Document:

Exhibit 10.1 Employment Agreement

 

EMPLOYMENT AGREEMENT

______________________________________________________________________________

 

This Employment Agreement (this “Agreement”) is entered into and made effective as of the 1st day of January, 2019, by and between Parks America, Inc., a Nevada Corporation, with its principal pace of business located at 1300 Oak Grove Road, Pine Mountain, Georgia 31822 (the “Company”), and Todd R. White of 16600 N Thompson Peak Pkwy, Unit 1069, Scottsdale, AZ 85260 (“White”). 

 

RECITALS

 

1.The Company is engaged in the business of developing and operating theme parks and related service enterprises and desires to hire and retain qualified, experienced leadership in this endeavor.  

 

2.White has been an officer and Director of the Company since 2014, and has considerable experience and high qualifications as a corporate financial officer. 

 

3.In view of his effective service in the operation and financial management of the Company, the Company desires to continue the employment of White as Chief Financial Officer of the Company and as a member of its Board of Directors according to the terms and conditions as set forth below. 

 

4.White desires to continue to be employed by the Company as its Chief Financial Officer and to serve as a member of its Board of Directors. 

 

NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual covenants, promises, terms and conditions hereinafter set forth, the parties hereto agree as follows: 

 

I.EMPLOYMENT 

 

The Company hereby employs, engages and hires White, on a part-time basis, as its CFO on the terms and conditions hereinafter set forth, and White hereby accepts such employment and agrees to perform such services and duties and to carry out such responsibilities as hereinafter set forth. 

 

II.TERM OF EMPLOYMENT 

 

The term of employment under this Agreement shall be for a period of three (3) years commencing as of January 1, 2019 and terminating on December 31, 2021, subject, however, to prior termination as hereinafter provided. 

 

III.SERVICES, DUTIES AND RESPONSIBILITIES 

 

1.White will faithfully and to the best of his ability serve the Company on a part-time basis in his capacity as CFO, subject to the supervision of the Chief Executive Officer and the policy direction of the Board of Directors of the Company. White shall perform such services and duties as are customarily performed by one holding the position of CFO of a publicly traded corporation. 

 

2.As CFO, White shall be responsible for the overall financial management of the Company’s business. White will devote his energy and skill, on a part-time basis, to his employment with the Company. Such duties shall be rendered where White elects, and at such other place as the Company shall require or as interests, needs or business or opportunity of the Company shall require, subject to the part-time nature of his employment. 

 

3.White shall be responsible for reporting to the Chief Executive Officer of the Company on a regular basis and to the Company’s Board of Directors. 

 

4.White shall not directly or indirectly represent or be engaged by or be an employee of any other person, firm or corporation or be engaged for his services as an officer, general manager or consultant in any other business or enterprise in competition with the Company, without the prior written consent of the Board of Directors to do so. It is understood, however, that the foregoing in no way prevents White from owning stock or having an economic interest in other businesses or enterprises. Furthermore, White may serve on the board of directors of other companies so long as such service does not conflict with his interest in and duties to the Company and he may be an officer, director, and/or shareholder in any family or personal investment business so long as it does not conflict with his interest and duties to the Company. 

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IV.COMPENSATION 

 

1.Base Salary. Commencing as of January 1, 2019, the Company shall pay White an annual base salary of Seventy Thousand Dollars ($70,000) to be paid in twelve (12) equal installments, payable in accordance with the Company’s normal payroll procedures. Said salary payments will be subject to withholding taxes, e.g., Federal Income Tax, FICA, and State and/or Local Withholding Taxes. Whereas such salary shall not be decreased during the term of this Agreement without the consent of White, it shall be subject to increase by the Company’s Board of Directors, at their sole discretion. The White salary will be increased to Seventy-Five Thousand Dollars ($75,000) effective January 1, 2020 and Eighty Thousand Dollars ($80,000) effective January 1, 2021. 

 

2.Additional Benefits.During the term of this Agreement, White shall be entitled to participate in any employee benefit plans and arrangements, either existing as of the date of this Agreement or which may hereafter be established, that are generally applicable to senior management of the Company, including but not limited to, all life, medical, disability, insurance, retirement, deferred compensation, stock option or other employee benefit plan that may be adopted from time to time. White acknowledges that that no such benefit plans or arrangements are in effect as of the date of this Agreement and nothing herein shall require the Company to adopt any such plans. 

