Document:

Exhibit 10.1

 

	 	 	1180
                                         Seminole Tr., Suite 495

P.O.
Box 7121

Charlottesville,
VA 22901

+1.434.422.9800;
+1(434) 422-9797 FAX

www.adialpharma.com

	 	 	 

 

December 14, 2020

 

Jack W. Reich, Ph.D.

4249 Denny Ave.

North Hollywood, Ca 91602

 

Re:Employment Offer

 

Dear Dr. Reich,

 

It is with pleasure that I offer you the full-time position of Head
of Regulatory at Adial Pharmaceuticals, Inc. (the “Company”), reporting to the Chief Executive Officer.
Your employment will commence on December 14, 2020, and the terms of your employment with the Company are as follows:

 

You will perform duties as are normally associated with your position
and such duties as are assigned to you from time to time, subject to the oversight and direction of the Chief Executive Officer.
You will be classified as an “exempt” salaried employee and your salary will be $225,000 per year, less payroll deductions
and withholdings, with one-twelfth paid each month per the Company’s standard payroll schedule. You will also be eligible
for an annual bonus with a target of 30% of your salary with such bonus subject to the discretion of the Board of Directors of
the Company. Additionally, you will be eligible to participate in the Company’s approved benefits program, which may be amended
from time to time and includes health insurance for you and your family. You shall also be entitled to paid vacation in accordance
with Company’s approved vacation policy, which may be amended from time to time. Initially, your annual vacation rate will
be 20 days per year.

 

In addition to the compensation described in the preceding paragraph
of this letter, you will also be eligible, subject to approval, and in the discretion, of the Board of Directors of the Company
(the “Board”), to an award of incentive stock options to purchase shares of the Company’s common
stock, at an exercise price equal to the per share price of the Company’s common stock at the time with the vesting terms,
number of shares underlying the option and other terms of the grant to be determined at the discretion of the Board of Directors,
all in accordance with the Company’s equity incentive plan and as to be set forth in a Stock Option Grant Notice.

 

As a Company employee, you will be expected to abide by the Company’s
policies and procedures. As a condition of your employment you agree to be bound by and will execute a Proprietary Information
and Inventions Assignment Agreement, in the form annexed hereto as Exhibit A (the “PIIA Agreement”),
which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations.

 

In your work for the Company, you will be expected not to use or
disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation
of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with
training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain,
or which is otherwise provided or developed by the Company. You agree that you will not bring onto the Company’s premises
any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality.
You hereby represent that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf
of the Company.

 

As an exempt salaried employee, you will be expected to work hours
as required by the nature of your work assignments and not related to a set number of hours per week, and you will not be eligible
for overtime premiums.

 

    

     

    

 

Your employment relationship with the Company is “at-will.”
This means that you may terminate your employment with the Company at any time by providing two weeks of written notice and for
any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or
without cause with two weeks of written notice; provided, however, that the Company may terminate your employment immediately for
“Cause” as defined below. Your employment at-will status can only be modified in a written agreement signed by you
and by an authorized officer of the Company. Cause shall be defined as (i) acts of embezzlement or misappropriation of funds or
fraud; (ii) conviction of a felony or other crime involving moral turpitude, dishonesty or theft; (iii) willful unauthorized disclosure
of the Company’s confidential information; (iv) material violation of any terms of your employment agreement or the PIIA
Agreement not cured within 30 days of receiving notice thereof; (v) being under the influence of alcohol or drugs during performance
of duties; (vi) engaging in behavior that would constitute grounds for liability for harassment or other egregious conduct that
violates laws governing the workplace; (vii) insubordination; or (viii) failure to perform your duties in a reasonable manner.

 

By signing below, you reaffirm your agreement to abide by all of
the Company’s policies applicable to similarly situated employees and acknowledge that your continued employment will be
contingent upon you complying in all respects with the Company’s policies and requirements, including those set forth in
the Company’s Employee Handbook to be provided to you.

 

This letter, together with your PIIA Agreement, forms the complete
and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made to you
by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s
discretion in this letter, require a written modification signed by an authorized officer of the Company.

 

All notices hereunder shall be in writing and shall be deemed given
to a party to this letter when (a) delivered by hand or by nationally recognized overnight courier service (costs prepaid) to the
last address provided by them, or (b) sent by e-mail to the last e-mail address provided by them, with confirmation of transmission
by the transmitting equipment.

