Document:

Exhibit

Exhibit 10.1
AMENDMENT TO THE 
CDW AMENDED AND RESTATED RESTRICTED DEBT UNIT PLAN  

WHEREAS, CDW LLC, an Illinois limited liability company (the “Company”), has heretofore adopted and maintains the CDW Amended and Restated Restricted Debt Unit Plan for the benefit of certain key senior leaders of the Company and its subsidiaries (the “Plan”); and

WHEREAS, the Company desires to amend the Plan to permit the payment of the principal component of vested RDUs, as defined in the Plan, any time between September 12, 2017 and October 12, 2017.

NOW, THEREFORE, pursuant to the power of amendment contained in Section 10.2 of the Plan, Section 4.2 of the Plan is hereby amended, as of August 15, 2017, by adding the following sentence at the end thereof:

“The Company may provide for the payment of the principal component of any Participant’s vested RDUs as of any date that is within 30 days prior to the Payment Event specified herein, in accordance with Treasury Regulation §1.409A-3(d); provided that any amount payable earlier than such Payment Event to a member of the Company’s Executive Committee shall be discounted based on the most recently published short-term Applicable Federal Rate as of the date on which such payment is made.”Exhibit

	
		
	
	

One CDW Way
200 N. Milwaukee Avenue 
Vernon Hills, IL 60061

Phone: 847.465.6000
Fax: 847.465.6800
Toll-free: 800.800.4239

CDW.com

October 9, 2017

Ms. Ann Ziegler
Via Email

		
	Re:
	Letter of Understanding Regarding Post-Retirement Consulting Services and Access to CDW Health Benefit 

Dear Ann:
 This letter is to memorialize the terms of the arrangement pursuant to which (i) you will provide post-termination consulting services to CDW Corporation and its subsidiaries (“CDW”) for a period of 60 days after your retirement on December 31, 2017 (the “Retirement Date”) and  (ii) CDW will provide you continued access to medical and prescription drug coverage under the CDW LLC Welfare Benefit Plan (the “Plan”) after your retirement.  
Consulting Services
1.    During the 60-day period immediately following the Retirement Date, (the “Consulting Period”), you shall make yourself available to perform consulting services with respect to the businesses conducted by CDW.  You shall comply with reasonable requests for your consulting services relating to the transition of your duties to your successor, and shall devote reasonable care to the performance of such consulting services.  You shall perform the consulting services as an independent contractor without the power to bind or represent CDW or any of its affiliates.    
2.    As your sole compensation for your consulting services, your outstanding equity compensation awards granted under CDW’s Amended and Restated 2013 Long-Term Incentive Plan shall remain outstanding and continue to vest during the Consulting Period in accordance with the terms of the applicable award agreements, and for purposes of such awards you shall be deemed to have voluntarily terminated your continuous service with CDW due to Retirement (as defined in the applicable award agreements) as of the last day of the Consulting Period.  You shall not be eligible to receive any other compensation or employee benefits from CDW or its affiliates with respect to your consulting services.
Access to CDW Health Benefit
1.Following the Retirement Date, CDW will provide you continued access to medical and prescription drug coverage under the Plan (the “Program”).  Please note that the access to benefits described in this letter is separate from your right to continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).  Importantly, however, in order to be eligible for the Program you must elect, and remain enrolled in COBRA continuation coverage for the full COBRA continuation coverage period (typically 18-months).  If you do not exhaust the entire COBRA continuation period, you will not be able to continue to access coverage under the Plan through the Program. You will receive a separate COBRA election notice fully explaining your rights under COBRA shortly after your retirement date.  
2.The Program is designed to provide you and your eligible Dependents (as defined in the Plan and who are covered under the Plan as of the date of your retirement) with continued access to the medical and prescription drug benefits offered under the Plan after your retirement from CDW.  As explained above, you will become eligible to elect continued access to the medical and prescription drug benefits under the Plan after you exhaust your COBRA continuation coverage period. Your continued access to the Plan will then remain in place until the earliest of the following dates: (1) the date that you become eligible for Medicare (currently age 65); (2) the date you become eligible to participate in a subsequent employer’s medical plan; (3) the date you commit a material violation of any agreement between you and CDW (or its parent or subsidiary companies) with respect to noncompetition, nonsolicitation, confidentiality, or protection of trade secrets; (4) the date you cease to timely pay for the cost 

