Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT 

 

THIS SECURITIES PURCHASE
AGREEMENT (this “Agreement”) is entered into as of December [●], 2015 (the “Effective
Date”) between 3DIcon Corporation, an Oklahoma corporation (the “Company”), and __________________________
(the “Subscriber”).

 

WHEREAS, those
parties listed on Exhibit A provided services to the Company or were owed debt by the Company during the past fiscal year
in the amounts listed therein;

 

WHEREAS, Subscriber
desires to receive from the Company and the Company desires to issue to the Subscriber, Series B Convertible Preferred Stock (as
further described herein below) in consideration for, and if full satisfaction of, the Subscriber’s services to the Company
or debt owed to the Subscriber by the Company, pursuant to the terms of this Agreement.

 

NOW, THEREFORE,
based upon the foregoing and the mutual promises in this Agreement, the parties agree as follows:

 

1.        Investment. As consideration for, and in full satisfaction of, each Subscriber’s services to the Company
or debt owed by the Company, as listed on the schedule attached hereto as Exhibit A (the “Amounts Owed ”),
the Company will issue, sell, transfer and assign to Subscriber the number of shares of Series B Convertible Preferred Stock ,
par value $0.0002 per share (“Series B Preferred”) to be issued hereunder having the rights, preferences
and limitations as set forth in the Certificate of Designation, in the form of Exhibit B hereto (“Certificate
of Designation”). As soon as practicable, the Company shall deliver to the Subscriber the certificates evidencing
the shares of Series B Preferred issued pursuant to this Agreement. For purposes of this Agreement the shares of Series B Preferred
and the Common Stock of the Company issuable upon conversion thereof shall be collectively known as the “Securities”.

 

2.        Termination. In the event the sale of the Securities is not consummated for any reason, this Agreement and
any other agreement entered into between the Subscriber and the Company shall thereafter have no force or effect, and the Company
shall promptly return or cause to be returned to the Subscriber the Amounts Owed remitted to the Company, without deduction therefrom.

 

3.        Representations by Subscriber. In consideration of the Company’s issuance of the Securities, the Subscriber
makes the following representations and warranties to the Company and to its principals, which warranties and representations shall
survive the issuance of the Securities by the Company:

 

(a)               
Prior to the time of purchase of any of The Securities, the Subscriber has carefully reviewed this Agreement, and the Company’s
filings with the Securities and Exchange Commission (the foregoing materials, together with this Agreement and any documents which
may have been made available upon request as reflected therein, collectively referred to as the “Public Information”).
The Subscriber has had the opportunity to ask questions and receive any additional information from persons acting on behalf of
the Company to verify Subscriber’s understanding of the terms thereof and of the Company’s business and status thereof.

 

     

     

    

(b)              
The Subscriber acknowledges that Subscriber has not seen, received, been presented with, or been solicited by any leaflet,
public promotional meeting, newspaper or magazine article or advertisement, radio or television advertisement, or any other form
of advertising or general solicitation with respect to the Securities.

 

(c)               
The Securities are being purchased for Subscriber’s own account for long-term investment and not with a view to immediately
re-sell the Securities. No other person or entity will have any direct or indirect beneficial interest in, or right to, the Securities.
Subscriber or its agents or investment advisors have such knowledge and experience in financial and business matters that will
enable Subscriber to utilize the information made available to it in connection with the purchase of the Securities to evaluate
the merits and risks thereof and to make an informed investment decision.

 

(d)              
The Subscriber hereby acknowledges that the issuance of the Securities has not been reviewed by the United States Securities
and Exchange Commission (the “SEC”) nor any state regulatory authority since the issuance of the Securities
is intended to be exempt from the registration requirements of Section 5 of the Securities Act, pursuant to Regulation D. Subscriber
acknowledges that the Securities have not been registered under the Securities Act or qualified under the under the securities
laws of any state or other jurisdiction or any other regulatory authority, or any other applicable blue sky laws, in reliance,
in part, on Subscriber’s representations, warranties and agreements made herein.

 

(e)               
The Subscriber represents, warrants and agrees that the Company and the officers of the Company (the “Company’s
Officers”) are under no obligation to register or qualify the Securities under the Securities Act or under any state
securities law, or to assist the undersigned in complying with any exemption from registration and qualification.

 

(f)               
The Subscriber represents that Subscriber meets the criteria for participation because: (i) Subscriber has a preexisting
personal or business relationship with the Company or one or more of its partners, officers, directors or controlling persons;
or (ii) by reason of Subscriber’s business or financial experience, or by reason of the business or financial experience
of its financial advisors who are unaffiliated with, and are not compensated, directly or indirectly, by the Company or any affiliate
or selling agent of the Company, Subscriber is capable of evaluating the risk and merits of an investment in the Securities and
of protecting its own interests.

