Document:

Exhibit 10.1

 

		info@neonode.com

www.neonode.com

www.linkedin.com/company/neonode

	

  

 

employment
agreement

 

This
employment agreement (the “Employment Agreement”) is entered into on this day between (1) Neonode Inc., a Delaware
Corporation, (“Neonode”); and (2) Lars Lindqvist, Hågavägen 15, 168 54 Bromma, (the “Employee”). 

 

	1	employment,
    Term and position
	 	 
	1.1     	The Employee
    is hereby employed as Chief Financial Officer (“CFO”) at Neonode.

 

	1.2       	The employment
    shall commence on 2014-08-15 (“Commencement Date”). The employment shall last until further notice.

 

	1.3      	As from the
    Commencement Date, the Employee’s employment is governed by the terms and conditions of this Employment Agreement between
    the parties. This Employment Agreement overrules and supersedes all previous agreements between the parties.

 

	1.4      	The Employee’s
    place of work is at Neonode’s office in Stockholm. In order to safeguard Neonode’s interests in the best way,
    the Employee is obliged, from time to time, to travel within as well as outside Sweden. No further reimbursement is paid for
    the performance of the duties in addition to what is set out in this Employment Agreement.

 

	2	duties
    and responsibilities
	 	 
	2.1       	The Employee’s
    main duties as CFO include, but are not limited to, the following duties:
	 	 
	 	Strategy

 

	 	●	Assist the
    Chief Executive Officer (“CEO”) in assessing organizational performance against the annual budget, forecast
    and company’s long-term strategy.

 

	 	●	Work with
    the CEO on the strategic agenda including fostering and cultivating internal and external stakeholders and the Board.

 

	 	●	Develop tools
    and systems to provide critical financial and operational information to the CEO and make actionable recommendations on both
    strategy and operations.

 

	 	●	Assist in
    establishing yearly objectives and meeting agendas, and selecting and engaging outside consultants (auditors, legal and investment
    advisors).

 

    	 

    	 

    

  

	 	●	Oversee long-term
    budgetary planning and costs management in alignment with company strategic plan including potential acquisitions and collaborations
    with external partners.
	 	 	 
	 	Executive
    Management

 

	 	●	Serve
    as a member of the executive management team with active participation to guide and support the team.
	 	 	 
	 	●	Participate
    in key decisions pertaining to strategic initiatives, operating models and operational execution.
	 	 	 
	 	●	Participate
    in corporate policy review and deployment as a member of the executive management team.

 

	 	Financial
    Planning, Follow up and Analysis
	 	 	 
	 	●	Prepare
    and maintain relevant and regular internal financial planning and follow up reports; Quarterly profit & loss and cash
    flow budget/forecast on 12 months rolling basis and monthly actuals by business unit (consumer and systems), functional area
    and project vs. budget and forecast.
	 	 	 
	 	●	Prepare
    analysis of financial performance with recommendations of corrective actions. Perform review and analysis of various business
    or operational initiatives (e.g., opening new operations, asset acquisition, new service launches).
	 	 	 
	 	Cash
    Management and Financing

  

	 	●	Oversee
    cash flow planning and ensure availability of funds as needed.
	 	 	 
	 	●	Oversee
    all investment, purchasing, payroll and asset management activities.
	 	 	 
	 	●	Oversee
    financing strategies and activities, as well as banking relationships.
	 	 	 
	 	Corporate
    Finance and Investor Relations

  

	 	●	Represent
    company in contacts with investment bankers, potential investors, shareholders and financial institutions.
	 	 	 
	 	●	Manage
    the investor relations work with the VP of Corporate Finance and Investor relations. 
	 	 	 
	 	Accounting
    and Administration

  

	 	●	Oversee
    the accounting departments, processes, tools and reporting world wide to ensure proper maintenance and legal and regulatory
    compliance.
	 	 	 
	 	●	Develop
    and ensure maintenance of appropriate internal controls and financial procedures to ensure audit and Sarbanes-Oxley Act compliance.

 

    	2

    	 

    

 

	 	●	Ensure
    timely and accurate US GAAP reporting as required by Securities and Exchange Commission rules and regulations.

 

	 	●	Coordinate
    audits and proper filing of tax returns worldwide.
	 	 	 
