Document:

Exhibit 10.1

 

AVID BIOSERVICES, INC.

 

EXECUTIVE SEVERANCE PLAN

 

1.             Purpose.               The purpose of this Avid Bioservices, Inc. Executive Severance Plan (the “Plan”) is to encourage employees
of Avid Bioservices, Inc. (the “Company”) to remain in the employ of the Company and its Affiliates by
providing severance protections to such employees in the event that their employment is terminated under the circumstances described
in this Plan. Nothing in this Plan shall be construed as creating an express or implied contract of employment and nothing shall
alter the “at will” nature of the Participants’ employment with the Company or its Affiliates. This Plan document
also serves as the Summary Plan Description for the Plan. All capitalized terms shall have the meanings ascribed to them in the
Plan.

 

2.             Definitions.          The following terms shall be defined as set forth below:

 

(a)          “Administrator” means
the Company’s board of directors or such committee of the Company’s board of directors that has been delegated administrative
authority with respect to this Plan by the Company’s board of directors.

 

(b)           “Affiliate”
means, with respect to any person or entity, any other person or entity that, directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such person or entity. For purposes of this definition, “control,”
when used with respect to any person or entity, means the power to direct the management and policies of such person or entity, directly
or indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

(c)           “Cause”
means the Participant (i) breaches in any material respect or fails to fulfill in any material respect fiduciary duty owed to Company;
(ii) breaches in any material respect the terms of Participant’s employment agreement with the Company, if any, or any
other confidentiality or non-solicitation, non-competition agreement between Company and Participant; (iii) pleads guilty to or is
convicted of a felony; (iv) is found to have engaged in any reckless, fraudulent, dishonest or grossly negligent misconduct, (v) fails
to perform his or her duties to the Company, provided that Participant fails to cure any such failure within thirty (30) days after written
notice from Company of such failure, provided further, however, that such right to cure shall not apply to any repetition of the same
failure previously cured hereunder; or (vi) violates any material rule, regulation or policy of the Company that may be established
and made known to Company's employees from time to time, including without limitation, the Company Employee Handbook.

 

(d)           “CEO
Participant” means the Participant serving as the Company’s Chief Executive Officer as of immediately prior to his
or her Separation Date (or the date on which a reduction of his or her title occurred without his or her consent).

 

(e)           “Change
in Control” or “CIC” means the (i) acquisition by any one person, or more than one person acting
as a group (as determined in accordance with Treasury Regulation Section 1.409A-3(i)(5)), of stock of the Company that, together with
stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the
Company, (ii) consummation of a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting
power of the surviving entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting
power of the parent of the surviving entity in such merger, consolidation or similar transaction, in each case in substantially the same
proportions as their ownership of the outstanding voting securities of the Company immediately prior to such transaction, or (iii) sale
of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale of all or substantially
all of the consolidated assets of the Company and its subsidiaries to an entity, more than 50% of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the outstanding
voting securities of the Company immediately prior to such sale.

 

(f)           “CIC
Period” means that period commencing on the date that is three (3) months prior to a Change in Control and ending on the
date that is (12) months following a Change in Control.

 

 

 

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(g)           “CIC
Severance Period” shall mean with respect to a Participant, the period beginning on the Participant’s Separation Date
through the date occurring the applicable number of months thereafter as specified on Exhibit A.

 

(h)          “COBRA” shall
mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

(i)            “Code” shall
mean the Internal Revenue Code of 1986, as amended.

 

(j)           “Covered
Termination” shall mean a termination of the Participant’s employment (i) by the Participant for Good Reason
or (ii) by the Company or one of its Affiliates (or any successor to the Company or one of its Affiliates) without Cause.

 

(k)           “Eligible
Executives” shall mean, as of the applicable measurement date, all individuals employed by the Company at the C-Suite level
and the Vice President level.

 

(l)            “Equity
Awards” shall mean a Participant’s outstanding stock options, stock appreciation rights, restricted stock units, performance
shares and performance stock units of the Company and any other Company equity compensation awards. For purposes of this “Equity
Award” definition, the term “Company” will be interpreted to include any Company Affiliate and any successor to the
Company or any Company Affiliate.

 

(m)          “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

(n)           “Good
Reason” shall mean, with respect to any Participant, any one of the following that occurs without the consent
of the Participant: (i) a material reduction in the Participant’s duties, authority, or responsibilities relative to Participant’s
duties, authority, or responsibilities as in effect immediately prior to such reduction; provided, however, that continued
employment following a Change in Control with substantially the same responsibility with respect to the Company’s business and operations
will not constitute a material reduction in title, duties, authority, or responsibilities, (ii) a material reduction in the Participant’s
annual base salary, other than a reduction that occurs in connection with a Company-wide decrease in executive team compensation, (iii)
a relocation of the Participant’s principal workplace by more than 50 miles that increases the Participant’s one way commute
based on his or her residence as of immediately prior to the time that the relocation is announced by at least 50 miles, or (iv) the Company’s
material breach of any written compensatory agreement as to which both the Company (or a Company Affiliate) and the Participant are parties; provided,
however, that in each such case, the Participant must provide 30 days’ notice of the Participant’s intent to resign for
Good Reason within 90 days after the Participant learns of a potential Good Reason trigger, and the resignation shall be for Good Reason
only if the potential Good Reason trigger remains substantially uncured as of the specified date of resignation.

 

(o)          “Separation
Date” shall mean the date that a Participant’s employment with the Company (or any successor) or any of its Affiliates
ends. Notwithstanding the foregoing, a Participant’s employment shall not be deemed to have been terminated solely as a result of
(i) the Participant becoming an employee of any direct or indirect successor to the business or assets of the Company, (ii) the Participant
being transferred to, between or among Company Affiliates, or (iii) the sale by the Company or one of its Affiliates of the employing
Affiliate of the Participant.

 

(p)           “Severance
Period” shall mean, with respect to a Participant, the period beginning on the Participant’s Separation Date through
the date that is the applicable number of months thereafter as specified on Exhibit A.

 

3.             Administration
of the Plan.

 

(a)           Administrator.
The Plan shall be administered by the Administrator.

 

(b)           Powers
of Administrator. Subject to the provisions of Section 19, the Administrator shall have all powers necessary to enable
it properly to carry out its duties with respect to the complete control of the administration of the Plan. Not in limitation, but in
amplification of the foregoing, the Administrator shall have the power and authority in its discretion to:

 

 

 

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(i)           construe
the Plan to determine all questions that shall arise as to interpretations of the Plan’s provisions;

 

(ii)          determine
which individuals are and are not Participants, the benefits to which any Participants may be entitled, the eligibility requirements for
participation in the Plan and all other matters pertaining to the Plan;

 

(iii)         adopt
amendments to the Plan which are deemed necessary or desirable to comply with all applicable laws and regulations, including but not limited
to Section 409A of the Code and the guidance thereunder;

 

(iv)         make
all determinations it deems advisable for the administration of the Plan, including the authority and ability to delegate administrative
functions to a third party;

 

(v)          decide
all disputes arising in connection with the Plan;

 

(vi)         in
the event of an impending Change in Control, the Administrator may appoint a person (or persons) independent of the third-party effectuating
the Change in Control to be the Administrator effective upon the occurrence of a Change in Control (which may be one or more members of
the Company’s Board of Directors prior to such Change in Control) and such Administrator shall not be removed or modified following
a Change in Control, other than at its own initiative (the “Independent Administrator”); and

 

(vii)        otherwise
supervise the administration of the Plan.