 

3. Bonus Compensation. The Board of Directors may, from time to time and in its sole discretion, cause the Company to award to White bonus compensation based upon the operating results of the Company. White acknowledges that any bonus compensation so awarded is entirely discretionary and nothing herein shall require the Company to grant any such compensation. 

 

V. BUSINESS FACILITIES AND EQUIPMENT 

 

The Company shall provide White, or shall pay for, suitable work facilities and adequate business accommodations, office equipment and devices as may be reasonably necessary for White to perform his services and carry out his responsibilities and duties to the Company. 

 

VI.DIRECTORS AND OFFICERS INSURANCE.  

 

The Company shall purchase and maintain Directors' and Officers' liability insurance, including coverage for White, in an amount of not less than $3,000,000 (three million dollars). 

 

VII.INDEMNIFICATION. 

 

The Company shall defend and indemnify White, his heirs, executors, administrators and assigns, against all expenses, including, but not limited to, amounts of judgments, reasonable settlement of suits, attorney fees and related costs of litigation, reasonably incurred by him or the Company in connection with or arising out of any action, suit or cause of action against the Company and/or against White as a result of his having been, an officer and/or director of the Company, or, at its request, of any other corporation which the Company owns, whether or not he continues to be such officer or director at the time of incurring said expenses. 

 

Nothing in this section regarding indemnification shall be construed to require or authorize the Company to defend or indemnify White against any liability to which he would, but for settlement or comprise of such action, suit or proceeding, be otherwise subject by reason of his gross negligence or intentional misconduct in the performance of his duties as an officer and/or director of the Company. 

 

The foregoing right of indemnification shall not be exclusive of other rights to which White may be entitled.  

 

VIII.BUSINESS EXPENSE REIMBURSEMENT 

 

The Company shall reimburse White for all reasonable business expenses incurred by him in the performance of his services, duties and responsibilities, including but not limited to, transportation, travel expenses, board and room, entertainment, and other business expenses incurred within the scope of his employment, subject to the presentation to the Company by White of an itemized accounting of said expenses substantiated by account books, receipts, bills and other documentation where applicable. If reimbursement, advances or allowances are based on permitted mileage or per diem rates, then White shall submit specification of relevant mileage, destination, dates and other supporting information required for tax purposes. 

 

IX.RESERVED 

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X.TERMINATION OF EMPLOYMENT 

 

1.Termination. This Agreement may be terminated by either party, at any time and for any reason upon 30 days prior written notice to the other party.  

 

2.Severance. In the event of any early termination of this Agreement by the Company, except by reason of death or disability (which is covered in paragraph 5 below) or a change-in-control (which is covered in paragraph 4 below), the Company agrees to pay White a one-time payment of $50,000 in exchange for a full release of any and all claims White may have, or believe he has, against the Company as further provided in paragraph 3 below. 

 

3.Conditions to Severance. The payment to White of severance compensation hereunder shall be in full satisfaction and complete discharge of the Company’s obligations to White pursuant to this Agreement, except as provided in paragraphs 4 and 5 below. The severance payment is subject to, conditioned on and provides valuable consideration for the following: 

 

a.A valid mutual general release, to be drafted by the Company and executed by both parties releasing all claims each party may have against the other in connection with this Agreement, however the parties to this Agreement acknowledge and agree that the obligations of White arising under Section XI of this Agreement shall not be released. 

 

b.The resignation by White from any and all positions he holds with the Company at the time of the termination, including but not limited to, White’s resignation from the Company’s Board of Directors. 

 

4.Sale/Take-Over Termination Bonus (Change-In-Control). In the event the employment of White is terminated (or there is a deemed termination as a result of a material change in White’s responsibilities or employment circumstances) following the sale of the business, including any sale of the Company, (either asset or stock sale), merger, consolidation, or change-in-control as a result of a "takeover" by an outside entity or group acquiring voting control of the Company, then in lieu of the $50,000 payment contemplated in paragraph 2 above, White shall be entitled to a termination payment of $90,000 and no release in favor of the Company shall be required.  

 

5. Death or Disability. In the event White’s employment is terminated by death or upon medical certification of total disability ("disability"), then the following will apply in that respective event:  

 

(a)In the event of White's death, the Company shall: 

 

- Pay to White's estate an amount equal to White's base salary for a 6 (six) month period next following his death;  

- Pay to White's estate his deferred compensation vested at the time of death;  

- Grant to White's estate the next ISO due to White under Section IV.2 herein following the date of his death;  

- The Company shall continue providing medical and dental benefits set forth in Section IV to White's survivors (if any) for a period of one year.  

