Document:

Exhibit 10.1

 

AGREEMENT AND RELEASE

 

CONSULT WITH AN ATTORNEY
BEFORE SIGNING THIS AGREEMENT AND RELEASE.

 

BY SIGNING THIS AGREEMENT
AND RELEASE, YOU GIVE UP AND WAIVE IMPORTANT LEGAL RIGHTS.

 

This is an agreement and
release (the “Agreement”) between Authentidate Holding Corp., its stockholders (solely in their capacity as stockholders
of Authentidate Holding Corp.), its subsidiaries, affiliates, divisions, successors and assigns, their respective past and present
officers, directors, employees, agents, attorneys, whether as individuals or in their official capacity, and each of their respective
successors and assigns (hereinafter collectively referred to as “AHC” or the “Company”) and by his own
free will, William P. Henry (“Henry” or “Employee”). As used herein, the term “Execution Date”
shall mean the expiration of the seven-day revocation period commencing on the later of the two dates on which this agreement has
been executed by Employee and AHC, as specified on the signature page of this Agreement.

 

WHEREAS, Henry has
been an employee of AHC pursuant to a written employment agreement dated as of January 4, 2016 (the “Employment Agreement”);
and

 

WHEREAS, Henry has
previously served as AHC’s Chief Strategy Officer pursuant to a written agreement dated as of August 24, 2015, which has
terminated in accordance with its terms (the “CSO Agreement”); and

 

WHEREAS, pursuant to
the CSO Agreement, Henry was entitled to receive certain salary payments and the sum of $200,000 in consideration of the closing
of the merger of AHC with AEON Global Health, none of which has been paid to date, and

 

WHEREAS, pursuant
to a certain lock-up agreement (the “Lock-up Agreement”) executed to facilitate the preservation of AHC’s net operating
loss carry forwards, Henry has agreed to certain restrictions on the exercise of certain employee stock options (the “Options”)
and the resale of AHC’s common stock; and

 

WHEREAS, AHC has
elected to eliminate the position of Chief Operating Officer and Employee and AHC each desire an amicable cessation of the employment
relationship,

 

NOW, THEREFORE,
in consideration of the covenants and promises contained herein and for other good and valuable consideration, receipt of which
is hereby acknowledged, Employee and AHC (who hereinafter collectively may be referred to as the “Parties”) hereby
agree as follows:

 

1.     Except as otherwise
stated herein, all terms of the Employment Agreement and the CSO Agreement shall be deemed superseded by this Agreement, and the
terms of the Lock-up Agreement, annexed hereto as Exhibit A, and the Options shall remain in full force and effect. The Options
shall remain exercisable for the full duration of their original exercise periods as extended by the Lock-up Agreement.

 

    	 	1	 

     

    

 

2.     Employee acknowledges
and agrees that effective the close of business January 31, 2017, Employee’s position as Chief Operating Officer and the
Employment Agreement shall be eliminated and his employment terminated (the “Termination Date”), and Employee shall
be entitled to his regular compensation through such date.

 

		a.	Employee agrees to voluntarily resign as a director of the Company effective as of the Termination
Date.

 

		b.	Employee will cooperate in completing any action necessary to fully implement his resignation,
including the execution of any documentation necessary to effectuate his removal from and/or the transfer of any position he has
held as an officer, director, or committee member of AHC.

 

3.     In consideration
for Employee’s execution of this Agreement, and for the release of claims against AHC, the Company will give Employee the
following:

 

		a.	Solely for the purpose of determining the exercisability of the Options, the termination of Employee’s
Employment shall be deemed a termination without cause.

 

		b.	Employee shall receive and be paid a severance payment in the amount of One Hundred Sixty Thousand
dollars ($160,000) (the “Severance Payment”). The Severance Payment shall be payable in equal installments on each
of the Company's regular pay dates for executives during the twelve months commencing on the first regular executive pay date after
May 1, 2017; provided however, in the event of a default by AHC under this sub-paragraph, which default is not cured with ten (10)
business days after notice thereof by Employee, the balance of Severance Payments shall be immediately due and payable with interest
thereon of 6% per annum until final payment.

 

		c.	AHC shall issue to Employee within ten (10) days of the Execution Date$160,000 of AHC’s Common
Stock, the number of shares of which shall be determined by dividing $160,000 by the closing sales price of the AHC’s Common
Stock on the Execution Date.

 

4.     Benefits:

 

		a.	Employee’s current health and insurance benefits will continue with current Employee contribution
until February 1, 2018, and except as otherwise expressly provided in this Agreement, Employee will not be entitled to receive
any other benefits after the Termination Date. AHC shall be responsible for providing equivalent health benefits or paying “COBRA”
charges, less Employee contribution through February 1, 2018.

 

    	 	2	 

     

    

 

		b.	AHC acknowledges that Employee has $5,500 in unreimbursed business expenses arising out of his
service to AHC under the CSO Agreement, which the Company shall pay upon execution of this Agreement. To the extent Employee has
additional unreimbursed business expenses, incurred through the Termination Date, Employee must immediately submit the expenses
with all appropriate documentation; those expenses which meet the Company’s guidelines will be reimbursed. Any expense account
that Employee has with the Company terminates effective on the Termination Date, and any expenses already incurred will be reviewed
and processed in accordance with the policies and procedures of the Company. No new expenses may be incurred after the Termination
Date. Employee agrees to promptly pay any outstanding balance on these accounts that represent non-reimbursable expenses.

