Document:

Exhibit
10.1

 

“FORM
OF”

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (the “Agreement”) is entered into as of April ___, 2020 (“Effective
Date”), by and between Taronis Technologies, Inc. (the “Company”) and the investor(s) listed on the
signature page attached hereto (the “Buyer”). The Buyer and Company may be collectively referred to
herein as the “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS,
the Company and the Buyer desire to enter into this transaction to purchase the Securities (as defined below) pursuant to the
Registration Statement (as defined below), which is currently effective and has been declared effective in accordance with the
Securities Act of 1933, as amended (the “1933 Act”), by the United States Securities and Exchange Commission
(the “SEC”).

 

WHEREAS,
the common stock of Seller is listed for trading on NASDAQ under the stock symbol ‘TRNX’; and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer wishes to purchase from Seller, ______________ (__________) shares of common stock
of Seller (“Securities”), subject to the terms and conditions set forth herein.

 

SECTION
1. PURCHASE AND SALE

 

Section
1.01 Purchase and Sale. Subject to the terms and conditions of this Agreement, at Closing, Seller shall sell, grant, assign,
convey, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, the Securities, free and clear of all
“Liens” (as defined below).

 

Section
1.02 Purchase Price. The purchase price for the Securities shall be _____________________ United States Dollars ($__________)
(“Purchase Price”). The Securities have been priced at $0.___ per share, which price is above the closing price
of the Company’s common stock as reported by The Nasdaq Capital Market on the Effective Date.

 

Section
1.03 Deliverables. On __________, 2020 (the “Closing Date”), (i) the Buyer shall acquire the Securities
by paying the Purchase Price to the Company by wire transfer of immediately available funds and (ii) the Company shall deliver
the Securities to the Buyer via The Depository Trust Company Deposit / Withdrawal at Custodian system (“DWAC”).

 

Section
1.04 Closing. On the terms set forth herein, the closing of the transaction (“Closing”) shall take place
by the exchange of electronic communication (i.e., emails/pdf) of a fully executed version of this Agreement and completion of
the Deliverables in Section 1.03.

 

SECTION
2. REPRESENTATIONS AND WARRANTIES

 

Section
2.01 Buyer’s Representations and Warranties. Buyer represents and warrants to the Company with respect to only itself
that, as of the date hereof and the Closing:

 

(a)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of Buyer and
shall constitute the legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except
as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

    	 

    	 

    

 

(b)
No Conflicts. The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transaction
contemplated hereby will not (i) result in a violation of the organizational documents of Buyer or (ii) conflict with any agreement
to which Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to Buyer, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults,
rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the ability of Buyer to perform its obligations hereunder.

 

Section
2.02 Representations and Warranties of the Company. The Company represents and warrants to Buyer that, as of the date hereof
and the Closing:

 

(a)
Shelf Registration Statement. The Company has prepared and filed in conformity with the requirements of the 1933 Act and
the published rules and regulations thereunder (the “Rules and Regulations”) adopted by the SEC a “shelf”
registration statement on Form S-3 (No. 333-230854), which became effective on April 24, 2019, including a base prospectus (the
“Base Prospectus”) relating to common stock, preferred stock, warrants, rights or units of the Company that
may be sold from time to time by the Company, in accordance with Rule 415 of the 1933 Act, and such amendments, including post-effective
amendments, thereof as may have been required to the date of this Agreement. The term “Registration Statement”
as used in this Agreement means such registration statement, including all exhibits, financial schedules and all documents and
information deemed to be part of the Registration Statement by incorporation by reference or otherwise, as amended from time to
time, including the information (if any) contained in the form of final prospectus filed with the SEC pursuant to Rule 424(b)
of the Rules and Regulations and deemed to be part thereof at the time of effectiveness pursuant to Rules 430A and 430B of the
Rules and Regulations. The term “Preliminary Prospectus” means the Base Prospectus, together with any preliminary
prospectus supplement used or filed with the SEC pursuant to Rule 424 of the Rules and Regulations. The term “Prospectus”
means the Base Prospectus, any Preliminary Prospectus and any amendments or further supplements to such prospectus filed with
the SEC, and including, without limitation, the final prospectus supplement (the “Prospectus Supplement”),
filed pursuant to and within the limits described in Rule 424(b) with the SEC in connection with the proposed sale of the Securities
contemplated by this Agreement through the date of such Prospectus Supplement. Unless otherwise stated herein, any reference herein
to the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus (as defined below) and the Prospectus shall
be deemed to refer to and include the documents incorporated by reference therein, including pursuant to Item 12 of Form S-3 under
the 1933 Act, which were filed under the Securities Exchange Act of 1934, as amended (the “1934 Act”), on or
before the date hereof or are so filed hereafter. Any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement any Preliminary Prospectus, the Statutory Prospectus or
the Prospectus shall be deemed to refer to and include any such document filed or to be filed under the 1934 Act after the date
of the Registration Statement, any such Preliminary Prospectus, the Statutory Prospectus or Prospectus, as the case may be, and
deemed to be incorporated therein by reference.