 

(b)In the Event of White's disability, the Company shall: 

 

- Pay to White an amount equal to White's base salary for a six (6) month period next following disability; 

- Pay to White his deferred compensation vested at the time of termination;  

- The Company shall pay to White an amount equal to the bonus White would have received for the next two quarters following disability;  

- The Company shall continue providing the medical and dental benefits set forth in Section IV.2 to White for a period of two years following disability.  

 

The payment of $50,000 contemplated in paragraph 2 above shall not be applicable if termination occurs for the reasons specified in this paragraph 5. 

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XI.RESTRICTIVE COVENANTS. 

 

1.Confidential Information. White covenants not to disclose the following specified confidential information to competitors or to others outside of the scope of reasonably prudent business disclosure, at any time during or after the termination of his employment by the Company. 

 

a.Customers lists, contracts, and other sales and marketing information; 

b.Financial information, cost data;  

c.Formulas, trade secrets, processes and devices related to the operation of the theme parks;  

d. Supply sources, contracts:  

e. Business opportunities relating to developing new business for the Company; and 

f.Proprietary plans, procedures, models and other proprietary information of the Company. 

 

2.Affirmative Duty to Disclose. White shall promptly communicate and disclose to the Company all observations made, information received, and data maintained relating to the business of the Company obtained by him as a consequence of his employment by the Company. All written material, possessed during his employment with the Company concerning business affairs of the Company or any of its affiliates, are the sole property of the Company and its affiliates, and White is obligated to make reasonably prompt disclosures of such information and documents to the Company, and, further, upon termination of this Agreement, or upon request of the Company, White shall promptly deliver the same to the Company or its affiliates, and shall not retain any copies of same.  

 

3. Covenant Not to Compete. For a period of two (2) years following the termination of his employment with the Company, White shall not work, directly or indirectly for a competitor of the Company, nor shall he himself establish a competitive business. This restrictive covenant shall be limited to businesses that compete in the theme park business in market areas within 150 miles of Company parks. 

 

4. Material Harm Upon Breach. The parties acknowledge the unique and secret nature of the Company's procedures for acquisition of theme parks and related businesses and of related proprietary information, and that material irreparable harm occurs to the Company if these restrictive covenants are breached. Further, the parties hereto acknowledge and agree that injunctive relief is not an exclusive remedy and that an election on the part of the Company to obtain an injunction does not preclude other remedies available to the Company.  

 

5. Arbitration. Any controversy, claims, or matter in dispute occurring among the parties and arising out of or relating to this Agreement shall be submitted by either or both of the parities to arbitration administered by the American Arbitration Association or its successor and said arbitration shall be final, absolute and non-appealable. The Commercial Arbitration Rules of the American Arbitration Association shall apply subject to the following modifications:  

 

a.The venue for said arbitration shall be Pine Mountain, Georgia, and the laws of the State of Georgia relating to arbitration shall apply to said arbitration.  

 

b.The decision of the arbitration panel may be entered as a judgment in any court of general jurisdiction in any state of the United States or elsewhere.  

 

XII.OTHER AGREEMENTS 

 

In connection with this Agreement, White agrees to accept appointment to the Company’s Board of Directors, to serve until his earlier resignation or removal.  

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XIII.NOTICE. 

 

Except as otherwise provided herein, all notices required by this Agreement as well as any other notice to any party hereto shall be given by certified mail (or equivalent), to the respective parties as required under this Agreement or otherwise, to the following addresses indicated below or to any change of address given by a party to the others pursuant to the written notice. 

 

COMPANY:Parks! America 

1300 Oak Grove Road

Pine Mountain, Georgia 31822 

 

WHITE:Todd R. White 

16600 N Thompson Peak Pkwy, Unit 1069 

Scottsdale, Arizona 85260 

 

XIV.GENERAL PROVISIONS  

 

1.Entire Agreement. This Agreement constitutes and is the entire Agreement of the parties and supersedes all other prior understandings and/or Agreements between the parties regarding the matters herein contained, whether verbal or written.  

 

2.Amendments. This Agreement may be amended only in writing signed by both parties. 

 

3.Assignment. No party of this Agreement shall be entitled to assign his or its interest herein without the prior written approval of the other party. 

 

4.Execution of Other Documents. Each of the parties agrees to execute any other documents reasonably required to fully perform the intentions of this Agreement.  