1

of access under the Program after notice and a 30 day cure period; (5) the date you expressly waive continued participation in the Program in writing; (6) the date you or any of your Dependents fail to timely pay the Plan in accordance with any subrogation or reimbursement requirements described therein; (7) the date of your death; (8) the date that CDW terminates the medical benefits under the Plan; and (9) the date that CDW cannot offer the Program as set forth herein due to a change in applicable law. 
3.Once coverage for you or any of your Dependents is waived or failed to be elected, it is no longer available.  Failure to elect and exhaust COBRA continuation coverage for you and any Dependent you wish to enroll in the Plan will constitute a waiver of coverage under the Program.
4.In the event you choose to participate in the Program, you will be responsible for paying the full value of the actual cost of your coverage under the Plan on an after-tax basis.  That amount is subject to change, and will be determined by CDW annually.  Once the full cost of coverage for an applicable year is determined, CDW will communicate that cost to you as soon as is practicable, but no later than the January 31st of the year during which the amount applies.  CDW will send you more specific instructions regarding how to make your payments for continued access at a later date. Note, although you are responsible for paying for this coverage on an after-tax basis, this letter should not be construed as tax advice.  Should you have any questions regarding the taxation of this, or any other benefit offered to you by CDW, you should contact your personal tax advisor.
5.Subject to all applicable laws, CDW reserves the right and authority to amend or terminate the medical benefits under the Plan in any respect, at any time, and from time to time.  As a participant in the Plan through the Program, you are subject to all administrative rules and practices that apply to the Plan.  Any and all changes made to the Plan for active employees of CDW and dependents automatically apply to this coverage.  Therefore, this letter should not be construed as a guarantee that any particular benefit that is currently offered under the Plan’s medical benefit program will continue to be offered in future years.  For specific information regarding the terms of the Plan, refer to the applicable summary plan description and summaries of material modifications, if any.  If there is a conflict between the terms of the Plan document and this letter, the terms of the Plan document will control.
A place for your signature is provided below.  If you understand and agree to the foregoing description of the Program, please sign and return one (1) fully executed copy of this Letter of Understanding to me.
Sincerely,

	
		
	CDW Corporation 
CDW LLC

By:    /s/ Dennis G. Berger                               

Name:  Dennis G. Berger

Title: Sr. Vice President & Chief Coworker 
Services Officer

Date: October 9, 2017
	Accepted and Agreed:

By:    /s/ Ann E. Ziegler           

Name: Ann E. Ziegler

Title: Sr. Vice President & Chief Financial Officer

Date: October 9, 2017

	 
	 

2Blueprint

 

Exhibit
10.1

 

METASTAT, INC.

EMPLOYMENT
AGREEMENT

 

This
Employment
Agreement (this “Agreement”)
is made and entered into on October 31, 2017 (the
“Effective
Date”) by and between MetaStat, Inc. (the “Company”)
and Douglas Hamilton (“Executive”).
The Company and Executive are hereinafter collectively referred to
as the “Parties”,
and individually referred to as a “Party”.

 

Recitals

 

A.            

The Company desires
assurance of the association and services of Executive in order to
retain Executive’s experience, skills, abilities, background
and knowledge, and is willing to engage Executive’s services
on the terms and conditions set forth in this
Agreement.

 

B.            

Executive desires
to be in the employ of the Company, and is willing to accept such
employment on the terms and conditions set forth in this
Agreement.

 

Agreement

 

In
consideration of the foregoing Recitals and the mutual promises and
covenants herein contained, and for other good and valuable
consideration, the Parties, intending to be legally bound, agree as
follows:

 

1. Employment.

 

1.1 Title. Effective as of the Effective
Date, Executive’s position shall be President and Chief
Executive Officer, subject to the terms and conditions set forth in
this Agreement.

 

1.2 Term.
The term of this Agreement shall begin on the Effective Date and
shall continue for a period of two (2) years or until it is
terminated pursuant to Section 4 herein (the “Term”).

 

1.3 Duties.
Executive shall have the customary powers, responsibilities and
authorities of President and Chief Executive Officer of
corporations of the size, type and nature of the Company, as it
exists from time to time. Executive shall report to the
Company’s Board of Directors.

