Document:

Exhibit 10.1

 

 

 

March 26, 2021

Via Email

Sudarsan Srinivasan

 

Dear Sudarsan,

 

On behalf of Atomera, it is my pleasure to offer you the position of
Vice President of Engineering. You will report to the President and Chief Executive Officer, beginning on a mutually agreed date, no later
than April 16, 2021. Your starting annual base salary will be $300,000 paid semimonthly.

 

You will participate in the company’s bonus program. Bonus payments
are dependent on company results and are payable at the discretion of the compensation committee of our board of directors. The target
bonus rate for your position is 40% of your base annual salary.

 

You will be granted options to purchase shares of the Atomera’s
common stock (“Options”) that will be no less than a number equal to $625,000 divided by the FMV of an Option on the grant
date. “FMV” will be determined using the Black-Scholes-Merton option pricing model as described in our most recent Annual
Report. Your Option grant will require formal approval by the compensation committee, which will convene on or as soon as practicable
after your start date. Your Options will have a four-year vesting schedule, with 25% of the total vesting one year from the date of grant
and the balance vesting in equal quarterly installments after that. The above-described equity award will be documented in a separate
award agreement delivered to you following the applicable grant date.

 

We will periodically review your performance and compensation levels
and may, beginning in 2022, make adjustments consistent with our executive compensation program, as determined in the sole discretion
of the compensation committee.

 

Consistent with all roles in the company, your employment will be on
an at-will basis, having no specified term, and may be terminated at the will of either party on notice to the other. However, if we terminate
your employment for any reason other than Cause (as defined in Exhibit A) during your first two years of employment, you will receive
the following severance benefits, subject to the conditions noted below: (i) we will pay you an amount equal to six months of your base
salary and (ii) we will reimburse you for up to six months for the difference between the premium paid for COBRA continuation coverage
for you and your eligible dependents and the contribution paid for similar coverage under the company’s group health plans.

 

In the event of a Change of Control (as defined in the Company’s
2017 Stock Incentive Plan), all options, restricted stock units, restricted stock and any other form of equity award granted to you and
then outstanding that are subject to vesting or risk of forfeiture shall fully vest immediately prior to such Change of Control.

 

Atomera follows a Self-Managed PTO Policy under which each employee
has the flexibility to choose the amount of paid time off that they need as well as the timing of their time off. Paid time off does not
accrue under this policy, so there is no requirement to formally track your paid time off. You will be eligible for the health, dental,
vision, life/disability insurance and 401K benefits offered to employees generally.

 

 

 

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This offer supersedes any prior written or verbal offer and will expire
at 5:00 PM, California time, on Monday, March 30, 2021. unless accepted prior thereto.

 

This offer is also contingent upon (i) signing the Employee Confidentiality
and Assignment Agreement (the “Confidentiality Agreement”), (ii) satisfactory completion of a background check (iii) verification
of your eligibility to work in the United States and (iv) signing an employment agreement outlining your employment relationship with
Insperity, which is a Professional Employment Organization we co-employ with to provide benefit coverage for our employees. The Employee
Confidentiality and Assignment Agreement needs to be completed and signed within one week of your acceptance of offer and in any event
prior to your commencing employment at Atomera. On your first day of employment, please bring documents to establish your identity and
employment eligibility from the enclosed list. These documents will be required to finalize your 1-9 form, which will be completed online
on your first day of employment.

 

You may accept this offer by signing the endorsement below, returning
the original letter and the signed agreements listed above to us.

 

We are very enthusiastic about the potential for Atomera and for your
role in our future.

 

Sincerely,

 

/s/ Scott A. Bibaud

 

Scott A. Bibaud

President and Chief Executive Officer

 

 

	Accepted by:   /s/ Sudarsan Srinivasan	Date:  29-March-2021
	          Sudarsan Srinivasan	 

 

 

 

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Exhibit A

 

Additional Provisions for Offer Letter

 

		1.	Definition of Cause. For purposes of the offer letter, “Cause” shall mean a finding by Atomera Incorporated (the
“Company”), that you (i) have engaged in gross negligence, gross incompetence, or willful misconduct in the performance of
your duties at the Company, (ii) have refused, without proper reason, to perform your duties, (iii) have materially breached any provision
of this Agreement or of the Confidentiality Agreement, (iv) have willfully and materially breached a significant corporate policy or code
of conduct established by Company, (v) have willfully engaged in conduct that is materially injurious to Company or its subsidiaries (monetarily
or otherwise), (vi) have committed an act of fraud, embezzlement, or breach of a fiduciary duty to Company or an affiliate of Company
(including the unauthorized disclosure of material confidential or proprietary information of the Company or an affiliate or intentional
misrepresentation in any employment application, background check, or willfully making false representations in any capacity), (vii) have
been convicted of (or pleaded no contest to) a criminal act involving fraud, dishonesty, or moral turpitude or any felony, or (viii) have
been convicted for any violation of U.S. or foreign securities laws or has entered into a cease and desist order with the Securities and
Exchange Commission alleging violation of U.S. or foreign securities laws.

