Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

This Separation Agreement (the “Agreement”) by and between Andreas Grauer (“Executive”) and Corcept
Therapeutics Incorporated, a Delaware corporation (the “Company”), is made effective as of the eighth (8th) day after the date Executive signs this Agreement (the
“Effective Date”) with reference to the following facts: 
 A. Executive’s employment with the Company ended on August
10th, 2021 (the “Separation Date”). 
 B. Executive and the Company
want to end their relationship amicably and also to establish the obligations of the parties including, without limitation, all amounts due and owing to Executive. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: 

1. Separation Date. Executive acknowledges and agrees that his status as an employee and an officer of the Company ended effective as of
the Separation Date. Executive hereby agrees to execute such further document(s) as shall be determined by the Company as necessary or desirable to give effect to the termination of Executive’s status as an officer of the Company. 

2. Final Paycheck; Payment of Accrued Wages and Expenses. 

(a) Final Paycheck. To the extent not already paid, the Company will pay Executive all accrued but unpaid base salary
earned through the Separation Date, subject to standard payroll deductions and withholdings. Executive is entitled to these payments regardless of whether Executive executes this Agreement. 

(b) Business Expenses. The Company shall reimburse Executive for all outstanding expenses incurred prior to the
Separation Date which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documenting
such expenses. Executive is entitled to these reimbursements regardless of whether Executive executes this Agreement. 
 3. Separation
Payments and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees, subject to (i) the execution of this Agreement on or after the Separation Date and (ii) Executive’s performance of his continuing
obligations pursuant to this Agreement and Executive’s Employee Confidential Information and Inventions Agreement (the “Confidentiality Agreement”), to provide Executive the severance benefits set forth below. Specifically, the
Company and Executive agree as follows: 

  
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 (a) Severance. The Company shall continue to pay to Executive
Executive’s base salary at the rate in effect as of immediately prior to the Separation Date during the period commencing on the Separation Date and ending on the first anniversary of the Separation Date (the “Severance
Period”), payable, less applicable withholdings, in accordance with the Company’s standard payroll practices, provided, that the initial installment shall be paid on the first payroll date following the Effective Date and shall be
inclusive of any installments that otherwise would have been paid had the Effective Date been the Separation Date. 
 (b)
Healthcare Continuation Coverage. If Executive elects to receive continued healthcare coverage pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall
directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents during the period commencing on the Separation Date and ending on the earlier to occur of (i) the first anniversary of the Separation
Date and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding the foregoing, if (1) any plan pursuant to which such benefits
are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or
(2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans without penalty under applicable law (including, without limitation, Section 2716 of the Public Health Service
Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to the preceding sentence, Executive
may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance with the provisions of COBRA. 

(c) Housing Allowance Continuation. The Company shall continue to pay Executive a quarterly housing allowance at the
same rate in effect as of immediately prior to the Separation Date, less required withholding taxes, through the earlier of (i) the termination or expiration of the current term of Executive’s lease (including any provision for early
termination or cancellation of the lease term) and (ii) the first anniversary of the Separation Date, provided, that the initial installment shall be paid on the first payroll date following the Effective Date and shall be inclusive of any
installments that otherwise would have been paid had the Effective Date been the Separation Date. Company’s obligation under this Section 3(c) shall be contingent upon Executive’s first providing Company with a complete,
fully-executed copy of Executive’s lease. 
 (d) Taxes. Executive understands and agrees that all payments under
this Agreement will be subject to appropriate tax withholding and other deductions. To the extent any taxes may be payable by Executive for the benefits provided to Executive by this Agreement beyond those withheld by the Company, Executive agrees
to pay them and to indemnify and hold the Company and the other entities released herein harmless for any tax claims or penalties, and associated attorneys’ fees and costs, resulting from any failure by Executive to make required payments. 

  
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 (e) Sole Separation Benefit. Executive agrees that the payments and
benefits provided by this Section 3 are not required under the Company’s normal policies and procedures and are provided as a severance solely in connection with this Agreement. Executive acknowledges and agrees that the payments and
benefits referenced in this Section 3 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement. 