 

(g)              
The Subscriber represents that Subscriber is an “accredited Subscriber” within the meaning of Rule 501 of Regulation
D under the Securities Act as indicated by the Subscriber’s responses to the questions contained in the Certificate of Accredited
Subscriber Status attached hereto as Exhibit C, and that the Subscriber is able to bear the economic risk of an investment
in the Securities.

 

(h)              
The Subscriber understands that the Securities are illiquid, and until registered with the SEC, or an exemption from registration
becomes available, cannot be readily sold as there will not be a public market for them, and that Subscriber may not be able to
sell or dispose of the Securities, or to utilize the Securities as collateral for a loan. Subscriber must not purchase the Securities
unless Subscriber has liquid assets sufficient to assure Subscriber that such purchase will cause it no undue financial difficulties,
and that Subscriber can still provide for current and possible personal contingencies, and that the commitment herein for the Securities,
combined with other investments of Subscriber, is reasonable in relation to its net worth.

 

    	 	2	 

     

    

(i)                
The Subscriber understands that the right to transfer the Securities will be restricted unless the transfer is not in violation
of the Securities Act, and any other applicable state securities laws (including investment suitability standards), that the Company
will not consent to a transfer of any of The Securities unless the transferee represents that such transferee meets the financial
suitability standards required of an initial participant, and that the Company has the right, in its absolute discretion, to refuse
to consent to such transfer.

 

(j)                
The Subscriber has been advised to consult with its own attorney or attorneys regarding all legal matters concerning an
investment in the Company and the tax consequences of purchasing the Securities, and has done so, to the extent Subscriber considers
necessary.

 

(k)              
The Subscriber acknowledges that the tax consequences of investing in the Company will depend on particular circumstances,
and neither the Company, the Company’s Officers, any other Subscribers, nor the partners, shareholders, members, managers,
agents, officers, directors, employees, affiliates or consultants of any of them, will be responsible or liable for the tax consequences
to Subscriber of an investment in the Company. Subscriber will look solely to and rely upon its own advisers with respect to the
tax consequences of this investment.

 

(l)                
The Subscriber acknowledges that some of the information provided by the Company in connection with the purchase of the
Securities constitutes “material non-public information” within the meaning of Rule 10b-5 of the Exchange Act. Subscriber
acknowledges and agrees that Subscriber is prohibited from any buying or selling of the Company’s securities on the basis
of this material non-public information until after the information either becomes publicly available by the Company (such as in
a Current Report on Form 8-K or in the Company’s Form 10-K or Form 10-Q) or ceases to be material, and in no event for at
least thirty (30) days from the date hereof. Subscriber acknowledges that it is aware of the restrictions of applicable securities
laws, including Regulation FD and Sections 9 and 10 of the Exchange Act and Rule 10b-5 under the Exchange Act, relating to the
trading in securities of an issuer, including while in possession of material non public information regarding that issuer.

 

(m)            
All information which the Subscriber has provided to the Company concerning the Subscriber, including but not limited to,
its financial position and its knowledge of financial and business matters, is truthful, accurate, correct, and complete as of
the date set forth herein.

 

(n)              
Each certificate or instrument representing securities issuable pursuant to this Agreement will be endorsed with the following
legend:

 

    	 	3	 

     

    

THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE TRANSFER
IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF
THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION
IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

(o)              
The Subscriber hereby represents that the address of the Subscriber furnished by Subscriber on the signature page hereof
is the Subscriber’s principal residence if Subscriber is an individual or its principal business address if it is a corporation
or other entity.

 

(p)              
The Subscriber represents that the Subscriber has full power and authority (corporate, statutory and otherwise) to execute
and deliver this Agreement and to purchase the Securities. This Agreement constitutes the legal, valid and binding obligation of
the Subscriber, enforceable against the Subscriber in accordance with its terms.

 

(q)              
If the Subscriber is a corporation, partnership, limited liability company, trust, employee benefit plan, individual retirement
account, Keogh Plan, or other tax-exempt entity, it is authorized and qualified to invest in the Company and the person signing
this Agreement on behalf of such entity has been duly authorized by such entity to do so.

 

(r)                
The Subscriber acknowledges that if he or she is a Registered Representative of a FINRA member firm, he or she must give
such firm the notice required by the FINRA’s Rules of Fair Practice, receipt of which must be acknowledged by such firm.

 

(s)               
The Subscriber acknowledges that at such time, if ever, as any of the Securities is registered with the SEC, sales of such
Securities will be subject to state securities laws.