 

(c)           If,
due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations
or other evidence of intent (by the Company or the Administrator), or as determined by the Administrator in its sole and absolute discretion,
the provision shall be considered ambiguous and shall be interpreted by the Administrator and all Plan representatives in a fashion consistent
with its intent, as determined in the sole and absolute discretion of the Administrator, but in no event shall such interpretation result
in a vesting of Plan benefits.

 

(d)           All
decisions and interpretations of the Administrator (including the Independent Administrator) shall be final and binding on all persons,
including the Company and Participants; provided that in the event that no Independent
Administrator is appointed, any determination after a Change in Control by the Administrator of whether “Cause” or “Good
Reason” exists shall be subject to de novo review.

 

4.       Termination
Benefits Generally. In the event that a Participant’s employment with the Company or one of its Affiliates is terminated for
any reason, the Company shall (or shall use commercially reasonable efforts to cause the employing Affiliate to) pay or provide, to the
extent applicable, to the Participant any earned but unpaid salary, unpaid expense reimbursements in accordance with the policy of the
Company or the employing Affiliate, and accrued but unused vacation to the extent required by applicable law or Company policy, if any,
within the time required by law but in no event more than 60 days after the Separation Date and the Participant shall remain entitled
to any vested benefits the Participant may have under any employee benefit plan of the Company or its Affiliates in accordance with the
terms and conditions of such employee benefit plan (collectively, the “Accrued Benefits”)

 

5.             Severance
Benefits Upon a Covered Termination Not in Connection with a Change in Control.

 

(a)           If
a Covered Termination occurs outside of the CIC Period with respect to a Participant, in addition to the Accrued Benefits, subject to
his or her execution of a separation agreement in a form satisfactory to the Company containing, among other provisions, a general release
of claims in favor of the Company and related persons and entities, confidentiality, return of property, non-disparagement and reaffirmation
of the Participant’s post-termination restrictive covenants pursuant to any agreement entered into between the Participant and the
Company or any Company Affiliate (the “Separation Agreement”) and the Separation Agreement becoming effective
and irrevocable, all within the time period set forth in the Separation Agreement but in no event more than 60 days after the Separation
Date, and subject to the Participant complying with the Separation Agreement;

 

 

 

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(i)           the
Company shall (or shall use commercially reasonable efforts to cause the employing Affiliate to) pay the Participant his or her base salary
in effect immediately prior to the Covered Termination for the duration of the Participant’s Severance Period; and

 

(ii)          provided
the Participant timely elects continued coverage under COBRA, the Company shall (or shall use commercially reasonable efforts to cause
the employing Affiliate to) reimburse the Participant in an amount equal to the Participant’s COBRA premiums sufficient to continue
group health insurance coverage for the Participant and any covered dependents, less the employee portion of such coverage in effect as
of the Separation Date, until the sooner of (A) the end of the Participant’s Severance Period; (B) the date the Participant is no
longer eligible for COBRA coverage; or (C) the date the Participant becomes eligible for health insurance coverage through another employer.

 

(b)           Subject
to Section 8 and Section 11 below, the cash severance payable pursuant to Section 5(a)(i) shall
be paid out in substantially equal installments in accordance with the Company’s (or the applicable Company Affiliate’s) payroll
practices over the Severance Period, commencing within 70 days after the Separation Date following the date on which the Separation
Agreement becomes effective and irrevocable; provided, however, if Section 409A of the Code applies to such payments
and the 60-day release consideration period begins in one calendar year and ends in a second calendar year, the severance shall begin
to be paid in the second calendar year by the last day of such 60-day release consideration period; and provided further,
that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Separation
Date.

 

(c)           If
a Participant’s employment is terminated in any circumstance outside of the CIC Period other than as a result of a Covered Termination,
the Participant will not be entitled to any compensation or benefits under this Plan other than the Accrued Benefits.

 

6.             Severance
Benefits Upon a Covered Termination in Connection with a Change in Control.

 

(a)           If
a Covered Termination occurs within the CIC Period with respect to a Participant, in addition to the Accrued Benefits, subject to his
or her execution of a Separation Agreement and the Separation Agreement becoming effective and irrevocable, all within the time period
set forth in the Separation Agreement but in no event more than 60 days after the Separation Date, and subject to the Participant
complying with the Separation Agreement;

 

(i)           the
Company shall (or shall use commercially reasonable efforts to cause the employing Affiliate to) pay the Participant a lump sum amount
equal to his or her base salary plus target bonus in effect immediately prior to the Covered Termination for the number of months in the
CIC Severance Period;

 

(ii)          all
of such Participant’s outstanding (as of immediately prior to the Covered Termination, but subject to any maximum term) Equity Awards
shall vest in full; provided, however, if vesting is otherwise based on satisfaction of performance objectives, such objectives
shall be deemed satisfied at 100% of target for each performance period (i.e., the current performance period in which the Covered Termination
occurred and each subsequent performance period provided in the Equity Award(s)); and

 

(iii)         provided
the Participant timely elects continued coverage under COBRA, the Company shall (or shall use commercially reasonable efforts to cause
the employing Affiliate to) reimburse the Participant in an amount equal to the Participant’s COBRA premiums sufficient to continue
group health insurance coverage for the Participant and any covered dependents, less the employee portion of such coverage in effect as
of the Separation Date, until the sooner of (A) the end of the Participant’s CIC Severance Period; or (B) the date the Participant
is no longer eligible for COBRA coverage.

 

(b)           Subject to Section 8 and Section 11 below, the severance benefits payable pursuant
to Section 6(a) (i) and (ii) shall be paid within 70 days after the Separation Date following the date on
which the Separation Agreement becomes effective and irrevocable; provided, however, if Section 409A of the Code
applies to such payment and the 60-day period begins in one calendar year and ends in a second calendar year, the severance shall be
paid in the second calendar year by the last day of such 60-day period.

 

(c)           If
a Participant’s employment is terminated in any circumstance during the CIC Period other than as a result of a Covered Termination,
the Participant will not be entitled to any compensation or benefits under this Plan other than the Accrued Benefits.

 

 

 

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(d)           Severance
benefits under this Section 6 are not meant to duplicate severance benefits received under Section 5, and
will be offset for any prior amounts or benefits previously received by the Participant pursuant to Section 5.

 

7.             Withholding.
All payments made pursuant to this Plan shall be subject to any tax or other amounts required to be withheld by the Company or an Affiliate
of the Company under applicable law.

 

8.             Section
409A.

 

(a)           The
payments under this Plan are intended to comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent
permitted, this Plan shall be interpreted to be in compliance therewith. Notwithstanding any provision of this Plan to the contrary, in
the event that the Administrator determines that any amounts payable hereunder will be subject to Section 409A of the Code, the Administrator
may (without any obligation to do so or to indemnify the Participant for failure to do so) (i) adopt such amendments to this Plan or adopt
such other policies and procedures (including amendments, policies and procedures with retroactive effect) that it determines to be necessary
or appropriate to preserve the intended tax treatment of the benefits provided by this Plan, to preserve the economic benefits of this
Plan and/or (ii) take such other actions it determines to be necessary or appropriate to exempt the amounts payable hereunder from Section
409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder.
Each payment pursuant to this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

(b)           To
the extent that any payment or benefit described in this Plan constitutes “non-qualified deferred compensation” under Section 409A
of the Code, and to the extent that such payment or benefit is payable upon the Participant’s termination of employment, then such
payments or benefits shall be payable only upon the Participant’s “separation from service” within the meaning of Section
409A of the Code. The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).

