Document:

Document

			
	May 11, 2020
	
	
	Dear Annie,
	
	I am pleased to congratulate you on your promotion to Vice President Finance & Corporate 
	Controller effective May 17, 2021, with a new annual salary of $225,000 and 30% bonus target.
	
	This promotion recognizes the contributions you have made to Selecta as well as the additional 
	responsibilities you have taken on within your position. The Company appreciates your diligence
	and commitment to our short- and long-term strategies and all you do to help move the Company
	forward.
	
	Congratulations!
	
	
	
	Sincerely,
	
	
	/s/ Carsten Brunn, Ph.D.
	
	Carsten Brunn, Ph.D.
	President and CEODocument

Exhibit 10.3

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This First Amendment to the Employment Agreement (“Amendment”) is effective as of August 11, 2021 (the “Effective Date”), and made and entered into by and among Novan, Inc., a Delaware corporation with its principal place of business in Durham County, North Carolina (the “Company”) and John M. Gay (“Executive”). Throughout the remainder of this Agreement, the Company and Executive may be collectively referred to as the “Parties”.

WHEREAS, the Company and Executive entered into the Employment Agreement (the “Employment Agreement”), effective September 23, 2020, under which Executive is currently serving as the Company’s Chief Financial Officer; 

WHEREAS, the Company wishes to enhance Executive’s contractual rights to severance benefits in light of the value of Executive’s services to the Company, and Executive wishes to be entitled to such benefits; and

WHEREAS, the Company and Executive wish to amend the Employment Agreement to provide this change.

NOW, THEREFORE, the Company and Executive, intending to be legally bound, and for good and valuable consideration, hereby agree to the following:

1.    AMENDMENT TO SECTION 6(b)(i) OF THE EMPLOYMENT AGREEMENT.  Section 6(b)(i) of the Employment Agreement is modified by deleting the existing Section 6(b)(i) and replacing it with a new Section 6(b)(i) as follows:

“(i)    Payment of “Severance Pay” in an amount equal to (i) twelve (12) months of Executive’s current Base Salary, plus (ii) a prorated Annual Bonus calculated at the minimum target level for the calendar year in which the Separation Date occurs based on the percentage of the calendar year actually worked by Executive as of the Separation Date (both (i) and (ii) referred to herein collectively as “Regular Severance Pay”). All applicable withholdings required by law or authorized by Executive shall be withheld from Severance Pay.  Severance Pay shall be paid in equal installments paid over the 12-month period (the “Regular Severance Period”) following Executive’s Separation Date pursuant to the Company’s standard payroll practices and procedures applicable to Executive immediately prior to Executive’s separation from service and such payments shall commence on the first such payroll date on or following the 10th day after the date on which the Effective Release becomes effective and non-revocable, as provided in Section 6(a)(iv); provided, however, that if the 60th day following Executive’s termination from employment occurs in the year following the year of Executive’s termination, then the payments shall commence no earlier than January 1 of such subsequent year, and the first such installment payment may include any payments missed due to any delay under this Section 6(b)(i);”

2.    DEFINITIONS.  All terms used in this Amendment shall have the same definitions as used in the Employment Agreement, unless otherwise provided herein.  All references to the “Employment Agreement” shall include all modifications made by this Amendment, unless provided otherwise.

3.    COUNTERPARTS. This Amendment may be executed in counterparts, each of which shall be an original, with the same effect as if the signatures affixed thereto were on the same instrument. 

4.    EFFECT OF AMENDMENT. This Amendment is effective as of the Effective Date set forth above.  Except as specifically amended herein, the Employment Agreement remains in full force and effect.  

[Signature Page Follows.]
2

IN WITNESS WHEREOF, the Parties have entered into this Amendment as of the day and year written below.
									
			NOVAN, INC.
	
			/s/ Paula Brown Stafford                                
	 		Paula Brown Stafford
	 		Chairman, President and Chief Executive Officer
			
			DATE: 10 Aug 2021                                      

			
			JOHN M. GAY
			
			/s/ John M. Gay                                              
			
			DATE: 8/11/2021                                           

[Signature Page of First Amendment to Employment Agreement]Exhibit 10.1

CONFIDENTIAL

 

 

		INTERNATIONAL SALES CONTRACT	No.
                                            ZY0220211229

 

This INTERNATIONAL SALES CONTRACT (the “Contract”) is made
between the Seller and the Buyer after consensus has been reached by both Parties on the cooperation of A1246/A1166pro (the “Product”)
during the Term of this Contract.

