Document:

Exhibit 10.1

 

 

 

 

September 29, 2022

Mr. Matthew Winger

4400 Biscayne Blvd.

Miami, FL 33137

 

Re:       Employment
Offer

Dear Matthew:

On behalf of Nocopi Technologies, Inc. (the
“Company”), I am pleased to offer you employment as Executive Vice President of Corporate Development, reporting to
the Chief Executive Officer. The purpose of this letter is to set forth the terms of the offer.

		1.	Position; Duties. Your position will be as a regular full-time employee commencing on October 1,2022 (the "Commencement
Date"). You will primarily work remote and will occasionally travel to the Company's headquarters in King of Prussia, Pennsylvania,
as needed, in addition to other occasional travel that may be necessary to fulfill your responsibilities. You agree that, to the best
of your ability and experience, you will at all times loyally and conscientiously perform all of the duties and obligations required of
and from you consistent with your position and to the reasonable satisfaction of the Company, which duties shall include, without limitation,
assisting in acquiring new accounts, participating in merger and acquisition evaluations, assisting in servicing existing accounts, and
working with the Chief Executive Officer on special projects.

		2.	Base Salary. Your annual base salary will be $125,000.00 (subject to applicable required withholding
and deductions), which salary shall be reviewed by the Board of Directors (the “Board”) on an annual basis. Your salary will
be paid in accordance with the Company's standard payroll policies. You will be eligible to receive additional discretionary compensation
at the discretion of the Board based on criteria to be established by the Board.

		3.	Employee Benefits. You will be entitled to paid vacation as and when you determine, provided that you fulfill the responsibilities
of your role at the Company, to the reasonable satisfaction of the Company. You will not be entitled to any other benefits.

		4.	Employee Covenants. As a condition of employment, you will be required to sign the Company’s form of Employee Confidential
Disclosure, Invention Assignment, Non-Competition, Non-Solicitation and Non-Interference Agreement (the “Confidential Disclosure
Agreement”). By accepting this offer, you agree that you will not bring with you to the Company, or use in any way during your
employment with the Company, any confidential information, trade secrets or proprietary materials or processes of any former employer,
entity, trust or individual for which you have performed services. You further confirm that by accepting this offer you will not breach
any contract, agreement or other instrument to which you are a party or are bound.

		5.	Term; Employment Termination. The term of your employment shall be for two (2) years, or until September 30, 2024 (“Initial
Term”), and shall thereafter automatically renew for successive two (2) year terms (each, a “Renewal Term”),
provided, that neither party has provided written notice of non-renewal to the other party at least thirty (30) days prior to the end
of the Initial Term or the then-current Renewal Term, as the case may be. Notwithstanding the foregoing, either you or the Company may
terminate your employment at any time, as follows:

 

    	 

    	 

    

 

You may terminate your employment upon (a) Company’s
failure to pay any amounts due to you as and when due pursuant to this letter agreement; (b) a material breach of this letter agreement
by Company, other than for non-payment, not cured by Company within ten (10) days of receipt of written notice of such breach; (c) a change
of control of Company; or (d) the entry of Company into bankruptcy or receivership, the winding down or dissolution of Company, or any
other circumstance which, in your reasonable discretion, renders Company unable to continue its operations in the ordinary course of business.

The Company may terminate your employment upon: (A) your material
breach of this letter agreement not cured by you within ten (10) days of receipt of written notice of such breach; (B) your breach of
the Confidential Disclosure Agreement; (C) your intentional non-performance of your responsibilities or duties or refusal to abide or
comply with any Company policy or directive of the Chief Executive Officer not cured by you within ten (10) days of receipt of written
notice of same; (D) your willful dishonesty, fraud or misconduct in the reasonable judgment of the Chief Executive Officer which materially
and adversely affects the Company; (E) your conviction of, or plea of nolo contendere to, a felony; (F) complaint of sexual, racial,
or other harassment or discrimination against you, which the Chief Executive Officer finds after thorough investigation, to be credible;
or (G) your bankruptcy or insolvency.

Upon termination of your employment for any reason, you will
be entitled to receive all compensation due to you through the date of termination. For purposes of this letter agreement, the last day
actually worked by you shall be deemed the date of termination.

		6.	Additional Agreements.

		a.	You will be subject to and expected to abide by the Company’s policies and procedures, as these may be changed from time to
time.

		b.	This offer expires at 5:00 p.m. on September 30, 2022, if not accepted by then.

		c.	Your role as a Director of the Company will not be impacted by your employment at the Company.

		d.	This letter agreement, together with the Confidential Disclosure Agreement, constitute the complete agreement between you and the
Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings
(whether written, oral or implied) between you and the Company relating to the subject matter herein, except with respect to your role
as a Director of the Company. In the event of any conflict between this letter agreement or the Confidential Disclosure Agreement with
any other agreement between you and the Company, the terms of this this letter agreement or the Confidential Disclosure Agreement, as
the case may be, shall prevail.

		e.	The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter
agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any
other relationship between you and the Company (the “Disputes”) will be governed by the laws of the Commonwealth of
Pennsylvania, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction
of the federal and state courts located in the Commonwealth of Pennsylvania in connection with any Dispute or any claim related to any
Dispute.

		f.	Notwithstanding anything to the contrary set forth herein, the Company may terminate this offer at any time prior to the commencement
of your employment.

    	 

    	 

    

 

		g.	In case one or more of the provisions of this letter agreement shall, for any reason, be held by a court of competent jurisdiction
to be invalid, illegal or unenforceable in any respect, such provision shall be modified or amended to the extent necessary to remove
the invalidity, illegality or unenforceability. Should the amendment or modification of such provision be impossible, this letter agreement
shall be construed as if it never contained the invalid, illegal or unenforceable provision and such provision shall not affect any other
provision of this letter agreement.

