Document:

Exhibit
10.1

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”), dated as of [DATE], is by and between PolarityTE, Inc., a Delaware
corporation (the “Company”) and [INSERT NAME] (the “Indemnitee”).

 

WHEREAS,
Indemnitee’s service to the Company substantially benefits the Company;

 

WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and
officers of public companies;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that enhancing the ability of the Company
to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the
Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
continued service as a director or officer of the Company and to enhance Indemnitee’s ability to serve the Company in an
effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent
Documents”), any change in the composition of the Board or any change in control or business combination transaction
relating to the Company), it is reasonable, prudent and necessary for the Company to provide in this Agreement for the indemnification
of, and the advancement of Expenses (as defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement and for the
continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Company,
the parties agree as follows:

 

1.
Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)
“Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b)
“Change in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i)
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of
the Company’s then outstanding Voting Securities;

 

(ii)
the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 67% of the combined voting power of the outstanding Voting Securities of the entity resulting from such
transaction;

 

    	 	 	 

     

    

 

(iii)
during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who
at the beginning of such period constituted the Board and any new directors (other than a director designated by a person who
has entered into an agreement with the Company to effect a transaction described in Sections 1(b)(i), 1(b)(ii) or 1(b)(iv)) whose
election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved cease for any reason to constitute at least a majority of the Board;

 

(iv)
the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s assets; OR

 

(v)
Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or
in response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company
is then subject to such reporting requirement.

 

(c)
“Claim” means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom and including
without limitation any such Claim pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as
a party, a potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or
officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting
as a director or officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a
director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise,
in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification
or advancement of Expenses can be provided under this Agreement. Reference to “other Enterprises” shall
include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person
with respect to any employee benefit plan; references to “serving at the request of the Company” shall
include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person
who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

    	 	 	 

     

    

 

(d)
“Delaware Court” shall have the meaning ascribed to it in Section 9(e) below.

 

(e)
“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect
of which indemnification is sought by Indemnitee.

 

(f)
“Enterprise” means the Company and any other corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director,
trustee, general partner, managing member, officer, employee, agent or fiduciary.

 

(g)
“Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript
costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting
from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company
in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable.

 

(h)
“Expense Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4
or Section 5 hereof.

 

(i)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee
(other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements)
or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement.

 

    	 	 	 

     

    

 

(j)
“Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil,
criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal,
state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all
other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness or participate in, any Claim.

 

(k)
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or
other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(l)
“Standard of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(m)
“Voting Securities” means any securities of the Company that vote generally in the election of directors.

 

2.
Services to the Company.
Indemnitee agrees to continue to serve as a director or officer of the Company for so long as Indemnitee is duly elected or appointed
or until Indemnitee tenders his resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment
agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. This Agreement shall continue in force
after Indemnitee has ceased to serve as a director or officer of the Company or, at the request of the Company, of any of its
subsidiaries or Enterprise, as provided in Section 12 hereof.

 

3.
Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted
by law, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made
a party to or participant in, any Claim, including, without limitation, Claims brought by or in the right of the Company, Claims
brought by third parties, and Claims in which the Indemnitee is solely a witness.

 

4.
Advancement of Expenses.
Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication
to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee
in connection with any Claim. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard
of conduct. Without limiting the generality or effect of the foregoing, within 20 days after any request by Indemnitee, the Company
shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount
sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances,
Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine
or otherwise jeopardize attorney-client privilege.

 

    	 	 	 

     

    

 

5.
Indemnification for Expenses in Enforcing Rights.
To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee,
shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment
of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent
Documents now or hereafter in effect relating to Claims, and/or (b) recovery under any directors’ and officers’ liability
insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification or insurance recovery, as the case may be. However, in the event that Indemnitee is ultimately determined not
to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section
5 shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made
that such action brought by Indemnitee was frivolous or not made in good faith.

