Document:

Exhibit 10.1

    

    

    

    

    

    
    

    

    
      

      

      January 27, 2020

       

      Dear Bob:

       

      Adtalem Global Education continually seeks talented individuals to add insight and experience to our organization. Based on our conversations, we feel
        that your talents, energy and the dedication you bring to our organization will move us forward in our journey to become the premier provider of education services. We are pleased to extend our offer, of Regular Full-Time Employment, to you as Vice President and Chief Accounting Officer reporting to Michael Randolfi, SVP and Chief Financial Officer. The effective date of this offer will be
        February 11, 2020.

      

      

      Subject to the specific provisions of the Adtalem Global Education compensation policy the key components of your compensation package are as follows:

      

      

      ANNUAL BASE SALARY: Your salary is $350,000.00/Yr. and is payable in bi-weekly
        installments. Your salary will be reviewed annually at the close of the fiscal year June 30, 2020. Based upon a written performance appraisal, merit increases are effective in September.

      

      

      INCENTIVE OPPORTUNITY: The opportunity to earn an annual management incentive (MIP) targeted at 50% of your base salary, with a potential maximum of 200% of this target. This
        incentive will be prorated from your first day of employment and be based on your performance as measured against specified criteria and the financial and operating results of the Company. This incentive is paid at the end of Adtalem's fiscal year.

      

      

      LONG TERM INCENTIVE (LTI): You will be eligible to
        participate in a long-term incentive program commensurate with similar positions in the Adtalem organization. Long-term incentive opportunities currently come in the form of options, performance shares and/or restricted stock grants typically made
        in the first quarter of the fiscal year. You will have a general long-term incentive that is approximately 50% of your annual salary, however, long-term incentive awards are discretionary in nature and subject to receiving Board approval for grants
        each year. The size of the award granted to you each year will be

      based on an assessment of past performance and future potential and the actual award may vary above or below this target from year to year.

      

      

      ONE TIME LTI SIGN ON BONUS: You will be provided
        LTI with the grant date value of $300,000. This award will be delivered in the form of time-based restricted stock units at the first Board meeting following your official start date. This award will vest one third per year over the first three
        years from the date of grant.

       

      SPECIAL CASH PAYMENT: You will receive 7 monthly
        payments of $20,000 (minus applicable taxes) from March through September totaling $140,000.

      

      

      BENEFITS: You will be eligible to participate in
        our benefits program, which includes medical and dental insurance, life, disability, holiday and vacation pay, tuition benefits, and a 401(k) plan. Specific details of your eligibility for these and other benefits will be described to you during
        your new-hire orientation.

      
        
          

      

       

       

        

       

        

      VACATION: You will be eligible for twenty-five (25
        days) of Paid Time Off (PTO). PTO will accrue at 16.67 hours per month. Additionally, you will also be entitled to two (2) floating holidays in addition to 11 set holidays

      

      

      I9/EMPLOYMENT ELIGIBILITY: Adtalem Global
        Education is required by law to have each of our colleagues complete a Form I-9. The Form I-9 is used to verify an individual’s identity and establish that the individual is eligible to work in the United States. The form I-9 is required by law to
        be completed within your first three (3) days of employment. You will complete your I-9 electronically through Equifax’s I-9 management system. Instructions on how to complete this form are detailed on the “Employment Eligibility Flyer” and the
        “Completing your Electronic I-9” documents.

      

      

      BACKGROUND CHECK: This offer is also contingent
        upon the successful completion of a background/reference check and may include a pre-employment drug-screen if required for the position. Candidates currently employed with the VA: Evidence that you have obtained the necessary conflict of interest
        waiver from the Department of Veterans Affairs is also required prior to the designated start date. By signing this offer letter, you agree and represent that you are not bound by any agreement or understanding which would prevent you from fully
        performing the duties of the job that you’ve been offered or would otherwise preclude or restrict you from accepting employment with Adtalem Global Education.

      

      

      You agree that you will neither use nor disclose to anyone at Adtalem Global Education or its affiliates, any proprietary or confidential information you
        have from any former employer. We also suggest that you destroy or return any such proprietary or confidential information to the company from which you received it.