	 	●	Oversee
    preparation of month-end, quarter-end and year-end financial statements.
	 	 	 
	 	●	Review
    all month-end closing activities including general ledger maintenance, balance sheet reconciliations and corporate/overhead
    cost allocation.
	 	 	 
	 	●	Serve
    as final point of escalation for Accounts Receivable/Accounts Payable issues.
	 	 	 
	 	Team
    Management

  

	 	●	Mentor
    and develop the company’s internal and external finance team and investor relations function, managing work allocation,
    training, problem resolution, performance evaluation, and the building of an effective team dynamic.
	 	 	 
	 	Insurance/Real
    Estate/Legal Affairs

 

	 	●	Manage
    the company’s insurance program.
	 	 	 
	 	●	Manage
    the company’s real estate affairs consisting of leases and sub-leases with various landlords.
	 	 	 
	 	●	Manage
    the company’s legal affairs in cooperation with the company’s legal advisors.
	 	 	 
	 	●	Work
    with the organization to ensure compliance with contractual and legal requirements.

 

		2.2	The
                                         Employee shall during the employment diligently and faithfully perform such duties and
                                         responsibilities and exercise such powers as may from time to time be assigned to the
                                         Employee. The Employee is obligated to perform the Employee’s obligations in accordance
                                         with the instructions, from time to time, issued by the CEO of Neonode.

	3	Loyalty
    

 

This
Employment Agreement is based on the mutual loyalty and trust between the parties. The Employee shall in all situations safeguard
and promote Neonode’s and its affiliated companies’ interests as well as devote the entire Employee’s working
hours to Neonode. Without the prior written approval of the management, the Employee may not engage, either directly or indirectly,
in any other professional or commercial business, regardless of whether said business activity competes with Neonode’s business
or not. The foregoing shall not, however, prevent the Employee from owning or investing in financial instruments listed on a Swedish
or foreign stock exchange.

 

    	3

    	 

    

 

For
the purpose of this Employment Agreement, a company is considered to be an “affiliated company” if it is a
legal entity that either directly or indirectly controls, or is controlled by, Neonode.

 

	4	REmuneration
    and other benefits 

  

		4.1	The
                                         Employee is entitled to a yearly salary of 1,500,000 SEK, which shall be payable in a
                                         gross monthly salary amounting to 125,000 SEK per month. The salary is paid in accordance
                                         with Neonode’s prevalent payment routines. The gross monthly salary will be reviewed
                                         in February 2015 and will thereafter be reviewed on an annual basis. Neonode is under
                                         no obligation to award an increased salary following a salary review. There shall be
                                         no review of the salary after notice has been given by either party to terminate the
                                         employment.

 

		4.2	The
                                         parties acknowledge that the CFO may require overtime work in relation to which no additional
                                         compensation will be paid. Overtime work has been taken into consideration, inter
                                         alia, when determining the salary level and other benefits according to this Employment
                                         Agreement. However, during the period of transition of the duties to Employee, which
                                         is anticipated to involve considerably more work hours and duties, Neonode authorizes
                                         an additional one-time payment of 250,000 SEK to employee.  This payment shall be
                                         paid within 30 days of the Commencement Date. 

 

		4.3	In
                                         connection with Employee’s fees and costs associated with his relocation to Stockholm,
                                         Sweden, Employee shall be entitled to a one-time relocation fee payment of 200,000
                                         SEK.  This payment shall be paid within 30 days of the Commencement Date.

 

		4.4	In
                                         addition to the payments set out in Clauses 4.1 through 4.3 above, the Employee is entitled
                                         to receive a yearly bonus during 2014 of up to 300,000 SEK at the discretion of the CEO and a yearly bonus in each
                                         subsequent year of up to 50% of his total yearly salary for his performance as CFO and
                                         the financial performance of Neonode. In addition, the Employee may be entitled to participate
                                         in Neonode’s from time to time applicable bonus policy.

 

		4.5	The
                                         Employee is entitled to preventive health care allowance (Sw. friskvårdsbidrag)
                                         in accordance with Neonode’s from time to time applicable health care allowance
                                         policy. Such allowance may, however, not exceed SEK 2,000 per annum.