 

	
    THE SELLER: CANAAN CONVEY CO., LTD.

     

    

    Address: Zpark building 27 Tower C floor
    2 201, Haidian District, Beijing, China

    Business Registration No: 91110108MA018GQHX2

    Tel/Fax: +86 10-58741865

    E-mail: sales@canaan.io

     

    1. PRODUCT & DELIVERY

    
	
    THE BUYER: Mawson Infrastructure
    Group PTY LTD

     

    Address: Level 5, 97 Pacific Highway, North
    Sydney, NSW Australia

    Tel/Fax: +61 499 400 900

    E-mail: james@cosmoscapital.io

 

1.1
PRODUCT SPECIFICATIONS & PRICE LIST.

 

	Description of Products	Quantity 

(UNIT)	Price Per 

T-Hash 	Price 

per Unit	Subtotal 	Proposed 

Shipment Date
	Model: A1246/A1166pro	(Unit)	(USD/Th)	(USD)	(USD)
	A1246 (83/85/87/90T)

A1166pro(75/78/81T)	1,000	56	5,040	5,040,000	2022/01/30
	1,000	56	5,040	5,040,000	2022/02/28
	2,000	56	5,040	10,080,000	2022/03/30
	3,000	54	4,860	14,580,000	2022/04/30
	4,000	54	4,860	19,440,000	2022/05/30
	4,000	54	4,860	19,440,000	2022/06/30
	Total	15,000	 	 	73,620,000	 

 

1.2The A1246 is in four different
specifications in terms of Hash performance, 83/85/87/90T. The A1166pro is in three different specifications in terms
of Hash performance, 75/78/81T.The Product the Buyer is going to receive will be a mix of these seven according to the
production output. The price difference will be adjusted at the last shipment in Jun 2022. The Buyer agrees with this
option upon Seller’s email notice. The Buyer should replenish the corresponding payment after receiving the notice.

 

1.3The cost of Delivery & Insurance of the Products from the Seller’s
warehouse to the final destination station of the Buyer will be covered by the Buyer, and other specific rights and obligations in
delivery shall be determined according to the Trading Term.

 

1.4The Total Value of this Contract will be adjusted according to the
final shipment mix of miner model and T-Hash. The Buyer will pay the difference if there is.

 

1.5 The Seller has the right to terminate this Contract if the Buyer
fails to pay the first payment on time stipulated in this Contract.

 

    1

     

    

 

2. PAYMENT & THE PAYER’S ACCOUNT.

 

The Buyer shall pay 【20】%
of total payment ($【14,724,000】
before 【12th, August 2021】

The Buyer shall pay 【30】%
of total payment ($【22,086,000】
before 【7th, October 2021】

 

The Buyer shall pay balance of total payment according to table
below

 

	Description of Products	Quantity 	Total Contract Value	Down Payment 	Balance to Pay 
	Model: A1246/A1166pro	(Unit)	(USD)	(USD)	Value (USD)	Date Before
	A1246 (83/85/87/90T)

A1166pro(75/78/81T)	1,000	   5,040,000 	   2,520,000 	2,520,000	2021/12/20
	1,000	   5,040,000 	   2,520,000 	2,520,000	2022/01/20
	2,000	 10,080,000 	   5,040,000 	5,040,000	2022/02/20
	3,000	 14,580,000 	   7,290,000 	7,290,000	2022/03/20
	4,000	 19,440,000 	   9,720,000 	9,720,000	2022/04/20
	4,000	 19,440,000 	   9,720,000 	9,720,000	2022/05/20
	TOTALS 	15,000	 73,620,000 	 36,810,000 	      36,810,000 	 

 

Payment Account

 

	Seller	Buyer
	Bank Name	AGRICULTURAL BANK OF CHINA BEIJING BRANCH HAIDONG  sub-branch ,P.R.China	Bank Name	NATIONAL AUSTRALIA BANK
	Address	No.11 DING XUYUAN ROAD HAIDIAN DISTRICT BEIJING CHINA	Address	
    333 George Street