 

(t)                
The Subscriber agrees not to issue any public statement with respect to the Subscriber’s investment or proposed investment
in the Company or the terms of any agreement or covenant between them and the Company without the Company’s prior written
consent, except such disclosures as may be required under applicable law or under any applicable order, rule or regulation.

 

4.         Representations by the Company. The Company hereby represents and warrants to the Subscriber as follows:

 

(a)               
The Company is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization.
The Company has all requisite power and authority to own and operate its properties and assets and to carry on its business as
presently conducted and as proposed to be conducted.

 

    	 	4	 

     

    

(b)              
The Company has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
This Agreement has been duly authorized, executed and delivered by the Company and is valid, binding and enforceable against the
Company in accordance with its terms.

 

(c)               
The Company’s Securities to be issued to the Subscriber pursuant to this Agreement, when issued and delivered in accordance
with the terms of this Agreement, will be duly and validly issued and will be fully paid and nonassessable.

 

(d)              
The Company’s common stock issuable to the Subscriber upon conversion of the Series A Preferred and the exercise of
the Warrants, when issued and delivered in accordance with this Agreement and the Certificate of Designation, will be duly and
validly issued and fully paid and nonassessable.

 

(e)               
The Company need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any
government or governmental agency in order to consummate the transactions contemplated by this Agreement.

 

(f)               
Neither the execution and delivery nor the performance of this Agreement by the Company will conflict with the Company’s
Certificate of Formation, as amended, or Bylaws, or result in a breach of any terms or provisions of, or constitute a default under,
any material contract, agreement or instrument to which the Company is a party or by which the Company is bound.

 

5.         Agreement to Indemnify. 

 

(a)               
Subscriber hereby agrees to indemnify and hold the Company, its principals, the Company’s officers, directors, attorneys,
employees, affiliates, controlling persons and agents and their respective heirs, representatives, successors and assigns, harmless
from any and all liabilities, damages, costs and expenses (including actual and reasonable attorneys’ fees) (collectively,
“Losses”) which they may incur by reason of Subscriber’s breach of any of Subscriber’s representations,
warranties or agreements contained in this Agreement, the Certificate of Accredited Subscriber Status, or any other document in
connection with the purchase and sale of the Securities.

 

(b)              
The Company hereby agrees to indemnify and hold the Subscriber, its principals, the Subscriber’s officers, directors,
attorneys, employees, affiliates, controlling persons and agents and their respective heirs, representatives, successors and assigns,
harmless from any and all Losses which they may incur arising from the Company’s breach of any of the Company’s representations,
warranties or agreements contained in this Agreement or any other document in connection with the purchase and sale of the Securities.

    	 	5	 

     

    

 

6.         Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered
or certified mail, return receipt requested, or delivered by hand against written receipt therefor, addressed as follows:

 

		(a)	if to the Company, to:

 

3DIcon Corporation

6804 South Canton Avenue, Suite
150

Tulsa, Oklahoma 74136

Telephone: (918) 494-0505

 

With a copy to
(which shall not constitute notice):

 

Sichenzia Ross Friedman Ference
LLP

61 Broadway, 32nd
Floor

New York, NY 10006

Attn: Gregory Sichenzia

 

		(b)	if to the Subscriber, to the Subscriber’s address
indicated on the signature page of this Agreement.

 

Notices shall be deemed
to have been given or delivered on the date of mailing, except notices of change of address, which shall be deemed to have been
given or delivered when received.

 

7.         Investment Representation Binding on Heirs, etc. This Agreement shall be binding upon the heirs, executors,
administrators, successors and assigns of the Subscriber. If the undersigned is more than one person, the obligations of the undersigned
shall be joint and several and the representations and warranties shall be deemed to be made by and be binding on each such person
and his or her heirs, executors, administrators, successors, and assigns.

 

8.         Execution Authorized. If this Agreement is executed on behalf of a corporation, partnership, trust or other
entity, the undersigned has been duly authorized and empowered to legally represent such entity and to execute this Agreement and
all other instruments in connection with the Securities and the signature of the person is binding upon such entity.

 

9.         Adoption of Terms and Provisions. The Subscriber hereby adopts, accepts and agrees to be bound by all the
terms and provisions hereof.

 

10.       Except as otherwise provided herein, this Agreement shall not be changed, modified or amended except by a writing
signed by the parties to be charged, and this Agreement may not be discharged except by performance in accordance with its terms
or by a writing signed by the party to be charged.