 

(c)           Anything
in this Plan to the contrary notwithstanding, if at the time of a Participant’s “separation from service” within the
meaning of Section 409A of the Code, the Company determines that the Participant is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Participant becomes entitled to under this
Plan would be considered deferred compensation subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a)
of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit
shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after the Participant’s separation
from service, or (ii) the Participant’s death. If any such delayed cash payment is otherwise payable on an installment basis, the
first payment shall include a catch-up payment covering amounts that would otherwise have been paid during such period but for the application
of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

 

(d)           Any
reimbursement provided hereunder shall be provided in accordance with the Company’s standard expense reimbursement procedures, but
in no event later than the end of the calendar year following the calendar year in which the applicable expense was incurred.

 

(e)           The
Company makes no representation or warranty and shall have no liability to the Participant or any other person if any provisions of this
Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from,
or the conditions of, such Section.

 

9.             Limitation
on Payments. In the event that the severance and other benefits provided for under this Plan or otherwise payable to a Participant
(i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section
9, would be subject to the excise tax imposed by Section 4999 of the Code, then the Participant’s benefits under this Plan will
be either:

 

(a)           delivered
in full, or

 

 

 

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(b)           delivered
as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed
by Section 4999, results in the receipt by the Participant on an after-tax basis of the greatest amount of benefits, notwithstanding that
all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting
“parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following
order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or control”
(within the meaning of Section 280G of the Code); (iii) cancellation of accelerated vesting of Equity Awards; and (iv) reduction
of employee benefits. In the event that acceleration of vesting of Equity Award compensation is to be reduced, such acceleration of vesting
will be cancelled in the reverse order of the date of grant of the Participant’s Equity Awards.

 

Any determination required
under this Section 9 will be made in writing by the Company’s independent public accountants immediately prior
to a Change in Control, the Company’s legal advisors immediately prior to a Change in Control or such other person or entity to
which the parties mutually agree (the “Firm”), whose determination will be conclusive and binding upon the Participant
and the Company. For purposes of making the calculations required by this Section 9, the Firm may make reasonable assumptions
and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code. The Company and the Participant will furnish to the Firm such information and documents as the Firm may reasonably
request in order to make a determination under this Section 9. The Company will bear all costs the Firm may incur in connection
with any calculations contemplated by this Section 9.

 

10.           Notice
and Date of Termination. Any notices, requests, demands, and other communications provided for by this Plan shall be sufficient if
in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Participant at the last known address
as set forth in the Company’s records, or to the Company as follows:

 

Avid Bioservices, Inc.

14191 Myford Road

Tustin, CA 92780

Attention: Administrator

LegalDepartment@avidbio.com

 

11.           No
Mitigation; Indebtedness. The Participant is not required to seek other employment or to attempt in any way to reduce any amounts
payable to the Participant by the Company under this Plan. Subject to compliance with Section 409A of the Code and other applicable law,
if a Participant is indebted to the Company or any of its Affiliates as of his or her Separation Date, the Company and its Affiliates
reserve the right to offset any severance payments under the Plan by the amount of such indebtedness.

 

12.           No
Required Benefits Funding . When benefits are due pursuant to the Plan, they will be paid on an unfunded basis from the general
assets of the Company or the employing Affiliate. The Company is not required to establish a trust to fund the Plan. In all instances,
a Participant shall have no greater claim than a general unsecured creditor of the Company or, if employed by an Affiliate of the Company,
than of a general unsecured creditor of that employing Affiliate.

 

13.           Successors
and Assigns. This Plan shall inure to the benefit of and be binding upon the Company and the Participants, and, to the extent relevant,
their respective successors, executors, administrators, heirs and permitted assigns. In the event of a Participant’s death or Disability
after a Covered Termination but prior to the completion by the Company of all payments due to him or her under this Plan, the Company
shall continue such payments to the Participant’s beneficiary designated in writing to the Company prior to his or her death (or
to his or her estate, if the Participant fails to make such designation).

 

14.           Enforceability.
If any portion or provision of this Plan shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Plan, or the application of such portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Plan shall be valid and enforceable
to the fullest extent permitted by law.

 

 

 

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15.           Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

16.           Non-Duplication
of Benefits and Effect on Other Plans. If a Participant is covered by any other severance or separation pay plan, policy or practice
of the Company or has executed an individually negotiated employment contract or agreement with the Company relating to severance benefits
(collectively, an “Other Severance Arrangement”), in either case with respect to severance benefits payable
upon an event that constitutes a Covered Termination (used herein as defined herein), then within seven (7) days following the occurrence
of an event constituting a Covered Termination, such Participant shall provide written notice to the Administrator whether he or she elects,
to the extent permitted by Section 409A, to receive the benefits under this Plan or the Other Severance Arrangement. Failure to deliver
such notice shall be deemed an election by such Participant to receive the benefits under this Plan. Notwithstanding any other provision
in the Plan to the contrary, if the Participant is entitled to any cash severance and/or continued health benefits outside of the Plan
by operation of applicable law, his or her benefits under the Plan correspondingly will be reduced by the cash severance and/or continued
health benefits that the Participant receives by operation of applicable law., in all cases as administered by the Administrator; provided,
however, that the Participant shall receive at least 10 days’ written notice of any proposed offset (except that offsets set
forth in Section 6(d) shall not require any prior notice).

 

17.           No
Contract of Employment. Nothing in this Plan shall be construed as giving any Participant any right to be retained in the employ of
the Company or any of its Affiliates or shall affect the terms and conditions of a Participant’s employment with the Company or
any of its Affiliates.

 

18.           Amendment
or Termination of Plan. The Company may amend or terminate this Plan at any time or from time to time, but no such action shall adversely
affect the rights of any Participant without the Participant’s written consent (which the Participant may withhold for any or no
reason). This provision shall survive any purported amendment or termination of the Plan which would adversely affect the rights of the
Participant and to which the Participant has not consented.

 

19.           Governing
Law. To the extent not governed by U.S. federal law, this Plan shall be construed under and be governed in all respects by the laws
of the State of Delaware, without giving effect to the conflict of laws principles.

 

20.           Obligations
of Successors. In addition to any obligations imposed by law or contract upon any successor to the Company, any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) shall expressly assume and agree to perform this Plan in the same
manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

21.           Effective
Date. This Plan shall become effective as of December 5, 2022.

 

22.           Other
Plan Information . This Plan is designed to be an “employee welfare benefit plan,” as defined in Section 3(1) of
ERISA. This Plan also is designed to be a “top hat” welfare benefit plan under Section 104(a)(3) of ERISA and, if ever considered
a “pension plan,” it shall be a top hat pension plan. If this Plan is ever determined to be a non-top hat “pension plan”
rather than a “welfare plan,” the Plan shall retroactively terminate as of its adoption and no individual shall have any rights
with respect to the Plan.

 

(a)           The
Employer Identification Number assigned to the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the
Internal Revenue Service is 95-3698422. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal
Revenue Service is 510.

 

(b)           The
Plan year is the fiscal year.

 

(c)           The
agent for the service of legal process with respect to the Plan is the General Counsel, c/o Avid Bioservices, Inc., 14191 Myford Road,
Tustin, CA 92780. The service of legal process may also be made on the Plan by serving the Plan Administrator.

 

 

 

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(d)           The
“Plan Sponsor” of the Plan is Avid Bioservices, Inc. Each of the Plan Sponsor and the Administrator can be reached by contacting
the Company in writing 14191 Myford Road, Tustin, CA 92780, Attention: General Counsel and by telephone at (714) 508-6100. The Administrator
is the named fiduciary charged with the responsibility for administering the Plan; however, because the plan is a top-hat plan, it has
no fiduciary duties with respect to the Plan.