 

1.4 Governing
Agreement. The employment relationship between the Parties
shall be governed by this Agreement

 

2. Loyalty;
Noncompetition; Nonsolicitation.

 

2.1 Loyalty. During Executive’s
employment by the Company, Executive shall devote substantially all
his business time to the performance of Executive’s duties
under this Agreement. Notwithstanding the foregoing, except as
otherwise agreed to in writing, Executive shall have the right to
perform such incidental services as are necessary in connection
with (a) his private passive investments, (b) his charitable or
community activities, (c) his participation in trade or
professional organizations, and (d) his service on the board of
directors (or comparable body) of any third-party corporate entity
that is not a Competitive Entity (as defined in Section 2.3), so
long as these activities do not materially interfere with
Executive’s duties hereunder and, with respect to (d),
Executive obtains prior Company consent, which consent will not be
unreasonably withheld. Executive may also provide limited services
to other parties provided such services are without
remuneration.

 

	

 

	
 

	
 

 

-1-

 

 

 

2.2 Agreement
not to Participate in Company’s Competitors. During
the Term, Executive agrees not to acquire, assume or participate
in, directly or indirectly, any position, investment or interest
known by Executive to be adverse or antagonistic to the Company,
its business, or prospects, financial or otherwise, or in any
company, person, or entity that is, directly or indirectly, in
competition with the business of the Company or any of its
Affiliates (as defined below). Ownership by Executive, in
professionally managed funds over which the Executive does not have
control or discretion in investment decisions, or as a passive
investment, of less than five percent (5%) of the outstanding
shares of capital stock of any corporation with one or more classes
of its capital stock listed on a national securities exchange or
publicly traded on a national securities exchange or in the
over-the-counter market shall not constitute a breach of this
Section. For purposes of this Agreement, “Affiliate,”
means, with respect to any specific entity, any other entity that,
directly or indirectly, through one or more intermediaries,
controls, is controlled by or is under common control with such
specified entity.

 

2.3 Covenant
not to Compete. During the Term and for a period of twelve
(12) months thereafter (the “Restricted
Period”), Executive shall not engage in competition
with the Company and/or any of
its Affiliates, either directly or indirectly, in any manner or
capacity, as adviser, principal, agent, affiliate, promoter,
partner, officer, director, employee, stockholder, owner, co-owner,
consultant, or member of any association or otherwise, in any phase
of the business of developing, manufacturing and marketing of
cancer diagnostic tests (a “Competitive
Entity”), except with the prior written consent of the
Board.

 

2.4 Nonsolicitation.
During the Restricted Period, Executive shall not: (i) solicit
or induce, or attempt to solicit or induce, any employee of the
Company or its Affiliates to leave the employ of the Company or
such Affiliate; or (ii) solicit or attempt to solicit the business
of any client or customer of the Company or its Affiliates with
respect to products, services, or investments similar to those
provided or supplied by the Company or its Affiliates.

 

2.5 Acknowledgements.
Executive acknowledges and agrees that his services to the Company
pursuant to this Agreement are unique and extraordinary and that in
the course of performing such services Executive shall have access
to and knowledge of significant confidential, proprietary, and
trade secret information belonging to the Company. Executive agrees
that the covenant not to compete and the nonsolicitation
obligations imposed by this Section 2 are reasonable in duration,
geographic area, and scope and are necessary to protect the
Company’s legitimate business interests in its goodwill, its
confidential, proprietary, and trade secret information, and its
investment in the unique and extraordinary services to be provided
by Executive pursuant to this Agreement. If, at the time of
enforcement of this Section 2, a court holds that the covenant not
to compete and/or the nonsolicitation obligations described herein
are unreasonable or unenforceable under the circumstances then
existing, then the Parties agree that the maximum duration, scope,
and/or geographic area legally permissible under such circumstances
will be substituted for the duration, scope and/or area stated
herein.

 

3. Compensation
of the Executive.

 

3.1 Base Salary. The Company shall pay
Executive a base salary (the “Base
Salary”) at the annualized rate of Two Hundred Sixty
Thousand Dollars ($260,000), less payroll deductions and all
required withholdings, payable in regular periodic payments in
accordance with the Company’s normal payroll practices. The
Base Salary shall be prorated for any partial year of employment on
the basis of a 365-day fiscal year. The Company may increase, but
not decrease (except in connection with a Company-wide decrease in
executive compensation), Executive’s Base Salary from time to
time, and if so increased, “Base Salary” shall include
such increases for purposes of this Agreement.