 

11.       Governing
Law. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE
THAT ALL THE TERMS AND PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO SUCH STATE’S PRINCIPLES OF CONFLICTS OF LAW. IN THE EVENT THAT A JUDICIAL PROCEEDING IS NECESSARY, THE
SOLE FORUM FOR RESOLVING DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT IS THE COURTS LOCATED IN THE STATE OF NEW YORK
IN AND FOR THE COUNTY OF NEW YORK OR THE FEDERAL COURTS FOR SUCH STATE AND COUNTY, AND ALL RELATED APPELLATE COURTS, THE PARTIES
HEREBY IRREVOCABLY CONSENT TO THE JURISDICTION OF SUCH COURTS AND AGREE TO SAID VENUE.

 

    	 	6	 

     

    

 

12.       In order to discourage frivolous claims the parties agree that unless a claimant in any proceeding arising out of
this Agreement succeeds in establishing his claim and recovering a judgment against another party (regardless of whether such claimant
succeeds against one of the other parties to the action), then the other party shall be entitled to recover from such claimant
all of its/their reasonable legal costs and expenses relating to such proceeding and/or incurred in preparation therefor.

 

13.       The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction
shall not affect any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement
shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part,
such provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law
and the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable
to the extent they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision
unless so expressed herein.

 

14.       It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be
construed, as a waiver of any subsequent breach by that same party.

 

15.       The parties agree to execute and deliver all such further documents, agreements and instruments and take such other
and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

16.       This Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of
which shall together constitute one and the same instrument.

 

17.       Nothing in this Agreement shall create or be deemed to create any rights in any person or entity not a party to
this Agreement. 

 

    	 	7	 

     

    

 

18.            
Subscriber’s Information. (This must be consistent with the form of ownership selected below and the
information provided in the Certificate of Accredited Subscriber Status (Exhibit C hereto)).

 

 

	Name (please print):	 	

	If entity named above, 	By:	

	 	Its:	

	Social Security or Taxpayer I.D. Number:	 	

	Business Address (including zip code):	 	

	 	 	

	Business Phone: 	 	

	Residence Address (including zip code):	 	

	 	 	

	Residence Phone: 	 	

	All communications to be sent to:	 	 
	Business:	or	Residence Address:
	
	 	

	
	 	

 

 

Please indicate below
the form in which you will hold title to your interest in the Securities. PLEASE CONSIDER CAREFULLY. ONCE YOU HAVE BEEN ISSUED
THE SECURITIES, A CHANGE IN THE FORM OF TITLE CONSTITUTES A TRANSFER OF THE INTEREST IN THE SECURITIES AND MAY THEREFORE BE RESTRICTED
BY THE TERMS OF THIS AGREEMENT, AND MAY RESULT IN ADDITIONAL COSTS TO YOU. Subscriber should seek the advice of its attorney in
deciding in which of the forms they should take ownership of the interest in the Securities, because different forms of ownership
can have varying gift tax, estate tax, income tax, and other consequences, depending on the state of the Subscriber’s domicile
and his or her particular personal circumstances.

 

		 ̈	INDIVIDUAL OWNERSHIP (one signature required)

 

		 ̈	JOINT TENANTS WITH RIGHT OF SURVIVORSHIP AND NOT AS TENANTS
IN COMMON (both or all parties must sign)

 

		 ̈	COMMUNITY PROPERTY (one signature required if interest
held in one name, i.e., managing spouse; two signatures required if interest held in both names)

 

		 ̈	TENANTS IN COMMON (both or all parties must sign)

 

    	 	8	 

     

    

 

 

		 ̈	GENERAL PARTNERSHIP (fill out all documents in the name
of the PARTNERSHIP, by a PARTNER authorized to sign)

 

		 ̈	LIMITED PARTNERSHIP (fill out all documents in the name
of the LIMITED PARTNERSHIP, by a GENERAL PARTNER authorized to sign)

 

		 ̈	LIMITED LIABILITY COMPANY (fill out all documents in
the name of the LIMITED LIABILITY COMPANY, by a member authorized to sign)

 

		 ̈	CORPORATION (fill out all documents in the name of the
CORPORATION, by the President or other officer authorized to sign)

 

		 ̈	TRUST (fill out all documents in the name of the TRUST,
by the Trustee, and include a copy of the instrument creating the trust and any other documents necessary to show the investment
by the Trustee is authorized. The date of the trust must appear on the Notarial where indicated.)