 

5.     Employee understands
that neither this Agreement (nor anything contained herein) nor the making of this Agreement is intended, and shall not be construed,
as an admission that the Company has violated any federal, state or local law (statutory, decisional or common law), or any ordinance
or regulation, or has committed any wrong whatsoever with respect to the Employee (including, but not limited to, breach of any
contract, actual or implied).

 

6.     Employee acknowledges
that the consideration provided in this Agreement exceed that to which Employee would otherwise be entitled under the normal operation
of any benefit plan, policy or procedure of the Company or under any previous agreement (written or oral) between Employee and
the Company. Employee further acknowledges that the agreement by AHC to provide consideration pursuant to this Agreement beyond
Employee’s entitlement is conditioned upon Employee’s release of all claims against AHC and Employee’s compliance
with all the terms and conditions of this Agreement. Furthermore, except as provided in this Agreement, Employee gives up Employee’s
right to individual damages in connection with any administrative or court proceeding with respect to any claim that has been waived
herein, arising out of Employee’s employment or separation from employment from the Company and if Employee is awarded or
accepts money damages, Employee will assign to the Company any right and interest to such money damages.

 

7.     The Parties agree
that, except as provided for herein, there shall be no other payments or benefits payable to Employee, including but not limited
to, salary, bonuses, commissions, finder’s fees and/or other payments.

 

    	 	3	 

     

    

 

8.     Arbitration:

 

		a.	The Parties specifically and knowingly and voluntarily agree to arbitrate any controversy, dispute
or claim which has arisen or should arise in connection with Employee’s employment, the cessation of Employee’s employment,
or in any way related to the terms of this Agreement. The Parties agree to arbitrate any and all such controversies, disputes,
and claims before a single arbitrator in the State of New Jersey in accordance with the Rules of the American Arbitration Association.
The arbitrator shall be selected by the Association and shall be an attorney-at-law experienced in the field of corporate law and
admitted to practice in the State of New Jersey. In the course of any arbitration pursuant to this Agreement, Employee and the
Company agree (i) to request that a written award be issued by the arbitrator and (ii) that each side is entitled to receive any
and all relief it would be entitled to receive in a court proceeding. The Parties knowingly and voluntarily agree to enter into
this arbitration clause and, except for claims contemplated in paragraphs 9 and 10 below, waive any rights that might otherwise
exist to request a jury trial or other court proceeding. This paragraph is intended to be both a post-dispute and pre-dispute arbitration
clause. Any judgment upon any arbitration award may be entered in any court, federal or state, having competent jurisdiction of
the parties. Notwithstanding the foregoing, at Employee’s option, Employee may commence an action in the state or Federal
courts of the States of Georgia or New Jersey to enforce the payment of the amounts payable under paragraphs 3 and 4.

 

		b.	The Parties’ agreement to arbitrate disputes includes, but is not limited to, any claims
of unlawful discrimination and/or unlawful harassment under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination
in Employment Act 1967, as amended, the Americans with Disabilities Act, the New Jersey and New York Civil Rights Laws, the New
Jersey Law Against Discrimination, the New York Executive Law, the New York City Human Rights Law, the New Jersey Conscientious
Employee Protection Act, the New Jersey Family Leave Act, Georgia Fair Employment Practices Act, the Sex Discrimination in Employment
Act, the Georgia Age Discrimination in Employment Act, and the Georgia Equal Employment for Persons with Disabilities Code or any
other federal, state or local law relating to discrimination in employment and any claims relating to wage and hour claims and
any other statutory or common law claims.

 

9.     Confidentiality

 

		a.	Employee further acknowledges and agrees that any non-public and/or proprietary information of
the Company and/or its customers disclosed to or prepared by Employee during Employee’s employment remains confidential and
may not be used and/or disclosed by Employee hereafter without the prior written consent of AHC. Such information includes, without
limitation, information concerning products and services developed and under development, pending or completed Company regulatory
matters (internal or external), litigations, arbitrations, internal investigations or reviews, internal compliance memoranda and
reviews.

 

		b.	Employee further agrees that the non-disclosure provisions of the Employment Agreement and the
CSO Agreement, and any other agreement between AHC and Employee shall remain in full force and effect.