 

5.Binding Effect. This Agreement shall inure to and be binding upon the parties hereto, their agents, employees, heirs, personal representatives, successors and assigns. 

  

6.No Waiver of Future Breach. The failure of one party to insist upon strict performance or observation of this Agreement shall not be a waiver of any future breach or of any terms or conditions of this Agreement.  

 

7.Execution of Multiple Originals. Two (2) original counterparts of this Agreement shall be executed by these parties. 

 

8.Governing Law. This Agreement shall be governed and interpreted by the laws of the State of New York. 

 

9.Severability. In the event any provision or section of this Agreement conflicts with the applicable law, such conflict shall not affect the provisions of the Agreement, which can be given effect without the conflicting provisions.  

 

IN WITNESS WHEREFOF, this Agreement is hereby executed and made effective the day and year first above written, 

 

PARKS! AMERICA, INC. 

 

 

By:/s/ Dale Van Voorhis                                      

Dale Van Voorhis, Chief Executive Officer 

 

 

 

/s/ Todd R. White                                            

Todd R. White 

- 5 -EX-10.1

 

 
 Exhibit 10.1 

November 19, 2018 
 Martin Kunz 

Re: EMPLOYMENT AGREEMENT 
 Dear
Martin: 
 On behalf of Twist Bioscience Corporation, a Delaware corporation (the “Company”), I am pleased to offer you
employment with the Company on the terms and conditions set forth in this employment agreement (the “Agreement”), with your employment commencing on or about December 3, 2018 (the actual date you commence employment with the
Company, the “Start Date”): 
 1.    Duties and Scope of Employment. 

(a)    Position. For the term of your employment under this Agreement (your
“Employment”), the Company agrees to employ you in the position of SVP, Operation. You shall report to the Company’s Chief Operating Officer (“COO”). You shall perform the duties and have the responsibilities
and authority customarily performed and held by an employee in your position or as otherwise may be assigned or delegated to you by the Company’s COO. 

(b)    Obligations to the Company. During your Employment, you shall devote your full business
efforts and time to the Company and shall not assist any person or entity in competing with the Company or in preparing to compete with the Company. During your Employment, without the prior written approval of the Company’s Board of Directors
(the “Board”), you shall not render services in any capacity to any other person or entity and shall not act as a sole proprietor or partner of any other person or entity or own more than five percent (5%) of the stock of any other
corporation. Notwithstanding the foregoing, you may serve on corporate, civic or charitable boards or committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments without such advance
written consent, provided that such activities do not individually or in the aggregate interfere with the performance of your duties under this Agreement. You shall comply with the Company’s policies and rules, as they may be in effect from
time to time during your Employment. 
 (c)    No Conflicting Obligations. You represent and
warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations under this Agreement. In connection with your Employment, you shall not use or disclose any trade
secrets or other proprietary information or intellectual property in which you or any other person has any right, title or interest and your Employment shall not infringe or violate the rights of any other person. You represent and warrant to the
Company that you have returned all property and confidential information belonging to any prior employer. 

2.    Cash Compensation, Employee Benefits, Equity. 

(a)    Salary. The Company shall pay you as compensation for your services a base salary of
$340,000. Such salary shall be payable in accordance with the Company’s standard payroll procedures. The annual compensation specified in this subsection (a), together with any modifications in such compensation that the Company may make
from time to time, is referred to in this Agreement as “Base Salary.” Your Base Salary may be reviewed on an annual basis by the Board or a Compensation Committee of the Board (the “Compensation Committee”) based
upon available market data.  

 Martin Kunz 

November 19, 2018 
  Page
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 (b)    Incentive Bonus. You shall be eligible
to be considered for an annual incentive bonus each fiscal year during the term of your Employment under this Agreement based upon the achievement of certain objective or subjective criteria established by the Board, the Compensation Committee,
and/or the senior management of the Company (each, an “Incentive Bonus”). Your eligibility to earn an annual Incentive Bonus and the target amount of such bonus shall be governed by the terms and conditions as determined by the
Board, the Compensation Committee and/or the senior management of the Company each calendar year. The target amount for any such annual Incentive Bonus will be 50% of your Base Salary. The determinations of the Board, the Compensation Committee,
and/or the senior management of the Company with respect to such bonus shall be final and binding. Any Incentive Bonus for a fiscal year shall be paid no later than the date that is two and one half (21⁄2) months after the close of that fiscal year, but only if you have continued in employment with the Company until December 31 of that fiscal year. 