 

 

 

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

  

	 	“SUBSCRIBER”	 
	 	 	 
	 	 	 
	 	(Signature)	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	 	 	 
	 	Number of Shares Purchased:  	 
	 	 	 
	 	Amounts Owed by the Company:  _____________	 
	 	 	 
	 	For Services Rendered:                     $____________	 
	 	For Debt Owed to Subscriber:          $____________	 
	 	 	 
	 	 	 
	 	 “COMPANY”
	 	 	 	 
	 	3DICON CORPORATION, an Oklahoma corporation
	 	 	 	 
	 	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Victor F. Keen	 
	 	 	Chief Executive Officer	 

 

 

 

 

    	 	[Signature Page]
	 

     

    

 

EXHIBIT A

 

Schedule of “Amounts Owed”

 

 

 

 

     

     

    

 

 

EXHIBIT B

 

Certificate of Designation

 

 

 

     

     

    

 

EXHIBIT C

 

3DICON CORPORATION

 

CERTIFICATE OF ACCREDITED INVESTOR
STATUS

 

Except as may be indicated
by the undersigned below, the undersigned is an “accredited Subscriber,” as that term is defined in Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”). The undersigned has initialed the box below indicating
the basis on which he is representing his status as an “accredited Subscriber”:

 

 ̈a bank as defined
in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A)
of the Securities Act whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section
15 of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”); an insurance company as defined
in Section 2(13) of the Securities Act; an investment company registered under the Investment Company Act of 1940 or a business
development company as defined in Section 2(a)(48) of that Act; a small business investment company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit
of its employees, and such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee
Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of
such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the
employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely
by persons that are “accredited Subscribers”;

 

 ̈a private business
development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

 ̈an organization
described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership,
not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

 ̈a natural person
whose individual net worth, or joint net worth with the undersigned’s spouse, at the time of this purchase exceeds $1,000,000
(excluding the value of the undersigned’s primary residence);

 

 ̈a natural person
who had an individual income in excess of $200,000 in each of the two most recent years or joint income with the undersigned’s
spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current
year;

 

 ̈a trust with
total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is
directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the
merits and risks of the prospective investment;

 

     

     

    

 

 ̈an entity in
which all of the equity holders are “accredited Subscribers” by virtue of their meeting one or more of the above standards;
or

 

 ̈an individual
who is a director or executive officer of 3DIcon Corporation

 

IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Accredited Subscriber Status effective as of this _______ day of ________, 201__.

 

 

 

	 	SUBSCRIBER
	 	 
	 	 
	 	 
	 	(Signature)
	 	 
	 	By:	 
	 	 	 
	 	Its:	 

 

 

 

 

 

    	 	[Signature Page of Accredited Investor Questionnaire]Exhibit 10.9

 

SEPARATION AGREEMENT AND

 

FULL AND FINAL WAIVER, RELEASE AND DISMISSAL
OF ALL CLAIMS

 

This Separation Agreement
and Full and Final Waiver, Release and Dismissal of All Claims (“Agreement”) is entered into by and among H.
Allen Salter (“Executive”), Oconee Federal Financial Corp. (the “Company”), Oconee Federal
Savings and Loan Association (the “Bank”), Oconee Federal, MHC on March 23, 2016. For purposes of this Agreement,
the terms “Company,” “Bank” and “MHC” shall also include the successors of the Company, the
Bank and the MHC, and all of their respective parent companies, subsidiaries, affiliates, officers, directors, employees and agents.

 

WHEREAS, Executive
was employed as Chief Financial Officer of the Company and the Bank; and

 

WHEREAS, Executive
wished to resign from his employment with the Company and the Bank.

 

NOW, THEREFORE,
in consideration of the mutual covenants and other good and valuable consideration described herein, the parties agree as follows:

 

1.           Resignation.
Executive resigned from his employment with the Company and the Bank, as of March 22, 2016 (the “Date of Resignation”).
Commencing on the Date of Resignation, and except as expressly provided in this Agreement, Executive shall not receive and/or accrue
any further compensation or benefits of any kind beyond the Date of Resignation, including any wages, bonuses, profit sharing,
incentive, retirement or salary payments, as well as any compensation for vacation, holiday, sick or personal days.

 

2.           Consideration.
In consideration of Executive’s resignation and full and final waiver, release and dismissal of all claims, and his other
agreements and promises herein, the Company, the Bank, the MHC and Executive agree to the following:

 

(a)          Severance
Pay and Automobile. The Bank will pay Executive a lump sum severance payment in the amount of $90,000 (the “Severance
Pay”). The payment will be made on the Bank’s next regularly scheduled payroll date following the expiration of
the seven (7) day revocation period, as described in Section 10 of this Agreement (the “Expiration Date”); and
for purposes of clarity, no payments or benefits will be made under Sections 2(a) and 2(d) if Executive revokes this Agreement
prior to the Expiration Date. In addition to the Severance Pay, the Bank will transfer title to Executive of the Bank-owned automobile
provided to Executive (2014 Ford Fusion). Applicable withholding taxes shall be deducted from the Severance Pay and shall be reported
on a Form W-2.