 

		4.6	Except
                                         as to what is stipulated in this Employment Agreement, Employee is not entitled to any
                                         additional remuneration for Employee’s duties or appointment as CFO.

 

	5	Pension
    and Insurance 

		5.1	The
                                         Employee is entitled to pension and insurance benefits in accordance with Neonode ́s
                                         policy as applicable from time to time.

 

    	4

    	 

    

	 	 	 
		5.2	In
                                         addition to Clause 5.1 above, Neonode undertakes to supply occupational group life insurance
                                         (Sw. Tjänstegrupplivförsäkring), industrial (occupational)
                                         injury insurance (Sw. Trygghetsförsäkring vid arbetsskada) and work
                                         travel insurance.

 

	6	holiday

 

The
Employee is entitled to thirty (30) days of paid holiday per annum. Holiday shall be taken after agreement with the Neonode ́s
management and in accordance with Neonode’s policies applicable from time to time. The calculation of holiday pay is made
in accordance with the provisions under the Swedish Annual Leave Act (Sw. Semesterlagen (1977:480)). The Employee is entitled
to holiday in advance (Sw. förskottssemster). Neonode is entitled to offset holiday pay made in advance against salary
and accrued holiday pay at the termination of employment in accordance with the Swedish Annual Leave Act.

 

	7	sick
    pay

  

In
the event of sickness, the Employee shall be entitled to sick pay in accordance with Swedish statutory requirements.

 

	8	Expenses

 

The
Employee shall, upon submission of appropriate receipts, receive reimbursement for reasonable and pre-approved out-of-pocket business
expenses properly incurred by the Employee in connection with the Employee’s duties. Neonode will also reimburse the Employee
for any reasonable business travel expenses which the Employee incurs in connection with the Employee’s duties, subject
to and in accordance with the from time to time applicable business travel policy (or equivalent), or, where applicable, in accordance
with a specific agreement to be agreed upon by Neonode and the Employee. Reimbursement is subject to the Employee providing Neonode
with appropriate receipts and/or invoices.

 

	9	Personal
    Data and IT Security

 

		9.1	The
                                         Employee confirms that Neonode has informed the Employee of the principles governing
                                         Neonode’s processing employees' personal data in accordance with the Personal Data
                                         Act (1998:204) and that the Employee has given consent thereto.

 

		9.2	The
                                         Employee undertakes to comply with Neonode’s, and its affiliated companies’,
                                         from time to time applicable policies regarding the use of Neonode’s (and its affiliated
                                         companies’) computers, e-mail system, Internet services and software programs.
                                         The Employee is aware that Neonode has full access to all files, e-mail correspondence
                                         and document handling systems as well as full access to all Internet usage which is stored
                                         in the Neonode’s IT system.

 

	10	Intellectual
    Property RIghts

 

		10.1	Without
                                         any additional compensation, Neonode is the sole owner of all rights (and has the exclusive
                                         right of disposition to all rights), including but not limited to all intellectual property
                                         rights, to any results and material made, designed or produced by the Employee within
                                         the frame of the Employee’s employment. Accordingly, Neonode is entitled to modify
                                         and/or further develop any results, material or intellectual property rights as well
                                         as to transfer or license the rights to such results, material or intellectual property
                                         rights to third parties.

 

    	5

    	 

    

 

		10.2	The
                                         Employee is obliged to and agrees to support and procure that Neonode, at any time during
                                         the employment or after its expiration, can fully profit from the rights relating to
                                         Clause 10.1 above. Accordingly, the Employee is, inter alia, obliged to prepare
                                         any documentation which Neonode, at its sole discretion, deems necessary or desirable
                                         in order to protect, register and/or maintain Neonode’s rights according to Clause
                                         10.1 above, including but not limited, where necessary, to transfer (without the right
                                         to any additional compensation) any such rights to Neonode.

 

	11	Termination

 

		11.1	The
                                         employment may be terminated subject to applicable statutory notice period as set out
                                         in the Swedish Employment Protection Act (Sw. lag (1982:80) om anställningsskydd).
                                         The employee shall however receive 6 months salary for termination without cause. Upon
                                         termination for cause, the employee shall not receive any severance.

 

		11.2	The
                                         Employee acknowledges that the Employee’s obligations according to Clause 12 (Confidentiality)
                                         will continue to remain in force after the expiration of this Employment Agreement, regardless
                                         of the reasons for the expiration.