(c)    Employee Benefits.    During your Employment, you shall be eligible
to participate in the employee benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the
determinations of any person or committee administering such plan. 
 (d)    Equity. The
Compensation Committee of the Board (the “Committee”) has approved, effective as of and subject to your commencement of employment with the Company, an equity award under the Company’s 2018 Equity Incentive Plan (the
“Plan”) with a grant date value of $1,000,000 (the “Equity Award”). The Equity Award will be split 70% options to purchase shares of common stock of the Company (the “Option Award”) and 30% in the
form of restricted stock Units (the “RSU Award”). The number of restricted stock units (“RSUs”) subject to the RSU Award shall be equal to (x) $1,000,000 divided by (y) the closing price for a share of
the Company’s common stock on the Start Date multiplied by (z) thirty percent (30%). The number of shares subject to the Option Award will be (w) $1,000,000 divided by (x) the closing price for a share of the
Company’s common stock on the Start Date multiplied by (y) seventy percent (70%) multiplied by (z) two (2). You will be expected to execute a Restricted Stock Unit Award Agreement for the RSU Award and a Stock Option
Agreement for the Option Award (each, an “Award Agreement” and collectively, the “Award Agreements”), in the forms previously approved for use with the Plan by the Board, and agree to be subject to such terms and
conditions as set forth in the Plan and the Award Agreements. The RSU Award will vest as follows: (x) 25% of the RSUs subject to the RSU Award on the one (1) year anniversary of the Start Date, and (y) 1/16 of the RSUs subject to the RSU Award
quarterly thereafter on the same day of the month as the Start Date (or the last date of the month if such date does not exist), for a total vesting period of 48 months, subject to your Continuous Service Status (as defined in the Plan) through each
vesting date. The Option Award will vest as follows: (x) 25% of the shares subject to the Option Award on the one (1) year anniversary of the Start Date, and (y) 1/48 of the shares subject to the Option Award monthly thereafter on the same day
of the month as the Start Date (or the last date of the month if such date does not exist), for a total vesting period of 48 months, subject to your Continuous Service Status through each vesting date. The per share exercise price for the Option
Award will be equal to the closing price for a share of the Company’s common stock on the Start Date. 

3.    Termination. 

(a)    Employment at Will. Your Employment shall be “at will,” meaning that either
you or the Company shall be entitled to terminate your Employment at any time and for any reason, with or without notice or Cause, as defined in Section 4 below. Any contrary representations that may have been made to you shall be superseded by
this Agreement. This Agreement shall constitute the full and complete agreement between you and the Company on the “at-will” nature of your Employment, which may only be changed in an express written
agreement signed by you and a duly authorized member of the Compensation Committee. 
 (b)    Rights Upon
Termination. Subject to Section 4 below, upon the termination of your Employment, you shall only be entitled to the compensation and benefits earned and the reimbursements described in this Agreement for the period preceding the
Start Date of the termination. 

 Martin Kunz 

November 19, 2018 
  Page
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 4.    Severance Pay. 

(a)    General Release. Any other provision of this Agreement notwithstanding, Subsections 4(b)
and 4(c) shall not apply unless you (i) have returned all Company property in your possession, and (ii) have executed a general release of all claims (the “Release”) that you may have against the Company or persons
affiliated with the Company in a form prescribed by the Company (collectively, the “Conditions”). The Release must be in the form that is reasonably acceptable to you and the Company. The Company shall deliver the Release to you
within ten (10) days after your Separation (as defined below). You must satisfy the Conditions within sixty (60) calendar days following your Separation (the “Deadline”). 