 

23.           ERISA
Rights . Participants in this Plan are entitled to certain rights and protections under ERISA if the participant is employed
in the United States. Participants in this Plan are entitled to:

 

(a)           Examine,
without charge, at the Administrator’s office and at other specified locations, such as work sites, all Plan documents and copies
of all documents filed by the Plan with the U.S. Department of Labor;

 

(b)           Obtain
copies of all Plan documents and Plan information upon written request to the Administrator. The Administrator may make a reasonable charge
for the copies; and

 

(c)           Receive
a summary of the Plan’s annual financial report, in the case of a plan which is required to file an annual financial report with
the Department of Labor.

 

(d)           In
addition to creating rights for Plan participants, ERISA imposes duties upon the people responsible for the operation of the employee
benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the
interest of each Plan Participant and beneficiary.

 

No one, including the Company,
any employing Affiliate or any other person, may fire a Participant or otherwise discriminate against a Participant in any way to prevent
a Participant from obtaining a Plan benefit or exercising his or her rights under ERISA. If a Participant’s claim for a Plan benefit
is denied in whole or in part, the Participant must receive a written explanation of the reason for the denial. A Participant has the
right to have the Administrator review and reconsider the Participant’s claim.

 

Under ERISA, there are steps
a Participant can take to enforce the above rights. For instance, if a Participant requests materials from the Plan and does not receive
them within 30 days, the Participant may file suit in a U.S. federal court. In such a case, the court may require the Plan Administrator
to provide the materials and pay the Participant up to $110, as periodically adjusted, a day until the Participant receives the materials,
unless the materials were not sent because of reasons beyond the control of the Administrator. If a Participant has a claim for benefits
that is denied or ignored, in whole or in part, the Participant may file suit in a U.S. state or U.S. federal court. If it should happen
that the Plan fiduciaries misuse the Plan’s money, or if a Participant is discriminated against for asserting his or her rights,
the Participant may seek assistance from the U.S. Department of Labor, or the Participant may file suit in a U.S. federal court. The court
will decide who should pay court costs and legal fees. If the Participant is successful, the court may order the person that the Participant
has sued to pay these costs and fees. If the Participant loses, the court may order the Participant to pay these costs and fees, for example,
if it finds that the claim is frivolous.

 

If a Participant has any questions
about the Plan, the Participant should contact the Administrator. If a Participant has any questions, about his or her rights under ERISA,
the Participant should contact the nearest area office of the U.S. Employee Benefits Security Administration, U.S. Department of Labor,
listed in his or her telephone directory or the Division of Technical Assistance and Inquires, Employee Benefits Security Administration,
U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. A Participant may also obtain certain publications about
his or her rights and responsibilities under ERISA by calling the publications hotline of the U.S. Employee Benefits Security Administration.

 

 

 

    	 	8	 

     

    

 

24.           Claims
Procedure . If a Participant or his or her beneficiary feels that he or she has not received the Plan benefits that he or she
is entitled to receive, the Participant must file a written claim with the Administrator within six months of the Participant’s
termination date. Any claim filed after such date will be untimely. The Administrator will review the claim and notify the Participant
of its decision in writing within 90 days after the Administrator receives the claim, unless the Administrator determines that special
circumstances require an extension of time for processing the claim. If the Administrator determines that an extension of time for processing
is required, written notice of the extension shall be furnished to the Participant prior to the termination of the initial 90-day period.
Any such extension may be for up to 90 days from the end of such initial period. The extension notice shall indicate the special circumstances
requiring an extension of time and the date by which the Plan representative expects to render the benefit determination.

 

If the Plan Administrator denies a claim, in
whole or in part, the Plan Administrator’s notice will set forth:

 

●    The
specific reason(s) for the denial;

 

●    The
Plan provision(s) on which the denial is based;

 

●    A
description of any material or information necessary for the Participant to perfect the claim, and an explanation of why such material
or information is necessary; and

 

●    A
description of the Plan’s claim review procedures and the time limits applicable to such procedures, including a statement of the
Participant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

 

If a Participant or his or her beneficiary feels
the denial of the claim is improper, the Participant or his or her duly authorized representative must file a written request for a full
review of the claim. A request for review must be filed with the Plan Administrator within 60 days after the Participant receives the
notice of denial and should set forth all of the grounds upon which it is based, all facts in support of the request, and any other matters
the Participant or his or her representative deems pertinent. The Participant may submit any written comments, documents, records, and
other information relating to the claim for benefits that the Participant wishes. The Plan Administrator will give the Participant, or
his or her representative, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information
relevant to the Participant’s claim for benefits. Any such review shall take into account all comments, documents, records, and
other information submitted by the Participant relating to the claim, without regard to whether such information was submitted or considered
in the initial benefit determination.

 

The Plan Administrator will furnish the Participant
with a final written decision within 60 days after receipt of the request for review, unless the Plan Administrator determines that special
circumstances require an extension of time for processing the claim. If the Plan Administrator determines that an extension of time for
processing is required, written notice of the extension shall be furnished to the Participant prior to the termination of the initial
60-day period. Any such extension may be for up to 60 days from the end of the initial period. The extension notice shall indicate the
special circumstances requiring an extension of time and the date by which the plan expects to render the determination on review.

 

If the Plan Administrator denies a claim on
review, in whole or in part, the Plan Administrator’s notice will set forth:

 

●    The
specific reason(s) for the denial;

 

●    The
Plan provision(s) on which the denial is based;

 

●    A
statement that the Participant is are entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the Participant’s claim for benefits; and

 

●    A
statement of the Participant’s right to bring a civil action under Section 502(a) of ERISA.

 

 

 

    	 	9	 

     

    

 

If the claim is denied on review and the Participant
wishes to file a lawsuit, the Participant must do so within six months of the date the claim was denied on review. Any lawsuit filed after
such date will be untimely. In any event, the Participant must timely exhaust the Plan’s claims procedures set forth above before
filing a lawsuit to recover Plan benefits. Notwithstanding anything to the contrary, claims and appeals shall be handled in accordance
with the United States Department of Labor’s claims procedure regulations, currently set forth in Sections 2560.503-1 et seq.
of Title 29 of the Code of Federal Regulations, which are incorporated by reference.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

    	 	10	 

     

    

 

EXHIBIT A

 

Severance Period:

 

CEO Participant: 12 months

 

Other C-Level Officer Participants: 12 months

 

Vice President Officer Participants: 6 months

 

 

 

CIC Severance Period:

 

CEO Participant: 24 months

 

Other C-Level Officer Participants: 24 months

 

Vice President Officer Participants: 12 months

 

 

 

 

 

 

 

 

 

 

 

    	 	11EX-10.1

 Exhibit 10.1 

23ANDME HOLDING CO. 

CHANGE IN CONTROL SEPARATION PLAN 

Introduction 
 The Board of Directors (the
“Board”) of 23andMe Holding Co. (the “Company”) recognizes that the Company, as a publicly held company, may experience a Change in Control (as hereinafter defined), and that the possibility of a Change in Control may create
uncertainty resulting in the loss or distraction of certain key employees of the Company to the detriment of the Company and its stockholders. 

The Board considers the avoidance of such loss and distraction to be essential to protecting and enhancing the best interests of the Company
and its stockholders. The Board therefore requested that the Compensation Committee of the Board (the “Committee”) consider what steps should be taken to avoid such loss and distraction. 

The Committee has recommended that the Board, in order to help assure the Company of the continued employment and dedication to duty of
certain designated key employees for the benefit of the Company and its stockholders, adopt the 23andMe Holding Co. Change in Control Separation Plan (“CIC Plan”). 

Therefore, in order to fulfill the above purposes and upon the recommendation of the Committee, the CIC Plan is hereby adopted by the Board.

 ARTICLE I 

ESTABLISHMENT OF PLAN 
 As
of the Effective Date, the Company has established a plan known as the 23andMe Holding Co. Change in Control Separation Plan as set forth in this document. 

