may, without incurring any liability to Lessee and without any abatement of rent under this Lease, from time to time, close-off or restrict access to the parking lot for purposes of permitting or facilitating any such construction, alteration or improvements. Lessee shall comply with all rules promulgated by Lessor with respect to the use of the parking lot.

 

g.Utilities/Building Systems. In addition to the rights granted to Lessor in Section 17 of the Lease, Lessor shall have the right, but not the obligation, to undertake alterations and improvements to the Project and Reduced Premises to separate the utilities made available to the Reduced Premises and the remainder of the Project, including without limitation, installing separate meters and submeters for the Reduced Premises, Surrendered Space and Project common areas. Lessor shall also have the right, but not the obligation, to directly contract with the utility providers to provide utility service and to assume the maintenance, repair and replacement obligations for those utility and Building systems that are shared by the entire Building, and if so assumed, the cost thereof shall be treated as a Lessor's Maintenance Services under Section 10 of the Lease. If Lessee's consumption of electricity shall exceed amounts considered by Lessor to be normal for the Premises, Lessee shall pay to Lessor, within 30 days after billing and as additional rent, the cost of such excess consumption, the cost of the installation, operation, and maintenance of equipment which is installed in order to supply such excess consumption, and the cost of the increased wear and tear on existing equipment caused by such excess consumption; and Lessor may install devices to separately meter any increased use, and in such event Lessee shall pay, as additional rent, the increased cost directly to Lessor, within 30 days after invoicing, including the cost of such additional metering devices. Lessee agrees that Lessor shall not be liable for damages, by abatement of Rent or otherwise, for failure to furnish or delay in providing or allowing access to the Premises, furnishing any service (including telephone and telecommunication services), or for any diminution in the quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole or in part, by repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or other fuel at the Building or Project after reasonable effort to do so, by any accident or casualty whatsoever, by act or default of Lessee or other parties, as the result of any governmental order, decree or other Law, or by any other cause beyond Lessor's reasonable control. 

 

h.Interior Common Areas. Lessor and Lessee acknowledge that as of the date this Amendment, the Surrendered Space is vacant. Lessee further acknowledges and agrees that if as of the Surender Date the Surrendered Space has not been leased by Lessor and is unoccupied, notwithstanding anything in this Lease to the contrary, Lessee shall be responsible at its sole cost and expense for the cleaning and servicing of the restrooms and the access area to such restrooms located in the Building (collectively, the “Restroom Areas”). If Lessor leases the Surrendered Space to another tenant, from and after the date that the tenant commences occupancy of the Surrendered Space, Lessor shall assume the responsibility for the maintenance, repair, cleaning, and servicing of the Restroom Areas, and in such event Lessee shall be responsible for Lessee's Share of the costs thereof as part of Lessor's Maintenance Services.

 

 

4

 

 

i.Loading Doors and Dock Areas. Lessee acknowledges and agrees that the loading doors and dock area that are accessed via the interior common area of the Building shall be available for the exclusive use of the tenant of Suite 200 and shall not be used by Lessee. Lessee shall have the exclusive use of the loading doors located within the Premises and the adjacent dock areas.

 

6.Service Contracts. Lessor may enter into a preventive maintenance contract with a qualified service company satisfactory to Lessor providing for periodic repair and maintenance of the roof and other Building Systems, including the HVAC system servicing the Premises and other areas of the Building, including without limitation replacement of filters, oiling and lubricating of machinery, adjustment of drive belts, oil changes, weather proofing of all exposed HVAC equipment and ducts, parts replacement and other preventive maintenance. Lessor may enter into a preventive maintenance contract with a qualified service company satisfactory to Lessor providing for periodic inspection of the roof of the Building and for repair and maintenance thereof, including without limitation patching of any worn areas, replacement of all or any portion of the roof membrane when necessary, caulking and repair of flashing. Lessee shall be responsible for Lessee's Share of the costs of all such repairs, maintenance and servicing.