4. Full Payment. Executive acknowledges that the payment and arrangements herein shall constitute full and complete satisfaction of any
and all amounts properly due and owing to Executive as a result of Executive’s employment with the Company and the termination thereof. Executive further acknowledges that, other than the Confidentiality Agreement and agreements evidencing
stock options held by Executive (“Stock Option Agreements”), this Agreement shall supersede each agreement entered into between Executive and the Company regarding Executive’s employment, including, without limitation, the
Severance and Change in Control Agreement entered into between Executive and the Company as of March 18, 2019 (the “Severance Agreement”) and the offer letter entered into between Executive and the Company, and each such
agreement shall be deemed terminated and of no further effect as of the Effective Date. 
 5. Executive’s Release of the Company.
Executive understands that by agreeing to the release provided by this Section 5, Executive is agreeing not to sue, or otherwise file any claim against, the Company or any of its directors, officers, employees or other agents for any reason
whatsoever based on anything that has occurred as of the date Executive signs this Agreement. 
 (a) On behalf of Executive
and Executive’s heirs, assigns, executors, administrators, trusts, spouse and estate, Executive hereby releases and forever discharges the “Releasees” hereunder, consisting of the Company and each of its owners, affiliates,
subsidiaries, predecessors, successors, assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions,
cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called
“Claims”), which Executive now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof, including, without limiting the
generality of the foregoing, any Claims arising out of, based upon, or relating to Executive’s hire, employment, remuneration or resignation by the Releasees, or any of them, Claims arising under federal, state, or local laws relating to
employment, Claims of any kind that may be brought in any court or administrative agency, including any Claims arising under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000, et seq.; Americans with Disabilities Act,
as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Civil Rights Act of
1866, and Civil Rights Act of 1991; 42 U.S.C. § 1981, et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical
Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the 

  
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Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker
Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq.; the California Fair Employment and Housing Act, as amended, Cal. Lab. Code § 12940 et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code
§§ 1197.5(a),199.5; the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Gov’t Code §§12945.2, 19702.3; California Labor Code §§ 1101, 1102; the California WARN Act, California Labor Code
§§ 1400 et. seq; California Labor Code §§ 1102.5(a),(b); Claims for wages under the California Labor Code and any other federal, state or local laws of similar effect; the employment and civil rights laws of California; Claims
for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress,
violation of public policy, and/or breach of the implied covenant of good faith and fair dealing; and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and
attorney’s fees. 
 (b) Notwithstanding the generality of the foregoing, Executive does not release the following
claims: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of
applicable state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s
compensation insurance policy or fund of the Company; 
 (iii) Claims to continued participation in certain of the
Company’s group benefit plans pursuant to the terms and conditions of COBRA; 
 (iv) Claims to any benefit entitlements
vested as the date of Executive’s employment termination, pursuant to written terms of any Company employee benefit plan; 

(v) Claims for indemnification under any indemnification agreement, the Company’s Bylaws, California Labor Code
Section 2802 or any other applicable law; and 
 (vi) Executive’s right to bring to the attention of the Equal
Employment Opportunity Commission claims of discrimination; provided, however, that Executive does release Executive’s right to secure any damages for alleged discriminatory treatment. 

(c) Acknowledgement. In accordance with the Older Workers Benefit Protection Act of 1990, Executive has been advised of
the following: 
 (i) Executive should consult with an attorney before signing this Agreement; 

  
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 (ii) Executive has been given at least
twenty-one (21) days to consider this Agreement; 
 (iii) Executive has seven
(7) days after signing this Agreement to revoke it. If Executive wishes to revoke this Agreement, Executive must deliver notice of Executive’s revocation in writing, no later than 5:00 p.m. on the 7th day following Executive’s
execution of this Agreement to Amy Flood at email: AFlood@corcept.com. Executive understands that if Executive revokes this Agreement, it will be null and void in its entirety, and Executive will not be entitled to any payments or benefits provided
in this Agreement, other than as provided in Section 2. 
 (d) EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED OF
AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR
OR RELEASED PARTY.” 
 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY HAVE THEREUNDER,
AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 6.
Non-Disparagement, Transition, and Return of Company Property. Executive further agrees that: 

(a) Non-Disparagement. Executive agrees that he shall not disparage, criticize
or defame the Company, its affiliates and their respective affiliates, directors, officers, agents, partners, stockholders, employees, products, services, technology or business, either publicly or privately. Nothing in this Section 6(a) shall
have application to any evidence or testimony required by any court, arbitrator or government agency, or any statement otherwise required by law. 

(b) Transition. Each of the Company and Executive shall use their respective reasonable efforts to cooperate with each
other in good faith to facilitate a smooth transition of Executive’s duties. 
 (c) Return of Company Property.
Executive warrants and represents that Executive has turned over to the Company all files, memoranda, records, and other documents, and any other physical or personal property that are the property of the Company and that Executive had in
Executive’s possession, custody or control. 