 

 

-2-

 

 

 

3.2 Bonuses.
At the sole discretion of the Board or the compensation committee
of the Board (the “Compensation
Committee”), following each calendar year of
employment, Executive shall be eligible to receive an additional
cash bonus up to one hundred fifty percent (150%) of
Executive’s compensation hereunder (the “Annual Milestone
Bonus”), based (in whole or in part) on
Executive’s attainment of certain financial, clinical
development, and/or business milestones (the “Milestones”)
to be established annually by the Board or the Compensation
Committee. The determination of whether Executive has met the
Milestones, and if so, the bonus amount (if any) that will be paid,
shall be determined by the Board or the Compensation Committee in
its sole and absolute discretion. Any Annual Milestone Bonuses
shall be paid in cash as either single lump-sum payments or in
installments, as determined by the Board or the Compensation
Committee. Executive shall also be entitled to a discretionary
bonus as determined by the Board or the Compensation Committee in
the event of a sale or merger transaction in which Executive
introduces the acquiring company or target and facilitates the
transaction.

 

3.3 Expense
Reimbursements. The Company will reimburse Executive for all
reasonable business expenses Executive incurs in conducting his
duties hereunder, pursuant to the Company’s usual expense
reimbursement policies, but in no event later than ninety days
after the end of the calendar month following the month in which
such expenses were incurred by Executive; provided that Executive
supplies the appropriate substantiation for such expenses no later
than the end of the calendar month following the month in which
such expenses were incurred by Executive.

 

3.4 Changes
to Compensation. As described above, Executive’s
compensation will be reviewed at least on an annual basis and the
Base Salary may be increased, but not decreased (except in
connection with a Company-wide decrease in executive compensation),
from time to time in the Company’s sole
discretion.

 

3.5 Employment
Taxes. All of Executive’s compensation shall be
subject to customary withholding taxes and any other employment
taxes as are commonly required to be collected or withheld by the
Company.

 

3.6 Benefits.
The Executive shall, in accordance with Company policy and the
applicable plan documents, be eligible to participate in benefits
under any benefit plan or arrangement, including medical, dental,
vision, disability and life insurance programs, that may be in
effect from time to time and made available to the Company’s
senior management employees, subject to the terms and conditions of
those benefit plans.

 

3.7 Holidays
and Vacation. Executive shall receive twenty (20) days of
paid vacation per year, which cannot be taken in one increment, but
which shall accrue if not used in any year but only up to a maximum
of twenty days, and be paid to Executive or carried forward to
subsequent years consistent with Company policy. In addition to
such paid vacation, Executive shall receive all paid Company
holidays in accordance with Company policy.

 

4. Termination.

 

4.1 Termination by the Company.
Executive’s employment with the Company is at will and may be
terminated by the Company at any time and for any reason, or for no
reason, including, but not limited to, under the following
conditions:

 

4.1.1 Termination
by the Company for Cause. The Company may terminate
Executive’s employment under this Agreement for
“Cause” by delivery of written notice to Executive. Any
notice of termination given pursuant to this Section 4.1.1 shall
effect termination as of the date of the notice, or as of such
other date as specified in the notice.

 

4.1.2 Termination
by the Company without Cause. The Company may terminate
Executive’s employment under this Agreement without Cause at
any time and for any reason, or for no reason. Such termination
shall be effective on the date Executive is so informed, or as
otherwise specified by the Company.

 

 

-3-

 

 

 

4.2 Termination
by Resignation of Executive. Executive’s employment
with the Company is at will and may be terminated by Executive at
any time and for any reason, or for no reason, including via a
resignation for Good Reason in accordance with the procedures set
forth in Section 4.6.3 below.

 

4.3 Termination
for Death or Complete Disability. Executive’s
employment with the Company shall automatically terminate effective
upon the date of Executive’s death or Complete Disability (as
defined below).

 

4.4 Termination
by Mutual Agreement of the Parties. Executive’s
employment with the Company may be terminated at any time upon a
mutual agreement in writing of the Parties. Any such termination of
employment shall have the consequences specified in such
agreement.