 

		11.3	Upon
                                         termination of the employment or at any earlier point in time when the Employee leaves
                                         the Employee’s position, the Employee shall return any business material, reports,
                                         documents and other property (e.g. computer programs and software), including copies
                                         thereof (stored electronically or otherwise), which have been entrusted to the Employee
                                         or which have come into the Employee’s possession in connection with the employment.
                                         Such material is always Neonode’s property.

 

	12	Confidentiality

 

		12.1	The
                                         Employee may not make use of, transfer or otherwise disclose to a third party, neither
                                         during the employment nor after its expiration, such information regarding Neonode or
                                         its affiliated companies or regarding Neonode’s or its affiliated companies’
                                         businesses, that Neonode wishes to remain confidential.

 

		12.2	For
                                         the purpose of this Clause 12, “information” is considered to be all
                                         information, including but not limited to information regarding products, materials,
                                         pricing, market and sales strategies, management and Neonode’s (or its affiliated
                                         companies’) customers and clients, regardless of whether the information is of
                                         technical, of commercial or of any other nature, and regardless of whether the information
                                         is documented in writing or otherwise.

 

		12.3	The
                                         prohibition in Clause 12.1 shall not, however, apply where:

 

		(a)	it
                                         is required by this Employment Agreement, by law or mandatory regulations that the information
                                         is disclosed, or

 

		(b)	the
                                         parties have agreed in writing that the information could be disclosed to a third party,
                                         or

 

    	6

    	 

    

 

		(c)	the
                                         information is publicly known and has come to public knowledge in any way other than
                                         by breach of the confidentiality undertakings in Clause 12.1 or any other breach of this
                                         Employment Agreement.

 

		12.4	The
                                         parties agree that Section 7, paragraph 1 of the Act on Protection of Trade Secrets (1990:409)
                                         (Sw. lagen om skydd för företagshemligheter) shall apply also
                                         after the expiration of the employment regardless of whether any particular reasons (Sw.
                                         synnerliga skäl) apply or not. The limitations stipulated in Section 7 paragraph
                                         2 of the Act on the Protection of Trade Secrets (1990:409) shall thus not apply to the
                                         Employee in relation to Neonode’s (or its affiliated companies’) trade secrets.

 

	13	Post-termination
    restrictions

 

		13.1	In
                                         order to protect the confidential information of Neonode or of any affiliated company
                                         referred to above under Clause 12 to which the Employee has access as a result of the
                                         employment, the Employee covenants that the Employee shall neither directly or indirectly,
                                         without the prior written consent from the CEO, for a period of twelve months following
                                         the expiration of the employment:

 

		(a)	actively
                                         solicit the services of or entice away from Neonode or from any of its affiliated companies
                                         or engage, whether on his own behalf or on behalf of others, any person who is or was
                                         an executive director or a senior manager of Neonode or of any of its affiliated companies
                                         at any time during the twelve month period immediately preceding the date on which the
                                         Employee’s employment with Neonode terminated; nor

 

		(b)	actively
                                         solicit the customer of or entice away from Neonode or from any of its affiliated companies
                                         the customer or business of any person who is or was a customer of Neonode or of any
                                         of its affiliated companies at any time during the twelve month period immediately preceding
                                         the date on which the Employee’s employment with Neonode terminated and with whom
                                         the Employee or one of his subordinates dealt with during the said twelve month period.

 

		13.2	In
                                         the event of termination of the employment, the Employee undertakes not to copy or use
                                         information regarding Neonode’s operations or otherwise utilise Neonode’s
                                         contacts and materials.

 

	14	APPLICABLE
    LAW AND DISPUTE RESOLUTIOn

 

		14.1	This
                                         Employment Agreement shall be governed by the substantive laws of Sweden.

 

	15	AMENDMENTS
    AND MODIFICATIONS

 

This
Employment Agreement may not be amended nor modified unless agreed upon in writing and signed by the parties.

 

 

    	7

    	 

    

 

This Employment
Agreement has been executed in duplicate and the parties have received one copy each.