 

    	 	4	 

     

    

 

		c.	Employee agrees that the terms and existence of this Agreement are and shall remain confidential
and agrees, to the maximum extent permitted by applicable law, rule, code or regulation, not to disclose (directly or indirectly)
the terms, conditions or existence of this Agreement, or to talk or write about the negotiation, execution or implementation of
this Agreement, without the prior written consent of AHC, except as required by law, regulatory authorities, internally to process
this Agreement at AHC, or in connection with any arbitration or litigation arising out of this Agreement. Anything herein to the
contrary notwithstanding, Employee may disclose the terms of this Agreement to Employee’s immediate family, financial advisor,
accountant or attorney, and in connection with Employee’s divorce proceedings, provided that Employee advises any individual
to whom the terms, conditions or existence of this Agreement has been disclosed (in accordance with this sentence) of the confidentiality
requirements of this paragraph and Employee shall use Employee’s best efforts to ensure that the requirements are complied
with in all respects. Further, nothing in this paragraph shall preclude Employee from using this Agreement in any action for breach
of this Agreement. In that case, however, Employee shall seek to protect the terms of this Agreement from public disclosure to
the extent possible, including filing this Agreement under seal where permissible to do so.

 

		i)	AHC likewise agrees to hold the terms and existence of this Agreement confidential except to its
executive officers, counsel and directors and as may be required by state and federal securities and other laws.

 

		d.	Employee agrees that in the event Employee is contacted by the media in any form, including, but
not limited to, any wire service, newspaper, magazine or web-based news service, with respect to the Company, its clients and/or
customers, and/or Employee’s conduct and/or employment at the Company, Employee will immediately refer all contacts directly
to Mr. Paul Suda, the Company’s in-house counsel, or his successor at the Company.

 

		e.	Notwithstanding the foregoing, Employee understands that nothing contained in this Agreement limits
Employee’s ability from reporting possible violations of federal law or regulation to any federal, state or local governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, or any agency
Inspector General (“Government Agencies”), or making other disclosures that are protected under the whistleblower provisions
of federal law or regulation. Employee further understands that this Agreement does not limit Employee’s ability to communicate
with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government
Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Employee’s
right to receive an award for information provided to any Government Agencies.

 

    	 	5	 

     

    

 

10.   Employee agrees
that in consideration for the payments and other consideration provided in this Agreement, Employee will not for a period of one
year after the Termination Date, either directly or indirectly, (a) solicit any person who is employed by AHC (or who was employed
by AHC within 90 days of the Termination date to: (i) terminate his employment with AHC; (ii) accept employment with anyone other
than AHC, or (iii) in any manner interfere with the business of AHC.

 

11.   Public Information

 

		a.	Employee agrees that for a period of three
years following the Termination Date, Employee will not make any negative or derogatory statements in verbal, written, electronic
or any other form about the Company, including, but not limited to, a negative or derogatory statement made in, or in connection
with, any article or book, on a website, in a chat room or via the internet except where such statement is required by law or regulation.
Nothing contained in this paragraph shall be construed as requiring the Employee to provide untruthful sworn testimony in any legal
proceeding. The Company agrees not to issue, and will advise its
executive officers and directors not to make, any negative or derogatory statements in verbal, written, electronic or any other
form about Employee.

 

		b.	Employee is also aware that AHC is required to report Employee’s termination through a report
filed with the Securities Exchange Commission. AHC will provide Employee with a copy of such report in advance of such filing and
accept any of Employee’s reasonable changes to the description of Employee and his Termination set forth in the report.

 

12.   Litigation

 

		a.	The payments to be made hereunder on conditioned on the full cooperation by Employee with the Company
in the prosecution or defense, as the case may be, of any and all actions, governmental inquiries or other legal or regulatory
proceedings in which Employee’s assistance may be reasonably requested by the Company. Reasonable expenses arising from the
cooperation will be reimbursed within the Company’s guidelines. In addition, Employee shall be entitled to compensation of
at the rate of $500 per day whenever Employee’s attendance is required under this sub-paragraph 12 (a). Consistent with the
Certificate of Incorporation of AHC, and the Company’s Amended and Restated By-Laws, AHC will hold harmless and indemnify
Employee from and against any expenses (including attorneys’ reasonable fees), judgments, fines and amounts paid in settlement
arising from any claim, suit or other action against Employee by any third party, on account of any action or inaction by Employee
taken or omitted to be taken by Employee on behalf of AHC during the course of his employment, up to his date of termination, provided
that such action or inaction by Employee was within the scope of Employee’s employment and consistent with the Company’s
policies and procedures.

 

    	 	6	 

     

    

 

		b.	Promptly after receipt by Employee under this paragraph 12 of notice of the commencement of any
action, suit or proceeding, Employee shall notify AHC in writing of the commencement thereof (but the failure so to notify shall
not relieve AHC from any liability which it may have under this paragraph except to the extent that it has been prejudiced in any
material respect by such failure or from any liability which it may have otherwise). In case any such action is brought against
Employee, and Employee notifies AHC of the commencement thereof, AHC will be entitled to participate therein, and to the extent
it may elect by written notice delivered to the Employee promptly after receiving the aforesaid notice from Employee, AHC may assume
the defense thereof with counsel reasonably satisfactory to such Employee. Notwithstanding the foregoing, Employee shall have the
right to employ his own counsel in any such case but the fees and expenses of such counsel shall be at the expense of Employee
unless (i) the employment of such counsel shall have been authorized in writing by the AHC in connection with the defense of such
action at the expense of AHC, or (ii) Employee shall have reasonably concluded that there may be defenses available to him that
are different from or additional to those available to AHC (in which case AHC shall not have the right to direct the defense of
such action on behalf of Employee), in any of which events such fees and expenses of one additional counsel shall be borne by AHC.
Anything in this paragraph to the contrary notwithstanding, neither Employee or AHC shall be liable for any settlement of any claim
or action effected without its written consent; provided however, that such consent was not unreasonably withheld.