(b)    Severance Pay Not in Connection with Change in Control. If, other than during the period
commencing on a Change in Control (as defined below) and ending on the twelve (12) month anniversary of such Change in Control, inclusive, you experience a Separation as a result of (i) your resignation from Employment for Good Reason (as
defined below) or (ii) the Company’s termination of your Employment for any reason other than (A) Cause (as defined below), (B) death or (C) Disability (as defined below) (the Separation as a result of (i) or (ii) shall be
known as an “Involuntary Termination”), then, in addition to the amounts payable in accordance with Section 3(b), the Company shall pay you severance pay equal to (i) your Base Salary for a six (6) month period (the
“Severance Period”); plus (ii) a pro-rata Incentive Bonus in respect of the fiscal year including the date of the Involuntary Termination (based on actual performance for the year, but pro-rated based on the number of days you were employed with the Company during the year relative to 365 days), which will be payable to the you at the same time that the Company normally pays its bonuses to other
employees; plus (iii) the health care premium for you and your dependents under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for a period equal in length to the Severance Period, commencing on the first date on
which you and your dependents lose health care coverage under the Company’s health plans as a result of your Involuntary Termination, provided that you and your dependents are eligible for COBRA with respect to the Company’s health plans
and timely elect COBRA. The payment of such monthly COBRA premiums will be taxable to the extent required to avoid adverse consequences to you or the Company under either Section 105(h) of the Code or the Patient Protection and Affordable Care
Act of 2010. Your Base Salary shall be paid at the rate in effect at the time of your Involuntary Termination (ignoring any reduction in Base Salary that resulted in a resignation for Good Reason) in accordance with the Company’s standard
payroll procedures on the Company’s payroll dates for a period equal in length to the Severance Period, commencing on the Company’s first regular payroll date following the last day of the Deadline, and shall be subject to all applicable
withholdings; provided that the first payment shall include all amounts that would have been paid had payment commenced on the first payroll date following your termination of Employment. 

(c)    Severance Pay in Connection with Change in Control. If, during the period commencing on
a Change In Control and ending on the twelve (12) month anniversary of such Change in Control, you experience an Involuntary Termination, inclusive, then, in lieu of the amounts payable in accordance with Section 3(b), the Company shall
instead pay you severance pay equal to (i) your Base Salary for a twelve (12)-month period (the “CIC Severance Period”) plus (ii) an amount equal to one (1) of the average of your annual Incentive Bonus paid to you
with respect to the two (2) years immediately preceding the year in which your Involuntary Termination occurs plus (iii) the health care premium for you and your dependents under COBRA for a period equal in length to the CIC Severance
Period, commencing on the first date on which you and your dependents lose health care coverage under the Company’s health plans as a result of your Involuntary Termination, provided that you and your dependents are eligible for COBRA with
respect to the Company’s health plans and timely elect COBRA plus (iv) vesting acceleration with respect to your shares of the Company’s Common Stock, options to purchase shares of the Company’s Common Stock and any other Company
equity that have been granted to you by the Company (collectively, the “Company Equity”), such that you shall become vested in one hundred percent (100%) of the Company Equity that is unvested as of the date of your Involuntary
Termination. The payment of such monthly COBRA premiums will be taxable to the extent required to avoid adverse consequences to you or the Company under either Section 105(h) of the Code or the Patient Protection and Affordable Care Act of
2010. Your Base Salary shall be paid at the rate in effect at the time of the termination of your Employment (ignoring any reduction in Base Salary that resulted in a resignation for Good Reason). The severance pay

 Martin Kunz 

November 19, 2018 
  Page
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set forth in this Section 4(c), collectively the Base Salary in (i) and the bonus in (ii), shall be aggregated for a total cash severance amount, which shall be paid in substantially
equal installments in accordance with the Company’s standard payroll procedures on the Company’s payroll dates for a period equal in length to the CIC Severance Period, commencing on the Company’s first regular payroll date following
the last day of the Deadline, and shall be subject to all applicable withholdings; provided that the first payment shall include all amounts that would have been paid had payment commenced on the first payroll date following your termination of
Employment. For the avoidance of doubt, upon an Involuntary Termination, you shall be eligible to receive the severance pay and benefits set forth in this Section 4(c) or Section 4(b) above, but not both. 

(d)    This Section 4, including (without limitation) the severance pay and benefits set forth in
Section 4(b) and Section 4(c), shall be in effect for three (3) years from the Start Date. Following such three (3)-year term, the Board or the Compensation Committee, each in its sole discretion, shall determine whether to offer to
you severance pay and benefits according to terms and conditions to be determined at such time which shall be the same generally available to similarly situated employees of the Company. 