 

6.
Partial Indemnity.
To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any
Claim or any issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection therewith. For purposes of this section, the termination of any issue
or matter in such a Claim by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

 

7.
Notification and Defense of Claims.

 

(a)
Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim for which Indemnitee
could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature
of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the
Company from any liability hereunder. If at the time of the receipt of such notice, the Company has directors’ and officers’
liability insurance in effect under which coverage for Claims is potentially available, the Company shall give prompt written
notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide
to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between
the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof
by the Company.

 

    	 	 	 

     

    

 

(b)
Defense of Claims. The Company shall be entitled to participate in the defense of any Claim at its own expense and, except
as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory
to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company
shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee
in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided
below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel
incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s own expense; provided,
however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee
has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim,
(iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent Counsel
or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled
to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim)
and all Expenses related to such separate counsel shall be borne by the Company.

 

8.
Procedure upon Application for Indemnification.
In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor,
including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim,
provided that documentation and information need not be so provided to the extent that the provision thereof would undermine or
otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is
entitled to indemnification in accordance with Section 9 below.

 

9.
Determination of Right to Indemnification.

 

(a)
Mandatory Indemnification; Indemnification as a Witness.

 

(i)
To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim or any portion thereof
or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified
against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law, and no Standard
of Conduct Determination shall be required.

 

(ii)
To the extent that Indemnitee’s involvement in a Claim is to prepare to serve and serve as a witness, and not as a party,
the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law
and no Standard of Conduct Determination shall be required.

 

    	 	 	 

     

    

 

(b)
Standard of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim that shall have been
finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law
that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any
determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall
be made as follows:

 

(i)
if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the
Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though
less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed
to the Board, a copy of which shall be delivered to Indemnitee; and

 

(ii)
if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to
the Board, a copy of which shall be delivered to Indemnitee.

 

The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for,
or advance to Indemnitee, within 20 days of such request, any and all Expenses incurred by Indemnitee in cooperating with the
person or persons making such Standard of Conduct Determination.

 

(c)
Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of
Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to
make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later
of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such
receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination
is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided
that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making
such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of any Claim.

 

(d)
Payment of Indemnification. If, in regard to any Losses:

 

(i)
Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)
no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)
Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

 

then
the Company shall pay to Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on
which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

    	 	 	 

     

    

 

(e)
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Section 9.1(b)(i), the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If
a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the Independent Counsel
shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within ten days after receiving written notice
of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such
written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii)
the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party
advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of
the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall
apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence
shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of
this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives
its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to the
second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery
of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected
by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are
so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the
reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 9(b).

 

(f)
Presumptions and Defenses.

 

(i)
Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons
making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification,
and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled.
Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court.
No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any
applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification
or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any
applicable standard of conduct.

 

    	 	 	 

     

    

 

(ii)
Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith
if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to
act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information,
opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries
in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and
financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence.
In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall
not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

(iii)
No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption
that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder
is otherwise not permitted.

 

(iv)
Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company
to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim in
advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for
the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving
such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

(v)
Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful
on the merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim to which Indemnitee is a party is resolved in any manner other than by adverse judgment
against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money
or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section
9.1(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

    	 	 	 

     

    

 

10.
Exclusions from Indemnification.
Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to make any indemnity in connection
with any Claim (or any part of any Claim):

 

(a)
related to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees
or other indemnitees and not by way of defense, except:

 

(i)
proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)
where the Company has joined in or the Board has consented to the initiation of such proceedings;

 

(b)
if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

 

(c)
indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company
in violation of Section 16(b) of the Exchange Act, or any similar successor statute, or any similar successor statute, if indemnitee
is held liable therefor (including pursuant to any settlement arrangement);

 

(d)
for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision,
vote or otherwise, except with respect to any excess beyond the amount paid, subject to any subrogation rights set forth in Section
16; or

 

(e)
for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including
any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor
(including pursuant to any settlement arrangement).

 

11.
Settlement of Claims.
The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending
Claim effected without the Company’s prior written consent, which shall not be unreasonably withheld; provided, however,
that if a Change in Control has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in
settlement if an Independent Counsel has approved the settlement. The Company shall not settle any Claim in any manner that would
impose any Losses on the Indemnitee without the Indemnitee’s prior written consent.

