Document:

EMPLOYEE AGREEMENT AMENDMENT

EXHIBIT 10.1

EMPLOYEE AGREEMENT AMENDMENT

THIS AGREEMENT (the “Agreement”) is made and entered into on August 29, 2013 by and between Lightwave Logic, Inc., a Nevada Corporation (the “Company”), located at 111 Ruthar Dr., Newark, Delaware 19711; and Thomas E. Zelibor (“Employee”). 

1.

This Agreement amends that certain Employee Agreement dated May 1, 2012, made and entered into by the parties hereto (the “Employee Agreement”). Capitalized terms herein have the same meaning as used in the Employee Agreement, unless otherwise noted.

2.

Effective September 1, 2013, Paragraph 4.1 of Article Four is deleted in its entirety and replaced with the following: 

4.1. Base Compensation. For all services rendered by Employee under this Employee Agreement, the Company agrees to pay Employee the rate of $18,750 per month, which shall be payable to Employee not less frequently than monthly, or as is consistent with the Company’s practice for its other employees. 

3.

All other provisions of the Employee Agreement remain in full force and effect, other than any provision that conflicts with the terms and spirit of this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

				
	 
	 
	LIGHTWAVE LOGIC, INC.:

	 
	 
	 
	 

	 
	 
	 
	 

	/s/ Vicki Clark

	 
	By: 

	/s/ James S. Marcelli

	(Witness signature)

	 
	 
	James S. Marcelli, President

	 
	 
	 
	 

	 
	 
	EMPLOYEE:

	 
	 
	 
	 

	 
	 
	 
	 

	/s/ Vicki Clark

	 
	/s/ Thomas E. Zelibor

	(Witness signature)

	 
	Thomas E. ZeliborExhibit 10.1

 

SERIES A PREFERRED STOCK PURCHASE
AGREEMENT

 

 

	 	THIS SERIES A PREFERRED STOCK PURCHASE AGREEMENT (the “Agreement”), made as of the last date executed below (the “Effective Date”), by and among SPO Medical Inc. a Delaware corporation with a principal address of 3 Gavish Street, Kfar Saba Israel (“the “Company”), and Michael Braunold, an individual with an address of c/o 3 Gavish Steet Kfar Sbab Israel (“Buyer”). Each of the Company and Buyer is a “Party” and together, are the “Parties.”

 

W I T N E S S E T H:

 

WHEREAS, the Company has authorized 2,000,000
shares of preferred stock (the “Preferred Stock”); and

 

WHEREAS, the Company has designated one
hundred (100) shares of Preferred Stock as Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred
Stock”), having the rights, preferences, privileges, powers and restrictions set forth in the Certificate of Designation
filed with the Secretary of State of the State of Delaware on or about August 26, 2013 and attached hereto as Exhibit A;
and

 

WHEREAS, the Company desires to issue,
sell and transfer, and Buyer desires to purchase and receive, one hundred (100) shares of Series A Preferred Stock (the “Purchased
Shares”) subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises set forth
above and the mutual agreements, covenants and representations contained herein, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and subject to the terms and conditions hereof, the Parties, intending
to be legally bound, hereby agree as follows:

 

1. Agreement
to Purchase and Sell; Consideration.  The Company hereby agrees to issue, sell and transfer to Buyer, and Buyer hereby
agrees to purchase and receive from the Company, the Purchased Shares, free and clear of any and all liens, mortgages, security
interests, encumbrances and other restrictions or limitations (other than restrictions on resales of the Purchased Shares under
applicable federal or state securities laws, and the rules and regulations promulgated thereunder) (collectively, “Liens”),
as consideration for the Buyer’s services rendered and to be rendered to the Company (the “Consideration”).

 

2. Closing.  On
or before August 26, 2013 (the “Closing Date”), the Parties shall perform the following:

 

 

(a) Buyer
shall provide Seller a duly authorized and validly executed copy of this Agreement;

 

(b) Upon
the closing of the purchase and sale (the “Closing”), the Company shall provide Buyer with (i) a duly authorized
and validly executed copy of this Agreement and (ii) the stock certificate(s) representing the Purchased Shares, together with
all documents necessary to effectuate the issuance and transfer of the Purchased Shares; and

 

(c) The
Board of Directors of the Company (the “Board”) shall execute a resolution approving the terms of this Agreement.

 

3. Transfer
Agent.  Buyer agrees that American Stock Transfer and Trust Co. (the “Transfer Agent”) shall have
full power and authority to act on behalf of the Company in connection with the issuance, transfer, exchange, replacement and cancellation
of all of the Company’s stock certificates.  The Company shall pay all fees due to the Transfer Agent.