 

7.Pandemic Guidance. The parties acknowledge and agree that as a result of the COVID-19 outbreak, state, federal and local governmental authorities have declared an emergency and have issued or adopted, and may hereafter issue or adopt, orders, ordinances, requirements, guidance and other policies and Laws intended to protect the health and wellbeing of members of the public relating to COVID-19 and/or other epidemics or pandemics (collectively, “Pandemic Guidance”). Lessee further acknowledges and agrees that Lessor shall have the right to adopt additional rules and procedures governing the use of the common areas as Lessor may in good faith determine to be necessary or appropriate to ensure compliance with the Pandemic Guidance and the safety of tenants, contractors, vendors, visitors, customers and others using the Premises and the Property, including without limitation rules and procedures regarding cleaning and sanitation, social distancing, hygiene, the wearing of face coverings, or other personal protective equipment, and restrictions on access to and the use of the Premises, including restricting or preventing access to the Premises as reasonably required to comply with Pandemic Guidance. Lessee shall comply with all Pandemic Guidance and such rules and procedures. Notwithstanding the foregoing or any other provision of this Amendment to the contrary, Lessee waives any claims for rental abatement arising under applicable laws, including without limitation any statutory or common law theories of force majeure, frustration of purpose, impossibility, or similar doctrines, to the extent relating to Lessee's rights or claims to receive rental abatement or to terminate this Amendment in connection with any epidemic or pandemic, including without limitation as the result of Lessor's rules, procedures and directives relating to complying with Pandemic Guidance.

 

8.Certified Access Specialist Disclosure For purposes of Section 1938 of the California Civil Code, Lessor hereby discloses to Lessee, and Lessee hereby acknowledges, that the Premises have not undergone inspection by a Certified Access Specialist (CASp). Pursuant to Section 1938, Lessor makes the following disclosure: "A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or 

 

5

 

potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs to correct violations of the construction related accessibility standards within the premises." Pursuant to Section 1938 of the Civil Code, upon at least 30 days' prior written notice to Lessor, Lessee shall have the right to require a CASp inspection of the Premises. If Lessee requires a CASp inspection of the Premises, then: (i) Lessor and Lessee shall mutually agree on the arrangements for the time and manner of the CASp inspection during such 30-day period; (ii) Lessee shall be solely responsible to pay the cost of the CASp inspection as and when required by the CASp; and(iii) Lessee shall pay to Lessor, as and when required by Lessor, the cost of making any repairs to correct violations of the construction related accessibility standards within or relating to the Premises.

 

9.Brokers. Each party warrants to the other that it has had no dealings with any real estate broker or agent in connection with the negotiation of this Amendment. Lessee shall indemnify and hold Lessor, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents, harmless from all claims of any brokers c1aiming to have represented Lessee in connection with this Amendment. Lessor shall indemnify and hold Lessee, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents, harmless from all claims of any brokers claiming to have represented Lessor in connection with this Amendment.

 

10.Notices. For purposes of Section 23 of the Lease, notices given by Lessee to Lessor shall be addressed as follows: ZIC 1215 Terra Bella LLC, 235 Montgomery Street, Suite 415, San Francisco CA 94104 (Attention: John Zappettini and Kate Jorgensen). In addition, all requests by Lessee to Lessor for maintenance, repairs or other services to be performed by Lessor shall be addressed to Lessor's property management team (the "Lessor's PM Team") by email at the following email address: pm@zappettini.com. All communications to Lessee with respect to routine maintenance and operational matters concerning the Premises shall be addressed to Lessee's facilities manager at the following email address: Scott Lavigne (slavigne@iridex.com).

 

11.No Claims. Lessee acknowledges and agrees that Lessor is not in default of the Lease and that Lessee currently has no defense, set-off, counterclaim or challenge against the payment of any sums owing under the Lease, or the enforcement of any of the terms or conditions thereof. 

 

12.Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, epidemics, pandemics or other public health emergencies, including government-mandated shutdowns, closures, and shelter-in-place orders, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to the obligations imposed with regard to Rent and other charges to be paid by Lessee pursuant to the Lease (collectively, “Force Majeure”), notwithstanding anything to the contrary contained in this Amendment, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Amendment specifies a time period for performance of an obligation of either party, that time period shall be extended by the period of any delay in such party's performance caused by a Force Majeure.