    Sydney, NSW 2000

	Beneficiary Name	CANAAN CONVEY CO LTD	Beneficiary Name	Mawson Infrastructure Group PTY LTD
	Beneficiary Address	ROOM110, 1ST FLOOR BEIJING VENTURE ROAD 36,HAIDIAN DIST BEIJING CHINA	Beneficiary Address	
    Level 5, 97 Pacific Highway, North Sydney, NSW 2060

	A/C No.	11250514040001478	A/C No.	MOSCAUSD01
	Swift Code	ABOCCNBJ010	Swift Code	NATAAU3303M

 

3. TRADING TERM.

 

【EXW】
To: 【/】,
Port of Loading: 【/】
, Shipping Address: 【/】
, Shipping Method:【/】,
Shipping Date: depending on the actual logistic availability starting from January 2022 to Jun 2022 or another date agreed by
the two parties and/or after the payment paid in full.

 

The unfilled information of this Article shall
be based on the notification from e-mail of the Buyer on the home page of the Contract. Any modification of the Trading Term shall be
agreed by the Seller and the Buyer.

 

4. BUYER’S OBLIGATIONS.

 

4.1The payer of the payment must be the Buyer
of the Contract or in accordance with THE PAYER’S ACCOUNT set forth above. The Buyer shall obtain a prior written consent by the
Seller if there is any inconformity with the payer of the payment.

 

4.2 The Buyer warrants that it has legitimate
business license and administrative license, and that it will operate lawfully and with integrity.

 

4.3 If the Buyer delays in the payments, it shall
pay the compensation to the Seller, which shall be the sum of non-paid amount × the days postponed/365 × 10%. The Seller may
terminate this Contract if the delay caused by the Buyer exceeds 30 days.

 

4.4 A default configuration will be set for each
Product of the Seller before leaving the factory to test whether the Product operates normally, and the Buyer shall change the configuration
settings by itself when the Product is used for the first time. The Buyer recognizes and agrees that the Seller shall not be liable for
any loss of revenue when changing settings and/or that arising from the Buyer's failure to change the configuration settings.

 

    2

     

    

 

5. DELIVERY.

 

5.1Trade terms in the Contract are based on Incoterms
2010 of the International Chamber of Commerce.

 

5.2 Under the trade term specified under this
Contract, if the Seller is responsible for insurance and freight transportation, it has the right to choose the third-party company that
provides the service.

 

5.3 All delivery dates are approximate, and as
stipulated by the trading term the Seller shall not be liable for any damages of any kind resulting from delay in delivery.

 

5.4 If the Seller fails to deliver the Products
before the latest delivery date agreed in this Contract, the Seller shall have the right to terminate this Contract or send a written
notice to the Buyer to adjust the delivery of Products including but not limited to the model, quantity, quality, TH/s specifications,
power efficiency, power consumption, the spare parts of the Product and the delivery time agreed in this Contract, and the Seller shall
not be liable for breach of contract. Upon termination of this Contract, the Seller will refund to the Buyer all the amount paid by the
Buyer (excluding the interest between the payment date and the refund date).

 

The Buyer agrees that any adjustment of this Contract
or termination of this Contract by the Seller in accordance with this Article shall not cause any party to be filed for litigation, arbitration
or other legal or administrative procedures, and shall not cause any party to have the possibility of litigation and potential disputes.

 

5.5 The Seller shall not be liable for any loss
or damage suffered by the Buyer resulting directly or indirectly from, or through, or arising out of any delay in shipment or delivery
of any Product, or resulting directly or indirectly from or through delay arising out of any of the following: fire, flood, strike, epidemic,
accident, civil commotion, riot or war, shortage of labor, fuel, materials or supplies, regulations, priorities, orders or embargoes imposed
by any civil or military government; or any other cause or causes (whether or not similar to the foregoing) beyond the reasonable control
of the Seller.