 

4.5 Compensation
Upon Termination.

 

4.5.1 Death
or Complete Disability. If, during the Term of this
Agreement, Executive’s employment shall be terminated by
death or Complete Disability, the Company shall pay to Executive,
his estate, or his heirs, as applicable, (i) any Base Salary owed
to Executive through the date of termination; (ii) expenses
reimbursement amounts owed to Executive; (iii) all unpaid amounts
of any Annual Milestone Bonus(es) Executive earned prior to the
termination date; (iv) a cash lump sum in respect to accrued and
unused vacation benefits earned through the date of termination at
the rate in effect at the time of termination; (v) any payments and
benefits to which Executive (or his estate) is entitled pursuant to
the terms of any employee benefit or compensation plan or program
in which he participates (or participated); and (vi) any amount to
which Executive is entitled pursuant to any other written
agreements between the Company or any of its affiliates and
Executive (the amounts in (i) through (vi) above being the
“Termination
Amounts”). The Company shall pay Executive: (A) the
amounts contained in items (i) through (iv) within ten (10) days
following such termination; (B) any payments associated with (v) in
accordance to the terms of such plans or programs; and (C) any such
amounts in (vi) in accordance with the terms of such agreements,
with the Termination Amounts being subject to the standard
deductions and withholdings (as applicable). In addition, subject
to Executive (or his estate or heirs, as applicable) furnishing to
the Company an executed waiver and release of claims in the form
attached hereto as Exhibit A
(the “Release”)
within the time period specified therein, and allowing the Release
to become effective in accordance with its terms, then Executive,
his estate, or his heirs, as applicable, shall also be entitled to:
(1) continuation of Executive’s salary (at the Base Salary
rate in effect at the time of termination) for a period of ninety
(90) days following the termination date; and (2) a prorated annual
bonus equal to the Annual Milestone Bonus, if any, for the year of
termination multiplied by a fraction, the numerator of which shall
be the number of full and partial months Executive worked for the
Company and the denominator of which shall be 12. The Base Salary
payments will be subject to standard payroll deductions and
withholdings and will be made on the Company’s regular
payroll cycle, provided, however, that any payments otherwise
scheduled to be made prior to the effective date of the Release
shall accrue and be paid in the first payroll period that follows
such effective date. The prorated annual bonus payment will be
subject to standard payroll deductions and withholdings and will
paid at the same time as the Annual Milestone Bonus, if any, would
have been paid to Executive under Section 3.2 above, had Executive
remained employed with the Company.

 

4.5.2 Termination For Cause or Resignation without
Good Reason. If, during the Term of this Agreement,
Executive’s employment is terminated by the Company for
Cause, or Executive resigns his employment hereunder without Good
Reason, the Company shall pay
Executive the Termination Amounts, less standard deductions
and withholdings. The Company shall thereafter have no further
obligations to Executive under this Agreement, except as otherwise
provided by law.

 

 

-4-

 

 

 

4.5.3 Termination
Without Cause or Resignation For Good Reason Not In Connection with
a Change of Control. If the Company terminates
Executive’s employment without Cause, or if Executive resigns
for Good Reason, at any time other than upon the occurrence of, or
within thirty (30) days prior to, or six (6) months following, the
effective date of a Change of Control (as defined below), the
Company shall pay Executive the Termination Amounts, less standard
deductions and withholdings. In addition, subject to Executive
furnishing to the Company an executed Release within the time
period specified therein, and allowing the Release to become
effective in accordance with its terms, Executive shall be entitled
to: (1) severance in the form of continuation of his salary (at the
Base Salary rate in effect at the time of termination, but prior to
any reduction triggering Good Reason) for the greater of a period
of six (6) months following the termination date or the remaining
term; (2) payment of Executive’s premiums to cover COBRA for
a period of twelve (12) months following the termination date; and
(3) a prorated annual bonus equal to the target Annual Milestone
Bonus, if any, for the year of termination (150% of
Executive’s compensation) multiplied by a fraction, the
numerator of which shall be the number of full and partial months
Executive worked for the Company and the denominator of which shall
be 12, and (4) with respect to any unvested stock options at the
time of termination, in the event such unvested stock options vest
within six (6) months following the termination date, Executive
shall be entitled to receive the full benefit of such options and
have the right to exercise such options for a period of six (6)
months following the vesting date. In addition, all stock options
that have vested in connection with Executive’s termination
under this Section 4.5.3 shall remain exercisable for six (6)
months following such termination. These payments under (1), (2),
(3) and (4) above will be subject to standard payroll deductions
and withholdings and will be made on the Company’s regular
payroll cycle, provided, however, that any payments otherwise
scheduled to be made prior to the effective date of the Release
shall accrue and be paid in the first payroll period that follows
such effective date.