 

    	 	 	 

     

    

 

12.
Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director
or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim (including
any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced
by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased
to serve in such capacity at the time of any such Claim or proceeding.

 

13.
Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity
Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification
under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that
any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under
this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt
any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s
right to indemnification under this Agreement or any Other Indemnity Provision.

 

14.
Liability Insurance.
For the duration of Indemnitee’s service as a director or officer of the Company, and thereafter for so long as Indemnitee
shall be subject to any pending Claim, the Company shall use commercially reasonable efforts (taking into account the scope and
amount of coverage available relative to the cost thereof) to continue to maintain in effect policies of directors’ and
officers’ liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided
by the Company’s current policies of directors’ and officers’ liability insurance. In all policies of directors’
and officers’ liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as
to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors,
if Indemnitee is a director, or of the Company’s officers, if Indemnitee is an officer (and not a director) by such policy.
Upon request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications,
binders, policies, declarations, endorsements and other related materials.

 

15.
No Duplication of Payments.
The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent
Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or
otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.
Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

 

    	 	 	 

     

    

 

17.
Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party
against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure
to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.
Binding Effect.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

19.
Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

20.
Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail, or nationally recognized overnight
courier service:

 

(a)
if to Indemnitee, to the address set forth on the signature page hereto.

 

(b)
if to the Company, to: PolarityTE, Inc.

 

Attn:
Corporate Secretary

 

123
N Wright Brothers Drive

 

Salt
Lake City, UT 84116

 

Notice
of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section
shall be deemed to have been received on the date of hand delivery, on the third business day after mailing, or the second business
day after being deposited with an overnight courier service.

 

21.
Governing Law and Forum.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable
to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company
and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States,
(b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out
of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks
venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

22.
Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23.
Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original,
but all of which together shall constitute one and the same Agreement.

 

[signature
page follows]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	POLARITYTE, INC.
	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE
	 	 
	 	Name:	 
	 	Address:camp-ex101_7.htm

Exhibit 10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This Separation Agreement and General Release (the “Agreement”) is made as of the Effective Date (defined below) between CalAmp Corp. (on behalf of itself, its subsidiaries and other corporate affiliates and each of their respective employees, officers, directors, owners, shareholders and agents referred to throughout this Agreement as the “Employer” or the “Company”), and Michael Burdiek, (referred to throughout this Agreement as “Executive”), and is presented to Executive this 20th day of March, 2020. Employer and Executive are sometimes referred to together in this Agreement as the “Parties” and each individually as a “Party”).

 

I.BACKGROUND AND PURPOSE (“Background”)

 

A.Executive is employed by the Company as President and Chief Executive Officer pursuant to that certain employment agreement entered into on May 27, 2011, and as amended by Amendment 1 on June 12, 2013, Amendment 2 on May 30, 2014, Amendment 3 on May 30, 2016, Amendment 4 on May 31, 2017, and Amendment 5 on May 18, 2018 (the latter set to lapse by its terms on May 31, 2020) (collectively, the “Employment Agreement”);

 

B.This Agreement supersedes in entirety the Employment Agreement, and the Employment Agreement will be nugatory and of no legal effect; 

 

C.On March 25, 2020, the Company will publicly announce the Executive’s planned retirement, effective March 25, 2020.

 

D.On March 25, 2020, independent Company director, Jeffery Gardner, will become the Company’s Interim President and Chief Executive Officer, and named executive officer, having been duly appointed by the Company’s Board of Directors (the “Board”).

 

E.By 8:00 a.m. on Monday, March 23, 2020, Executive will submit his letter of resignation to the Board, substantially in the form as set forth as Enclosure A to this Agreement, with his resignation taking effect at the close of business on March 25, 2020.

 

F.Under the terms and conditions of this Agreement, and any Company employment policies and procedures, Executive will continue his employment with the Company in the capacity as a Senior Advisor from March 25, 2020 through May 31, 2021 (the “Termination Date”).

 

G.From March 25, 2020 through the Termination Date, Executive will report directly to the Interim President and Chief Executive Officer, to ensure a seamless transition of the President and Chief Executive Officer role. Executive’s duties and functions will be as determined by the Interim President and Chief Executive Officer.