ARTICLE II 
 DEFINITIONS

 As used herein the following words and phrases shall have the following respective meanings: 

Affiliate. “Affiliate” shall mean any entity that is controlled by or under common control with the Company. 

Base Pay. “Base Pay” shall mean the Participant’s annual base salary in effect on the Date of Termination or, if higher,
the Participant’s annual base salary in effect on the date of the Change in Control. 
 Board. The Board of Directors of the
Company. 

 Cause. “Cause” means a finding by the Board that the Participant
(i) has breached their employment or service contract with the Company, (ii) has engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) has
disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information, or (iv) has breached any written non-competition,
non-solicitation, invention assignment or confidentiality agreement between the Participant and the Company. 

Change in Control. “Change in Control” shall mean: 

(i) The acquisition during any 12-month period, other than from the Company, by any individual, entity
or group (within the meaning of Section 13(d) (3) or 14(d) (2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company or an employee benefit plan of the Company) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors; provided that a Change in Control shall not be deemed to occur as a result of a transaction in which the Company becomes a direct or indirect subsidiary of another Person and in which
the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares of such other Person representing more than 50% of the voting power of the then outstanding securities of such
other Person; provided, however, that for avoidance of doubt, the conversion by an existing holder of the Company’s Class B common stock to Class A common stock which results in any other existing holder of the Company’s B common
stock having beneficial ownership of more than 50% of the combined voting power of the then outstanding voting securities of the Company shall not be deemed to be a Change in Control; 

(ii) The consummation of (A) a merger or consolidation of the Company with another Person where, immediately after the merger or
consolidation, the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, in substantially the same proportion as ownership immediately prior to the merger or consolidation, shares entitling such
stockholders to more than 50% of all votes to which all stockholders of the surviving Person would be entitled in the election of directors, or where the members of the Board, immediately prior to the merger or consolidation, will not, immediately
after the merger or consolidation, constitute a majority of the board of directors of the surviving Person or (B) a sale or other disposition of all or substantially all of the assets of the Company; 

(iii) A change in the composition of the Board over a period of 12 consecutive months or less such that a majority of the Board members ceases,
by reason of one or more contested elections, or threatened election contests, for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been
elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination; or 

(iv) The consummation of a complete dissolution or liquidation of the Company. 

  
 2 

 Code. The Internal Revenue Code of 1986, as amended from time to time. 

Committee. The Compensation Committee of the Board. 

Company. 23andMe Holding Co., a Delaware corporation, and any Successor. Where the context so requires, “Company” shall
include any Affiliate of the Company. 
 Date of Termination. The date of a Participant’s termination of employment with the
Company and its Subsidiaries. 
 Effective Date. December 5, 2022. 

Good Reason. Without the Participant’s express written consent, the occurrence of any one or more of the following: 

(i) The Participant’s job duties, responsibilities and authority are materially diminished from those in effect immediately prior to the
Change in Control; 
 (ii) The Company requires the Participant to be based at a location in excess of fifty (50) miles from the
Participant’s principal job location or office immediately prior to the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with the Participant’s business travel obligations
immediately prior to the Change in Control; 
 (iii) The Company does any of the following: (a) reduces the Participant’s Base Pay
in a material respect; (b) materially reduces or eliminates the Participant’s opportunity to earn bonuses or incentive compensation as compared to such opportunity available to the Participant prior to the Change in Control; or
(c) materially reduces the employee benefits provided to the Participant from the level in effect immediately prior to the Change in Control (excluding any reduction that is generally applicable to all or substantially all salaried Company
employees); or 
 (iv) The Company fails to obtain a satisfactory agreement from any Successor to assume and agree to perform the
Company’s obligations to the Participant under this Plan, as contemplated in Article V herein; 
 provided, that none of the events or
occurrences specified above shall be deemed to constitute “Good Reason” unless (x) the Participant provides written notice of the existence of such event or occurrence to the Company within ninety (90) days of such event or
occurrence, (y) the Company fails to cure such event or occurrence within thirty (30) days of the receipt of such notice (“Cure Period”), and (z) the Participant’s resignation is effective at the end of the Cure Period.

 Incentive Pay. “Incentive Pay” shall mean 100% of the Participant’s target annual bonus under the Company’s
Annual Incentive Plan. 

  
 3 

 Officers. “Officers” shall mean the Chief Executive Officer of the Company
(the “CEO”) and the other individuals who are “officers” within the meaning of Rule 16a-1(f) of the Exchange Act. 

Participants. All Participants under this Plan as determined under Article III. 

Plan. The 23andMe Change in Control Separation Plan as set forth herein, and as it may be amended hereafter. 

Release. A release and discharge of the Company, all of its Affiliates, and all affiliated persons and entities by the Participant from
any and all claims, demands and causes of action, other than as to vested accrued benefits due to the Participant under an employee benefit plan of the Company, substantially in the form attached as Annex A, with such modifications as the Company
deems appropriate for the Participant’s particular situation or as may be required by changes in applicable law. 
 Separation
Benefits. The benefits provided in accordance with Section 4.2 of the Plan. 
 Subsidiary. Any corporation or other entity
(other than the Company) in any unbroken chain of corporations or other entities, beginning with the Company, if each of the corporations or entities (other than the last corporation or entity in the unbroken chain) owns stock or other interests
possessing 50% or more of the economic interest or the total combined voting power of all classes of stock or other interests in one of the other corporations or entities in the chain. 

Successor. Another corporation or unincorporated entity or group of corporations or unincorporated entities which acquires ownership,
directly or indirectly, through merger, consolidation, purchase or otherwise, of all or substantially all of the assets of the Company. 

ARTICLE III 

PARTICIPANTS 
 The
Company’s Officers shall be Participants. In addition, Annex B to this Plan provides a list of the other key employees of the Company or its Subsidiaries who have been designated by the Board or the Committee as Participants as of the Effective
Date subject to the provisions of this Plan. The Board or the Committee (or, with respect to employees who are not Officers, the Company’s CEO may from time to time designate other key employees as Participants; in such case, Annex B shall be
deemed to be revised to reflect the addition of such Participants. The Board or the Committee (or the CEO for any individuals she has previously designated as Participants) shall also have the authority to remove employees from Annex B at any time
prior to the 90-day period preceding a Change in Control. In any event, a Participant shall cease to be a Participant in the Plan when he ceases to be an employee of the Company or a Subsidiary other than as
the result of a termination that would entitle the Participant to Separation Benefits under Section 4.1. 

  
 4 

 ARTICLE IV 

SEPARATION BENEFITS 
 4.1
Right to Separation Benefits. A Participant shall be entitled to Separation Benefits as provided in Section 4.2 if a Change in Control occurs, and if within the period beginning ninety (90) days before and ending twelve
(12) months after such Change in Control, the Participant’s employment with the Company and its Subsidiaries terminates either (a) by action of the Company or a Subsidiary without Cause or (b) by reason of the Participant’s
resignation from such employment for Good Reason; provided, that the Participant’s entitlement to Separation Benefits shall be conditioned on the Participant’s timely executing, and not revoking, a Release. No action of the Company or a
Subsidiary in terminating the employment of a Participant shall be considered as having been taken for Cause unless, at the time such action is taken, the Board provides written notice to the Participant, identifying the Cause with particularity.