  
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 7. Executive Representations. Executive warrants and represents that
(a) Executive has not filed or authorized the filing of any complaints, charges or lawsuits against the Company or any affiliate of the Company with any governmental agency or court, and that if, unbeknownst to Executive, such a complaint,
charge or lawsuit has been filed on Executive’s behalf, Executive will immediately cause it to be withdrawn and dismissed, (b) Executive has reported all hours worked as of the date of this Agreement and has been paid all compensation,
wages, bonuses, commissions, and/or benefits to which Executive may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to Executive, except as provided in this Agreement, (c) Executive has no known
workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act or any similar state law, (d) the execution, delivery and performance of this Agreement by
Executive does not and will not conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject, and (e) upon the
execution and delivery of this Agreement by the Company and Executive, this Agreement will be a valid and binding obligation of Executive, enforceable in accordance with its terms. 

8. No Assignment by Executive. Executive warrants and represents that no portion of any of the matters released herein, and no portion
of any recovery or settlement to which Executive might be entitled, has been assigned or transferred to any other person, firm or corporation not a party to this Agreement, in any manner, including by way of subrogation or operation of law or
otherwise. If any claim, action, demand or suit should be made or instituted against the Company or any other Releasee because of any actual assignment, subrogation or transfer by Executive, Executive agrees to indemnify and hold harmless the
Company and all other Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’ fees and costs. In the event of Executive’s death, this Agreement shall inure to the benefit of Executive
and Executive’s executors, administrators, heirs, distributees, devisees, and legatees. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which
may be transferred only upon Executive’s death by will or operation of law. 
 9. Governing Law. This Agreement shall be
construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of California or, where applicable, United States federal law, in each case, without regard to any conflicts of laws provisions or
those of any state other than California. 
 10. Miscellaneous. This Agreement, collectively with the Confidentiality Agreement and
the Stock Option Agreements, comprises the entire agreement between the parties with regard to the subject matter hereof and supersedes, in their entirety, any other agreements between Executive and the Company with regard to the subject matter
hereof, including without limitation, the Severance Agreement. Executive acknowledges that there are no other agreements, written, oral or implied, and that Executive may not rely on any prior negotiations, discussions, representations or
agreements. This Agreement may be modified only in writing, and such writing must be signed by both parties and recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, each of which is deemed to
be an original and all of which taken together constitute one and the same agreement. 

  
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 11. Company Assignment and Successors. The Company shall assign its rights and
obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns, personnel and legal representatives. 
 12. Maintaining Confidential Information. Executive reaffirms Executive’s
obligations under the Confidentiality Agreement. Executive acknowledges and agrees that the payments and benefits provided in Section 3 above shall be subject to Executive’s continued compliance with Executive’s obligations under the
Confidentiality Agreement. For the avoidance of doubt, nothing in the Confidentiality Agreement or this Agreement will be construed to prohibit Executive from filing a charge with, reporting possible violations to, or participating or cooperating
with any governmental agency or entity, including but not limited to the EEOC, the Department of Justice, the Securities and Exchange Commission, Congress, or any agency Inspector General, or making other disclosures that are protected under the
whistleblower, anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures, and Executive is not required to
notify the Company that Executive has made such reports or disclosures. Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in the Confidentiality Agreement or this Agreement: (i) Executive shall not
be in breach of this Agreement or the Confidentiality Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal,
state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s
attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

13. Executive’s Cooperation. After the Separation Date, Executive shall cooperate with the Company and its affiliates, upon
the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive’s duties and responsibilities to the Company or its
affiliates during Executive’s employment with the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable
request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents which are or may have come into Executive’s possession during Executive’s employment);
provided, however, that any such request by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or ability to engage in gainful employment and Executive shall be compensated fairly at
prevailing market terms for his cooperation.

  
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 14. Section 409A of the Code. This Agreement is intended, to the greatest extent
permitted under law, to comply with the short-term deferral exemption and the separation pay exemption provided in Section 409A of the Code and the regulations and other interpretative guidance issued thereunder
(“Section 409A”) such that no benefits or payments under this Agreement are subject to Section 409A. Notwithstanding anything herein to the contrary, the timing of any payments under this Agreement shall be
made consistent with such exemption. Executive’s right to receive a series of installment payments under this Agreement, if any, shall be treated as a right to receive a series of separate payments. To the extent applicable, this Agreement
shall be interpreted in accordance with Section 409A, including without limitation any such regulations or other guidance that may be issued after the Separation Date. Notwithstanding any provision of this Agreement to the contrary, in the
event that the Company determines that any amounts payable hereunder may be subject to Section 409A, the Company may, to the extent permitted under Section 409A cooperate in good faith to adopt such amendments to this Agreement or adopt
other appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A; provided, however, that
this paragraph shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so. To the extent that any
reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A, such reimbursements shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the
amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another
benefit. 
 IN WITNESS WHEREOF, the undersigned have caused this Separation Agreement to be duly executed and delivered as of the date
indicated next to their respective signatures below. 
  