 

Any dispute or claim that may arise out of or in connection with
any provision of this letter that is not resolved through face to face negotiations shall be settled by binding arbitration, with
limited discovery, in Virginia in accordance with the commercial arbitration rules of the American Arbitration Association, by
one arbitrator appointed in accordance with these rules. The arbitrator shall apply Delaware law, without reference to rules of
conflicts of law or rules of statutory arbitration, to the resolution of any dispute. The arbitrator shall announce the decision
and award, and the reasons therefor, in writing. In no event shall punitive or exemplary damages be awarded. Judgment on the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties
may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance
with this paragraph, without breach of this arbitration provision. This mandatory arbitration provision shall not apply to disputes
or claims involving your PIIA Agreement.

 

By acceptance of this letter, you are submitting your resignation
from the Board of Directors of the Company effective upon the commencement of your employment hereunder. A separate letter will
also be submitted for the Board file.

 

Should you accept this offer, please indicate your acceptance by
signing in the space below. This offer will terminate at 5 p.m. U.S. Eastern Time on Friday, December 14, 2020, if not accepted
before that time.

 

I hope you will accept this offer and look forward to working with
you as we advance the Company’s mission of developing new drugs for the treatment of addiction diseases that affect many
millions of people each year. Should you have any questions, please do not hesitate to contact me at (434) 422-9803.

 

 

	With warmest regards,	 	Agreed and accepted:
	 	 	 
	 	 	 
	/s/ William B. Stilley	 	/s/ Jack W. Reich
	William B. Stilley, CEO
	 	Jack W. ReichExhibit 10.1

    

     

      

    Chembio Diagnostics, Inc.

    Outside Director Compensation Policy

     

    The Board of Directors (the “Board”) of Chembio Diagnostics, Inc. (“Chembio”) has approved this Director Compensation Policy (this “Policy”)
      on, and effective as of, December 15, 2020. The objective of this Policy is to provide a total compensation package that enables Chembio to attract and retain, on a long-term basis, high-caliber directors. This Policy applies to each non-employee who
      serves as a director of Chembio (each an “Outside Director”). Members of management who serve on the Board are not compensated for Board service.

     

    The Board reviews and approves director compensation annually and will amend or restate this Policy accordingly. The compensation consultant to the Board assesses
      director compensation annually relative to a peer group and recommends adjustments, if any, for the subsequent fiscal year. The Compensation Committee of the Board reviews the compensation consultant’s assessment in the fourth quarter of a fiscal
      year and uses the compensation consultant’s recommendations as the basis for the Compensation Committee’s recommendations to the Board for the succeeding fiscal year.

     

    	
            Annual Cash Compensation

          	
            From January 1, 2020 through December 31, 2020, each Outside Director shall be paid annual cash retainers as follows:

          

    

    

    	
            Board

          	 	 	 
	
            Chair

          	 	
            $

          	
            70,000

          	 
	
            Other Directors

          	 	 	
            35,000

          	 
	
            Audit Committee

          	 	 	 	 
	
            Committee Chair

          	 	
            $

          	
            15,000

          	 
	
            Other Committee Members

          	 	 	
            7,500

          	 
	
            Compensation Committee

          	 	 	 	 
	
            Committee Chair

          	 	
            $

          	
            10,000

          	 
	
            Other Committee Members

          	 	 	
            5,000

          	 
	
            Nominating and Governance Committee

          	 	 	 	 
	
            Committee Chair

          	 	
            $

          	
            7,500

          	 
	
            Other Committee Members

          	 	 	
            3,750

          	 

    

    

    	

          	
            The annual retainers will be paid quarterly, in arrears, or upon the earlier resignation of the Outside Director. Amounts owing to Outside
              Directors as annual retainers shall be annualized, meaning that Outside Directors who join the Board or a committee during the calendar year shall receive a pro-rated amount based on the number of calendar days served.

          
	 	

          
	
            Annual Equity Compensation

          	
            Each Outside Director who is elected (or re-elected) to the Board at Chembio’s 2021 annual meeting of stockholders (the “Annual Meeting”) shall receive equity or equity‐based awards (“Annual Director Awards”)
              under Chembio’s 2019 Omnibus Incentive Plan (the “2019 Plan”) as set forth below.

          
	

          	

          
	
            Timing of Grants

          	
            Annual Director Awards shall be granted as of the date of the Annual Meeting, unless either (a) the Annual Meeting occurs earlier than the third trading day
              following the date on which Chembio files its Quarterly Report on Form 10‐Q for the quarter ending March 31, 2021 with the SEC, in which case the grant date shall be the first Monday that follows the date of such filing (or, if such Monday is
              not a trading day, the next succeeding trading day), or (b) the Annual Meeting occurs on or after June 1, 2021, in which case the grant date shall be the first Monday that follows the date on which Chembio next files an Annual Report on Form
              10‐K or Quarterly Report on Form 10‐Q with the SEC (or, if such Monday is not a trading day, the next succeeding trading day). For purposes of this Policy, “trading

                day” means a day on which The NASDAQ Stock Market is open for trading.