 

H.The consideration set forth in paragraphs I.1., I.2., and I.4. and paragraph J.1. are referred to as the “Separation Consideration.”

 

I.From March 25, 2020 through the Termination Date:

 

Page 1 of 10

 

1.Executive’s annual base salary and benefits (including Armada Care and participation in the Company’s Deferred Compensation Plan) will continue as currently provided;

 

2.Except for performance stock units, Executive’s unvested equity awards will continue to vest in accordance with the terms and conditions of applicable agreements and plans; 

 

3.In accordance with Section 7 (Options) (g)(3) (Effect of Termination of Employment, of the Company’s 2004 Incentive Stock Plan (as amended and restated effective July 28, 2017, the “Plan”), Executive’s Options (as defined in the Plan) granted to Executive shall remain exercisable for a period of two years from the Termination Date (i.e., from May 31, 2021 through May 31, 2023); 

 

4.Executive will not receive an equity grant at the July 29, 2020 Board/Compensation Committee meetings; and 

 

5.Executive will not be eligible for any bonus earned under the fiscal 2021 short term incentive plan; but will be eligible for any bonus earned, if any, under the fiscal 2020 short term incentive plan.

 

J.As of the Termination Date:

 

1.The Company will accelerate one hundred percent (100%) of Executive’s unvested equity awards (restricted stock and stock options; but not performance stock units);

 

2.Executive will receive no further cash payments; and

 

3.Executive will become eligible for continued benefits under COBRA. Executive will be responsible for any and all COBRA payments from June 1, 2021 and beyond.

 

K.“Change of Control” shall mean the consummation of the first to occur of: (1) the sale, lease or other transfer of all or substantially all of the assets of the Company to any person or group (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended); (2) the adoption by the stockholders of the Company of a plan relating to the liquidation or dissolution of the Company; (3) the merger or consolidation of the Company with or into another entity or the merger of another entity into the Company or any subsidiary thereof with the effect that immediately after such transaction the stockholders of the Company immediately prior to such transaction hold less than fifty percent (50%) of the total voting power of all securities generally entitled to vote in the election of directors, managers or trustees of the entity surviving such merger of consolidation; or (4) the acquisition by any person or group of more than fifty percent (50%) of the voting power of all securities of the Company generally entitled to vote in the election of directors of the Company.  If, prior to the Termination Date (May 31, 2021) the Company terminates Executive’s employment due to a Change of Control (“C-of-C Termination”), then (i) one hundred percent (100%) of Executive’s then unvested equity awards granted under the Company’s stock incentive plans shall become vested and, with respect to any options that are exercisable or become exercisable, such options shall remain exercisable for twelve (12) months following the C-of-C Termination, subject to such longer period as may be provided by the Company’s 2004 Incentive Stock Plan, (ii) the Executive shall 

 

Page 2 of 10

 

be entitled to an amount equal to his annual base salary, less standard withholdings for tax and social security purposes, pro rated for the period from the C-of-C termination date until May 31, 2021, payable in a lump sum, and (iii) the Company will pay the Executive’s premiums for continued coverage in the Company’s health and welfare plans under the continuation coverage provisions of COBRA until May 31, 2021 (or the cash equivalent of such amount).

 

L.In the event that the Employer terminates the Executive’s employment hereunder during the Term without cause, then the Executive shall remain entitled the Separation Consideration herein.

 

M.Executive freely and knowingly, and after due thought and deliberation, enters into this Agreement intending to waive, settle, and forever release any and all claims that he has, or might ever have, against Employer.    

 

II.AGREEMENT

 

In consideration of the Background above, which is an integral part of this Agreement, and for the Separation Consideration described above, which the Parties acknowledge as sufficient, and intending to be legally bound by this Agreement, the Executive and the Employer agree as follows:

1.Effective Date. This Agreement will become effective on the eighth (8th) calendar day after the Executive signs and delivers this Agreement to the Employer (the “Effective Date”), provided that the Executive does not revoke this Agreement before that date in accordance with paragraph 8 below; and, provided that the Executive signs this Agreement on or before Friday, April 10, 2020 (which is twenty-one (21) calendar days following the date that this Agreement was presented to Executive).