							
		 		 	Executive
			
	Dated: August 11, 2021	 		 	 /s/ Andreas Grauer

		 		 	Andreas Grauer
			
		 		 	Corcept Therapeutics Incorporated
				
	Dated: August 11, 2021	 		 	By:	 	 /s/ Joseph K. Belanoff

		 		 		 	Joseph K. Belanoff
		 		 		 	Chief Executive Officer

  
 Page 8 of 8Exhibit 10.1

 

EMPLOYMENT CONTRACT

 

THIS EMPLOYMENT CONTRACT (this
"Agreement") dated this 1st day of April, 2021

 

		BETWEEN:	

 

 

IIOT-OXYS,
Inc., a Nevada corporation 

________________________________

 

(the "Employer")

 

OF THE FIRST PART

 

- AND -

 

Chandran
Seshagiri of

 

_______________________________

______________________________

(the "Employee")

 

OF THE SECOND PART

 

	BACKGROUND:	

 

 

	A.	The Employer is of the opinion that the Employee has the necessary qualifications, experience and abilities
to assist and benefit the Employer in its business.

 

	B.	The Employer desires to employ the Employee and the Employee has agreed to accept and enter such employment
upon the terms and conditions set out in this Agreement.

 

IN CONSIDERATION OF the matters
described above and of the mutual benefits and obligations set forth in this Agreement, the receipt and sufficiency of which consideration
is hereby acknowledged, the parties to this Agreement agree as follows:

 

Commencement Date and Term

 

	1.	The Employee will commence employment with the Employer on the 1st day of April, 2021 (the "Commencement
Date").

 

	2.	Subject to termination as provided in this Agreement, the Employee's position is a temporary position
and will end on 30th day of June, 2021. The parties acknowledge that various provisions of this Agreement survive past termination of
employment.

 

 

 

    	 	1	 

     

    

 

Job Title and Description

 

	3.	The initial job title of the Employee will be the following: Interim Chief Technology Officer (Interim
CTO)

 

	4.	The Employee agrees to be employed on the terms and conditions set out in this Agreement. The Employee
agrees to be subject to the general supervision of and act pursuant to the orders, advice and direction of the Employer.

 

	5.	The Employee will perform any and all duties as requested by the Employer that are reasonable and that
are customarily performed by a person holding a similar position in the industry or business of the Employer.

 

	6.	The Employer may make changes to the job title or duties of the Employee where the changes would be
considered reasonable for a similar position in the industry or business of the Employer. The Employee's job title or duties may be changed
by agreement and with the approval of both the Employee and the Employer or after a notice period required under law.

 

	7.	The Employee agrees to abide by the Employer's rules, regulations, policies and practices, including
those concerning work schedules, vacation and sick leave, as they may from time to time be adopted or modified.

 

Employee Compensation

 

	8.	Compensation paid to the Employee for the services rendered by the Employee as required by this Agreement
(the "Compensation") will include a wage at the rate of $48.00 per hour.

 

		a	Additionally, the Consultant shall be eligible to participate in the Employer’s Stock Incentive
Plan according to the following Vesting Schedule:

 

		i	50,000 shares of Common Stock upon signing contract (Signing Bonus)

 

		ii	100,000 shares of Common Stock upon completion of three-month contract term

 

		iii	50,000 shares of Common Stock upon completion of contract (Completion Bonus)

 

	9.	This Compensation will be payable every 2 weeks while this Agreement is in force. The Employer is entitled
to deduct from the Employee's Compensation, or from any other compensation in whatever form, any applicable deductions and remittances
as required by law.

 

	10.	The Employee will submit their number of hours worked for each pay period on the last Friday of each
pay period.

 

	11.	The Employee understands and agrees that any additional remuneration paid to the Employee in the form
of bonuses or other similar incentive remuneration will rest in the sole discretion of the Employer and that the Employee will not earn
or accrue any right to incentive remuneration by reason of the Employee's employment.

 

	12.	The Employer will reimburse the Employee for all reasonable expenses, in accordance with the Employer's
lawful policies as in effect from time to time, including but not limited to, any travel and entertainment expenses incurred by the Employee
in connection with the business of the Employer. Expenses will be paid within a reasonable time after submission of acceptable supporting
documentation.

 

Place of Work

 

	12.	The Employee's primary place of work will be at the following location:

 

 

 

    	 	2	 

     

    

 

Remote

 

Time of Work

 

	13.	The Employee will perform the work necessary as needed within the timelines mutually agreed upon with
the Employer.

 

Employee Benefits

 

	14.	The Employee will be entitled to only those additional benefits that are currently available as described
in the lawful provisions of the Employer's employment booklets, manuals, and policy documents or as required by law.