 

 

6

 

 

13.Contingency. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, LESSOR AND LESSEE HEREBY AGREE AND ACKNOWLEDGE THAT THIS AMENDMENT IS EXPRESSLY CONTINGENT UPON AND SUBJECT TO RECEIPT OF CONSENT FROM THE LENDER OF LESSOR TO THIS AMENDMENT. THE FOREGOING CONTINGENCY IS FOR THE SOLE BENEFIT OF LESSOR AND MAY BE WAIVED ONLY BY LESSOR IN WRITING. IF THE FOREGOING CONTINGENCY IS NOT SATISFIED OR WAIVED IN WRITING BY LESSOR ON OR PRIOR TO THE SURRENDER DATE, THEN THIS AMENDMENT SHALL AUTOMATICALLY TERMINATE, BE DEEMED VOID AB INITIO AND OF NO FURTHER FORCE OR EFFECT.

 

14.Environmental Disclosures. Lessee acknowledges that Lessee is familiar with the condition of the Premises and the Project, including the matters disclosed in Exhibit C to this Amendment (the “Existing Environmental Contamination”). Pursuant to Section 35.3 of the Lease, Lessee shall not be responsible for contamination of the Premises or the Project relating to the Existing Environmental Conditions except to the extent caused or exacerbated in whole or in part by Lessee or its agents, employees, contractors or other invitees. California’s Safe Drinking Water and Toxic Enforcement Act of 1986, also known as Proposition 65, requires businesses to provide "clear and reasonable" warnings before exposing individuals to chemicals known to the state to cause cancer or reproductive toxicity. (Health and Safety Code §25249.6.) As a result of the matters described in Exhibit C, out of an abundance 'of caution, Lessor provides the following environmental exposure warning, consistent with applicable regulatory provisions of Proposition65. (27 Cal. Code Regs. §25600 et seq.) Lessee hereby acknowledges that Lessee has reviewed and understands the following environmental exposure warning applicable to the building located at the Real Property:

 

WARNING: Entering this area can expose you to chemicals known to the State of California to cause cancer and birth defects or other reproductive harm, including trichloroethene (also known as trichloroethylene or TCE), from the inhalation of indoor air that has been potentially impacted by groundwater contamination present beneath the building. For more information go to www.P65Warnings.ca.gov.

 

15.Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance in the sum of $40,000.00 (the “Improvement Allowance”) to reimburse Tenant for the actual third party costs relating to hard and soft costs of making improvements which are permanently affixed to the Premises (but not for purchase of trade fixtures, signage, furniture, equipment or inventory). The Improvement Allowance shall be available for disbursement pursuant to the terms hereof only if each of the conditions for the disbursement set forth in this Section 15 has been satisfied within twelve (12) months following the date of this Amendment. If such conditions have not been satisfied by such date, Landlord shall have no further obligation to disburse or to provide Tenant with a credit for the Improvement Allowance, and Tenant's right to receive the Improvement Allowance or any credit on account thereof shall be deemed to have been waived. The Improvement Allowance, to the extent payable hereunder, shall be paid to Tenant within thirty (30) days following the date that that Tenant shall have delivered to Landlord (a) reasonably detailed paid invoices from Tenant's contractors and vendors for the improvements and related costs for which the Improvement Allowance is to be disbursed, (b) signed permits for an such improvements, (c) properly executed unconditional mechanics lien releases in compliance with both California 

 

7

 

Civil Code Section 8132 and Section 8134 from all contractors and subcontractor, and (d) final as-built drawings.

 

16.Other Terms and Conditions. In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control. Except as expressly amended by this Amendment, all other terms and conditions of the Lease shall remain in full force and effect. 

 

17.Counterparts. This Amendment may be executed in counterparts. all of which taken together shall constitute the same agreement. Further, photocopies and/or electronic copies (including, but not limited to PDF signatures) that are faxed or scanned or that are executed and delivered by an electronic signature platform (such as DocuSign) shall be deemed as valid as an original. 

 

 

[Signature Page Follows]

 

8

 

IN WITNESS WHEREOF, the partied hereto have signed this Amendment as of the day and year first above written. 