 

2.       Payment of Accrued Obligations and Separation Consideration.  

 

2.1Executive acknowledges that as of the Termination Date, the Company will have paid Executive his final salary through the Termination Date (the “Accrued Obligations”). Executive also acknowledges and agrees that, other than base salary and benefits that he will earn and be eligible to receive through the Termination Date, as well as payment for the Accrued Obligations, he has received all amounts owed for his regular and usual salary, usual benefits, and other wages or compensation earned through the Termination Date. Executive acknowledges that the Company offers a Flexible Time Off Policy, and because employees request time off as needed under that Policy, the Executive accrued no time off and thus shall not be entitled to receive any vacation payout on the Termination Date. Except as required under applicable law, all benefits will cease as of the Termination Date and Executive will not be entitled to receive any further wages, salary, bonuses/commissions, or other forms of paid time off, benefits, or any other form of compensation following the Termination Date, except as set forth in paragraph 2.2 below.

 

2.2In exchange for signing this Agreement and Executive’s compliance with the promises made and obligations that he has undertaken in this Agreement, Employer agrees to provide the Separation Consideration.

 

 

Page 3 of 10

Exhibit 10.1

2.3Executive understands and agrees that he would not be entitled to the Separation Consideration without his signing, and not revoking, this Agreement and fulfilling the promises he made in this Agreement.

 

 

 

3.General Release of Claims.  Executive, for himself, his spouse, descendants, dependents, heirs, executors, administrators, conservators, successors, and assigns (collectively referred to as “Releasing Parties”) knowingly, voluntarily, and irrevocably releases and forever absolves and discharges, to the fullest extent permitted by law, Employer and any of its current, former, or future parents, affiliates, subsidiaries, divisions, or related entities, and any of their respective past, present, or future Executives, officers, directors, stockholders, shareholders, members, owners, attorneys, agents, insurers, representatives, trustees, or administrators, predecessors, successors, and assigns, (collectively referred to as “Released Parties”), of and from any and all claims, demands, liens, agreements, contracts, agreements, covenants, actions, suits, causes of action, wages, obligations, debts, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity, or otherwise, whether now known or unknown, asserted or unasserted, suspected or unsuspected, and whether or not concealed or hidden, which Executive now owns or holds or has at any time before owned or held as against any Released Parties based on actions or events that occurred prior to the Effective Date of this Agreement (collectively the “Claims”) including, without any limitation:  

 

3.1.any and all Claims for violation of any federal, state, local, or municipal law, regulation, ordinance, constitution, or common law relating to employment, conditions of employment (including wage and hour laws), compensation  and employment discrimination, including, but not limited to, Title VII of the Civil Rights Act of 1964; The Civil Rights Act of 1991; The Executive Retirement Income Security Act of 1974; The Americans With Disabilities Act of 1990; The Age Discrimination in Employment Act of 1967; the Older Worker Benefit Protection Act; The Workers Adjustment and Retraining Notification Act; The Occupational Safety and Health Act; The Fair Labor Standards Act; The Family and Medical Leave Act; The California Family Rights Act, as amended; The California Fair Employment and Housing Act; The California Business and Professions Code, and the California Labor Code, including all amendments to each such law, regulation, ordinance, constitution, or common law;

 

3.2.any and all Claims relating to or arising from Executive’s employment relationship with the Employer and the termination of that relationship;

 

3.3.any and all Claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; physical injury; assault; battery; invasion of privacy; false imprisonment; and conversion;

 

3.4.any and all Claims for attorneys’ fees, costs and penalties.