 

6. INSPECTION AND ACCEPTANCE.

 

The Buyer shall examine the Products as soon as
possible after their arrival at destination and shall notify the Seller in writing of any lack of conformity of the Products within 3
days from the date when the Buyer discovers or ought to have discovered the lack of conformity. In any case the Buyer shall have no remedy
for lack of conformity if it fails to notify the Seller thereof within 15 days from the date of arrival of the Products at the agreed
destination. The Products will be deemed as consistent with the agreement by both parties if the Buyer fails to do so in the above-mentioned
inspection and acceptance period.

 

7. CLAIM.

 

Any claim by the Buyer concerning the Products
shipped hereunder shall be filed within 30 days after the arrival of the Products at the port of destination and supported by a survey
report issued by a survey or approved by the Seller for the Seller’s examination. Claims in respect of matters within the scope
of responsibility of the insurance company, shipping company, transportation organization and/or post office will not be entertained by
the Seller.

 

8. WARRANTIES.

 

8.1 The Seller guarantees that all Products and
all documents related with the Products, include drawings, technical standards, Product specifications (if any). delivered to the Buyer
will, at the time of such delivery, be free and clear of all liens, security interests and other encumbrances and will conform, in all
material respects, to the Specifications. If there is any act of intellectual property infringement, the Seller will claim for compensation
through relevant ways.

 

8.2 The Buyer guarantees that none of the Buyer,
any of its subsidiaries or, to the best knowledge of the Buyer or its representative, any director, officer, shareholders or employee
of the Buyer or any of its subsidiaries is an entity or person who is a) the target of any Sanctions Law, or b) located, controlled, organized,
or resident in a country or territory that is, or whose government currently is, the target of countrywide sanctions imposed by any sovereign
government sanctions authorities.

 

8.3 The Buyer guarantees that it is and will be
in compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline, in
respect of the source of funds, making the transaction, or using the Products herein.

 

    3

     

    

 

8.4 The Seller gives a guarantee for all delivered
Products 360 days from the date of the delivery. If during this period defects in the Products are revealed, the Seller shall repair or
replace, free of charge, any part proven defective in material, performance or workmanship, but mining earnings will not be compensated.
In this condition, the Buyer shall pay the inbound shipping and the Seller will pay the return shipping.

 

8.5The Exclusions of Quality Warrants: a) The
installation, operation, usage, maintenance and examination and repair of the Products are not applied to the technical requirements of
the Products or the requirements of the Products Manual; b) The damages are made by the Buyer or any third party intentionally or carelessly;.
c) The normal damages of the Products; d) The damage resulting from improper repair; e) The damage resulting from force majeure; and f)
Other conditions irrelevant with the Seller.

 

9. Compliance & Sanctions.

 

The Buyer and its customers who purchased the
Products in the stream of commerce shall not export, re-export, transfer or otherwise release Products provided by the Seller, directly
or indirectly, to or for: i) a U.S. prohibited destination, such as Iran, Syria, North Korea, Crimean region, Venezuela and Cuba, or a
national thereof wherever located, or to any other country subject to restriction under applicable laws and regulations of any countries
and international organizations; ii) any sanctioned person or entity identified on the U.S. Consolidated Screening List (see https://2016.export.gov/ecr/eg_main_023148.asp)
or subject to sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) (see http://sanctionssearch.ofac.treas.gov/);
and iii) the design, production or use of military, nuclear, missile or chemical & biological weapons activities or systems and any
party engaged in such activity.

 

10. LIABILITY FOR BREACH.

 

10.1 After this Contract comes into effect, the
Seller and the Buyer shall fully perform their obligations as stipulated in this Contract. If either Party fails to perform or partially
performs its contractual obligations, it shall be liable for such breach and shall compensate all losses resulting thereof to the other
Party.

 

10.2 If the Buyer cancels the order except upon
the Seller’s written consent, the Seller shall have the right to deduct all the Buyer’s payment, plus all costs and losses
it sustains arising from the Buyer’s cancellation of an order without the Seller’s written consent and the Seller shall
also have the right to refuse to perform the delivery obligation under the Contract.

 

10.3 In the event that the Seller suffers any
loss or receives any complaint as a result of the breach of this Contract by the Buyer, or any other circumstances cause or may cause
the damage of the Seller 's interests by the Buyer’s breach, then the Seller has the right to unilaterally suspend or terminate
this Contract and require the Buyer to be liable for all losses to the Seller and assume related liabilities.