 

	15.	Employer discretionary benefits are subject to change, without compensation, upon the Employer providing
the Employee with 60 days written notice of that change and providing that any change to those benefits is taken generally with respect
to other employees and does not single out the Employee.

 

		Vacation	

 

	16.	The Employee will be entitled to the following paid vacation each year during the term of this Agreement,
or paid vacation as entitled by law, whichever is greater:

 

          -          2
weeks unpaid vacation.

 

	17.	The times and dates for any vacation will be determined by mutual agreement between the Employer and
the Employee.

 

Conflict of Interest

 

	19.	During the term of the Employee's active employment with the Employer, it is understood and agreed that
any business opportunity relating to or similar to the Employer's actual or reasonably anticipated business opportunities (with the exception
of personal investments in less than 5% of the equity of a business, investments in established family businesses, real estate, or investments
in stocks and bonds traded on public stock exchanges) coming to the attention of the Employee, is an opportunity belonging to the Employer.
Therefore, the Employee will advise the Employer of the opportunity and cannot pursue the opportunity, directly or indirectly, without
the written consent of the Employer.

 

 

 

    	 	3	 

     

    

 

	20.	The Employer recognizes that the Employee is an expert in the area of strategic and technical development
of medical devices, and the Employee remains engaged in the medical device development in the areas of digital health, patient monitoring,
and neuromodulation. During the term of the Employee's active employment with the Employer, the Employee will not, directly or indirectly,
engage or participate in any other business activities outside those listed above that the Employer, in its reasonable discretion, determines
to be in conflict with the best interests of the Employer without the written consent of the Employer.

 

		Non-Solicitation	

 

	21.	The Employee understands and agrees that any attempt on the part of the Employee to induce other employees
or contractors to leave the Employer's employ, or any effort by the Employee to interfere with the Employer's relationship with its other
employees and contractors would be harmful and damaging to the Employer. The Employee agrees that during the Employee's term of employment
with the Employer and for a period of two (2) years after the end of that term, the Employee will not in any way, directly or indirectly:

 

		a.	Induce or attempt to induce any employee or contractor of the Employer to quit employment or retainer
with the Employer;

 

		b.	Otherwise interfere with or disrupt the Employer's relationship with its employees and contractors;

 

		c.	Discuss employment opportunities or provide information about competitive employment to any of the Employer's
employees or contractors; or

 

		d.	Solicit, entice, or hire away any employee or contractor of the Employer for the purpose of an employment
opportunity that is in competition with the Employer.

 

	22.	This non-solicitation obligation as described in this section will be limited to employees or contractors
who were employees or contractors of the Employer during the period that the Employee was employed by the Employer.

 

	23.	During the term of the Employee's active employment with the Employer, and for two (2) years thereafter,
the Employee will not divert or attempt to divert from the Employer any business the Employer had enjoyed, solicited, or attempted to
solicit, from its customers, prior to termination or expiration, as the case may be, of the Employee's employment with the Employer.

 

Confidential Information

 

	24.	The Employee acknowledges that, in any position the Employee may hold, in and as a result of the Employee's
employment by the Employer, the Employee will, or may, be making use of, acquiring or adding to information which is confidential to the
Employer (the "Confidential Information") and the Confidential Information is the exclusive property of the Employer.

 

	25.	The Confidential Information will include all data and information relating to the business and management
of the Employer, including but not limited to, proprietary and trade secret technology and accounting records to which access is obtained
by the Employee, including Work Product, Computer Software, Other Proprietary Data, Business Operations, Marketing and Development Operations,
and Customer Information.

 

	26.	The Confidential Information will also include any information that has been disclosed by a third party
to the Employer and is governed by a non-disclosure agreement entered into between that third party and the Employer.

 

	27.	The Confidential Information will not include information that:

 

		a.	Is generally known in the industry of the Employer;

 

 

 

    	 	4	 

     

    

 

		b.	Is now or subsequently becomes generally available to the public through no wrongful act of the Employee;

 

		c.	Was rightfully in the possession of the Employee prior to the disclosure to the Employee by the Employer;

 

		d.	Is independently created by the Employee without direct or indirect use of the Confidential Information;
or

 

		e.	The Employee rightfully obtains from a third party who has the right to transfer or disclose it.

 

	28.	The Confidential Information will also not include anything developed or produced by the Employee during
the Employee's term of employment with the Employer, including but not limited to, any intellectual property, process, design, development,
creation, research, invention, know-how, trade name, trade-mark or copyright that:

 

		a.	Was developed without the use of equipment, supplies, facility or Confidential Information of the Employer;

 

		b.	Was developed entirely on the Employee's own time;

 

		c.	Does not result from any work performed by the Employee for the Employer; and

 

		d.	Does not relate to any actual or reasonably anticipated business opportunity of the Employer.