 

(b)          Cash
Payment in Exchange for Cancellation of Vested Stock Options. Executive was granted 7,700 stock options (“Options”)
with an exercise price of $17.16 on November 13, 2013, of which 2,200 Options are vested and the remaining 5,500 Options are non-vested.
Executive hereby exercises the 2,200 vested stock options on the Date of

 

     

     

    

 

Resignation and the Bank
will pay Executive an amount of cash equal to the excess of the fair market value of Company common stock ($19.36) over the exercise
price ($17.16 per Option) of the vested Options multiplied by the total number of vested Options (2,200), less applicable withholding,
in exchange for the cancellation of the 2,200 vested Options (and in lieu of the delivery of shares of common stock of the Company).
Executive agrees to sign any consent forms that may be necessary. Pursuant to the terms of the Oconee Federal Financial Corp. 2012
Equity Incentive Plan (the “2012 Equity Incentive Plan”), the non-vested Options will be forfeited on the Date of Resignation.

 

(c)          Restricted
Stock Awards. Pursuant to the terms of the 2012 Equity Incentive Plan, the 9,000 non-vested restricted stock shares held
by Executive will be forfeited on the Date of Resignation.

 

(d)          Health
Benefits. The Bank shall pay Executive’s COBRA premiums on behalf of Executive for Executive’s medical and
dental insurance coverage through December 31, 2016. The medical and dental coverage shall be substantially comparable, as reasonably
available, to the coverage maintained by the Bank for Executive prior to the Date of Resignation, except to the extent such coverage
may be changed in its application to all employees of the Bank.

 

3.           Mutual
Release and Waiver.

 

(a) Executive, on behalf
of himself, his executors, heirs, administrators, assigns and anyone else claiming by, through or under him, hereby waives, releases,
covenants not to sue, and forever discharges the Company, the Bank, the MHC, their Affiliates, successors, and present and former
officers, directors, agents, employees, attorneys, insurers and representatives (hereinafter “Releasees”) and the Company,
the Bank, the MHC and their Affiliates hereby release, waive and forever discharge Executive from and with respect to any and all
debts, demands, actions, causes of action, suits, covenants, contracts, agreements, promises, torts, damages, claims, and liabilities
whatsoever of any name and nature, both in law and/or in equity (hereinafter “Claims”) which he or they now has, ever
had or may in the future have against each or any of the Releasees or Executive by reason of any matter, cause or thing whatsoever
from the beginning of time to the date of the signing of this Agreement, including, but not limited to, any Claims arising out
of, based upon or connected with his employment by the Bank and Company, the compensation and working conditions for that employment,
and/or the termination of that employment. This necessarily includes but is not limited to any Claims that might exist under federal,
state, and/or local laws, including, but not limited to, any Claims based on race, national origin, ethnicity, handicap, color,
age, sex, sexual preference, military status, genetic status or information, other protected status, retaliation, or anything else.
The waiver and release includes, but is not limited to, any claims Executive may have or have had based on promises, contracts,
common law, laws regarding unfair or bad faith conduct and wrongful discharge, and state and federal statutory protections against
discrimination in employment, specifically including, among all the others and without limitation, any rights or claims that Executive
may have under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (29 U.S.C.
§ 621 et seq.), which prohibits age discrimination in employment; Title VII of the Civil Rights Act of 1964, which prohibits
discrimination in employment based on race, color, national origin, religion or sex; the

 

     

     

    

 

Americans with Disabilities
Act, which prohibits discrimination against qualified individuals with disabilities; the Family and Medical Leave Act, which provides
for leave of absence under certain specified circumstances; and all other statutes, rules, and common law, and all other theories
of recovery. This waiver and release thus applies to all claims of any nature that may now exist, whether or not now known to the
undersigned; provided, however, that this release does not apply to any claims Executive may have under any tax-qualified retirement
plan of the Bank in which Executive is or was a participant or to any claims not subject to be released pursuant to law.

 

(b)          Executive
agrees that amounts to be paid to him under this Agreement are in excess of anything presently owed to him, and that he has no
pending or known claims against the Company, the Bank or the MHC. Executive also agrees that he will not bring any federal or state
lawsuit, or file any administrative or other claims, against the Company, Bank, or the MHC or any other party based on his employment
or the termination of his employment, except that nothing in this Agreement is intended to prevent the undersigned from filing
a claim for unemployment compensation, or from exercising any right that cannot be waived by law, including the right to file a
charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”). If Executive does file a charge
of discrimination or retaliation, however, he agrees that he will not seek or accept reinstatement, attorney’s fees, or any
amount of monetary damages in connection with such charge.