 

10.4 According to the agreed delivery date of
the Contract, if the Seller cannot deliver the Products on schedule for the Buyer’s reasons or the Buyer fails to take the Products
according to the agreed delivery date, the Seller can require the storage charges as 0.2%/per day on the value of Products not delivered.
The Seller has the right to unilaterally suspend or terminate the Contract and refuse to perform the delivery obligation under the Contract
if the ordered Products cannot be delivered more than 30 days after agreed delivery date due to the Buyer’s responsibility.

 

10.5 If there are damages or losses in the Buyer
due to the quality or delivery of the Products or the Seller, the Buyers remedy is limited to replacement under the Seller warranty. All
other representations, express or implied, warranty, or liability relating to the condition or use of the Product are specifically disallowed,
and in no event shall the Seller be liable to Buyer, or any third party, for any direct and indirect consequential or incidental damages.

 

10.6 The Buyer shall, defend, indemnify, and hold
harmless the Seller, its affiliates and their respective officers, directors, employees, agents, servants, subcontractors, and distributors
from and against any and all actions, claims, demands, suits, judgments, liabilities, expenses (including but not limited to reasonable
attorney’s fees), losses, or damages of whatever nature arising out of or relating to (i) any breach by the Buyer of any representation,
warranty, covenant or obligation hereunder; and (ii) any third-party claims to the extent caused by acts or omissions of the Buyer.

 

10.7 If the Seller breaches the Contract, it shall
be liable for compensation and to perform its obligations within the prescribed time limit.

 

10.8 Notwithstanding any other provision in this contract, neither
party shall be liable to the other party for any loss of profit or revenues, loss of opportunity, loss of goodwill or reputation, and
/or any indirect or consequential losses whatsoever, even if advised of the possibility of such damages.

 

    4

     

    

 

11. FORCE MAJEURE.

 

Neither Party shall be liable for the delays in
certificate, stocking, shipment or delivery due to force majeure. The affected Party shall notify the other Party that the delivery date
of Products exported overseas is determined by the customs clearance time and logistics speed at home abroad. Under all the conditions
of force majeure, the Seller will not responsible for the delay and failure of delivery or any problems of the quality of the Products.

 

12. APPLICABLE LAW AND JURISDICTION.

 

This Contract shall be governed by and construed
in accordance with the laws of P.R.China excluding conflict of laws provisions which may direct the application of another jurisdiction’s
laws. Any disputes arising from or in connection with this Contract shall be submitted to the Hangzhou Arbitration Commission in Hangzhou,
China for arbitration which shall be conducted in accordance with its arbitration rules in effect at the time of applying for arbitration.
The language to be used in the arbitral proceedings shall be Chinese. The arbitral award is final and binding upon both parties.

 

13. ATTORNEYS’ FEES.

 

The Prevailing Party in any dispute shall have
the right to collect from the other party its reasonable costs, necessary disbursements, and attorneys’ fees incurred in enforcing
this Contract. The “Prevailing Party” means the party in whose favor a(n) arbitral award, judgment, decree, or final order
is rendered, and also means the party obtaining substantially the relief sought, whether by compromise, settlement, or judgment.

 

14. CONFIDENTIALITY.

 

14.1 Either Party must keep the any Confidential Information obtained
from the other Party, as well as this cooperation and the specific content of this Contract in strict confidence. For the purpose of this
Contract, “Confidential Information” shall mean any and all information (whether in oral, written or electronic form) including
technical or other information imparted in confidence or disclosed by one party to the other or otherwise obtained by one party relating
to the other’s business, finance or technology, know-how, trade secrets, intellectual property, assets, strategy, Products and customers,
including without limitation information relating to management, financial, marketing, technical and other arrangements or operations
of any person, firm, or organisation associated with that Party;

 

14.2 Either Party shall not use such Confidential Information for any
purpose other than that specified herein nor disclose such information to any company or individual other than The Seller or The Buyer,
unless agreed by the other Party. Either Party shall only disclose the Confidential Information to its Representatives (i) who need to
know the Confidential Information for the purpose of the performance of the Contract, (ii) who are bound by confidentiality obligations
at least as restrictive as those contained herein. For the purpose of this Contract, “Representative” means any affiliates,
directors, officers, financier and prospective financier, employees, agents and advisors.