 4.2 Separation Benefits. If a Participant’s employment terminates in circumstances entitling him to Separation Benefits as
provided in Section 4.1, the Participant shall be entitled to the following, provided that any amount provided for in this Plan shall be reduced by any separation payments or benefits received by the Participant under any offer letter,
employment agreement or contract with the Company or any payments required by any applicable law as the result of Participant’s termination of employment: 

(a) A lump sum cash payment equal to six months of Base Pay plus one-half of the Participant’s
Incentive Pay for the year of termination. Payment shall be made within ten days after the Participant’s Date of Termination (or the end of the revocation period for the Release, if later, but in no event later than 60 days after the
Participant’s Date of Termination). 
 (b) A lump sum cash payment equal to the cost of six months of “COBRA” continuation of
the medical, dental and vision coverage in effect for the Participant on the Date of Termination. 
 (c) All then-outstanding equity awards
previously granted to the Participant under the 23andMe Holding Co. Incentive Equity Plan (or any successor thereto) (“Equity Plan”) which are not vested as of the date of the Change in Control shall accelerate and become 100% vested as of
such date. Any award agreement issued under the Equity Plan to a Participant as of the Effective Date shall be deemed to have been amended to provide for such accelerated vesting, and any award agreement issued under the Equity Plan to a Participant
thereafter shall be deemed to incorporate this provision by reference (but in each case, only if the Participant’s employment terminates in circumstances entitling him to Separation Benefits as provided in Section 4.1). 

4.3 Other Benefits Payable. The Separation Benefits described in Section 4.2 above and except as provided therein shall not affect
any other accrued or vested or earned but deferred compensation, rights, or other benefits which may be owed to a Participant following termination, including but not limited to accrued vacation or sick pay amounts or benefits payable under any
bonus or other compensation plans, stock purchase plan, life insurance plan, health plan, disability plan or similar or successor plan. 

  
 5 

 4.4 Obligations Absolute. Upon a Change in Control, the Company’s obligations to
provide the Separation Benefits described in Section 4.2 shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company or any of its Subsidiaries may have against any Participant, except as required by applicable law. 

4.5 Certain Adjustments in Payments. 

(a) The provisions of this Section 4.5 shall apply notwithstanding anything in this Plan to the contrary. In the event that
Section 280G of the Code is determined to be applicable to a Participant under the Plan and any payment or distribution by the Company to or for the benefit of the Participant, whether paid or payable or distributed or distributable pursuant to
the terms of this Plan or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of such section, then the aggregate present value of the Separation Benefits under Section 4.2 of this Plan
shall be reduced (but not below zero) to the Reduced Amount, but only if, by reason of such reduction, the net after tax benefit to the Participant exceeds the net after tax benefit if no such reduction had been made, taking into account all
federal, state and other income taxes payable with respect to the Payments calculated at the maximum marginal tax rate for each year in which the foregoing shall be paid to the Participant (based upon the rate in effect for such year as set forth in
the Code at the time of termination of the Participant’s employment or the Change in Control), as well as the amount of excise taxes imposed with respect to any excess parachute payments by Section 4999 of the Code. The “Reduced
Amount” shall be an amount expressed in present value which maximizes the aggregate present value of such Separation Benefits without causing any Payment to be subject to the limitation of deduction under section 280G of the Code. For purposes
of this Section 4.5, “present value” shall be determined in accordance with section 280G(d)(4) of the Code. 
 (b) All
determinations to be made under this Section 4.5 shall be made by the nationally recognized independent public accounting firm used by the Company immediately prior to the Change in Control (“Accounting Firm”), which Accounting Firm
shall provide its determinations and any supporting calculations to the Company and the Participant within ten days of the Participant’s Date of Termination. Any such determination by the Accounting Firm shall be binding upon the Company and
the Participant. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 4.5 shall be borne solely by the Company. 

(c) In the event any reduction in Separation Benefits is required hereunder, such reduction shall be made first in the aggregate amount of the lump-sum cash payments under Sections 4.2(a)-(c), then in the number of shares under awards subject to accelerated vesting under Section 4.2(d) (allocated proportionally among restricted stock unit grants and
stock option grants). 

  
 6 

 (d) If it is established pursuant to a final determination of a court or an Internal Revenue
Service (the “IRS”) proceeding, which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, a Participant by the Company, which are in excess of the limitations provided in this
Section 4.5 (hereinafter referred to as an “Excess Payment”), such Excess Payment shall be deemed for all purposes to be a loan to the Participant made on the date the Participant received the Excess Payment and the Participant shall
repay the Excess Payment to the Company on demand, together with interest on the Excess Payment at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of the Participant’s receipt of such Excess Payment
until the date of such repayment. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the determination, it is possible that Payments which will not have been made by the Company should have been made
(an “Underpayment”), consistent with the calculations required to be made under this Section 4.5. In the event that it is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company,
or together with its consolidated group, on its federal income tax return) or the IRS or (ii) pursuant to a determination by a court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to the
Participant within 10 days of such determination together with interest on such amount at the applicable federal rate from the date such amount would have been paid to Executive until the date of payment. The Participant shall cooperate, to the
extent his or her expenses are reimbursed by the Company, with any reasonable requests by the Company in connection with any contests or disputes with the IRS in connection with the determination of the Excess Payment. 

ARTICLE V 
 SUCCESSOR TO
COMPANY 
 The Plan shall bind any Successor (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same
manner and to the same extent that the Company would be obligated under the Plan if no succession had taken place. In the case of any transaction in which a Successor would not by the foregoing provision or by operation of law be bound by the Plan,
the Company shall require such Successor expressly and unconditionally to assume and agree to perform the Company’s obligations under the Plan, in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. 
 ARTICLE VI 

DURATION, AMENDMENT AND TERMINATION 

6.1 Duration. If a Change in Control has not occurred, the Plan may be terminated in accordance with Section 6.2. If a Change in
Control occurs during the term of this Plan, the Plan shall continue in full force and effect and shall not terminate or expire until all Participants who become entitled to Separation Benefits hereunder shall have received such benefits in full.

  
 7 

 6.2 Amendment and Termination. The Plan may be terminated or amended in any respect
by the Board, unless a Change in Control has occurred. Upon the occurrence of a Change in Control, the Plan shall no longer be subject to amendment, change, substitution, deletion, revocation or termination in any respect whatsoever. In addition,
any amendment, change, substitution, deletion, revocation or termination of this Plan during the 90-day period prior to a Change in Control that reduces the benefits or impairs the rights of Participants
hereunder shall be deemed null, void and of no effect upon the occurrence of such Change in Control, retroactive to the date such amendment, change, substitution, deletion, revocation or termination was purportedly effective. 

6.3 Form of Amendment. The form of any amendment or termination of the Plan shall be a written instrument signed by a duly authorized
officer or officers of the Company, certifying that the amendment or termination has been approved by the Board. An amendment of the Plan shall automatically effect a corresponding amendment to all Participants’ rights hereunder. A termination
of the Plan shall automatically effect a termination of all Participants’ rights and benefits hereunder. 
 ARTICLE VII 

MISCELLANEOUS 
 7.1
Indemnification. If, following a Change in Control, a Participant institutes any legal action seeking to obtain or enforce, or is required to defend in any legal action the validity or enforceability of, any right or benefit provided by the
Plan, the Company will pay for all legal fees and expenses incurred by such Participant in the course of such action. 
 7.2 Employment
Status. Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Participant, or any person whosoever, the right to be
retained in the service of the Company or any other Affiliate, and all Participants shall remain subject to discharge to the same extent as if the Plan had never been adopted. 