 

	Date:	 	Date:
	 	 	 
	NEONODE INC.	 	LARS LINDQVIST
	 	 	 
	 	 	 
	Thomas Eriksson, CEO	 	Lars Lindqvist

 

8Exhibit: 10.2

  

August 5, 2014

 

 

David Brunton

651 Byrdee Way

Lafayette, CA 94549

 

Dear David,

 

On behalf of
Neonode Inc. (the “Company”), I wish you well in your retirement from the Company. As we discussed, the Board of Directors
of the Company greatly appreciates and values your leadership of and contributions to the Company. This letter agreement (this
“Agreement”) between the Company and you (“Brunton”) sets forth the terms of your separation from the
Company.

 

1.           
Resignation as Chief Financial Officer, Vice President, Finance, and Secretary. Effective August 15, 2014 (the “Separation
Date”), Brunton shall cease serving as Chief Financial Officer, Vice President, Finance, Treasurer, and Secretary of the
Company. All entitlement to further salary and benefits will cease as of the Separation Date except as expressly provided herein.
Brunton hereby resigns as of the Separation Date as an officer of Company as well as from any other officer and director positions
he holds with Company or with any of Company’s subsidiaries. Brunton agrees to sign any other documents that Company may
reasonably request in order to effectuate such resignation(s). Effective from the Separation Date, Brunton shall have no authority
to act on behalf of or to bind Company. 

2.            
Outstanding Compensation and Benefits. Brunton confirms that he has been paid all accrued wages, bonuses and other
compensation (including accrued and unused paid/personal time off and vacation) owed to him for his employment by Company through
and including the Separation Date. Brunton further represent that he has received all leave and leave benefits and protections
for which he is eligible (pursuant to the Family and Medical Leave Act or otherwise) in connection with his work with Company,
and has not suffered any injury or illness in connection with his work with Company for which he has not already filed a claim.

 

3.            
Effect of Severance Benefits Agreement and Employment Agreement. 

 

a.                  
All provisions of the Severance Benefits Agreement dated April 12, 2004 between the Company and Brunton (the “Severance
Benefits Agreement”) are superseded by this Agreement.

 

b.                 
Both Section 3 – Compensation and Section 5 – Resignation of the Employment Agreement dated July
1, 2010 between the Company and Brunton (the “Employment Agreement”) are superseded by this Agreement. All other provisions
of the Employment Agreement remain in effect.

 

    	 

    	 

    

 

4.            
Separation Benefits. In consideration of the representations, promises, and covenants of Brunton herein, each of
which Brunton acknowledges to be a material inducement to Company to enter into this Agreement, Company will provide Brunton with
separation benefits as set forth below:

 

a.                  
Subject to the execution without revocation of this Agreement, and fulfillment of all terms included herein, Company agrees
to provide Brunton $180,000.00 (“Separation Amount”) as consideration for entering into this Agreement and accepting
its terms and conditions. The Separation Amount represents payment for negotiated benefits due and owing to Brunton at his separation
and payment for all other compensation (including accrued and unused paid/personal time off and vacation) owed to him for his
employment by Company through and including the Separation Date. 

 

b.                 
The Separation Amount shall be paid less all applicable and customary taxes, withholding and other normal payroll deductions,
to compensate Brunton. The Company shall pay this amount in a check made payable to Brunton and will issue Brunton an IRS Form
W-2 in connection with the payment.

 

c.                  
The Company will work with Brunton to transition his medical insurance benefits currently provided by Insperity, Inc.,
a professional employer organization, through Kaiser Permanente, to provide Brunton with Cal-COBRA or other similar benefits.
Furthermore, the Company will pay 100% of Brunton’s premium for medical and dental benefits as provided his healthcare provider
via Cal-COBRA or other similar benefits until Brunton’s 65th birthday.