(e)    Internal Revenue Code Section 409A. For purposes of
Internal Revenue Code Section 409A, the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), each payment that is paid pursuant to this Agreement is
hereby designated as a separate payment. The parties intend that all payments made or to be made under this Agreement comply with, or are exempt from, the requirements of Section 409A so that none of the payments or benefits will be
subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be so exempt. Notwithstanding anything stated herein to the contrary, the severance pay provided in connection with
your Involuntary Termination under this Section 4 is intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) and to the extent it is exempt pursuant
to such section it shall in any event be paid no later than the last day of your second taxable year following the taxable year in which your Involuntary Termination has occurred; provided that, to the extent that such severance and any other
payments paid to you in connection with your Involuntary Termination does not qualify or otherwise exceeds the limit set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) or any similar limit
promulgated by the Treasury or the IRS, the portion of the severance pay that does not qualify or otherwise exceeds such limit, as determined by the Company in its sole discretion, shall be paid by no later than the fifteenth (15th) day of the third
(3rd) month following the end of your first tax year in which your Involuntary Termination occurs, or, if later, the fifteenth (15th) day of the third (3rd) month following the end of the Company’s first tax year in which your Involuntary
Termination occurs, as provided in Treasury Regulation Section 1.409A-1(b)(4). 
 To the extent
that any COBRA payment premiums set forth in Section 4(b) or 4(c) above or any other reimbursements or in-kind benefits under this Agreement or otherwise are not exempt from Section 409A, then
(i) the benefits provided during any calendar year may not affect the benefits to be provided in any other calendar year; (ii) any payment of COBRA premiums or such other reimbursements or in-kind
benefits shall be made on or before the earlier of the last day of the calendar year following the calendar year in which such expense was incurred and the end of the second calendar year following the year of the Involuntary Termination; and
(iii) the right to such benefits shall not be subject to liquidation or exchange for another benefit. 
 Notwithstanding the above, if
any of the severance pay provided in connection with your Involuntary Termination does not qualify for any reason to be exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii) or Treasury Regulation Section 1.409A-1(b)(4) or any other applicable exemption and you are deemed by the Company at the time of
your Involuntary Termination to be a “specified employee,” as defined in Treasury Regulation Section 1.409A-1(i), each such severance payment shall not be made or commence until the date which
is the first (1st) business day of the seventh (7th) month after your Involuntary Termination and the installments that otherwise would have been paid during the first six (6) months after your Involuntary Termination shall be paid in a lump
sum on the first (1st) business day of the seventh (7th) month after your Involuntary Termination, with any remaining severance pay to be paid in accordance with the schedule set forth in Section 4(b) or 4(c) above, as

 Martin Kunz 

November 19, 2018 
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applicable. Such deferral shall only be effected to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) federal tax for
which you would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. 

(f)    Definition of “Change in Control.” For all purposes under this Agreement,
“Change in Control” shall mean: (i) the consummation of a merger or consolidation of the Company or any other corporate reorganization or business combination transaction of the Company with or into another corporation, entity
or person; (ii) the sale, transfer or other disposition of all or substantially all of the Company’s assets; or (iii) any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”)), directly or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting
power represented by the Company’s then outstanding voting securities. For purposes of this Subsection (iv), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but
shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a parent or subsidiary and (ii) a corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of the common stock of the Company. A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that shall be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

(g)    Definition of “Cause.” For all purposes under this Agreement,
“Cause” shall mean: 
 (i)    Any material breach by you of this Agreement, the Confidentiality
Agreement (as defined below), the Equity Documentation or any other written agreement between you and the Company, which breach to the extent deemed curable by the Board is not cured within ten (10) business days after written notice thereof
from the Company; 
 (ii)    Any material failure by you to comply with the Company’s written policies or
rules, including (without limitation) the Company’s ethics or insider trading policies, as they may be in effect from time to time during your Employment, which breach to the extent deemed curable by the Board is not cured within ten
(10) business days after written notice thereof from the Company; 
 (iii)    Your repeated failure to
follow reasonable and lawful instructions from the Board, which failure is not cured within ten (10) business days after written notice thereof from the Company; 

(iv)    Commission, conviction of, or a plea of “guilty” or “no contest” to, a felony under the
laws of the United States or any State by you if such felony is work-related, impairs your ability to perform services for the Company in accordance with this Agreement, or results in a loss to the Company or damage to the reputation of the Company;

 (v)    Your misappropriation of funds or property of the Company; 

(vi)    Gross neglect of your duties; 

(vii)    Your act or omission that results directly or indirectly in material financial accounting improprieties
for the Company; 
 (viii)    Your failure to cooperate with a government investigation; or 

(ix)    Any gross or willful misconduct by you resulting in a loss to the Company or damage to the reputation of
the Company. 

 Martin Kunz 

November 19, 2018 
  Page
 6
 
  

 (h)    Definition of “Good Reason.”
For all purposes under this Agreement, “Good Reason” shall mean that you resign within ninety (90) days after one of the following conditions has come into existence without your written consent: 

(i)    A material diminution in your authority, duties or responsibilities; 

(ii)    A material reduction of your annual Base Salary; provided, however, that prior to a Change in Control, it
shall not be Good Reason if there is a corresponding reduction in the base salaries of all other executive officers of the Company; or 

(iii)    A material change in the geographic location at which you must perform services (a change in location of
your office will be considered material only if it increases your current one-way commute by more than fifty (50) miles). 