          

    

    

    
      Page 1 of 3

      
        

    

    
    	
            Types of Awards

          	
            Each Outside Director receiving Annual Director Awards shall receive grants having a total value of $80,000, which shall consist of $40,000 in value of
              nonqualified stock options and $40,000 in value of restricted stock units.

             

            

            •      Nonqualified stock options included in Annual Director Awards (a) shall have an exercise price equal to the Fair Market Value (as defined in the 2019 Plan) of a share of common
                stock of Chembio (“Common Stock”) on the grant date and (b) subject to continued service on the Board, shall vest in full immediately prior to the
                2022 annual meeting of stockholders (or, if earlier, upon a Change in Control, as defined in the 2019 Plan). The number of shares of Common Stock subject to such nonqualified stock options shall be determined using the Black-Scholes model
                applied by Chembio in preparing option-related calculations for purposes of its consolidated financial statements.

          
	

          	

          
	

          	
            •     The number of shares of Common
                Stock subject to restricted stock units included in an Outside Director’s Annual Director Awards shall equal the quotient of $80,000 divided by the
                Fair Market Value of a share of Common Stock on the Grant Date. Such restricted stock units shall vest in full immediately prior to the 2022 annual meeting of stockholders (or, if earlier, upon a Change in Control, as defined in the 2019
                Plan).

          
	

          	

          
	
            Initial Election Compensation

          	
            Each Outside Director who is initially elected to the Board on or after December 17, 2020, shall receive equity or equity‐based awards (“Initial Election Awards”) under the 2019 Plan as set forth below.

          
	

          	

          
	
            Timing of Grant

          	
            Initial Election Awards shall be granted to an Outside Director as of the date of the in person or telephonic meeting of the Board at which the Outside Director
              is initially elected or, if later, as of the effective date of the election. If, however, such proposed grant date occurs during a quarter- or year-end trading blackout period under Chembio’s Insider Trading Policy or the Board otherwise
              determines (after consultation with Chembio’s legal counsel to the extent the Committee deems appropriate) that potential market timing or other legal or accounting issues make it inappropriate or undesirable to grant the Initial Election
              Awards as of such proposed grant date, then the grant date instead shall be the first Monday that follows the date on which Chembio next files an Annual Report on Form 10‐K or Quarterly Report on Form 10‐Q with the SEC (or, if such Monday is
              not a trading day, the next succeeding trading day).

             

            

            For clarity, if an Outside Director is initially elected to the Board as of the Annual Meeting, the Outside Director shall be granted both Initial Election
              Awards and Annual Director Awards.

          

    

    

    
      Page 2 of 3

      
        

    

    	
            Type of Awards

          	
            Each Outside Director receiving Initial Election Awards shall receive grants
                having a total value of $160,000, which shall, unless otherwise determined by the Compensation Committee of the Board with respect to the Outside Director, be comprised of $80,000 in value of nonqualified stock options and $80,000 in
              value of restricted stock units.

             

            

            •     Nonqualified stock options included in Initial Election Awards (a) shall have an exercise price equal to the Fair Market Value of a share of Common Stock on the grant date and
                (b) subject to continued service on the Board, shall vest in full immediately prior to the 2022 annual meeting of stockholders (or, if earlier, upon a Change in Control, as defined in the 2019 Plan). The number of shares of Common Stock
                subject to such nonqualified stock options shall be determined using the Black-Scholes model applied by Chembio in preparing option-related calculations for purposes of its consolidated financial statements.

             

              

            •     The number
                of shares of Common Stock subject to restricted stock units included in an Outside Director’s Annual Director Awards shall equal the quotient of $80,000 divided by the Fair Market Value of a share of Common Stock on the Grant Date. Such
                restricted stock units shall vest one-third on the first, second and third anniversaries of the grant date (or, if earlier, upon a Change in Control).

          
	

          	

          
	
            Reimbursement of Expenses

          	
            The foregoing compensation will be in addition to reimbursement of all out-of-pocket expenses incurred by all directors in attending meetings of the Board and
              its committees.

          
	

          	

          
	
            General

          
	

          
	
            Administration

          	
            This Policy shall be administered and interpreted by the Compensation Committee of the Board and may be amended or repealed by the Board.

          
	

          	

          
	
            Dissemination

          	
            This Policy shall be distributed to each Outside Director of Chembio upon its adoption by the Board and to each subsequently elected Outside Director upon
              commencement of his or her directorship.

          

    

    

    

    

    
       Page 3 of 3

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