7.3 Unfunded Plan. The Plan shall not be funded. The Company may, but shall not be required to, set aside or designate an amount
necessary to provide the Separation Benefits specified herein (including the establishment of trusts). No Participant shall have any right to, or interest in, any assets of the Company or any other Affiliate which may be applied by the Company or
any other Affiliate to the payment of Separation Benefits. 
 7.4 Validity and Severability. If any provision of this Plan is finally
held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability, and the remaining provisions shall not be
affected thereby; provided, that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be
deemed to be modified to the 

  
 8 

 
minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan contains the entire agreement of the parties with respect to the subject matter
thereof and supersedes all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 

7.5 Governing Law. The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws
of the Delaware, other than the conflict of law provisions of such laws. 
 7.6 Tax Withholding. The Company may withhold from any
amounts payable under this Agreement such federal, state, or local or foreign taxes as shall be required. 
 7.7 Compliance with Code
Section 409A. The Plan is intended to comply with the requirements of Section 409A of the Code or an exception or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the
Code. Severance payments shall be made under the “short term deferral” exception under Section 409A of the Code, to the maximum extent possible, and then under the “separation pay” exception under Section 409A of the
Code or another applicable exception. If required by Section 409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of
the Code, each payment hereunder shall be treated as a separate payment, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments, and if the Participant is considered a
“specified employee” for purposes of Section 409A of the Code, the payment of any amounts hereunder shall be delayed as required by Section 409A of the Code. 

  
 9 

 Exhibit 10.1 

ANNEX A 
 FORM OF
AGREEMENT AND RELEASE 
 1. Release. In consideration for the payments and benefits provided under the 23andMe
Holding Co. Change in Control Separation Plan (the “Plan”), [Name of Participant] (“Participant”) hereby releases and forever discharges 23andMe Holding Co. and 23andMe Inc. (individually and collectively, “23andMe”)
and all of their respective parents, divisions, subsidiaries, affiliates, related entities, and their predecessors, successors, and past and present officers, directors, shareholders, employees, agents, partners, attorneys, benefit plans, insurers,
and representatives, (hereinafter “Releasees”) from any and all claims of whatever nature, whether known or unknown, which exist or may exist on Participant’s behalf against Releasees as of the date of this Agreement, including but
not limited to any and all tort claims, contract claims, equitable claims, breach of fiduciary duty claims, ERISA claims, wrongful termination claims, public policy claims, retaliation claims, statutory claims, personal injury claims, emotional
distress claims, invasion of privacy claims, defamation claims, fraud claims, quantum meruit claims, and any and all claims arising under any federal, state or other governmental statute, law, regulation or ordinance state, or other governmental
statute, law, regulation, or ordinance, including but not limited to any legally waivable claims arising from any federal, state, or local law, regulation, or constitution dealing with either employment, employment benefits, or employment
discrimination, harassment or retaliation including, but not limited to Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, the Family and Medical Leave Act, the
Fair Credit Reporting Act, the California Fair Employment and Housing Act, the Unruh Civil Rights Act, the California Business and Professions Code, the California Equal Pay Law, the California Whistleblower Protection Laws, the California Family
Rights Act, the California Pregnancy Disability Leave Law, the California Civil Code, or the California Private Attorneys General Act, all as amended from time to time. 

The only exceptions to this release and waiver are any claim(s) Participant may have for: (i) unemployment benefits pursuant to the terms
of applicable law (to the extent available to Participant under applicable law); (ii) workers compensation insurance benefits pursuant to Division 4 of the California Labor Code or a comparable and applicable state law, under the terms of any
workers compensation insurance policy or fund of the Company; (iii) any benefit entitlements vested as of Participant’s Date of Termination, pursuant to the written terms of any applicable benefit plan sponsored by 23andMe, including
without limitation the Plan; (iv) claims for indemnification under California Labor Code Section 2802; (v) claims for enforcement of this Agreement; and (vi) any claims that, as a matter of applicable law, are not waivable. 

Participant agrees and understands that, except as may be required by subpoena, court order, or other legal proceedings, Participant shall
not, in any way, assist any individual or entity in commencing or prosecuting any lawsuit against the Releasees, or in any way cooperate or participate in any such action, including trial, pretrial preparation, or prelitigation fact-gathering
connected with any and all matters. Absent legal compulsion, this Agreement bars Participant from testifying, providing documents or information, advising, counseling or providing any other form of assistance to any person or entity who wishes to
make or who is making claims against the Releasees. 

 2. No Filing of Claims. Participant represents and warrants that
Participant does not presently have on file any claims, charges, grievances, actions, appeals or complaints against Releasees in or with any administrative, state, federal or governmental entity, agency, board or court, or before any other
tribunal or arbitrator(s), public or private, based upon any actions occurring prior to the date of this Agreement. 
 3. Waiver
of Unknown Claims. It is further understood and agreed by the Parties that as a condition of this Agreement, Participant hereby expressly waives and relinquishes any and all claims, rights or benefits that Participant may have under
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.” 

In connection with such waiver and relinquishment, Participant hereby acknowledges that Participant’s attorneys may hereafter discover claims or facts in
addition to, or different from, those which they now know or believe to exist, but that Participant expressly agrees to fully, finally and forever settle and release any and all claims, known or unknown, suspected or unsuspected, which exist or may
exist on Participant’s behalf against Releasees at the time of execution of this Agreement, including, but not limited to, any and all claims relating to or arising from Participant’s employment with 23andMe, or the cessation of that
employment. The Parties further acknowledge, understand and agree that this representation and commitment is essential to each Party and that this Agreement would not have been entered into were it not for this representation and commitment. 

4. Non-Admission of Liability. The Parties acknowledge that they each deny
any wrongdoing whatsoever in connection with one another and that the settlement agreement made pursuant to this Agreement is made solely for the purpose of compromising disputed claims and avoiding the time, expense and uncertainty of litigation.
It is expressly understood and agreed that nothing contained in this Agreement shall constitute or be treated as an admission of any wrongdoing or liability on the part of 23andMe, or Participant. 

5. Time for Consideration; Revocation. Participant has up to twenty-one
(21) days after Participant’s last date of employment with 23andMe to sign this Release. Furthermore, Participant has up to seven (7) days after Participant signs this Release to revoke it. If Participant wishes to revoke this Release
after signing it, Participant may do so by delivering a letter of revocation to 23andMe’s Chief Legal Officer. If Participant does not revoke this Release, the eighth day after the date Participant signs it will be the “Effective
Date.” Because of the seven-day revocation period, no part of this Release will become effective or enforceable until the Effective Date, and no payments or benefits will be made under the Plan prior to
the Effective Date. 
 6. Acknowledgement of Wages Paid and Expenses Reimbursed and No Other Amounts Due.
Participant acknowledges that, except as expressly provided for in this Agreement and the Plan, Participant has been paid any and all salary, bonuses, commissions, expenses or other amounts due from Releasees, and that no other amounts are due to
Participant from Releasees. 