 

Page 4 of 10

 

4.Protected Rights of Executive. Nothing in this Agreement (including the general release of Claims in paragraph 3 above, the confidentiality obligations in paragraph 11 below, and non-disparagement obligations in paragraph 6 below) prohibits Executive from filing a charge with any governmental agency or participating in any governmental investigation, including filing charges with or participating in investigations by the National Labor Relations Board or the Equal Employment Opportunity Commission, and Executive retains the right to engage in concerted activity protected by Section 7 of the National Labor Relations Act (the “Protected Rights”). Despite Executive’s Protected Rights, Executive specifically waives his right to recover any monetary damages or any individual relief in connection with any charge made by Executive.  Also, Executive does not release Claims with respect to: (a) indemnification pursuant to applicable law; (b) Claims for any benefits that are vested as of the Executive’s termination date under the Employer’s health and welfare plans or 401(k) plan; (c) underlying workers’ compensation benefits, or (d) Claims arising out of this Agreement.  

5.Promise Not To Sue. Executive, for himself and the other Releasing Parties, promises not to sue or initiate against Employer or any Released Party any mediation, arbitration, or judicial proceeding, or to participate in same, individually or as a member of a class, in which Executive, any other Releasing Party, or any representative of Executive or any other Releasing Party asserts against Employer or any other Released Party any Claim based on alleged breach of contract, tort, or violation of any law or regulation, whether federal, state, or local, pertaining in any manner to Executive’s employment by Employer or the termination of the employment relationship.

 

6.Non-Disparagement of Employer. As of the Termination Date, the Executive will not represent himself as being an Executive, officer, or representative of the Employer for any purpose whatsoever. Subject to Executive’s Protected Rights, Executive, on behalf of himself and the other Releasing Parties, agrees and promises and covenants that he will not at any time, directly or indirectly, make, ratify, infer, or criticize by means of any disparaging, uncomplimentary, critical, or negative remarks, comments, or statements, public or private, oral or written, concerning the Employer or its businesses, products, services, or any of its Executives, officers, or directors, or existing and prospective customers, suppliers, or any other associated third parties.  

 

7.Waiver of California Civil Code Section 1542. To give the full and complete general release as described in paragraph 3 above, Executive expressly waives and relinquishes all rights and benefits of Section 1542 of the Civil Code of the State of California, or any other similar, comparable, or equivalent law in any state or jurisdiction, and Executive does so understanding and acknowledging the significance and consequence of specifically waiving Section 1542. Section 1542 of the Civil Code of the State of California states as follows:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

So, notwithstanding the provisions of Section 1542, and to implement a full and complete release and discharge of the Released Parties, Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all claims Executive does not know or suspect to exist in his favor at the time of signing this Agreement, and that this Agreement contemplates the extinguishment of any such claim.  Executive represents and warrants that Executive has read this Agreement, including this waiver of California Civil Code 

 

Page 5 of 10

 

Section 1542, and that he has consulted with an attorney about this Agreement, and specifically about the waiver of Section 1542, or has freely chosen to not consult with an attorney, and that Executive understands this Agreement and the Section 1542 waiver, and so Executive freely and knowingly enters into this Agreement. Executive acknowledges that he may later discover facts different from or in addition to those Executive now knows or believes to be true regarding the matters released or described in this Agreement, and even so, Executive agrees that the releases and agreements contained in this Agreement will remain effective in all respects notwithstanding any later discovery of any different or additional facts. Executive assumes any and all risk of any mistake in connection with the true facts involved in the matters, disputes, or controversies released or described in this Agreement or with regard to any facts now unknown to Executive. 

 

8.ADEA Waiver. In exchange for material portions of the additional pay and benefits provided by the Separation Consideration under this Agreement and, in accordance with the Older Workers Benefit Protection Act, Executive expressly acknowledges and agrees that, by entering into this Agreement, he is knowingly and voluntarily waiving any and all rights and releasing all Claims and claims, known or unknown, arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), that he may have otherwise had against the Employer or any Released Party up to the Effective Date of this Agreement. Executive also expressly acknowledges and agrees that:

8.1in return for this Agreement, Executive will receive consideration, that is, something of value, beyond that to which he was already entitled, before entering into this Agreement;

8.2Executive is advised to consult with an attorney before signing this Agreement;

8.3Executive is informed that he has twenty-one (21) calendar days from the date that this Agreement was presented to him, to consider whether to sign and accept the terms of this Agreement and that, if he signs this Agreement prior to the twenty-one (21)-day period, he will have done so voluntarily and with full knowledge that he is waiving his right to have twenty-one (21) days to consider this Agreement. Executive agrees that any modifications, material or otherwise, made to this Agreement will not restart or affect in any manner the original twenty-one (21) calendar day consideration period.