 

		2.	Compliance with Section 409A. All provisions of offer letter shall be interpreted in a manner consistent with Section 409A
of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder (“Section 409A”).
Any payments or benefits that are provided upon a termination of employment shall, to the extent necessary in order to avoid the imposition
of any additional tax on you under Section 409A, not be provided unless such termination constitutes a “separation from service”
within the meaning of Section 409A. Any payments that qualify for the “short term deferral” exception or another exception
under Section 409A shall be paid under the applicable exception. For purposes of Section 409A, the right to a series of installment payments
under this offer letter shall be treated as a right to a series of separate payments. Notwithstanding the preceding, the Company makes
no representations concerning the tax consequences of your compensation arrangements under Section 409A or any other federal, state or
local tax law. Your tax consequences will depend, in part, upon the application of relevant tax law, including Section 409A, to the relevant
facts and circumstances.ex_241097.htm

Exhibit 10.1

 

 

 

Second Amendment of Lease

TEL Instrument Electronics Corp. d/b/a TEL

 

 

 

 

April 12, 2021

 

	Lease:	LINDSEY BRANCA and the NICHOLAS BRANCA TRUST (“Landlord”)
	 	
			(assignees of the Richard Branca Intentionally Defective Grantor Trust

			
	 	and Richard Branca)
	 	- and -
	 	TEL INSTRUMENT ELECTRONICS CORP. d/b/a TEL (“Tenant”)
	 	Dated April 1, 2011 and first amended June 14, 2016.
	 	 
	Building:	One Branca Road
	 	East Rutherford, New Jersey

 

 

SECOND AMENDMENT OF LEASE

 

WHEREAS, Richard Branca and the Tenant entered into that certain Lease Agreement, dated April 1, 2011 (the “Lease”), for a portion of One Branca Road, East Rutherford, New Jersey (“Leased Premises”); and

 

WHEREAS, Lindsey Branca and the Nicholas Branca Trust (hereinafter collectively “Landlord”) are the successors in interest to the Richard Branca Intentionally Defective Grantor Trust and Richard Branca; and

 

WHEREAS, Landlord and Tenant desire to modify the Lease to provide, among other things, for an extension of the Lease Term;

 

NOW, THEREFORE, Landlord and Tenant agree as follows:

 

	 	
			1.

				
			DEFINED TERMS: Unless otherwise defined herein, the capitalized terms used herein shall have the meanings assigned to such terms in the Lease.

			

 

	 	
			2.

				
			EXTENDED LEASE TERM & BASE RENT: The Lease Term shall be extended and the Base Rent modified as follows:

			

 

	
			TERM

				
			ANNUAL

				
			MONTHLY

			
	 	 	 
	
			9/1/2021 - 8/31/2025

				
			$254,840.04

				
			$21,236 .67

			
	 	 	 
	
			911/2025 - 8/31/2029

				
			$276,999.96

				
			$23,083.33

			

 

	 	
			3.

				
			PARKING: Effective September 1, 2021, Tenant's parking shall consist of 43 unassigned car parking spaces and the License Agreement dated April 1, 2011 between Tenant and 405 MHP Partnership shall be deemed null and void.

			

 

1

 

 

Second Amendment of Lease

TEL Instrument Electronics Corp. d/b/a TEL

 

 

	 	
			4.

				
			NO BROKER: Tenant represents and warrants to Landlord that no real estate broker represented Tenant in regard to this Second Amendment of Lease.

			

 

	 	
			5.

				
			MODIFICATION: Except as herein modified, all the terms and conditions of the Lease shall remain unchanged.

			

 

IN WITNESS WHEREOF, on the day and year first above written, Landlord and Tenant agree to this Amendment of Lease.

 

 

LANDLORD:

 

LINDSEY BRANCA

 

/s/ L Branca                                                

Lindsey Branca

 

 

 

NICHOLAS BRANCA TRUST

 

 

/s/ Richard Branca                                       

Richard Branca, Attorney in Fact

for Bernard Branca, Trustee

 

 

 

LICENSOR :

 

405 MHP PARTNERSHIP

 

 

/s/ Richard Branca                                       

Richard Branca, Partner

{Only in reference to Section 3 above and

said License Agreement.}

 

 

 

TENANT & LICENSEE:

 

TEL INSTRUMENT ELECTRONICS CORP.

d/b/a    TEL

 

/s/ Jeffrey O'Hara                                       

Name: Jeffrey O'Hara

Title: President & CEO 

 

2

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