 

		c.	Employee acknowledges that he has advised the Company completely and candidly of all facts of which
he is aware that may give rise to legal matters. The Company is not aware of any claims or any facts giving rise to a claim against
the Employee by the Company.

 

13.   You agree to cause
all requests for references to be forwarded in writing to the Company, attention: Office of the President. The Company will state
in response to such inquiries your dates of employment and positions held. The Company shall not be responsible for responses to
reference requests sought or obtained other than under the procedures set forth in this paragraph.

 

    	 	7	 

     

    

 

14.   Employee realizes
there are many laws and regulations prohibiting employment discrimination, or otherwise regulating employment or claims related
to employment pursuant to which Employee may have rights or claims. These include but are not limited to Title VII of the Civil
Rights Act of 1964, as amended; the Americans with Disabilities Act of 1990; the Pregnancy Discrimination Act; the National Labor
Relations Act, as amended; 42 U.S.C 1981; the Employee Retirement Income Security Act of 1974, as amended; the Age Discrimination
in Employment Act of 1967, as amended; the Civil Rights Act of 1991; the Worker Adjustment and Retraining Notification Act; the
New York State and City Human Rights Laws; the New Jersey Law Against Discrimination; the New Jersey Conscientious Employee Protection
Act, the New Jersey Family Leave Act, Georgia Fair Employment Practices Act, the Sex Discrimination in Employment Act, the Georgia
Age Discrimination in Employment Act, and the Georgia Equal Employment for Persons with Disabilities Code, and other Federal, State
and local human rights, fair employment and other laws. Employee also understands there are other statutes and contract and tort
laws which relate to Employee’s employment and/or the termination of Employee’s employment. Employee hereby knowingly
and voluntarily agrees to waive and release any rights or claims Employee may have under these and other laws, including, but not
limited to, any right to allege retaliation under the Sarbanes-Oxley Act of 2002 or any applicable federal or state False Claims
Act statute, but does not intend to, nor is Employee waiving any rights or claims that may arise after the date that this Agreement
is signed by Employee. Notwithstanding the foregoing sentence, Employee’s waiver and release shall not extend to (i) any
rights, remedies, or claims Employee may have in enforcing the terms of the Agreement; and (ii) any rights Employee may have to
receive vested amounts under AHC’s stock option plans or pension plans.

 

15.   This Agreement shall
be deemed to have been made within the County of Hall, State of Georgia, and shall be interpreted and construed and enforced in
accordance with the laws of the State of Georgia without regard to its conflicts of law provision.

 

16.   Employee is hereby
advised of Employee’s rights to review this Agreement with counsel of Employee’s choice and AHC agrees to reimburse
Employee up to $2,500 for attorney’s fees and expenses incurred in connection with his review of this agreement, which shall
be paid on the Execution Date Employee has had the opportunity to consult with an attorney and/or other advisor of Employee’s
choosing before signing the Agreement, and was given a period of twenty-one (21) days to consider the Agreement. Employee is permitted,
at his discretion, to return the Agreement prior to the expiration of this 21-day period. Employee acknowledges that in signing
this Agreement, Employee has relied only on the promises written in this Agreement, and not on any other promise made by the Company
or any other entity or person.

 

17.   Employee represents
that Employee has not filed any complaints, charges or claims against AHC with any local, State, or Federal agency or court, or
with any other forum.

 

18.   Employee agrees
to immediately return any AHC property no matter where located to AHC including, but not limited to, AHC I.D. card, corporate credit
card, keys, computer disks, and written/electronic material prepared in the course of employment at AHC. Employee covenants and
agrees that if he determines any other AHC property is in his possession in the future he will promptly notify AHC and return the
property.

 

    	 	8	 

     

    

 

19.   If any provision
of this Agreement, or any part thereof, is held to be invalid or unenforceable because of the scope or duration of or the area
covered by such provision, Employee and AHC agree that the court or other appropriate decision-making authority making such determination
shall reduce the scope, duration and/or area of such provision (and shall substitute appropriate provisions for any such invalid
or unenforceable provisions) in order to make such provision enforceable to the fullest extent permitted by law and/or shall delete
specific words and phrases, and such modified provision shall then be enforceable and shall be enforced. In the event that any
court or other appropriate decision-making authority determines that the time period or the area, or both, are unreasonable and
that any of the covenants is to that extent invalid or unenforceable, the parties hereto agree that such covenants will remain
in full force and effect, first, for the greatest time period, and second, in the greatest geographical area that would not render
them unenforceable. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions of this
Agreement shall nonetheless survive and be enforced to the fullest extent permitted by law.

 

20.   Except as otherwise
expressly provided herein, this Agreement and Release, together with the General Release constitute the entire agreement between
the Parties and supersede any and all prior agreements, whether written or oral. This Agreement may not be modified or changed,
except in a written agreement signed by both Parties.