 

Duties and Obligations Concerning Confidential
Information

 

	29.	The Employee agrees that a material term of the Employee's contract with the Employer is to keep all
Confidential Information absolutely confidential and protect its release from the public.

 

The Employee agrees not to divulge,
reveal, report or use, for any purpose, any of the

 

Confidential Information which the
Employee has obtained or which was disclosed to the

 

Employee by the Employer as a result
of the Employee's employment by the Employer. The Employee agrees that if there is any question as to such disclosure then the Employee
will seek out senior management of the Employer prior to making any disclosure of the Employer's information that may be covered by this
Agreement.

 

	30.	The Employee agrees and acknowledges that the Confidential Information is of a proprietary and confidential
nature and that any disclosure of the Confidential Information to a third party in breach of this Agreement cannot be reasonably or adequately
compensated for in money damages, would cause irreparable injury to Employer, would gravely affect the effective and successful conduct
of the Employer's business and goodwill, and would be a material breach of this Agreement.

 

	31.	The obligations to ensure and protect the confidentiality of the Confidential Information imposed on
the Employee in this Agreement and any obligations to provide notice under this Agreement will survive the expiration or termination,
as the case may be, of this Agreement and will continue for two (2) years from the date of such expiration or termination, except in the
case of any Confidential Information which is a trade secret in which case those obligations will last indefinitely.

 

 

 

    	 	5	 

     

    

 

	32.	The Employee may disclose any of the Confidential Information:

 

		a.	To a third party where Employer has consented in writing to such disclosure; or

 

		b.	To the extent required by law or by the request or requirement of any judicial, legislative, administrative
or other governmental body after providing reasonable prior notice to the Employer.

 

	33.	If the Employee loses or makes unauthorized disclosure of any of the Confidential Information, the Employee
will immediately notify the Employer and take all reasonable steps necessary to retrieve the lost or improperly disclosed Confidential
Information.

 

Ownership and Title to Confidential Information

 

	34.	The Employee acknowledges and agrees that all rights, title and interest in any Confidential Information
will remain the exclusive property of the Employer. Accordingly, the Employee specifically agrees and acknowledges that the Employee will
have no interest in the Confidential Information, including, without limitation, no interest in know-how, copyright, trade-marks or trade
names, notwithstanding the fact that the Employee may have created or contributed to the creation of the Confidential Information.

 

	35.	The Employee waives any moral rights that the Employee may have with respect to the Confidential Information.

 

	36.	The Employee agrees to immediately disclose to the Employer all Confidential Information developed in
whole or in part by the Employee during the Employee's term of employment with the Employer and to assign to the Employer any right, title
or interest the Employee may have in the Confidential Information. The Employee agrees to execute any instruments and to do all other
things reasonably requested by the Employer, both during and after the Employee's employment with the Employer, in order to vest more
fully in the Employer all ownership rights in those items transferred by the Employee to the Employer.

 

Ownership of Intellectual Property

 

	37.	All intellectual
property and related material (the "Intellectual Property") that is developed or produced under this Agreement will
be the property of the Employer.

 

	38.	Title, copyright, intellectual property rights and distribution rights of the Intellectual Property remain exclusively with the Employer.

 

Return of Confidential Information

 

	39.	The Employee agrees that, upon request of the Employer or upon termination or expiration, as the case
may be, of this employment, the Employee will turn over to the Employer all

 

Confidential Information belonging
to the Employer, including but not limited to, all documents, plans, specifications, disks or other computer media, as well as any duplicates
or backups made of that Confidential Information in whatever form or media, in the possession or control of the Employee that:

 

		a.	May contain or be derived from ideas, concepts, creations, or trade secrets and other proprietary and
Confidential Information as defined in this Agreement; or

 

		b.	Is connected with or derived from the Employee's employment with the Employer.

 

 

 

    	 	6	 

     

    

 

Employee Representations

 

Concerning the securities to be issued pursuant to
this Agreement, the Employee represents to the Employer as follows:

 

	40.	The Employee understands that any issuance of securities pursuant to this Agreement has not been registered
pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or any state securities act, and that the
securities are thus “restricted securities” as defined in Rule 144 promulgated by the Securities and Exchange Commission (the
“SEC”).  Therefore, under current interpretations and applicable rules, resales of the securities will be subject
to a minimum holding period of six (6) months. Accordingly, the Employee hereby acknowledges that it is prepared to hold any securities
for an indefinite period.