 

14.3 However, such confidential information may be disclosed as required
by laws and regulations, listing rules, judicial organs, regulatory agencies, or as otherwise provided herein. This Article shall survive
the termination, suspension, invalidation or invalidity of this Contract or any articles herein, and remain binding on both Parties.

 

15. MISCELLANEOUS.

 

15.1 This Article shall survive the termination,
suspension, invalidation or invalidity of this Contract or any articles herein, and remain binding on both Parties.

 

15.2 This Contract shall constitute the entire
agreement of both parties and supersede all prior oral or written agreement, commitments and understandings with respect to the transaction
hereof. The English language text of this Contract shall prevail over any translations thereof.

 

15.3 If any provision of this Contract is held
to be invalid or unenforceable by a court of competent jurisdiction, then that provision will be enforced to the maximum extent permissible
in conformance with the intent of the parties, and the remaining provisions will remain in full force and effect.

 

15.4 For matters not covered in this Contract,
both Parties shall enter into a written supplementary contract upon mutual agreement through negotiation. The supplementary agreement
shall have the same legal effect as this Contract.

 

15.5 This Contract shall come into force from
the seal or signature date by both parties, and this Contract is made out in four original copies, two copies to be held by each party
in witness thereof.

 

15.6 Appendices A and B are inseparable attachments to this Contract
and the parties shall abide by the provisions of these appendices

 

(No text below)

 

    5

     

    

 

(Signature Page of this INTERNATIONAL SALES
CONTRACT)

 

	
    SELLER: CANAAN CONVEY CO., LTD.

    Seal and Signature: /s/ Edward Lu

    Date: August 4, 2021
	
    BUYER: Mawson Infrastructure Group PTY LTD

    Seal and Signature: /s/ James Manning

    Date: August 9, 2021

 

    6

     

    

 

Appendix A: Declaration for Integrity

 

As the cooperative customer of the Seller, the
Buyer would like to eliminate illegal actions together with the Seller, including but not limited to commercial bribery; and the Buyer
warrants that:

 

1.The Buyer prohibits itself and/or its relevant
employees, officers or principals to provide any presents, money or any tangible or intangible interests through any other methods (other
than reasonable and customary business souvenir, meal and entertaining proven acceptable under Chinese law. For souvenir, any souvenir
that is priced over 500RMB is deemed inappropriate and unacceptable).

 

2.If the Buyer authorizes itself and/or its relevant
employees, officers or principals to engage in any of the aforesaid actions, the Seller is entitled to terminate the cooperation with
the Buyer and cancel the Contract entered into by the parties. At the same time, the Buyer agrees to pay the fine for breach of this Declaration,
which shall be all losses, damages, costs, legal fees, penalties and all damages caused to the Seller from such acts and any other restitution
provided by law.

 

3.If the Buyer and/or its relevant employees,
officers or principals treat the Seller’s employees and/or their families secretly, or provide any interests to the Seller’s
employees and/or their families, the Buyer shall immediately notify the Seller; if the Buyer fails to do so, the above Article 2 may be
applied.

 

4.If the Seller’s employees ask for any
tangible or intangible interests from the Buyer and/or its employees, the Buyer will notify the Seller immediately and coordinate with
the Seller to deal with such employees according to the laws. The Seller may terminate the cooperation with the Buyer permanently if the
Buyer conceals such acts of asking for bribes.

 

    7

     

    

 

Appendices B: Technical acceptance standards

 

The following custom parameters are:

 

1、Device
name: 【A1246/A1166pro】

 

2、Hashrate:the
A1246 is stable at【83/85/87/90】TH/s(【-3】%~
【+3】
%)without overclocking, the A1166pro is stable at【75/78/81】TH/s(【-3】%~
【+3】
%)without overclocking

 

3、Power
Consumption: 【3420】
( 【-5】 %~【+5】
%)@Wall-Plug

 

4、Power
Supply AC Input:【185 ~ 285】
V

 

5、Operating
Temperature: 【-5 ~ 35】°C

 

6 、Cooling
method: 【wind cooling】

 

 

8

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