  
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 7. Medicare Status and Satisfaction of Any Medicare Reimbursement
Obligations. Participant represents that Participant is not enrolled in the Medicare program, has not been enrolled in the Medicare program any anytime through the date of this Agreement, and has not received Medicare benefits for medical
services or items related to, arising from, or in connection with the matters covered by this Agreement. Participant represents and warrants that the information provided to Releasees for confirmation of Participant’s Medicare status, including
Participant’s name, gender, date of birth, and Social Security Number, is complete, accurate, and current as of the date of this Agreement. Participant represents and warrants that Participant has not received any medical services or items
related to, arising from, or in connection with the matters released by this Agreement. Participant represents and warrants that no Medicaid payments have been made to or on behalf of Participant and that no liens, claims, demands, subrogated
interests, or causes of action of any nature or character exist or have been asserted arising from or related to any matters released by this Agreement. Participant further agrees that Participant, and not Releasees, shall be responsible for
satisfying all such liens, claims, demands, subrogated interests, or causes of action that may exist or have been asserted or that may in the future exist or be asserted. To the extent that Participant’s representations and warranties related
to Participant’s Medicare status and receipt of medical services and items related to the Released Matters are inaccurate, not current, or misleading, Participant agrees to indemnify and hold harmless Releasees from any and all claims, demands,
liens, subrogated interests, and causes of action of any nature or character that have been or may in the future be asserted by Medicare and/or persons or entities acting on behalf of Medicare, or any other person or entity, arising from or related
to this Agreement, the payments and benefits made under the Plan, any Conditional Payments as defined in the Medicare Secondary Payer (“MSP”) statute, 42 U.S.C. § 1395y(b) and implementing regulations, made by Medicare, or any
medical expenses or payments arising from or related to any matters released by this Agreement, including but not limited to: (a) all claims and demands for reimbursement of Conditional Payments or for damages or double damages based upon any
failure to reimburse Medicare for Conditional Payments; (b) all claims and demands for penalties based upon any failure to report, late reporting, or other noncompliance with or violation of Section 111 of the Medicare, Medicaid, and SCHIP
Extension Act of 2007 (P.L. 110-173), which, in part, amended the Medicare Secondary Payer statute at 42 U.S.C. § 1395y(b)(7) and (8) that is based in whole or in part upon late, inaccurate, or
inadequate information provided to Releasees by Participant or Participant’s counsel or upon any failure of Participant or Participant’s counsel to provide information; and (c) all Medicaid liens. This indemnification obligation
includes all damages, double damages, fines, penalties, attorneys’ fees, costs, interest, expenses, and judgments incurred by or on behalf of Releasees in connection with such claims, demands, subrogated interests, or causes of action. 

8. Files, Documents, and Other Property: Participant agrees that Participant has returned to 23andMe all 23andMe property
and materials, including, but not limited to (if applicable), personal computers, laptops, fax machines, scanners, copiers, cellular phones, company credit cards, and telephone charge cards, manuals, building keys and passes, courtesy parking
passes, diskettes, intangible information stored on diskettes, software programs and data compiled with the use of those programs, software passwords or codes, tangible copies of trade secrets, and confidential information, and any and all other
information or property previously or currently held or used by Participant that is or was related to Participant’s employment with 23andMe. Participant agrees that in the event that Participant discovers any other company property, files or
documents in Participant’s possession, Participant will immediately return to 23andMe such materials. 

  
 3 

 9. Reports to Government Entities. Nothing in this Release
restricts or prohibits Participant from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from
filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board,
the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of
state or federal law or regulation. However, to the maximum extent permitted by law, Participant is waiving Participant’s right to receive any individual monetary relief from 23andMe or any other Releasees resulting from such claims or
conduct, regardless of whether Participant or another party has filed them, and in the event Participant obtains such monetary relief 23andMe and Releasees will be entitled to an offset for the payments made pursuant to this Agreement. This
Agreement does not limit Participant’s right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law. Participant does not need the prior authorization of 23andMe to
engage in conduct protected by this paragraph, and Participant does not need to notify 23andMe that Participant has engaged in such conduct. Please take notice that federal law provides criminal and civil immunity to federal and state claims for
trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to
the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. 

10. Inventions and Trade Secrets Agreement. Participant understands and agrees that Participant will remain bound
by the Employee Invention Assignment and Confidentiality Agreement with 23andMe previously entered into by Participant. 
 11.
Ownership of Claims. The Parties represent and warrant that they are the sole and lawful owner of all rights, title and interest in and to all released matters, claims and demands referred to herein. The Parties further
represent and warrant that there has been no assignment or other transfer of any interest in any such matters, claims or demands that the Parties may have against one another. 

12. California Law Applies. This Agreement, in all respects, shall be interpreted, enforced and governed by and
under the laws of the State of California. 
 13. Successors and Assigns. It is expressly understood and agreed
by the Parties that this Agreement and all of its terms shall be binding upon each Parties’ representatives, heirs, executors, administrators, successors and assigns. 

14. Drafting. The Parties agree that this Agreement shall be construed without regard to the drafter of the same
and shall be construed as though each party to this Agreement participated equally in the preparation and drafting of this Agreement. 

15. Execution of Additional Documents. The Parties agree to execute such other, further, and different documents as
reasonably may be required to effectuate this Agreement. 
 16. Consultation with Counsel. The Parties and each
of them acknowledge that they have had the opportunity to consult with legal counsel of their choice prior to execution and delivery of this Agreement, and that they have in fact done so. 

  
 4 

 17. Headings. The headings in each paragraph herein are for
convenience of reference only and shall be of no legal effect in the interpretation of the terms hereof. 
 18.
Integration. This Agreement constitutes a single, integrated, written contract, expressing the entire agreement between the Parties. It supersedes all prior agreements between the Parties, with the exception of the terms of
the Plan and the Employee Invention Assignment and Confidentiality Agreement signed by Participant. The Parties represent and warrant that they are not relying on any promises or representations that do not appear written herein. The Parties further
understand and agree that this Agreement can be amended or modified only by a written agreement, signed by all of the Parties hereto. 

19. Severability. If any provision in this Agreement is found to be unenforceable, it shall not affect the
enforceability of the remaining provisions and the court shall enforce the remaining provisions to the extent permitted by law. 
 20.
Counterparts. This Agreement may be executed in separate counterparts and each such counterpart shall be deemed an original with the same effect as if all Parties had signed the same document. 

21. Voluntary Agreement. Participant understands and agrees that Participant may be waiving significant legal
rights by signing this Release and represents that Participant has entered into this Release voluntarily, after having an opportunity to consult with legal counsel, with a full understanding of and in agreement with all of its terms. 

22. Authority to Enter Into Agreement. Each party represents and warrants that, as of the date of the execution of
this Agreement, she, he or it has the right and authority to execute this Agreement, and she, he or it has not sold, assigned, transferred, conveyed, or otherwise disposed of any claims or demands relating to any right surrendered by virtue of this
Agreement. Each party further represents and warrants that she, he or it has had the opportunity to consult and has consulted legal counsel in connection with the negotiation and execution of this Agreement. Each of the Parties and her, his or its
signatory represents that the signatory is either a party or a business representative or assignee of and is fully authorized to execute this Agreement on behalf of, the party for whom he or she signs. 

23. Enforceability. The parties agree that this Agreement is subject to the provisions of Code of Civil Procedure
§664.6. 
 24. Arbitration. The parties agree to arbitrate, in San Francisco through JAMS or the American
Arbitration Association (“AAA”), any and all disputes or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or
otherwise, or involving the construction or application of any of the terms, provisions, or conditions of this Agreement. Any arbitration shall be subject to the JAMS or AAA employment arbitration rules. The JAMS rules may be found and reviewed at
http://www.jamsadr.com/rules-employment-arbitration. The AAA rule may be found and reviewed at https://www.adr.org/Rules. Any arbitration may be initiated by a written demand to the other party. The arbitrator’s decision shall be final,
binding, and conclusive. The parties further agree that this Agreement is intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law.
THE PARTIES EXPRESSLY WAIVE ANY ENTITLEMENT TO HAVE SUCH CONTROVERSIES DECIDED BY A COURT OR A JURY. 

  
 5 

 25. PDF Signature. PDF signatures on this Agreement shall be
treated as original signatures and a copy of a signature will be equally admissible in any legal proceeding as if an original. 
 IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement on the dates indicated below. 
 PLEASE READ THIS AGREEMENT CAREFULLY. IT INCLUDES A 

RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

							
		  	  
	  	            	  	  

	 DATED:
	  		  		  	[Participant]

 23andMe, Inc. 
  

							
	DATED:	 	  
	  		  	
				
		 		  	By:	  	  

				
		 		  	Its:	  	  

  
 6 

 ANNEX B 

List of Participants 

  
 1

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