 

	41.	The Employee is an “accredited investor” in that Employee is an executive officer of the
Employer.

 

	42.	The Employee acknowledges that any securities issued pursuant to this Agreement are being purchased
for its own account, for investment, and not with the present view towards the distribution, assignment, or resale to others or fractionalization
in whole or in part.  The Employee further acknowledges that no other person or entity has or will have a direct or indirect beneficial
or pecuniary interest in securities to be issued pursuant to this Agreement.

 

	43.	The Employee acknowledges that it will not sell, assign, hypothecate, or otherwise transfer any rights
to, or any interest in, any securities to be issued pursuant to this Agreement except (i) pursuant to an effective registration statement
under the Securities Act, or (ii) in any other transaction which, in the opinion of counsel acceptable to the Employer, is exempt from
registration under the Securities Act, or the rules and regulations of the SEC thereunder.  The Employee also acknowledges that an
appropriate legend will be placed upon each of the certificates representing securities to be issued pursuant to this Agreement stating
that the securities have not been registered under the Securities Act and setting forth or referring to the restrictions on transferability
and sale of the securities.

 

	44.	The Employee has been furnished (i) with all requested materials relating to the business, finances,
and operations of the Employer; (ii) with information deemed material to making an informed investment decision; and (iii) with additional
requested information necessary to verify the accuracy of any documents furnished to the Employee by the Employee.  The Employee
has been afforded the opportunity to ask questions of the Employer and its management and to receive answers concerning the terms and
conditions of this transaction.

 

	45.	The Employee has had access to each and every document filed by the Employer with the SEC available
on the website of the SEC at www.sec.gov.  The Employee has relied upon the information contained therein and has not been furnished
any other documents, literature, memorandum, or prospectus.

 

	46.	The Employee has such knowledge and experience in business and financial matters that it is capable
of evaluating the risks of the prospective investment, and that its financial capacity is of such proportion that the total cost of its
commitment in any securities to be issued pursuant to this Agreement would not be material when compared with its total financial capacity.

 

Contract Binding Authority

 

	47.	Notwithstanding any other term or condition expressed or implied in this Agreement to the contrary,
the Employee will not have the authority to enter into any contracts or commitments for or on the behalf of the Employer without first
obtaining the express written consent of the Employer.

 

Termination Due to Discontinuance of Business

 

	48.	Notwithstanding any other term or condition expressed or implied in this Agreement, in the event that
the Employer will discontinue operating its business at the location where the Employee is employed, then, at the Employer's sole option,
and as permitted by law, this Agreement will terminate as of the last day of the month in which the Employer ceases operations at such
location with the same force and effect as if such last day of the month were originally set as the Termination Date of this Agreement.

 

 

    	 	7	 

     

    

 

Termination of Employment

 

	49.	Where there is just cause for termination, the Employer may terminate the Employee's employment without
notice, as permitted by law.

 

	50.	The Employee and the Employer agree that reasonable and sufficient notice of termination of employment
by the Employer is the greater of two (2) weeks or any minimum notice required by law.

 

	51.	If the Employee wishes to terminate this employment with the Employer, the Employee will provide the
Employer with the greater of two (2) weeks and the minimum required by law. As an alternative, if the Employee co-operates with the training
and development of a replacement, then sufficient notice is given if it is sufficient notice to allow the Employer to find and train the
replacement.

 

	52.	The Termination Date specified by either the Employee or the Employer may expire on any day of the month
and upon the Termination Date the Employer will forthwith pay to the Employee any outstanding portion of the compensation including any
accrued vacation and banked time, if any, calculated to the Termination Date.

 

	53.	Once notice has been given by either party for any reason, the Employee and the Employer agree to execute
their duties and obligations under this Agreement diligently and in good faith through to the end of the notice period. The Employer may
not make any changes to compensation or any other term or condition of this Agreement between the time termination notice is given through
to the end of the notice period.

 

		Remedies	

 

	54.	In the event of a breach or threatened breach by the Employee of any of the provisions of this Agreement,
the Employee agrees that the Employer is entitled to a permanent injunction, in addition to and not in limitation of any other rights
and remedies available to the Employer at law or in equity, in order to prevent or restrain any such breach by the Employee or by the
Employee's partners, agents, representatives, servants, employees, and/or any and all persons directly or indirectly acting for or with
the Employee.

 

		Severability	

 

	55.	The Employer and the Employee acknowledge that this Agreement is reasonable, valid and enforceable.
However, if any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void
or unenforceable, it is the parties' intent that such provision be changed in scope by the court only to the extent deemed necessary by
that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be
affected, impaired or invalidated as a result.