 

21.   The Agreement may
be executed in multiple counterparts, each of which shall be considered an original but all of which shall constitute one agreement.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the dates set forth below.

 

I have read this Agreement,
and I understand all of its terms. I enter into and sign this Agreement knowingly and voluntarily with full knowledge of what it
means. I understand that I have twenty-one (21) days to consider this Agreement and return it to AHC. I also understand that I
have seven (7) days to revoke this Agreement in writing after I sign it. I understand that a revocation will become effective only
if I furnish AHC with written notice, within such seven (7) day period. This Agreement will not become effective or enforceable
until AHC’s receipt back of Employee’s executed Agreement and the expiration of the seven-day revocation period.

 

	/s/ William P. Henry	 	2/27/17
	William P. Henry	 	Date
	 	 	 
	Authentidate Holding Corp.	 	 
	 	 	 
	By 	/s/ Paul Suda	 	2/27/17
	 	Authorized Representative	 	Date
	 	General
                                         Counsel

	 	 

 

    	 	9	 

     

    

 

CONSULT WITH AN ATTORNEY BEFORE SIGNING GENERAL RELEASE. BY SIGNING
THIS GENERAL RELEASE, YOU GIVE UP AND WAIVE IMPORTANT LEGAL RIGHTS.

 

GENERAL RELEASE

 

William P. Henry understands
and, of my own free will, enters into this General Release.

 

In consideration of the
payments, benefits, agreements, and other consideration to be provided by AHC as described in the Agreement of which this General
Release is a part (such agreement, this General Release, together, the “Agreement”), for himself and for his heirs,
executors, administrators, and their respective successors and assigns (collectively, “Employee”), HEREBY RELEASES
AND FOREVER DISCHARGES, to the maximum extent permitted by law, Authentidate Holding Corp. its stockholders, subsidiaries,
affiliates, divisions, successors and assigns, their respective current and former officers, directors, employees, agents, attorneys,
whether as individuals or in their official capacity, and each of their respective successors and assigns (hereinafter collectively
referred to as “AHC”) of and from all or any manner of actions, causes and causes of action, suits, debts, obligations,
damages, complaints, liabilities, losses, covenants, contracts, controversies, agreements, promises, variances, trespasses, judgments
and expenses (including attorneys’ fees and costs), extents, executions, claims and demands whatsoever at law or in equity
(“claims”), specifically including by way of example but not limitation, Title VII of the Civil Rights Acts of 1964
and 1991, as amended; the Civil Rights Act of 1866; the Employee Retirement Income Security Act of 1974, as amended; the National
Labor Relations Act, as amended; the Americans with Disabilities Act of 1990; the Age Discrimination in Employment Act of 1967,
as amended; the Worker Adjustment and Retraining Notification Act; the Pregnancy Discrimination Act, the Sarbanes-Oxley Act of
2002 or any applicable federal or state False Claims Act statute; and all Federal, State and local statutes, regulations, decisional
law and ordinances and all human rights, fair employment, contract and tort laws relating in any way to Employee’s employment
with AHC and/or the termination thereof including, again by way of example but without limitation, the New Jersey and New York
Civil Rights Laws, the New Jersey Law Against Discrimination, the New York Executive Law, the New York City Human Rights Law, the
New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act, Georgia Fair Employment Practices Act, the Sex
Discrimination in Employment Act, the Georgia Age Discrimination in Employment Act, and the Georgia Equal Employment for Persons
with Disabilities Code, any civil rights or human rights law, as well as all claims for wrongful discharge, breach of contract,
personal injury, defamation, mental anguish, injury to health and reputation, sexual, harassment, which Employee ever had, now
has, or which Employee hereafter can, shall or may have for, upon or by reason of any matter, cause or thing whatsoever arising
out of Employee’s employment by AHC or the termination thereof, provided that this General Release shall not extend to (i)
any rights, remedies, or claims Employee may have in enforcing the terms of this Agreement; (ii) any rights Employee may have to
receive vested amounts under AHC’s stock option plan, 401-K or pension plans; (iii) Employee’s rights to medical benefit
continuation coverage, on a self-pay basis, pursuant to federal law (COBRA); and (iv) claims for indemnification (whether under
state law, the Company's by-laws or otherwise) for acts performed as an officer or director of the Company or any of its affiliates.
Employee takes this action filly aware of Employee’s rights arising under the laws of the United States (and any State or
local governmental entity thereof) and voluntarily waives and releases all such rights or claims under these or other laws, but
does not intend to, nor is Employee waiving any rights or claims that may arise after the date that this Agreement is signed by
Employee. The provisions of any laws providing in substance that releases shall not extend to claims which are at the time unknown
to or unsuspected by the person executing such release, are hereby waived.

 

    	 	10	 

     

    

 

Employee represents that
Employee has been advised to and has had an opportunity to consult with an attorney and/or any other advisors of Employee’s
choosing before signing this Agreement, and was given a period of twenty-one (21) days to consider this Agreement. Employee is
permitted, at his discretion, to return the Agreement prior to the expiration of this 21-day period. Employee has relied only on
the promises written in the Agreement, and not on any other promise made by AHC or any other entity or person.