 

    	2

    	 

    

 

(b)
Authorization; Enforcement; Validity. The Company is a corporation, duly authorized and in good standing under the laws
of the State of Delaware has the requisite power and authority to enter into and perform its obligations under this Agreement
and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement by the
Company, and the consummation by the Company of the transaction contemplated hereby (including, without limitation, the issuance
of the Securities) has been duly authorized by the Company’s board of directors and (other than (x) the filing with the
SEC of the Prospectus Supplement to the Registration Statement, which shall occur on the Closing Date hereof and (y) any other
filings as may be required by any state securities agencies (collectively, the “Required Filings”) no further
filing, consent or authorization is required by the Company, its subsidiaries, their respective boards of directors or their stockholders
or other governing body. This Agreement has been duly executed and delivered by the Company, and constitutes the legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except
as rights to indemnification and to contribution may be limited by federal or state securities law.

 

(c)
Issuance of Securities. The issuance of the Securities is duly authorized by the Company and the Securities, when issued,
shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims,
liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively
“Liens”) with respect to the issuance thereof.

 

(d)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transaction contemplated hereby (including, without limitation, the issuance of the Securities and the registration of
the Securities pursuant to the Registration Statement) will not (i) result in a violation of the Company’s Certificate of
Incorporation (including, without limitation, any certificate of designation contained therein), Bylaws, certificate of formation,
memorandum of association, articles of association, or other organizational documents of the Company or any of its subsidiaries,
or any capital stock or other securities of the Company or any of its subsidiaries, (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, foreign, federal and state securities laws and regulations applicable to the Company or any of its subsidiaries
or by which any property or asset of the Company or any of its subsidiaries is bound or affected, which violation, conflict, breach
or default, individually or in the aggregate, would have a material adverse effect on the Company.

 

    	3

    	 

    

 

SECTION
3. COVENANTS

 

Section
3.01 From and after the Closing:

 

(a)
the Company shall issue irrevocable instructions its transfer agent, and to any subsequent transfer agent (as applicable, “Transfer
Agent”) in a form acceptable to Buyer (“Irrevocable Transfer Agent Instructions”) to issue certificates
or credit shares to the applicable balance accounts at DTC, registered in the name of Buyer or its respective nominees, assigns
or successors for/of the Securities;

 

(b)
the Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in
this Section 3.01 will be given by the Company to its Transfer Agent with respect to the Securities, and that the Securities shall
otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement;
and

 

(c)
if Buyer effects a sale, nomination, assignment or transfer of the Securities, the Company shall permit the transfer and shall
promptly instruct the Transfer Agent to issue one or more certificates or credit shares to the applicable balance accounts at
DTC in such name and in such denominations as specified by Buyer to effect such sale, transfer or assignment.

 

(d)
Certificates and any other instruments evidencing the Securities shall not bear any restrictive or other legend.

 

(e)
While any Securities are outstanding, the Company shall maintain a transfer agent that participates in the at The Depository Trust
Company Fast Automated Securities Transfer Program (“FAST”).

 

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SECTION
4. MISCELLANEOUS

 

Section
4.01 Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of Arizona, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Arizona or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Arizona. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Phoenix, Arizona, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each Party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such Party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude Buyer from bringing suit
or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to Buyer
or to enforce a judgment or other court ruling in favor of Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT
OF THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

Section
4.02 Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other
Party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the Party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

Section
4.03 Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to
include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

Section
4.04 Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the Parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the Parties or the practical realization of the benefits that would otherwise be conferred
upon the Parties. The Parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

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Section
4.05 Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Company
and Buyer and contains the entire understanding of the Parties solely with respect to the matters covered herein. For clarification
purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended or waived other than by an instrument
in writing signed by the Company and Buyer.

 

Section
4.06 Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been given and delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending Party) or electronic mail; or (iii) one (1) Business Day after deposit with an overnight courier service
with next day delivery specified, in each case, properly addressed to the Party to receive the same. As used herein “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to remain closed. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If
to Taronis:

 

Taronis
Technologies, Inc.

24980
N. 83rd Avenue, Ste. 100

Peoria,
AZ 85383

Telephone:
(866) 370-3835

Attention:
Legal Department

E-Mail:
notices@taronistech.com

 

If
to the Transfer Agent:

 

EQ

3200
Cherry Creek Drive South, #430

Denver,
CO 80209

Telephone:
(303) 282-4800

Facsimile:
(303) 282-5800

Attention:
Karen Naughton

E-Mail:
knaughton@corporatestock.com

 

If
to a Buyer, to its address, facsimile number and e-mail address set forth on the signature page hereto.

 

or
to such other address, e-mail address and/or facsimile number and/or to the attention of such other person as the recipient Party
has specified by written notice given to each other Party five (5) days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or e-mail containing the time, date, recipient facsimile number and, with respect
to each facsimile transmission, an image of the first page of such transmission or (C) provided by an overnight courier service
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

    	6

    	 

    

 

Section
4.07 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
nominees, assigns, and successors including any purchasers of any of the Securities. The Company shall not assign this Agreement
or any rights or obligations hereunder without the prior written consent of Buyer. Buyer may assign some or all of its rights
hereunder in connection with any transfer of any of its Securities without the consent of the Company.