 

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4. Representations
and Warranties of the Company.  The Company hereby represents and warrants, for a period of twelve (12) months from
the Effective Date, to Buyer that all of the statements in the following paragraphs of this Section 4 are true and complete as
of the date hereof and shall be true and complete as of the Closing Date.

 

(a) Due
Incorporation; Good Standing.  The Company is duly organized and in good standing in the State of Delaware and in
every state in which the Company is or should be authorized to do business, unless the failure to be so qualified does not have
a material adverse effect on the Company.

 

(b) Full
Power and Authority. The Company has full corporate power and authority to enter into this Agreement and consummate the transactions
contemplated hereby.

 

(c) No
Liens.  The Purchased Shares shall be free and clear of any and all Liens.

 

(d) Valid
Issuance. The Purchased Shares shall be, when issued, duly authorized, validly issued, fully paid and non-assessable.

 

(e) Good
Title.  Upon delivery to Buyer at the Closing of the stock certificate(s) representing the Purchased Shares, Buyer
shall have good and valid title to the Purchased Shares.

 

(f) No
Conflicts.  The execution and performance of this Agreement will not constitute a breach of the Company’s Certificate
of Incorporation or By-laws.

 

(g) No
Broker.  Neither the Company nor any of Representatives (as defined herein) has employed or engaged any broker or
finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the transactions
contemplated by this Agreement, and the Company hereby indemnifies Buyer against any Losses (as defined herein) arising from the
breach of this Section.

 

5. Representations
and Warranties of Buyer. Buyer hereby represents and warrants to the Company that the statements in the following paragraphs
of this Section 5 are all true and complete as of the date hereof and shall be true and complete as of the Closing Date.

 

(a) Full
Power and Authority.  Buyer has full power and authority to enter into this Agreement.

 

(b) Exempt
Transaction.  Buyer understands that the sale of the Series A Preferred Stock is intended to be exempt from registration
under the Securities Act of 1933, as amended (the “Securities Act”), and exempt from registration or Qualification
under any state law.

  

(c) Restricted
Securities.     Buyer understands that the Purchased Shares are characterized as “restricted
securities” under the Securities Act inasmuch as they was acAuired from a transaction that was not a public offering.

 

(d) Series
A Preferred Stock.  The Series A Preferred Stock purchased by Buyer hereunder will be acquired for investment only
for Buyer’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof, and
Buyer has no present intention of selling, granting any participation in, or otherwise distributing, the same.

 

(e) No
Oral Representations.  No oral or written representations have been made other than those stated in this Agreement.
Buyer is not relying on any oral statements made by the Company or any of the Company’s Affiliates or their respective directors,
officers, managers, members, partners, stockholders, employees, representatives, agents, executors or heirs, as applicable (collectively,
the “Representatives”), as applicable, in purchasing the Series A Preferred Stock.  For purposes of
this Agreement, “Affiliate” means, with respect to any Person, any other Person controlling, controlled by or
under common control with such Person.  The term “control” as used in the preceding sentence means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether by
contract or otherwise.  Further, for purposes of this Agreement, “Person” means any individual, partnership,
corporation, association, joint stock company, trust, joint venture, unincorporated organization or governmental entity (or any
department, agency or political subdivision thereof).

 

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(f) Information
about the Company. Buyer has been given the opportunity to ask questions of, and receive answers from, the Company concerning
the Company and the Series A Preferred Stock and any other matters pertaining to the transactions contemplated herein.

 

6. Indemnification.

 

(a) In
consideration of this Agreement, the Company covenants and agrees that Buyer shall be indemnified and held harmless from and against
any and all losses, damages, fees, costs, expenses, obligations and liabilities (collectively, the “Liabilities”)
or actions, investigations, inquiries, arbitrations, claims or other governmental or administrative agency proceedings in respect
thereof, including, without limitation, enforcement of this Agreement (collectively, the “Actions” and together
with the Liabilities, the “Losses”) which are incurred as a result of the Company’s breach of any material
representations, warranties and/or covenants set forth herein; provided that the breach is not the result of Buyer’s
negligence or misconduct.  Without limiting the foregoing, Losses include, but are not limited to, all reasonable legal
fees, court costs and other expenses incurred in connection with investigating, preparing, defending, paying, settling or compromising
any suit in law or equity arising out of this Agreement.