 

d.                 
In consideration of the representations, promises, and covenants of Brunton herein, each of which Brunton acknowledges
to be a material inducement to Company to enter into this Agreement, Company amends the outstanding stock option agreements for
the purchase of common stock of the Company granted to Brunton by the Company on the dates set forth below (each, an “Option”)
to accelerate the vesting schedule and to extend the Option exercise term expiration date following the Separation Date. Pertinent
information about each Option, including the amended expiration date, is provided below:

 

	Grant Date	 	Type of Option	 	 	  Number
                                         of Vested Option Units (as of Separation Date)	 	 	 	Exercise Price	 	 	Exercise Term Expiration Date, as amended
	 	 	 	 	 	 	 	 	 	 	 	 	 
	8/10/2007	 	Nonqualified Stock Option	 	 	7,200	 	 	$	122.50	 	 	July 1, 2015
	 	 	 	 	 	 	 	 	 	 	 	 	 
	4/26/2012	 	Nonqualified Stock Option	 	 	169,000	 	 	$	4.25	 	 	July 1, 2015
	 	 	 	 	 	 	 	 	 	 	 	 	 

5.            
Post-Separation Date Consulting Services. In conjunction with entering into this Agreement, Brunton and Company
may enter into a consulting services agreement under which Brunton may consult with and advise the Company’s management
team and/or board of directors with respect to various services as the Company may from time-to-time request. A separate consulting
agreement will be entered into by the Company and Brunton.

 

    	 

    	 

    

 

6.             Release. In consideration for the separation, compensation and other post-resignation benefits to be provided to
Brunton pursuant to this Agreement, Brunton hereby releases Company and each of its predecessors, successors, and affiliated entities
(including all subsidiaries affiliated partnerships, limited liability companies and corporations), and each of such entities’
officers, directors, managers, operating affiliates, agents, servants, employees, attorneys, partners, members, shareholders,
insurers and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities, demands,
causes of action, costs, expenses, attorney’s fees, damages, indemnities and obligations of every kind and nature, in law,
equity, or otherwise, known and unknown, suspected and unsuspected, arising out of or in any way related to Brunton’s status
or role with, involvement in, or activities on behalf of the Released Parties, in any capacity, up to and including the date Brunton
sign this Agreement. This general release includes, but is not limited to: (a) all claims arising out of or in any way related
to Brunton’s employment with Company, the resignation of that employment, or Brunton’s role or activities with Company
or the resignation of any such role or activities; (b) all claims or demands related to wages, bonuses, fees, retirement contributions,
profit-sharing rights, commissions, stock, stock options, partnership, membership, residual or economic interests, time off and
vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation or benefit; and (c) all
claims pursuant to any federal, state or local law, statute or cause of action in any jurisdiction, including, but not limited
to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 and other amendments, the federal Americans
with Disabilities Act of 1990 and its amendments, the Age Discrimination in Employment Act; the Employee Retirement Income Security
Act; the Federal Fair Labor Standards Act; the Equal Pay Act; the Family Medical Leave Act, the California Fair Employment and
Housing Act (as amended), the California Labor Code, the Washington Law Against Discrimination; the Washington Minimum Wage Act;
the National Labor Relations Act; the Occupational Safety and Health Act; the Washington Industrial Safety and Health Act tort
law (including claims for breach of fiduciary duty), contract law, wrongful discharge, discrimination, harassment, fraud, defamation,
emotional distress, and breach of the implied covenant of good faith and fair dealing. Notwithstanding the foregoing, Brunton
is not releasing or waiving: (i) any rights he has under this Agreement; (ii) any rights or claims for indemnification he may
under applicable law; or (iii) any rights which are not waivable as a matter of law. Brunton further releases any claims arising
out of or asserting allegations under similar Statute or law as may exist under the laws of the Nation of Sweden. In addition,
Brunton understands that nothing in this release prevents him from filing, cooperating with, or participating in any proceeding
before the Equal Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and
Housing, except that he acknowledges and agrees that he shall not recover any monetary benefits in connection with any such claim,
charge or proceeding with regard to any claim released herein. 

 

Brunton represents
that he has not filed any complaints, charges, or lawsuits (“charge”) against Company with any court or governmental
agency. If Brunton does file a charge, or if a governmental agency prosecutes a charge on behalf of Brunton, Brunton specifically
agrees that he will not be entitled to monetary relief of any kind in connection with resolution of the charge, whether by means
of settlement or otherwise, including without limitation back pay, front pay, other damages, fees, or costs.

    	 

    	 

    

 

7.            
Knowing and Voluntary Release. Brunton acknowledges that he has been given full opportunity and has been encouraged
to consult an attorney of his choice regarding this Agreement, and that he either has done so or has knowingly and voluntarily
foregone such consultation. Brunton acknowledges that he understands the significance and consequences of this Agreement and that
he has signed this Agreement knowingly and voluntarily, without coercion or undue pressure of any kind. Brunton expressly confirms
that this Agreement is to be given full force and effect according to each and all of its expressed terms and provisions, including
those relating to unknown claims, damages, and charges.