      

      

      Your employment with Adtalem Global Education is an employment-at-will relationship that can be terminated either by yourself or Adtalem Global Education
        at any time for any reason.

      

      

      To ensure no delays in your onboarding process, please sign this letter via DocuSign promptly.

      

      

      Congratulations again and best of luck in your new position! Welcome to Adtalem Global Education!

      

      

      Sincerely,

      

      

      
        	
                /s/ Jennifer Reynolds

              	
                1/27/2020

              
	
                Jennifer Reynolds

              	
                Date

              
	
                Director, Talent Acquisition

              	
                 

              
	
                 

              	
                 

              
	
                 

              	
                 

              
	
                Acceptance:

              	
                 

              
	
                 

              	
                 

              
	
                /s/Robert Phelan

              	
                1/27/2020

              
	
                Robert Phelan

              	
                DateBPMX Exh 10.1 Fullcycle sublease

			

					

						 

					

					

						 

				
	

					

						 

					

					

						

				

		

			Sublease Agreement

		

		

			 

		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Sublessor:

					
					
						BioPharmX, Inc.

					
					
						Subleased Premises:

					
					
						115 Nicholson Lane San Jose CA 95134

				
	
					
						Sublessee:

					
					
						Full Cycle Bioplastics Inc.

					
					
						Date:

					
					
						1/15/2020

				

		
			 
		

			
	
			
				 1.
			

			
	
			
			Parties:

		
			This Sublease is entered into this 14th day of February, 2020 by and between BioPharmX, Inc., Sublessor, and Full Cycle Bioplastics Inc., Sublessee, as a Sublease under the Master Lease dated October 31, 2018 entered into by THE IRVINE COMPANY LLC, as Lessor, and Sublessor under this Sublease as Lessee; a copy of the Master Lease is attached hereto as Exhibit “A”.
		

			
	
			
				 2.
			

			
	
			
			Provisions Constituting Sublease:

		
			2.1This Sublease is subject to all of the terms and conditions of the Master Lease in Exhibit “A” and Sublessee shall assume and perform the obligations of the Lessee in said Master Lease, to the extent said terms and conditions are applicable to the Premises subleased pursuant to this Sublease. Sublessee shall not commit or permit to be committed on the Premises any act or omission which shall violate any term or condition of the Master Lease. In the event of termination of Sublessor's interest as Lessee under the Master Lease for any reason, then this Sublease shall terminate coincidentally therewith without any liability of Sublessor to Sublessee.
		

		
			2.2All of the terms and conditions contained in the Master Lease are incorporated herein except for paragraphs 4, 5, 6, 9, 10, 12, Exhibit X and Work Letter.
		

			
	
			
				 3.
			

			
	
			
			Premises:

		
			Sublessor leases to Sublessee and Sublessee hires from Sublessor the following described Premises, together with appurtenances, situated in the City of San Jose, County of Santa Clara, State of California, commonly known and described as 115 Nicholson Lane and consisting of 11,793 Square Feet.
		

			
	
			
				 4.
			

			
	
			
			Rental:

		
			Sublessee shall pay to Sublessor as rent for the Premises in advance on the first day of each calendar month of the term of this Sublease without deduction, offset, prior notice or demand, in lawful money of the United States the sum of $34,435.56. If the commencement date is not the first of the month, or if the Sublease termination date is not the last day of the month, a prorated monthly installment shall be paid at the then current rate for the fractional month during which the Sublease commences and/or terminates. Receipt of $18,998.93 is hereby acknowledged as rental for the first prorated month, and the additional amount of $73,682.65 as non-interest bearing security for performance under this Sublease. In the event Sublessee has performed all of the terms and conditions of this Sublease throughout the term, upon Sublessee vacating the Premises, the amount paid as a security deposit shall be returned to Sublessee after first deducting any sums owing to Sublessor. The monthly rent will increase in accordance with the Master Lease.
		

		
			

		 

		

			7/11/2019 10:58 AM • Document2Page 1 of 5

		

		

			 

		

		

			Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified, and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. 

		

			

					

						 

					

					

						

				

		

			 

		

		

			
	
			
				 5.
			