 

4.5.4 Termination
Without Cause or Resignation For Good Reason In Connection with a
Change of Control. If the Company terminates
Executive’s employment without Cause, or if Executive resigns
for Good Reason, upon the occurrence of, or within thirty (30) days
prior to, or within six (6) months following, the effective date of
a Change of Control, the Company shall pay Executive the
Termination Amounts, less standard deductions and withholdings. In
addition, subject to Executive furnishing to the Company an
executed Release within the time period specified therein, and
allowing the Release to become effective in accordance with its
terms, then Executive shall be entitled to: (1) severance in the
form of a lump sum payment equivalent to the greater of one (1)
year of his Base Salary (at the Base Salary rate in effect at the
time of termination, but prior to any reduction triggering Good
Reason) or the remaining Term; (2) payment of Executive’s
premiums to cover COBRA for a period of twelve (12) months
following the termination date; (3) a prorated annual bonus equal
to the target Annual Milestone Bonus, if any, for the year of
termination (150% of Executive’s compensation) multiplied by
a fraction, the numerator of which shall be the number of full and
partial months Executive worked for the Company and the denominator
of which shall be 12, and (4) immediate accelerated vesting of any
unvested shares subject to any outstanding stock option(s), such
that, on the effective date of the Release, the Executive shall be
vested in one hundred percent (100%) of the shares subject to such
option(s). Executive shall provide transition services for a period
of up to six months, if requested. These payments under (1), (2),
and (3) above, will be subject to standard payroll deductions and
withholdings and will be made on the Company’s regular
payroll cycle, provided, however, that any payments otherwise
scheduled to be made prior to the effective date of the Release
shall accrue and be paid in the first payroll period that follows
such effective date.

 

4.6 Definitions.
For purposes of this Agreement, the following terms shall have the
following meanings:

 

4.6.1 Complete
Disability. “Complete
Disability” means that Executive is determined to be
permanently disabled pursuant to the Company’s long term
disability plan and is receiving disability benefits under such
plan.

 

 

-5-

 

 

 

4.6.2 Cause.
“Cause” for
the Company to terminate Executive’s employment hereunder
shall mean the occurrence of any of the following events, as
determined by the Company and/or the Board in its and/or their sole
and absolute discretion:

 

(i) The willful
failure, disregard or refusal by Executive to perform his material
duties or obligations under this Agreement;

 

(ii) Any
grossly negligent act by Executive having the effect of materially
injuring (whether financially or otherwise) the business or
reputation of the Company or any of its Affiliates, including but
not limited to, any senior officer, director or executive of the
Company or any of its Affiliates or any willful act by Executive
intended to cause such material injury, except any acts (A) made by
Executive in connection with the enforcement of his rights, whether
under this Agreement, any other agreement between the Company or
any affiliate and Executive, or pursuant to applicable law (e.g.
disparagement, etc.) or (B) which are required by law or pursuant
to a subpoena or demand by a governmental or regulatory
body;

 

(iii) Willful
misconduct by Executive with respect to any of the material duties
or obligations of Executive under this Agreement, including,
without limitation, willful refusal to follow the directions
received by Executive from the Board;

 

(iv) Executive’s
indictment of any felony involving moral turpitude (including entry
of a nolo contendere
plea);

 

(v) The determination,
after a reasonable and good-faith investigation by the Company,
that the Executive engaged in discrimination prohibited by law
(including, without limitation, age, sex or race
discrimination);

 

(vi) Executive’s
material misappropriation or embezzlement of the property of the
Company or its Affiliates (whether or not a misdemeanor or felony);
or

 

(vii) Material
breach by Executive of this Agreement and/or of his Proprietary
Information and Inventions Agreement; provided, however, that, any
such termination of Executive shall only be deemed for Cause
pursuant to this definition if: (1) the Company gives the Executive
written notice of the condition(s) alleged to constitute Cause,
which notice shall describe such condition(s); and (2) the
Executive fails to remedy such condition(s) (if curable) within
thirty (30) days following receipt of the written
notice.