 

Employee has seven (7)
days to revoke the Agreement after Employee signs it. The Agreement will not become effective or enforceable until AHC’s
receipt back of Employee’s executed Agreement and the expiration of the seven-day revocation period.

 

Employee has read and understood
the Agreement and enters into it knowingly and voluntarily.

 

IN WITNESS WHEREOF,
William P. Henry has set his hand this 27 day of February, 2017 having had the opportunity to review this with counsel
of his or her choice.

 

	/s/ William P. Henry	 	2/27/2017
	William P.  Henry	 	Date

 

    	 	11Exhibit 10.01

 

 

SEPARATION AGREEMENT

 

This Separation Agreement
("Agreement") is made by and between Inspyr Therapeutics, Inc. (the "Company"), and Russell Richerson ("Employee").

 

WHEREAS, on September
2, 2009 the Company and Employee entered into an employment agreement (which together with all prior amendment thereto shall be
the “Employment Agreement);

 

WHEREAS, on September
2, 2009 the Company and Employee entered into a proprietary information, inventions and non-competion agreement ( “Confidentiality
Agreement”);

 

WHEREAS, in connection
with Employee’s employment, Employee has been granted the stock options as contained on Schedule A (“Awards”);
and

 

WHEREAS, the Employee
and Company now wish to mutually terminate the Employment Agreement and Employee’s employment with the Company.

 

NOW THEREFORE, in consideration
of the mutual promises made herein, the Company and Employee (each a “Party” and collectively referred to as "the
Parties") hereby agree as follows:

 

1.       Termination
of Employment. Employee acknowledges that Employee’s employment with the Company will terminated effective February 28,
2017 (“Separation Date”), after which date Employee performed no further duties, functions or services for the Company
pursuant to the Employment Agreement. Employee’s termination shall be considered a voluntary resignation.

 

2.       Payment
of Moneys Owed. Employee acknowledges the Company has paid all compensation owed to Employee as a result of Employee’s
employment with the Company, including but not limited to Employee’s salary/wages through the Separation Date, all accrued
but unused vacation/flex time through that date, and/or bonuses owed to Employee, and all business expenses, if any, incurred by
Employee as a result of Employee’s employment with the Company. Employee further agrees that he has no present claim for
wages or benefits, and that he is not and would not be entitled to any future wages or benefits pursuant to any claims, other than
the severance pay and benefits under this Agreement.

 

3.       Consideration.
As consideration for Employee’s Release of Claims as contained in Section 7, the mutual termination of the Employment Agreement,
and Employee’s obligations contained in this Agreement, Employee will receive:

 

(a)       Extension
of Awards Exercise Period and Reduction of Awards Exercise Price. The Company shall to the extent that any Awards have vested,
make the vested portion of such Awards exerciseable at any time during their remaining term regardless of any termination of the
right to exercise such Awards that may be the result of Employee ceasing to be a service provider to the Company. Additionally,
the exercise price of the Awards will be reduced to $0.75. Notwithstanding, the exercise of the Awards shall be pursuant to the
other terms and conditions of the Company's 2007 Equity Compensation Plan or 2009 Executive Compensation Plan, as applicable (collectively
“Plans”), as well as any conditions or terms contained in the Awards agreeements.

 

     

     

    

 

(b)Warrant.Employee
will be granted a warrant to purchase 76,726 shares of common stock (“Warrant”). The Warrant will have an exercise
price of $0.75 per share and a term of 3.5 years.

 

(c)       Equipment.
Employee will receive and take ownership of equipment presently in his possession and previously provided by the Company except
for items listed on Schedule A (“Equipment”).

 

(d)       Consulting
Agreement. Employee will be granted the option to enter into a consulting agreement, in substantially the same form as attached
hereto as Exhibit A, whereby Employee will provide the Company certain services, on a consultant basis, for a transitional period
of $10,000 / month for 3 months following the Separation Date (“Consulting Agreement”). Consultant Agreement can be
extended on monthly basis per agreement between parties.

 

4.       Confidential
Information. Employee shall continue to maintain the confidentiality of all confidential and proprietary information of the
Company and shall continue to comply with the terms and conditions of the Confidentiality Agreement between Employee and the Company.
Notwithstanding the foregoing, if an exclusive agreement between Inspyr and ThapsIbiza is in effect, the definition of “Field
of Interest” contained in the Confidentiality Agreement is expanded to also include the cultivation or sale of seeds derived
from Thapsia garganica.

 

5.       Unemployment
Benefits. Employee will not file an application for unemployment insurance benefits, if any, as a result of this Agreement.
The Company does not admit or deny, that Employee has a right to receive unemployment insurance benefits.

 

6.       
No Filings or Assignment. Employee represents that Employee has not initiated any suit or action before any federal, state
or local judicial or administrative forum with respect to any matter arising out of or connected with Employee’s employment
by the Company and/or the termination of that employment. Employee also represents that he has not previously transferred, assigned
or conveyed any right or claim released in this Agreement. Employee further represents that he has not suffered any work-related
injury during his employment with the Company that he has not reported to the Company.