 

	
LESSOR:
	
 
	
LESSEE:

	
ZIC 1212 TERRA BELLA LLC, a

Delaware limited liability company
	
 
	
IRIDEX CORPORATION, a Delaware 

limited liability company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
/s/ John Zappettini
	
 
	
By:
	
/s/ Patrick Mercer

	
 
	
Name:
	
 JOHN ZAPPETTINI
	
 
	
 
	
Name:
	
PATRICK MERCER

	
 
	
Title:
	
PRESIDENT
	
 
	
 
	
Title:
	
COO

 

 

9

 

 

Exhibit A

 

Drawing Depicting Surrendered Space and Reduced Premises

 

 

 

10

 

 

Exhibit B

 

RULES AND REGULATIONS

 

Lessee shall faithfully observe and comply with the following Rules and Regulations. Lessor shall not be responsible to Lessee for the nonperformance of any of the Rules and Regulations by or otherwise with respect to the acts or omissions of any other tenants or occupants of the Building.

 

1.Lessee shall not alter any lock or install any new or additional locks or bolts on any doors or windows of the Premises without obtaining Lessor's prior written consent. Lessee shall bear the cost of any lock changes or repairs required by Lessee. All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises, unless electrical hold backs have been installed. 

 

2.Lessor reserves the right to close and keep locked all entrance and exit doors of the Building not exclusively serving the Premises during such hours as are customary for comparable buildings in the vicinity of the Building. Lessee, its employees and agents must be sure that the doors to the Premises are securely closed and locked when leaving the Premises.

 

3.No furniture, freight, packages, supplies, equipment or merchandise will be left or stored in the common areas or in any public street or sidewalk adjacent to the Premises or the Building. The entire Premises, including vestibules, entrances, parking areas, doors, fixtures, windows and plate glass, shall at all times be maintained in a safe, neat and clean condition by Lessee. All trash, refuse and waste materials shall be regularly removed from the Premises by Lessee and placed in containers at locations designated by Lessor for refuse collection. All cardboard boxes must be "broken down" prior to being placed in recycling bins or trash containers. All styrofoam chips must be bagged or otherwise contained prior to placement in the trash container, so as not to constitute a nuisance. Pallets must be immediately disposed of by tenant and may not be disposed of in the Lessor provided trash container or enclosures. Pallets may be neatly stacked in an exterior location on a temporary basis (no longer than 5 days) so long as Lessor has provided prior written approval.

 

4.Lessor shall have the right to control and operate the public portions of the Building and the Project, the public facilities, the heating and air conditioning, and any other facilities furnished for the common use of tenants, in such manner as is customary for comparable buildings in the vicinity of the Building.

 

5.The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the tenant who, or whose employees or agents, shall have caused it.

 

6.Lessee shall not overload the floor of the Premises. Lessee shall not mark, drive nails or screws, or drill into the partitions, woodwork or plaster or in any way deface the Premises or any part thereof without Lessor's consent first had and obtained; provided, however, Lessor's prior consent shall not be required with respect to Lessee's placement of pictures and other normal wall 

 

11

 

hangings on the interior walls of the Premises (but at the end of the Term, Lessee shall repair any holes and other damage to the Premises resulting therefrom).

 

7.Lessee shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises to be occupied or used in a manner offensive or objectionable to Lessor or other occupants of the Building or the Project by reason of noise, odors, or vibrations, or interfere in any way with other tenants or those having business therewith.

 

8.Lessee shall not bring into or keep within the Building, the Project or the Premises any animals, birds, or vehicles.

 

9.The Premises shall not be used for lodging or for any illegal purposes.

 

10.No boring or cutting for wires shall be allowed without the consent of Lessor which consent shall not be unreasonably withheld, conditioned or delayed. The location of telephone, call boxes and other office equipment and/or systems affixed to the Premises shall be subject to the approval of Lessor which consent shall not be unreasonably withheld, conditioned or delayed.

 

11.Lessor reserves the right to exclude or expel from the common areas any person who, in the judgment of Lessor, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations.

 

12.Lessee shall not waste electricity, water or air conditioning and agrees to cooperate fully with Lessor to ensure the most effective operation of the Premises within the Building's heating and air conditioning system, and shall refrain from attempting to adjust any controls, if Lessor assumes responsibility for such systems.

 

13.Lessee shall store all its trash and garbage within the interior of the Premises or in trash disposal areas designated by Lessor. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage in the city in which the Building is located without violation of any law or ordinance governing such disposal. All trash, garbage and refuse disposal shall be made only through entry-ways.