8.4Nothing in this Agreement prevents Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. 

8.5Executive is informed that he has seven (7) days following the date that he signs this Agreement during which he may revoke it. This Agreement will become null and void if Executive elects revocation during that time. In the event that Executive fails to so notify the Employer, he will be deemed to have waived his right of revocation. If Executive exercises his right of revocation, neither the Employer nor Executive will have any obligations under this Agreement. Any revocation within this period must be submitted, in writing, to CalAmp and state, “I hereby revoke my acceptance of the Separation Agreement and General Release.” This revocation must be personally delivered to Bert Moyer, or mailed to CalAmp, ATTN: Chairman of the Board, c/o Stephen Moran, Senior Vice President, General Counsel & Corporate Secretary, 15635 Alton Parkway, Suite 250, Irvine, California 92618, and postmarked within 

 

Page 6 of 10

 

seven (7) calendar days of execution of this Agreement. This Agreement will not become effective or enforceable until the revocation period has expired. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the state in which Executive was employed at the time of his last day of employment, then the revocation period will not expire until the next following day which is not a Saturday, Sunday, or legal holiday.  

9.Health and Welfare Benefits. Except as set forth in paragraph I.1. above, Executive understands and agrees that his right to benefits under the Employer’s health and welfare benefit program, if any, will be limited to those set forth in the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) or the Health Insurance Marketplace under the Affordable Care Act.  

 

10.Return of Company Property. Executive acknowledges that as of the Termination Date, he has returned to Employer all Employer information and property including and without limitation the following: computers, cell phones, other electronic devices, reports, data, plans, projects, files, charts, and records, memoranda, records software; credit cards, cardkey passes; door and file keys; safe combinations; computer access codes; disks and instructional or personnel manuals; and other physical or personal property which Executive received or prepared or helped to prepare in connection with his employment with Employer. Executive represents and agrees that he has not retained and will not retain any copies, duplicates, reproductions, or excerpts.  

 

11.Confidentiality.  Executive acknowledges that by virtue of his executive position with the Company, he has been given access to confidential information, intellectual property, trade secrets, customers, respecting the Company’s affairs (“Confidential Information”). In particular, he has received, or otherwise been privy to highly sensitive Confidential Information, including but not limited to, the Company’s strategic, business, and marketing plans and strategies. Executive further acknowledges that he has complied with, and will continue to comply with, his continuing obligations under that certain Confidentiality, Inventions, and Non-Solicitation Agreement (the “Confidentiality Agreement”), that survives the termination of his employment, and is hereby incorporated into this Agreement as if set forth verbatim.  

 

12.Section 409A.This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Employer makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Employer be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

13.Remedies for Breach of Agreement. Executive acknowledges that the Employer and the other Released Parties would suffer irreparable harm as a result of any disparagement 

 

Page 7 of 10

 

(described in paragraph 6), unauthorized disclosure, or use of Employer Confidential Information (described in paragraph 11 and the Confidentiality Agreement), and that monetary damages would be insufficient to compensate the Employer for such harm. Therefore, if Executive is in breach of his obligations or any provision of this Agreement, the Employer and any other affected Released Party is entitled to seek an injunction or temporary restraining order, without notice to Executive, restraining any unauthorized disclosure or use of the Employer’s Confidential Information in addition to any other available remedy, including damages. In any such action, if the Employer prevails, Executive agrees to reimburse the prevailing party(ies) for its/their costs and reasonable attorneys’ fees incurred in connection with taking the legal action. Further, Executive acknowledges that any breach of the foregoing would cause damage to the Employer that would be difficult if not impossible to establish and, thus, Executive agrees that he will pay to the Employer as liquidated damages, and not as a penalty, the amount equal to the Separation Consideration paid to Executive, and he expressly waives the right to any further Separation Consideration obligations expressly stated in this Agreement. In the event that Executive sues or otherwise institutes, initiates, or participates in any legal proceedings against the Employer or any Released Party for any claim or matter released hereby in violation of this Agreement, (a) the Employer will be relieved of its obligation to pay any Separation Consideration provided for in this Agreement, (b) the Employer will be entitled to recover from Executive all Separation Consideration previously paid to Executive, in addition to all other lawful remedies, and (c) all other provisions of this Agreement will remain in full force and effect; in any such action, if the Executive prevails, then the Employer agrees to reimburse the prevailing party for his costs and reasonable attorneys’ fees incurred in connection with taking the legal action.