 

(c)          Executive
also agrees not to institute, nor has Executive instituted, a lawsuit against the Company, the Bank or the MHC and their respective
directors, officers, employees and agents, affiliates, subsidiaries, and the heirs, successors and assigns of all of them, based
on any waived claims or rights to the extent set forth above. The Company, the Bank and the MHC also agree not to institute, nor
has the Company, the Bank and the MHC instituted, a lawsuit against Executive based on any waived claims or rights to the extent
set forth above. Nothing in this paragraph shall prevent the Company, the Bank or the MHC or Executive from enforcing the terms
of this Agreement.

 

(d)          EXECUTIVE
ACKNOWLEDGES AND AGREES THAT THIS RELEASE IS A FULL AND FINAL BAR TO ANY AND ALL CLAIM(S) OF ANY TYPE THAT EXECUTIVE MAY NOW HAVE
AGAINST THE COMPANY, THE BANK OR THE MHC OR ANY OF THEIR AFFILIATES AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS,
AFFILIATES, SUBSIDIARIES, AND THE HEIRS, SUCCESSORS AND ASSIGNS, TO THE EXTENT PROVIDED ABOVE, BUT THAT IT DOES NOT RELEASE ANY
CLAIMS THAT MAY ARISE AFTER THE DATE OF THIS AGREEMENT. 

 

4.           Public
Statement. The parties agree that the public statement regarding his resignation and entering into this Agreement substantially
in the form attached hereto will be released by the Company by way of a Form 8-K within four business days following the execution
of this Agreement. The parties agree that the release of said public statement does not violate the terms of any confidentiality
provision, or any other provision, contained in this Agreement. The public statement attached hereto is incorporated herein by
reference.

 

     

     

    

 

5.           Return
of Materials. Executive will promptly return to the Bank all equipment, documents and other materials in Executive’s
possession that are the property of the Company, the Bank or the MHC, whether created by Executive or by others, and including
the originals and all copies thereof, whether electronic, paper or any other form, without maintaining any copies thereof whether
electronic, paper or any other form.

 

6.           Confidentiality.
Executive acknowledges that Executive has had access to trade secrets and other confidential information regarding the Bank and
their businesses that are unique and irreplaceable and that the use of such trade secrets and other confidential information by
a competitor, or certain other persons, would cause irreparable harm to the Bank. Accordingly, Executive will not disclose or use
to the detriment of the Bank any such trade secrets or other confidential information. Confidential information includes any information,
whether or not reduced to written or other tangible form, which is defined as confidential under the Company’s or Bank’s
confidentiality policies or (i) is not generally known to the public or within the industry; (ii) has been treated by the Company
or the Bank as confidential or proprietary; and (iii) is of competitive advantage to the Company or the Bank.

 

7.           Mutual
Non-Disparagement. Executive covenants that, except to the extent required by law, Executive will not make to any person
or entity any statement, whether written or oral, that directly or indirectly impugns the integrity of, or reflects negatively
on the Company, the Bank or the MHC or any of their employees, officers or directors, or that denigrates, disparages or results
in detriment to the Company, the Bank or the MHC. The Company, the Bank and the MHC covenant that, except to the extent required
by law, they and their boards of directors and management will not make to any person or entity any statement, whether written
or oral, that directly or indirectly impugns the integrity of, or reflects negatively on Executive. This section does not prohibit
any truthful statement made to any government agency, or as part of a judicial process whether or not brought by the disclosing
party.

 

8.           Post-Employment
Obligations. Executive agrees that for a period of one (1) year from the Date of Resignation, he shall not hire or attempt
to hire any employee of the Company of the Bank. Executive will not, directly or indirectly, on his own behalf or on behalf of
any third person or entity, and whether through his own efforts or through the efforts or assistance of any other person or entity
(including, without limitation, any person employed by or associated with any entity with whom Executive is or may become employed
or associated): (1) solicit or accept any banking, lending, wealth management, investment, insurance or financial services-related
business from any individual or entity that was a client or customer of the Company or the Bank at any time during the three (3)
months immediately prior to the Date of Resignation, or (2) participate in hiring, hire or employ an employee of the Company or
Bank, or solicit, encourage or induce any such employee or consultant to terminate his or her employment or other relationship
with the Company or the Bank.

 

9.
           Acceptance of Agreement. 

 

(a)          Executive
acknowledges that Executive has been advised by the Company, the Bank and the MHC that Executive has at least 21 calendar days
from the date Executive receives this Agreement (the “Acceptance Period”) to consider whether or not to accept
this Agreement and seek counsel to advise Executive about signing this Agreement. This Agreement was provided to Executive on March
23, 2016. Any modifications or changes to this Agreement agreed upon by the parties will not restart or affect Executive’s
21 day review period. This Agreement will not become effective or

 

     

     

    

 

enforceable until the cancellation period described
in Section 10 below has expired without Executive cancelling this Agreement.