 

Brunton understands
that this Agreement includes a release of all unknown and unsuspected claims. Brunton acknowledges that he has read and understands
Section 1542 of the California Civil Code, which states: “A general release does not extend to claims which the creditor
does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially
affected his settlement with the debtor.” Brunton hereby waives all rights and benefits under Section 1542 of the California
Civil Code and any law or legal principle of similar effect in any jurisdiction with regard to this Agreement, including his release
of unknown and unsuspected claims herein. 

 

8.            
No Admission of Liability. Nothing contained in this Agreement is intended to constitute an admission of any liability
by Company to Brunton, and Company expressly denies any such liability.

 

9.              Return
of Property. Brunton acknowledges that he has returned to Company all company-owned property in his possession, specifically
including all keys and card keys to company buildings or property; all company-owned equipment including any computers, cell phones
(including SIM cards) or handheld devices; and all company documents and papers, including all trade secrets and confidential
company information whether in hardcopy or electronic form.

 

10.           Non Disparagement. Brunton agrees that he will not make any disparaging or derogatory remarks that in any way cast
the business operations or conduct of Company and its past or present directors, officers, employees, representatives, or agents
in an unfavorable light.

 

11.          
Trade Secrets and Confidential Information.

 

a.                  
Brunton acknowledges that he has agreed to certain post-employment obligations, as set forth in the Employment Agreement.
Brunton further acknowledges that Company’s business and future success depends on the preservation of the trade secrets
and other confidential information, as defined in in the Employment Agreement, of Company and its suppliers and customers. Such
trade secrets and other confidential information include, without limitation, existing and to-be-developed or acquired products,
plans, or ideas; market surveys; the identities of past, present, or potential customers; business and financial information;
pricing methods or data; terms of contracts with present or past customers; proposals or bids; marketing plans; personnel information;
procedural and technical manuals; formulas, processes, methodologies, and practices proprietary to Company or its customers; and
any other categories of items or information of Company or its customers which are not generally known to the public at large
(the “Secrets”). Brunton agrees to protect and to preserve as confidential all of the Secrets at any time known to
Brunton or in Brunton’s possession or control (whether wholly or partially developed by Brunton or provided to Brunton,
and whether embodied in a tangible medium or merely remembered). 

 

b.                 
Brunton will neither use nor allow any other person to use any of the Secrets in any way, except for the benefit of Company
and as directed by Company’s Board of Directors. All material containing or disclosing any portion of the Secrets will be
and remain the property of Company.

 

    	 

    	 

    

 

12.          
Cooperation. Brunton agrees to cooperate with Company (including its outside counsel) in connection with the contemplation,
execution, prosecution and defense of all phases of Company work transition, existing, past and future litigation and/or in connection
with any government investigation about which Company believes that Brunton may have knowledge or information. Brunton further
agrees to make himself available at mutually convenient times during and outside of regular business hours as reasonably deemed
necessary by Company’s counsel. Brunton agrees to appear without the necessity of a subpoena to testify truthfully in any
legal proceedings in which Brunton is called as a witness. 

 

13.          
Termination of Separation Benefits; Injunctive Relief. In the event that Brunton fails to comply with any of the
provision of this Agreement, including any of the secrets, trade secrets and other confidential information, as defined in in
the Employment Agreement, that have been incorporated by reference, in addition to any other legal or equitable remedies it may
have for such breach, Company shall have the right to terminate the Separation Benefits, as defined in Section 4 above. Any such
termination in the event of a breach by the Brunton shall not affect the general release in Section 6 or the Brunton’s ongoing
obligation to comply with this Agreement and shall be in addition to, and not in lieu of, Company’s rights to other legal
and equitable remedies that the Company may have. Further, Brunton agrees that it would be difficult to measure any harm caused
to Company that might result from any breach by Brunton of any of this Agreement and that, in any event, money damages would be
an inadequate remedy for any such breach. Accordingly, Brunton agrees that if he breaches, or there is an imminent threat of a
breach of any portion of this Agreement, Company shall be entitled, in addition to all other remedies it may have, to an injunction
or other appropriate equitable relief to restrain any such breach, without showing or proving any monetary damage to Company and
without the necessity of posting a bond. In the event of litigation to enforce this Agreement, Company shall be entitled to recover
its attorneys’ fees.