 

    	 	2	 

     

    

 

7.       Release
of Claims.

 

(a)       Employee
Release. Except as to such rights or claims as may be created by this Agreement, Employee hereby irrevocably and unconditionally
remises, releases, and forever discharges the Company and any predecessor, successor, parent, subsidiary or affiliated corporation,
and all present or former directors, officers, agents, employees, insurers, representatives, and attorneys, (and directors, officers,
agents, employees, insurers, representatives, and attorneys of any parent, subsidiary, or affiliated corporations), and all persons
acting by, through, under or in concert with any of them (collectively the “Company Releasees”), or any of them, from
any and all actions, causes of action, suits, debts, charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever, in
law or equity, known or unknown, suspected or unsuspected, fixed or contingent, which any of them ever had or now has against the
Company Releasees, from the beginning of time to the date of this Agreement, including but without limitation on the foregoing
general terms, any claims arising from or relating to Employee’s employment relationship with the Company or the termination
thereof, including any claims arising from any alleged breach of contract, covenant of good faith and fair dealing, wrongful termination,
tort or any violation of any federal, state or local statutes, ordinances or common law, including but not limited to: (1) the
Civil Rights Act of 1964, as amended; (2) 42 U.S.C. § 1981; (3) Section 503 of the Rehabilitation Act of 1973; (4) the Americans
with Disabilities Act; (5) the Fair Labor Standards Act (including the Equal Pay Act); (6) the California and Federal Family and
Medical Leave Act; (7) the Employee Retirement Income Security Act, as amended; (8) the Age Discrimination in Employment Act of
1967 (“ADEA”); (9) the Older Workers Benefit Protection Act (“OWBPA”); (10) the Federal Worker Adjustment
and Retraining Notification Act; (11) the California Fair Employment and Housing Act; (12) the California Labor Code; (13) the
Utah Antidiscrimination Act; and (14) the Utah Code, including the Utah Labor Code which Employee now has, owns or holds, or claims
to have, own or hold, or which Employee at any time heretofore had, owned or held, or claimed to have, own or hold against any
of the Releasees relating to any conduct occurring prior to and including the date of execution of this Agreement.

 

In addition, in return
for the consideration identified in Section 3 above, Employee specifically represents that Employee is knowingly and voluntarily
waiving and releasing any rights Employee may have for age discrimination under the ADEA or OWBPA.

 

(b)       Company
Release Except as to such rights or claims as may be created by this Agreement, Company hereby irrevocably and unconditionally
remises, releases, and forever discharges the Employee and his respective agents, family, heirs, successors, affiliates, employees,
representatives, attorneys, assigns, and each of them, and all persons acting by, through, under or in concert with any of them
(collectively the “Employee Releasees”), or any of them, from any and all actions, causes of action, suits, debts,
charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, and expenses (including attorney’s
fees and costs actually incurred), of any nature whatsoever, in law or equity, known or unknown, suspected or unsuspected, fixed
or contingent, which any of them ever had or now has against the Employee Releasees, from the beginning of time to the date of
this Agreement, including but without limitation on the foregoing general terms, any claims arising from or relating to Employee’s
employment relationship with the Company, including any claims arising from any alleged breach of contract, covenant of good faith
and fair dealing, tort or any violation of any federal, state or local statutes, ordinances or common law.

 

    	 	3	 

     

    

 

(c)       Knowing
and Voluntary Waiver. Section 1542 of the Civil Code of the State of California provides, generally, that a release does not
extend to unknown claims. Specifically, Section 1542 of the Civil Code of the State of California states as follows:

 

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

 

For the purposes of implementing
a full and complete release and discharge of Employee Releasees and Company Releasees, the parties expressly waive and relinquish
all rights and benefits afforded by Section 1542 of the Civil Code of the State of California and acknowledges that this Agreement
is intended to include and discharge all claims between the parties, known or not known or suspect to exist at the time of execution
of this Agreement related to each respective party.

 

8.       Consideration
Period. In accordance with the ADEA and OWBPA, Employee acknowledges that: (1) Employee has been advised by the Company that
he is entitled to a period of forty-five (45) days from the Separation Date within which to consider this Agreement before signing
it; (2) he is free to sign this Agreement at any time prior to the expiration of this forty-five (45) day period if he so wishes;
(3) he expressly acknowledges that he has taken sufficient time to consider this Agreement before signing it; and (4) this Agreement
is written in a manner that he can understand, and he has fully considered the terms and conditions of this Agreement.