 

(b)          Executive
acknowledges that, before signing this Agreement, Executive was advised by the Company, the Bank and the MHC to consult with an
attorney. Executive agrees that Executive had an adequate opportunity to review this Agreement with persons of Executive’s
choice, including Executive’s attorney, that Executive fully understands the terms of this Agreement, and that Executive
has signed it knowingly and voluntarily.

 

10.         Cancellation
of Agreement. Executive has the right to cancel this
Agreement at any time within the seven calendar (7) day period immediately following Executive’s acceptance of the Agreement.
If Executive decides to revoke this Agreement, Executive must do so by mailing notice of cancellation, by certified mail, return
receipt requested, postmarked within the seven calendar (7) day cancellation period to Curtis T. Evatt, 115 East North Second Street,
Seneca, South Carolina 29678. This Agreement will not be effective until the 8th calendar day after Executive signs
and does not revoke this Agreement.

 

11.         No
Admission of Liability. This Agreement is not an admission by any party of any liability to the other party.

 

12.         Governing
Law and Jurisdiction. This Agreement shall be governed and conformed in accordance with the laws of the State of South
Carolina without regard to its conflict of laws provision.

 

13.         Savings
Clause. If any provision of this Agreement is determined to by void or unenforceable, the remaining provisions of this
Agreement will remain in full force and effect.

 

14.         Entire Agreement.
This Agreement represents the entire understanding of Executive, the Company, the Bank and the MHC with respect to the subject
matter hereof and supersedes all prior understandings, written, or oral.

 

15.         Counterparts.
This Agreement may be signed in counterparts, and all of the counterpart copies shall be treated as a single agreement.

 

16.         Assignment;
Modification of Agreement. This Agreement will inure to the benefit of the Company, the Bank and the MHC and any successors
and assigns. Executive may not assign Executive’s rights, duties or obligations under this Agreement. None of the terms of
this Agreement may be changed or modified except in a writing signed by each of Executive and the Company, the Bank and the MHC.
Any such agreed upon change or modification to this Agreement will not restart or otherwise affect the original 21 calendar
day consideration period referred to in Section 9 above.

 

PLEASE INDICATE EXECUTIVE’S ACCEPTANCE
OF THIS AGREEMENT BY SIGNING THE FOLLOWING PAGE.

 

     

     

    

IN WITNESS WHEREOF,
the parties hereto have signed this Agreement on the date first above written and Executive hereby declares that the terms of this
Agreement have been completely read, are fully understood, and are voluntarily accepted after complete consideration of all facts
and legal claims.

 

	 	 	EXECUTIVE
	 	 	 
	Date: March 23, 2016	 	/s/ H. Allen Salter
	 	 	H. Allen Salter
	 	 	 
	 	 	OCONEE FEDERAL FINANCIAL CORP.
	 	 	 
	Date: March 23, 2016	By:  	/s/ Curtis T. Evatt
	 	 	
        Curtis T. Evatt

        President

	 	 	 
	 	 	OCONEE FEDERAL SAVINGS AND LOAN ASSOCIATION
	 	 	 
	Date: March 23, 2016	By:  	/s/ Curtis T. Evatt
	 	 	
        Curtis T. Evatt

        President

	 	 	 
	 	 	OCONEE FEDERAL, MHC
	 	 	 
	Date: March 23, 2016	By:  	/s/ Curtis T. Evatt
	 	 	
        Curtis T. Evatt

        President

 

     

     

    

 

Description of Departure

(to be included in Form 8-K)

 

Effective March 22, 2016, H. Allen Salter resigned
as Chief Financial Officer of Oconee Federal Financial Corp. (the “Company”) and Oconee Federal Savings and Loan Association
(the “Bank”).

 

In connection with his resignation, on March
23, 2016, the Company, the Bank, Oconee Federal, MHC and Mr. Salter entered into a separation agreement (the “Agreement”),
which includes non-solicitation and confidentiality provisions and a full and final release of claims, under which the Bank will
pay Mr. Salter a severance payment of $90,000 and transfer title to him of a Bank-owned car. The Bank also will pay Mr. Salter’s
medical and dental premiums under COBRA through December 31, 2016. The compensation is paid in exchange for Mr. Salter’s
performance of his obligations under the Agreement and his resignation as an officer of both the Company and the Bank. The foregoing
description of the Agreement does not purport to be complete and it is qualified in its entirety by reference to the copy of the
Agreement that is included as Exhibit 10.1 to this Current Report and incorporated by reference into this Item 5.02(b).

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