 

14.Lessee shall comply with all safety, fire protection and evacuation procedures and regulations established by Lessor or any governmental agency having jurisdiction.

 

15.Lessee shall assume any and all responsibility for protecting the Premises from theft, robbery and pilferage, which includes keeping doors locked and other means of entry to the Premises closed, when the Premises are not occupied.

 

16.No awnings or signage shall be attached to the outside walls of the Building without the prior written consent of Lessor which consent shall not be unreasonably withheld, conditioned or delayed. No curtains, blinds. shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises without the prior written consent of Lessor which consent shall not be unreasonably withheld, conditioned or delayed.

 

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17.Lessee shall comply with any non-smoking ordinance adopted by any applicable governmental authority.

 

18.Areas adjacent to rolling doors and loading docks shall be kept free of debris, freight and other items. 

 

19.Lessor may waive any one or more of these Rules and Regulations for the benefit of any particular tenant or tenants, but no such waiver by Lessor shall be construed as a waiver of such Rules and Regulations in favor of any other tenant or tenants, nor prevent Lessor from thereafter enforcing any such Rules or Regulations against any or all tenants of the Building and/or the Project. Lessor reserves the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further reasonable Rules and Regulations as in Lessor's reasonable business judgment may from time to time be necessary for the management, safety, care and cleanliness of the Premises, Building and the Project, and for the preservation of good order therein, as well as for the convenience of other occupants and tenants therein. Lessor shall not be responsible to Lessee or to any other person for the nonobservance of the Rules and Regulations by another tenant or other person. Lessee shall be deemed to have read these Rules and Regulations and to have agreed to abide by them as a condition of its occupancy of the Premises. 

 

 

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Exhibit C

 

Disclosures

 

The real property at 1212 Terra Bella A venue consists of an approximately 37,166-square foot single story commercial/industrial building situated on approximately 2.7 acres of land in the City of Mountain View, California (collectively, the “Real Property”).

 

Section 25359.7 of the California Health and Safety Code requires owners and landlords of non-residential real property who know, or have reasonable cause to believe, that any release of hazardous substances has come to be located on or beneath the real property to provide written notice of such conditions to tenants of the real property. Accordingly, Lessor hereby provides, and Lessee hereby acknowledges receipt of, this notice of environmental conditions at the Real Property.

 

The groundwater beneath the Real Property may have been impacted by contamination originating from a nearby property formerly owned and operated by Spectra-Physics, Inc. (“Spectra-Physics”), located at 1250 West Middlefield Road (the “1250 Middlefield Property”). The Spectra-Physics property was designated a Federal Superfund site in 1991. Since the 1980s, investigation and remediation activities have been performed by Spectra-Physics and its corporate successor, Thermo Fisher Scientific (“Thermo Fisher”), under the oversight of the Regional Water Quality Control Board, San Francisco Bay Region (the “Water Board”). 

 

Shallow groundwater beneath the 1250 Middlefield Property and possibly the Real Property is impacted by chlorinated volatile organic compounds (“VOCs”), primarily trichloroethene (“TCE”) and its breakdown product, cis-I, 2 -dichloroethene. The highest TCE concentration in groundwater was detected in a sample located on the up-gradient (southern) boundary of the Real Property boundary (indicating off-site, up-gradient source(s) of the VOC-impacted groundwater) and the detected concentrations were relatively consistent across the Real Property. The VOC-impacted groundwater migrates north and merges with the VOC-impacted groundwater plume at the real property formerly owned and operated by Teledyne Semiconductor (“Teledyne”) located at 1300 Terra .Bella A venue, which was designated a Federal Superfund site in 1987. Spectra-physics and Teledyne have been jointly remediating the commingled groundwater plume. A low concentration of 1, 1-Dichloroethene was detected in one soil sample at the Real Property, though subsequent soil testing did not confirm that finding or produce any similar detections.

 

Cleanup of the Spectra-Physics and Teledyne Superfund Sites is administered by the US Environmental Protection Agency (“EPA”). The Superfund program is designed to regulate the cleanup of sites contaminated with hazardous substances. For these sites and several other Superfund sites in Silicon Valley, the EPA delegated regulatory oversight and management to the Water Board. The EPA provides a supervisory and advisory role to the Water Board.

 

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