A condition shall not be considered “Good Reason” unless you give the Company written notice of the condition within thirty (30) days after the
condition comes into existence and the Company fails to remedy the condition within thirty (30) days after receiving your written notice. 

(i)    Definition of “Disability.” For all purposes under this Agreement,
“Disability” shall mean that you are unable to perform the essential functions of your position, with or without reasonable accommodation, for a period of at least one hundred twenty (120) consecutive days because of a physical
or mental impairment. 
 (j)    Definition of “Separation.” For all purposes under
this Agreement, “Separation” shall mean an “involuntary separation from service,” as defined in the regulations under Section 409A. 

5.    Confidentiality Agreement. The Company’s Confidential Information and Invention
Assignment Agreement (the “Confidentiality Agreement”), which you previously executed, remains in full force and effect. 

6.    Code Section 280G. In the event that it is determined
that any payment or distribution of any type to or for your benefit made by the Company, any of its affiliates, any person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company’s assets
(within the meaning of Code Section 280G, as amended, and the regulations thereunder) or any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the
“Total Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are
collectively referred to as the “Excise Tax”), then such payments or distributions shall be payable either in (i) full or (ii) as to such lesser amount which would result in no portion of such payments or distributions
being subject to the Excise Tax, whichever method provides you with the greater payments or distributions on an after-tax basis. 

All mathematical determinations and all determinations of whether any of the Total Payments are “parachute payments” (within the meaning of section
280G of the Code) that are required to be made under this Section 6, shall be made by the independent professionals retained by the Company (the “Auditors”), who shall provide their determination (the
“Determination”), together with detailed supporting calculations regarding the amount of any relevant matters, both to the Company and to you within twenty (20) business days of your termination date, if applicable, or such
earlier time as is requested by the Company or you. Any determination by the Auditors shall be binding upon the Company and you, absent manifest error. The Company shall pay the fees and costs of the Auditors. 

Any reduction in payments and/or benefits required by this Section 6 shall be determined by the Company. 

 Martin Kunz 

November 19, 2018 
  Page
 7
 
  

 7.    Miscellaneous Provisions. 

(a)    Notice. Notices and all other communications contemplated by this Agreement shall be in
writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid, or Federal Express, with delivery charges prepaid. In your case, mailed
notices shall be addressed to you at the home address that you most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to
the attention of its Secretary. 
 (b)    Modifications and Waivers. No provision of this
Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized member of the Compensation Committee. No waiver by either party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c)    Whole Agreement. No other agreements, representations or understandings (whether oral or
written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement, the Confidentiality Agreement and the Equity
Documentation contain the entire understanding of the parties with respect to the subject matter hereof and supersede and replace your previous offer letter or employment agreement with the Company and any amendments thereto. 

(d)    Withholding Taxes. All payments made under this Agreement shall be subject to reduction
to reflect taxes or other charges required to be withheld by law. 
 (e)    Choice of Law and
Severability. This Agreement shall be interpreted in accordance with the laws of the State of California without giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid,
illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and
enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of
this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum extent necessary to bring the
provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation. 

(f)    Assignment; Successors. The rights and obligations under this Agreement shall be binding
upon and inure to the benefits of any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets (a
“Successor Entity”). For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business or assets that becomes bound by this Agreement. The Company may assign its
rights under this Agreement to any Successor Entity without your consent. This Agreement and all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time. This Agreement and all of your
rights hereunder shall inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

(g)    Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Signature Page Follows] 

 Martin Kunz 

November 19, 2018 
  Page
 8
 
  

 We are all delighted to be able to continue your employment on the terms and conditions set
forth in this Agreement. To indicate your acceptance of the Company’s offer and continue your employment with the Company, please sign and date this Agreement in the space provided below and return it to me. 

 

			
	 Very truly yours,
  

TWIST BIOSCIENCE CORPORATION

 
			
		
	By:	 	/s/ Emily Leproust
		 	        (Signature)

 
			
		
	Name:	 	Emily Leproust

 
			
		
	Title:	 	CEO

  

	
	ACCEPTED AND AGREED:
	
	/s/ Martin Kunz
	Martin Kunz
	
	11/21/2018
	Date

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