14.Governing Law and Interpretation and Severability.  This Agreement will be governed by the laws of the State of California without regard to its conflict of laws provision. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision immediately will become null and void, leaving the remainder of this Agreement in full force and effect.  

 

15.No Admission of Wrongdoing.  The Parties agree that neither this Agreement nor the furnishing of the Separation Consideration for it will be deemed or construed at any time for any purpose as an admission by Employer of any liability or wrongful conduct of any kind.  

 

16.Amendment.  This Agreement may not be modified, altered or changed except upon express written consent of both Parties.  

 

17.Miscellaneous.  

 

17.1This Agreement will be binding upon each Party and upon each Party’s heirs, administrators, representatives, executors, successors and assigns, and will inure to the benefit of the other Party and each of them, and to each Party’s heirs, administrators, representatives, executors, successors and assigns.

 

17.2This Agreement may be executed in counterparts, each to constitute an original. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “DocuSign,” “pdf,” or “tif”) format will be effective as delivery of a manually executed counterpart of this Agreement.

    

 

Page 8 of 10

 

18.Entire Agreement.  This Agreement, the Confidentiality Agreement, the Restricted Stock Unit Agreements, the Stock Option Agreements, the CalAmp Deferred Compensation Plan, and any other employment documents that Executive signed with the Company, sets forth the entire agreement between the Parties hereto, and fully supersedes any prior obligation of the Employer to the Executive including without limitation, the Employment Agreement.  Executive acknowledges that he has not relied on any representations, promises, or agreements of any kind made to his in connection with his decision to accept this Agreement, except for those set forth in this Agreement.  

 

IN WITNESS OF THIS AGREEMENT, the Parties knowingly and voluntarily sign this Agreement on the date below.  

 

 

		
	
EMPLOYER:
	
EXECUTIVE:

 

 

	
 

 
	
 

	
By: _/s/ A.J. “Bert” Moyer__________
	
__/s/ Michael Burdiek   __________ 

	
      A.J. “Bert” Moyer
	
Michael Burdiek

	
Its: Chairman of the Board
	
 

	
 

Dated:   _March 23, 2020___________
	
 

Dated:   _March 23, 2020_______  _

 

 

 

Page 9 of 10

 

ENCLOSURE A

RESIGNATION LETTER

[Letterhead of Officer]

 

March 23, 2020

 

VIA EMAIL TO ___________

 

Board of Directors of CalAmp Corp.

c/o: A. J. “Bert” Moyer, Chairman

15635 Alton Parkway, Suite 250

Irvine, CA 92618

 

Re:  Resignation as CalAmp President, Chief Executive Officer, and Director 

 

Dear Directors:

 

Pursuant to Section 4.05 of CalAmp Corp.’s (“CalAmp”) Amended and Restated Bylaws and Section 142(b) of the of the Delaware General Corporation Law, I hereby tender my resignation as President and Chief Executive Officer, and as a Director of CalAmp, to be effective at the opening of business on March 25, 2020.

 

Effective March 25, 2020, I will no longer be an executive officer of CalAmp for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or Rule 3b-7 promulgated under the Exchange Act.

 

Furthermore, I also hereby resign as an officer and director of all CalAmp subsidiaries and affiliates. 

 

In accordance with that certain Separation Agreement and General Release entered into on March 25, 2020 between CalAmp and me, I will remain employed by CalAmp in the capacity of a Senior Advisor for the term provided for in such agreement, reporting to the Interim President and CEO, in order to effect an orderly transition.

 

Sincerely yours,

 

 

 

_/s/ Michael Burdiek__     _____

Michel Burdiek

 

Page 10 of 10

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