 

(b) In
consideration of this Agreement, Buyer covenants and agrees, for itself and its Affiliates, that Buyer shall indemnify and hold
harmless the Company and its Representatives from and against any and all Losses which are incurred as a result of Buyer or any
of Buyer’s Representatives’ breach of this Agreement, including, but not limited to, the breach of any representations,
warranties and/or covenants set forth herein.

 

7. Governing
Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable
to contracts made and to be performed entirely within such State without giving effect to any choice or conflict of law provision
that would cause the application of the laws of any other jurisdiction other than the State of Florida.

 

 

8. Term
/ Survival.  The terms of this Agreement shall be effective as of the Effective Date and continue until such time
as the obligations hereunder are fully satisfied; provided, however, that the terms, conditions and obligations of Sections
4, 5, 6, 7, 9, 12, 17, 18 and 19 of this Agreement and this Section 8 shall survive the termination of this Agreement.

 

9. Successors
and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns, or heirs and executors, as applicable, of the Parties.

 

10. Counterparts.   This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute
one and the same agreement.  A faxed or electronic copy of this Agreement shall be deemed an original.

 

11. Headings.  The
headings used in this Agreement are for convenience of reference only and shall not be deemed to limit, characterize or in any
way affect the interpretation of any provision of this Agreement.

 

12. Modifications
and Waivers.  No change, modification or waiver of any provision of this Agreement shall be valid or binding unless
it is in writing, dated subsequent to the Effective Date, and signed by all Parties. No waiver of any breach, term, condition or
remedy of this Agreement by any Party shall constitute a subsequent waiver of the same or any other breach, term, condition or
remedy.  All remedies, either under this Agreement, by law or otherwise afforded to a Party, shall be cumulative and
not alternative.

 

13. Severability.  If
one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms.

 

14. Termination.  The
Parties may not, except for a material breach or failure of a condition or requirement, terminate this Agreement.

 

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15. Entire
Agreement.   This Agreement constitutes the entire agreement and understanding of the Parties with
respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the Parties with respect to the subject matter hereof, whether written or
oral.

 

16. Further
Assurances.  From and after the date of this Agreement, upon the reasonable request of a Party, the other Party shall
use its commercially reasonable best efforts to execute and deliver such instruments, documents or other writings as may be reasonably
necessary or desirable to confirm and carry out and fully effectuate the intent and purposes of this Agreement.

 

17. Notices.
All notices or other communications required or permitted by this Agreement shall be in writing to the addresses set forth in the
preamble to this Agreement (or to such other addresses as may be specified by a Party to the other Party pursuant to notice given
by such Party in accordance with the provisions of this Section 17 and shall be deemed to have been duly received:

 

	(a)  	if given by fax or email, when transmitted and the appropriate confirmation received, as applicable, if transmitted on a business day and during normal business hours of the recipient, and otherwise on the next business day following transmission;

 

	(b)  	if given by certified or registered mail, return receipt requested, postage prepaid, three business days after being deposited in the U.S. mail; and

 

	(c)  	if given by courier, messenger or other means, when received or personally delivered.

 

18. Insider
Trading.  Buyer hereby certifies that she has not, nor through any of her Representatives or third parties, purchased
or caused to be purchased in the public marketplace, any publicly traded shares of the Company.  Buyer further certifies
he has not communicated the nature of the transactions contemplated by the Agreement, is not aware of any disclosure of non-public
information concerning said transactions, and has not, is not and will not be a party to any insider trading of any shares of the
Company.

 

19. Binding
Arbitration.  In the event of any dispute, claim, question or disagreement arising from or relating to this Agreement
or the breach thereof, the Parties shall use their commercially reasonable best efforts to settle the dispute, claim, question
or disagreement. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests,
attempt to reach a reasonably just and equitable solution satisfactory to all Parties. If they do not reach such a solution within
a period of sixty (60) calendar days, then, upon notice by a Party to the other Party, all disputes, claims, questions or disagreements
shall be settled by arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration
Rules, including the Optional Rules for Emergency Measures of Protection, and judgment on any award rendered by the arbitrator(s)
shall be binding and may be entered in any court having jurisdiction thereof.

 

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[Signature
Page Follows]

 

 

 

 

In
Witness Whereof, the Parties have executed this Agreement as of the last date written below.

 

BUYER

 

MICHAEL BRAUNOLD

 

 

By:      /s/ Michael Braunold

Michael
Braunold

 

 

 

Date:   August 26, 2012

 

 

COMPANY

 

SPO MEDICAL INC.

 

 

By:      /s/ Sidney Braun

Sidney Braun

Director

 

Date:   August 26, 2013

 

 

 

 

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