 

Section
4.08 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the Parties hereto and their respective
permitted nominees, assigns and successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other
person or entity.

 

Section
4.09 Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing. The
Company and Buyer shall be respectively responsible only for its own representations, warranties, agreements and covenants hereunder.

 

Section
4.10 Further Assurances. Each Party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other Party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transaction contemplated hereby.

 

Section
4.11 Construction. The language used in this Agreement will be deemed to be the language chosen by the Parties to express
their mutual intent, and no rules of strict construction will be applied against any Party. No specific representation or warranty
shall limit the generality or applicability of a more general representation or warranty. Each and every reference to Securities,
common stock share price, and any other numbers in this Agreement that relate to the Securities or common stock shall be automatically
adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur
with respect to the common stock from the Parties’ signing of this Agreement through Closing.

 

Section
4.12 Remedies. Buyer, and in the event of nomination, assignment or succession by/of Buyer of its rights and obligations
hereunder, each holder of Securities, shall have all rights and remedies set forth in this Agreement and all of the rights which
such holders have under the law. Any person having any rights under any provision of this Agreement shall be entitled to enforce
such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event that
it fails to perform, observe, or discharge any or all of its obligations under this Agreement, any remedy at law would inadequate
relief to Buyer. The Company therefore agrees that Buyer shall be entitled to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security. The remedies provided in this Agreement shall be cumulative
and in addition to all other remedies available under this Agreement, at law or in equity (including a decree of specific performance
and/or other injunctive relief).

 

[SIGNATURE
PAGE FOLLOWS]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, Taronis and Buyer have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	TARONIS
    TECHNOLOGIES, INC.
	 	 	                     
	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

    	8

    	 

    

 

IN
WITNESS WHEREOF, Taronis and Buyer have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	BUYER:
	 	 	   
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Contact
    Information:	 	 
	 	 	 
	[ADDRESS]	 	 
	 	 	 
	Phone:	 	 
	Facsimile:	 	 
	Email:Exhibit 10.1

 

AMENDMENT TO 2015 EMPLOYMENT AGREEMENT

 

THIS AMENDMENT TO
2015 EMPLOYMENT AGREEMENT (this “Amendment”), made and entered into on the 9th day of April, 2020 by
and between Charles & Colvard, Ltd. (the “Company”) and Suzanne Miglucci (the “Executive”).
This Amendment shall be effective as of the date the Amendment is approved by the Board of Directors of the Company (the “Amendment
Effective Date”).

 

R E C I T A L S :

 

The Executive has heretofore
been employed by the Company as its President and Chief Executive Officer pursuant to the terms of an Employment Agreement dated
December 1, 2015 (the “2015 Employment Agreement”). The Company desires to continue to employ the Executive and the
Executive desires to continue to be employed by the Company. In recognition of the services previously rendered and to be rendered
in the future to the Company, it is deemed necessary and advisable to amend the 2015 Employment Agreement to reflect updated terms
regarding the Executive’s base salary.

 

NOW, THEREFORE,
in consideration of the mutual covenants and obligations herein and the compensation and benefits the Company agrees herein to
pay the Executive, and of other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and the
Executive agree that the 2015 Employment Agreement shall be amended, effective as of the Amendment Effective Date, as follows:

 

1.        All
provisions of the 2015 Employment Agreement shall remain in full force and effect except to the extent such provisions are expressly
modified by this Amendment. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the 2015
Employment Agreement. It is the intent of the Parties that the execution, delivery and performance of this Amendment shall not
operate as a waiver of or consent to any past, present or future breach of any provision of the 2015 Employment Agreement.

 

2.        Section
4(a) of the 2015 Employment Agreement is hereby deleted and replaced in its entirety with the following:

 

“Base Salary. Effective
April 13th, 2020 until June 30, 2020, Employee shall receive a base salary of Two Hundred Seventy-Seven Thousand, Nine
Hundred Thirty-Eight and 00/100 Dollars ($277,938.00), payable in regular and equal installments in accordance with the Company’s
regular payroll schedule and practices (“Base Salary”). Effective July 1, 2020, Employee’s Base Salary shall
be increased to Three Hundred Seventy Thousand, Five Hundred Eighty-Four and 00/100 Dollars ($370,584.00), payable in regular and
equal installments in accordance with the Company’s regular payroll schedule and practices, and subject to upward or downward
adjustment as determined in the Board’s discretion, subject to the terms of Section 6(f) of this Agreement.”

 

3.       This
Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Amendment.

 

     

     

    

 

4.       Each
party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement are intended
to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic
sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent
to sign such record, including facsimile or email electronic signatures.

 

IN WITNESS WHEREOF,
the parties have executed this Amendment to 2015 Employment Agreement as of the day and year first above written.

 

	 	EXECUTIVE
	 	 	 
	 	/s/ Suzanne Miglucci
	 	Suzanne Miglucci
	 	 	 
	 	CHARLES & COLVARD, LTD.
	 	 	 
	 	By:	/s/ Clint J. Pete
	 	Name: Clint J. Pete
	 	Title: Chief Financial Officer

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