 

9.       Revocation
Period. Employee acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights Employee may have
under the ADEA and OWBPA. Employee also acknowledges that the consideration given for the waiver and release set forth in Section
3 of this Agreement is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that
Employee has been advised by this writing, as required by the OWBPA Act, that: (1) Employee’s waiver and release does not
apply to any rights or claims that may arise after the effective date of this Agreement, or that are otherwise prohibited from
release by law; (2) Employee should consult with an attorney prior to executing this Agreement; (3) Employee has up to forty-five
(45) days from the Separation Date to consider this Agreement (although Employee may execute this Agreement earlier at the Employee’s
discretion); (4) Employee has seven (7) days following execution of this Agreement to revoke the Agreement; and (5) this Agreement
shall not be effective until the date upon which the revocation period has expired. Employee shall provide a fully executed copy
of this Agreement to the Company, attention Raul Silvestre, the date of execution of which by Employee shall begin the seven-day
revocation period. Employee may revoke this Agreement only by giving Mr. Silvestre, formal, written notice of the revocation of
this Agreement, which should be addressed to Inspyr Therapeutics, Inc. Attn: Raul Silvestre, 31200 Via Colinas, Suite 200, Westlake
Village, CA 91362, and which should be received by Mr. Silvestre, by the close of business on the seventh (7th) day following Employee’s
execution of this Agreement.

 

10.       Mutual
Non-disparagement. The Parties agree that, for a period of one year following the Separation Date, they shall not, in any communications
with the press or other media or to any customer, client or supplier of the Company, or any affiliate of the Company, criticize,
ridicule or make any statement which disparages or is derogatory of each other or its affiliates or any of their respective representatives
or agents. In responding to inquiries about Employee from prospective employers or other third parties, the Company shall confirm
only Employee’s dates of employment, titles, and final rate of pay.

 

    	 	4	 

     

    

 

11.       No
Representations. Employee represents and acknowledges that in executing this Agreement Employee does not rely and has not relied
on any representation or statement by any of the Company Releasees or by any of the Releasees’ agents, representatives or
attorneys with regard to the subject matter, basis or effect of this Agreement.

 

12.       Binding
Agreement/Governing Law. This Agreement shall be binding upon Employee and Employee’s heirs, administrators, representatives,
executors, successors and assigns, and shall inure to the benefit of Company Releasees and each of them, and to their heirs, administrators,
representatives, executors, successors, and assigns. This Agreement is made and entered into in the State of California, and shall
in all respects be interpreted, enforced and governed under the laws of the State of California. The language of all parts of this
Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the
parties.

 

13.       Severability.
Should any provision of this Agreement be determined by any court to be illegal or invalid, the validity of the remaining parts,
terms, or provisions shall not be affected, and said illegal or invalid part, term, or provision shall be deemed not to be part
of this Agreement.

 

14.       Encouragement
to Consult With Attorney. Employee is encouraged to consult with an attorney before signing this Agreement, but is free to
sign the Agreement at the Employee’s discretion.

 

15.       Voluntary
Agreement. Employee acknowledges that Employee has carefully read and fully understands this entire Agreement, and that Employee
is voluntarily entering into this Agreement.

 

16.        Entire
Agreement. Except with respect to the Confidentialtiy Agreement, this Agreement sets forth the entire agreement between the
parties, and fully supersedes any and all prior agreements or understandings between the parties pertaining to the subject matter
of the Agreement and/or Employee’s employment with the Company, including any items regarding compensation.

 

17.       Authority.
The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company
and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he has the
capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of
this Agreement. Each party warrants and represents that there are no liens or claims of lien or assignments in law or equity or
otherwise of or against any of the claims or causes of action released herein.

 

18.       No
Oral Modification. This Agreement may only be amended in writing signed by Employee and the President of the Company.

 

    	 	5	 

     

    

 

19.       Counterparts.
This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall
constitute an effective, binding agreement on the part of each of the undersigned.

 

20.       Voluntary
Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf
of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that:

 

(a)       They
have read this Agreement;

 

(b)       They
have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or
that they have voluntarily declined to seek such counsel;

 

(c)       They
understand the terms and consequences of this Agreement and of the releases it contains;

 

(d)       They
are fully aware of the legal and binding effect of this Agreement.

 

 

 

[REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement on the respective dates set forth below.

 

	 	GenSpera, Inc.
	 	 
	 	 
	Dated: March 1, 2017	By	 
	 	 	Christopher Lowe, Chief Executive Officer
	 	 	 
	 	 
	 	 
	 	Russell Richerson an individual
	 	 
	 	 
	Dated: March 1, 2017	 
	 	Russell Richerson (Employee)

 

 

    	 	7	 

     

    

 

 

Schedule A 

 

 

Excluded Equipement 

 

None

 

Awards

 

	 	 	Number of Securities Underlying	 	 	Option	 	 	Option
	 	 	Unexercised Options (#)	 	 	Exercise	 	 	Expiration
	Name and Principal Position	 	Exercisable	 	 	Unexercisable	 	 	Price ($)	 	 	Date
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Russell Richerson, Ph.D	 	8,560	 	 	—	 	 	54.90	 	 	7/1/2018
	Chief Operating Officer	 	9,765	 	 	—	 	 	60.30	 	 	1/2/2019
	 	 	1,553	 	 	—	 	 	60.30	 	 	1/2/2019
	 	 	11,438	 	 	—	 	 	59.40	 	 	3/25/2020
	 	 	5,773	 	 	—	 	 	59.40	 	 	3/25/2020
	 	 	7,017	 	 	—	 	 	38.70	 	 	1/7/2021
	 	 	20,049	 	 	—	 	 	38.70	 	 	1/7/2021

 

 

 

 

    	 	8

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