 

14.          
Governing Law. This Agreement will be interpreted in accordance with the laws of the State of California, without
reference to its choice of law rules.

 

15.          
Advice of Counsel. This Agreement is a legally binding document and Brunton’s signature will commit Brunton
to its terms. Brunton acknowledges that he has been advised to discuss all aspects of this Agreement with his attorney, that he
has carefully read and fully understands all of the provisions of this Agreement and that Brunton is voluntarily entering into
this Agreement.

 

16.          
Waiver. No waiver of any provision of this Agreement, including the restrictive covenants, shall be effective unless
made in writing and signed by the waiving party. The failure of either Party to require the performance of any term or obligation
of this Agreement or the Covenants thereto, or the waiver by either Party of any breach of this Agreement or the Covenants thereto,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	 

    	 

    

 

17.        
  Taxes. Company shall undertake to make deductions, withholdings and tax reports with respect to payments
and benefits under this Agreement and in connection with other compensation matters to the extent that it reasonably and in
good faith determines that it is required to make such deductions, withholdings and tax reports. Payments under this
Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this Agreement shall be construed to
require Company to make any payments to compensate Brunton for any adverse tax effect associated with any payments or
benefits made to Brunton in connection with Brunton’s employment with Company.

 

18.          
Successors and Assigns. The parties agree that their rights and obligations hereunder are binding upon and inure
to the benefit of their respective successors and assigns, and in the case of Brunton, to his heirs as well. 

 

19.          
Severability/Enforceability. It is understood and agreed that if any provision of this Agreement is held to be invalid
or unenforceable, the remaining provisions will nevertheless continue to be valid and enforceable.

 

20.     
     Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the
same document. Facsimile and pdf signatures shall be deemed to be of equal force and effect as originals.

 

21.          
Older Worker Benefit Protection Act Provision. Brunton acknowledges that he is knowingly and voluntarily waiving
and releasing any rights that he may have under the under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”).
He acknowledges that the consideration given for this waiver and release is in addition to anything of value to which he was already
entitled. He further acknowledges that he has been advised by this writing, as required by the ADEA, that: (a) his waiver and
release do not apply to any rights or claims that may arise after the date he signs this Agreement; (b) he has been advised hereby
that he should consult with an attorney prior to executing this waiver and release and this Agreement; (c) he has twenty-one (21)
days to consider this waiver and release (although he may choose to voluntarily sign it and this Agreement earlier); (d) he has
seven (7) days after the date he signs this waiver and release to revoke my waiver and release (by providing Company with written
notice of such revocation); and (e) his acceptance of this waiver and release will not be effective until the date upon which
the revocation period has expired, which will be the eighth day after he signs it (provided he does not earlier revoke his acceptance
of it) (the “Release Effective Date”).

 

22.          
No Oral Agreements. It is expressly acknowledged and recognized by the parties that there are no oral agreements,
understandings, or representations between the parties other than as contained in this Agreement. 

 

23.          
Reliance. Brunton represents and acknowledges that in executing this Agreement, he does not rely and has not relied
upon any representation or statement not set forth herein, made by Company or by any of Company’s agents, representatives,
or attorneys with regard to the subject matter, basis, or effect of this Agreement or otherwise.

 

24.    
     Execution. This Agreement may be executed in duplicate counterparts and/or by
electronically-transmitted signatures.

 

    	 

    	 

    

 

PLEASE READ CAREFULLY.
YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING. THIS IS A VOLUNTARY SEPARATION AGREEMENT THAT INCLUDES A RELEASE OF
ALL KNOWN AND UNKNOWN CLAIMS.

 

		 	Neonode Inc.	 	 	 	David Brunton
	 	 	 	 	 	 	 
	By:	 		 	By:		
	Name:	 	Thomas Eriksson	 	 	 	 
	Title:	 	Chief Executive Officer	 		 	 
		 	 	 	 	 	 
	Date:	 		 	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]