 

		Notices	

 

	56.	Any notices, deliveries, requests, demands or other communications required here will be deemed to be
completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post, postage prepaid, to the parties at
the following addresses or as the parties may later designate in writing:

 

		-	Employer: 

 

	 	Name:  Clifford L. Emmons 
	 	Address: 705 Cambridge St., Cambridge, MA 02141_

 

		-	Employee 

 

	 	Name: Chandran V. Seshagiri
	 	Address: 96 Brooks Ave, Arlington, MA 02474

 

 

 

    	 	8	 

     

    

 

Modification of Agreement

 

	57.	Any amendment or modification of this Agreement or additional obligation assumed by either party in
connection with this Agreement will only be binding if evidenced in writing signed by each party or an authorized representative of each
party.

 

Governing Law

 

	58.	This Agreement will be construed in accordance with and governed by the laws of the state of Massachusetts.

 

	Definitions	

 

 

	59.	For the purpose of this Agreement the following definitions will apply:

 

		a.	'Work Product' means work product information, including but not limited to, work product resulting
from or related to work or projects performed or to be performed for the Employer or for clients of the Employer, of any type or form
in any stage of actual or anticipated research and development.

 

		b.	'Computer Software' means computer software resulting from or related to work or projects performed
or to be performed for the Employer or for clients of the Employer, of any type or form in any stage of actual or anticipated research
and development, including but not limited to, programs and program modules, routines and subroutines, processes, algorithms, design concepts,
design specifications (design notes, annotations, documentation, flowcharts, coding sheets, and the like), source code, object code and
load modules, programming, program patches and system designs.

 

		c.	'Other Proprietary Data' means information relating to the Employer's proprietary rights prior to any
public disclosure of such information, including but not limited to, the nature of the proprietary rights, production data, technical
and engineering data, test data and test results, the status and details of research and development of products and services, and information
regarding acquiring, protecting, enforcing and licensing proprietary rights (including patents, copyrights and trade secrets).

 

		d.	'Business Operations' means operational information, including but not limited to, internal personnel
and financial information, vendor names and other vendor information (including vendor characteristics, services and agreements), purchasing
and internal cost information, internal services and operational manuals, and the manner and methods of conducting the Employer's business.

 

		e.	'Marketing and Development Operations' means marketing and development information, including but not
limited to, marketing and development plans, price and cost data, price and fee amounts, pricing and billing policies, quoting procedures,
marketing techniques and methods of obtaining business, forecasts and forecast assumptions and volumes, and future plans and potential
strategies of the Employer which have been or are being considered.

 

		f.	'Customer Information' means customer information, including but not limited to, names of customers
and their representatives, contracts and their contents and parties, customer services, data provided by customers and the type, quantity
and specifications of products and services purchased, leased, licensed or received by customers of the Employer.

 

		g.	'Termination Date' means the date specified in this Agreement or in a subsequent notice by either the
Employee or the Employer to be the last day of employment under this Agreement. The parties acknowledge that various provisions of this
Agreement will survive the Termination Date.

 

 

 

    	 	9	 

     

    

 

General Provisions

 

	60.	Time is of the essence in this Agreement.

 

	61.	Headings are inserted for the convenience of the parties only and are not to be considered when interpreting
this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine
and vice versa.

 

	62.	No failure or delay by either party to this Agreement in exercising any power, right or privilege provided
in this Agreement will operate as a waiver, nor will any single or partial exercise of such rights, powers or privileges preclude any
further exercise of them or the exercise of any other right, power or privilege provided in this Agreement.

 

	63.	This Agreement will inure to the benefit of and be binding upon the respective heirs, executors, administrators,
successors and assigns, as the case may be, of the Employer and the Employee.

 

	64.	This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered
to be original signatures.

 

	65.	If, at the time of execution of this Agreement, there is a pre-existing employment agreement still in
effect between the parties to this Agreement, then in consideration of and as a condition of the parties entering into this Agreement
and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, this Agreement will supersede any
and all pre-existing employment agreements between the Employer and the Employee. Any duties, obligations and liabilities still in effect
from any pre-existing employment agreement are void and no longer enforceable after execution of this Agreement.

 

	66.	This Agreement constitutes the entire agreement between the parties and there
are no further items or provisions, either oral or written. The parties to this Agreement stipulate that neither of them has made any
representations with respect to the subject matter of this Agreement except such representations as are specifically set forth in this
Agreement. 

 

[SIGNATURE
PAGE TO FOLLOW]

 

IN WITNESS WHEREOF, the parties have
duly affixed their signatures under hand and seal on this 1st day of April, 2021.

 

 EMPLOYER:

 

 

	/s/ Clifford L. Emmons 	March 31, 2021
	Clifford L. Emmons	Date
	CEO of IIOT-OXYS, Inc	 

 

 

 

 EMPLOYEE:

 

 

	/s/ Chandran Seshagiri	March 31, 2021
	Chandran Seshagiri	Date
	An individual	 

 

    	 	10

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