			
	
			
			Term:

		
			5.1The term of this Sublease shall be for a period of 4 years commencing on February 1st, 2020 and ending on December 30, 2023.
		

		
			5.2In the event Sublessor is unable to deliver possession of the Premises at the commencement of the term, Sublessor shall not be liable for any damage caused thereby, nor shall this Sublease be void or voidable but Sublessee shall not be liable for rent until such time as Sublessor offers to deliver possession of the Premises to Sublessee, but the term hereof shall not be extended by such delay. If Sublessee, with Sublessor's consent, takes possession prior to commencement of the term, Sublessee shall do so subject to all the covenants and conditions hereof and shall pay rent for the period ending with the commencement of the term at the same rental as that prescribed for the first month of the term prorated at the rate of 1/30th thereof per day. In the event Sublessor has been unable to deliver possession within thirty days from the commencement date, Sublessee, at Sublessee's option, may terminate this Sublease.
		

			
	
			
				 6.
			

			
	
			
			Use:

		
			Sublessee shall use the Premises for General Office and Research Laboratory and for no other purpose without the written consent of Sublessor.
		

			
	
			
				 7.
			

			
	
			
			Compliance With Americans With Disabilities Act:

		
			Sublessor shall be responsible for the installation and cost of any and all improvements, alterations or other work required on or to the Premises or to any other portion of the property and/or building of which the Premises are a part, required or reasonably necessary because of (1) the use to which the Premises or any portion thereof is put; (2) the use by a subtenant by reason of assignment or sublease; or (3) both, including any improvements, alterations or other work required under the Americans With Disabilities Act of 1990. Compliance with the provisions of this paragraph shall be a condition of Sublessor granting its consent to any assignment or sublease of all or a portion of the Premises described in this Sublease.
		

			
	
			
				 8.
			

			
	
			
			Notices:

		
			All notices or demands of any kind required or desired to be given by Sublessor or Sublessee hereunder shall be in writing and shall be deposited in the United States mail, certified or registered, postage prepaid, addressed to the Sublessor or Sublessee, respectively, at the address set forth after their signatures at the end of this Sublease. All rent and other payments due under this Sublease or the Master Lease shall be made to Sublessor at the Sublessor's address set forth below.
		

			
	
			
				 9.
			

			
	
			
			Broker Fee:

		
			Upon execution of this Sublease, Sublessor shall pay Cornish & Carey Commercial dba Newmark Knight Frank, a licensed real estate broker, fees set forth in a separate agreement between Sublessor and Broker.
		

		

		 

		

			7/11/2019 10:55 AM • Document2Page 2 of 5

		

		

			 

		

		

			Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified, and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. 

		

			

					

						 

					

					

						

				

		

			 

		

	
					
						

					
						F

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Sublessor:

					
					
						Biopharmx Inc.

				
	
					
						By:

					
					
						/s/ Steven Bosacki

					
					
						Date:

					
					
						February 14, 2020

				
	
					
						Steven Bosacki, Chief Operating Officer

				
	
					
						Address

					
					
						115 Nicholson Lane

				
	
					
						 

					
					
						San Jose, CA  95134

				

		
			 
		

		
			 
		

			
					
						Febr

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Sublessee:

					
					
						Full Cycle Bioplastics Inc.

				
	
					
						By:

					
					
						Dane Anderson, Chief Technology Officer

					
					
						Date:

					
					
						February 14, 2020

				
	
					
						NamePrinted, TitlePrinted

					
						Signature:  /s/ Dane Anderson

				
	
					
						Address

					
					
						2120 University Ave, Suite 504

				
	
					
						 

					
					
						Berkeley, CA 94704

				

		
			 
		

		
			 
		

			
					
						Broker

					
					
						Cornish & Carey Commercial
dba Newmark KNIGHT FRANK
Address Line 1
City, CA  zip

				
	
					
						By:

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						Agent Name, CA RE License #______________________________

				

		
			 
		

		
			 
		

		 

		

			7/11/2019 10:55 AM • Document2Page 3 of 5

		

		

			 

		

		

			Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified, and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal.

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