		7.	Counterparts. This letter agreement may be executed in one or more counterparts, both of which shall be considered one and
the same agreement, and shall become a binding agreement when one or more counterparts have been signed by each party and delivered to
the other party. Any executed counterpart of this letter agreement may be delivered by facsimile or electronic transmission with the same
effect as if delivered personally.

(Signature page follows.)

 

 

    	 

    	 

    

To indicate your acceptance of this letter agreement,
please sign and date this letter agreement in the spaces provided below. Again, let me indicate how pleased we all are to extend this
offer and how much we look forward to working with you.

Sincerely,

 

NOCOPI TECHNOLOGIES, INC.

 

 

 

By:/s/ Michael A. Feinstein, M.D.

Michael A. Feinstein, M.D.,

Chief Executive Officer and Chairman
of the Board of Directors

 

Accepted and agreed:

 

/s/ Matthew Winger

Matthew Winger

 

 

Date: September 29, 2022Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	 	Dated as of September 30, 2022
	Principal Amount: Up to $608,601.12	New York, New York

 

IG Acquisition Corp., a special purpose acquisition
company incorporated as a Delaware corporation (the “Maker”), promises to pay to the order of IG Sponsor LLC, a Delaware
limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal
sum of up to $608,601.12 in lawful money of the United States of America, on the terms and
conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

1. Principal. The principal balance of
this Note shall be due and payable by the Maker (such date, the “Maturity Date”), subject to Section 12 below, (a)
upon the consummation of the Maker’s proposed initial business combination and (b) the date of the liquidation of the Maker.

 

2. Interest. No interest shall accrue on
the unpaid principal balance of this Note.

 

3. Drawdown Requests. The Payee will fund
up to $608,601.12 into the trust account of the Maker established in connection with its
initial public offering (the “Trust Account”), such amounts to be for the benefit of the holders of the Maker’s
unredeemed shares of Class A common stock upon redemption or liquidation of the Maker in accordance with the Maker’s amended and
restated certificate of incorporation. The principal of this Note may be drawn down in six equal amounts of $101,433.52 per withdraw,
between the 5th and 12th of each of October through December 2022 and January through March 2023, up until the date
on which the Maker consummates its initial business combination, upon written request from the Maker to the Payee (each, a “Drawdown
Request”). Each Drawdown Request must be made before the 1st of each applicable monthly period, and state the amount
to be drawn down. The Payee, in its sole discretion, shall fund each Drawdown Request via a wire transfer directly to the Trust Account
no later than the 12th of each applicable monthly period; provided, however, that the maximum amount of drawdowns collectively
under this Note shall not exceed $608,601.12. Once an amount is drawn down under this Note,
it shall not be available for future Drawdown Requests. Except as set forth herein, no fees, payments or other amounts shall be due to
the Payee in connection with, or as a result of, any Drawdown Request by the Maker.

 

4. Application of Payments. All payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including, without limitation,
reasonable attorneys’ fees, and then to the payment in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

 

5. Events of Default. The following shall
constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required
Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within one (1) business day of the Maturity Date.

 

(b) Voluntary Bankruptcy,
Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate
action by the Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

 

     

     

    

 

6. Remedies.

 

(a) Upon the occurrence of
an Event of Default specified in Section 5(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be due immediately
and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence of
an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard
to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the Payee.

 

7. Waivers. The Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest
with regard to this Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note,
and all benefits that might accrue to the Maker by virtue of any present or future laws exempting any property, real or personal, or any
part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay
of execution, exemption from civil process, or extension of time for payment, and the Maker agrees that any real estate that may be levied
upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole
or in part in any order desired by the Payee.

 

8. Unconditional Liability. The Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any
manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any
and all extensions of time, renewals, waivers, or modifications that may be granted by the Payee with respect to the payment or other
provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice
to the Maker or affecting the Maker’s liability hereunder.

 

9. Notices. All notices, statements or
other documents which are required or contemplated by this Note shall be made in writing and delivered: (a) personally or sent by first
class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing,
(b) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
by such party or (c) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been
given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile
or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent
by mail.

 

10. Construction. THIS NOTE SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11. Severability. Any provision contained
in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12. Trust Waiver. Notwithstanding anything
herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in
or to any distribution of or from the trust account (the “Trust Account”) established in which the proceeds of the
initial public offering (“the “IPO”) conducted by the Maker (including the deferred underwriters’ discounts
and commissions) and the proceeds of the sale of the units issued in a private placement that occurred prior to the closing of the IPO
were deposited, as described in greater detail in the Maker’s Registration Statement on Form S-1 (333-248666) filed with the Securities
and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the Trust Account for any reason whatsoever.

 

13. Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14. Assignment. No assignment or
transfer of this Note or any rights or obligations hereunder may be made by the Maker (by operation of law or otherwise) without the prior
written consent of the Payee and any attempted assignment without the required consent shall be void.

 

[Remainder of page intentionally left blank.
Signature page follows.]

 

    2

     

    

 

IN WITNESS WHEREOF,
the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	IG Acquisition Corp.
	 	 	 
	 	By:	/s/ Christian Goode
	 	 	Name:  	Christian Goode
	 	 	Title:	CEO

 

	 	IG Sponsor LLC
	 	 	 
	 	By:	/s/ Bradley Tusk
	 	 	Name:  	Bradley Tusk
	 	 	Title:	Managing Member

 

[Signature Page – Promissory Note]

 

 

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