 

For
purposes of this definition, the Parties agree that (1) a change in
Executive’s role and/or title to no less than President shall
not constitute Cause under this Agreement; and (2) any breach of
Sections 2 or 5 of this Agreement shall be deemed a material breach
that is not capable of cure by Executive.

 

4.6.3 Good
Reason. For purposes of this Agreement, and subject to the
caveat at the end of this Section, “Good Reason” for
Executive to terminate his employment hereunder shall mean the
occurrence of any of the following events without Executive’s
prior written consent:

 

(i) any reduction by
the Company of Executive’s Base Salary as initially set forth
herein or as the same may be increased from time to time, provided,
however, that if such reduction occurs in connection with a
Company-wide decrease in executive compensation, such reduction
shall not constitute Good Reason for Executive to terminate his
employment;

 

(ii) a
material breach by the Company (or any of its affiliates) of this
Agreement or any other written agreement between the Company or any
of its affiliates and Executive; or

 

 

-6-

 

 

 

(iii) a
material adverse change in Executive’s duties, titles,
authority, responsibilities or reporting relationships, with such
determination being made with reference to the greatest extent of
your duties, titles, authority, responsibilities or reporting
relationships, etc. as increased (but not decreased) from time to
time; provided, however, a change in Executive’s role and/or
title to no less than President shall not constitute Good Reason
under this Agreement;

 

(iv) any
failure of the Company or any affiliate to pay Executive any amount
owed to Executive under this Agreement or any other written
agreement plan or program between the Company, any affiliates and
Executive;

 

(v) any reduction in
Executive’s bonus eligibility; or

 

(vi) the
assignment to Executive of duties materially inconsistent with his
position with the Company.

 

Provided, however, that, any such termination by the
Executive shall only be deemed for Good Reason pursuant to this
definition if: (1) the Executive gives the Company written
notice of his intent to terminate for Good Reason; which notice
shall describe such condition(s); (2) the Company fails to remedy
such condition(s) within thirty (30) days following receipt of the
written notice the “Cure Period”);
and (3) Executive voluntarily terminates his employment within
thirty (30) days following the end of the Cure Period.

 

4.6.4 Change
of Control. For purposes of this Agreement, “Change of
Control” shall mean the occurrence, in a single transaction
or in a series of related transactions, of any one or more of the
following events (excluding in any case transactions in which the
Company or its successors issues securities to investors primarily
for capital raising purposes):

 

(i) the acquisition by
a third party (or more than one party acting as a group) of
securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then
outstanding securities other than by virtue of a merger,
consolidation or similar transaction;

 

(ii) a
merger, consolidation or similar transaction following which the
stockholders of the Company immediately prior thereto do not own at
least fifty percent (50%) of the combined outstanding voting power
of the surviving entity (or that entity’s parent) in such
merger, consolidation or similar transaction;

 

(iii) the
dissolution or liquidation of the Company; or

 

(iv) the
sale, lease, exclusive license or other disposition of all or
substantially all of the assets of the Company.

 

4.7 Survival
of Certain Sections. Sections 3, 4, 5, 6, 7, 8, 9, 12, 13,
16, 17, 19 and 21 of this Agreement will survive the termination of
this Agreement.

 

4.8 Parachute
Payment. If any payment or benefit the Executive would
receive pursuant to this Agreement (“Payment”)
would (i) constitute a “Parachute
Payment” within
the meaning of Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”),
and (ii) be subject to the excise tax imposed by Section 4999 of
the Code (the “Excise
Tax”), then the Executive shall be entitled to receive
an additional payment from the Company (the “Gross-Up
Payment”) in an amount such that the net amount of
such additional payment retained by the Executive, after payment of
all federal, state and local income and employment and Excise Taxes
imposed on the Gross-Up Payment, shall be equal to the Excise Tax
imposed on the Payment. The Company shall pay Executive the
Gross-Up Payment as soon as practicable following the date
Executive’s right to the applicable Payment is triggered, but
in no event will the Company make such Gross-Up Payment later than
the time required by the rules governing Section 409A, including,
but not limited to, Treasury Regulation
1.409A-3(i)(1)(v).

 

 

-7-

 

 

 

Unless
Executive and the Company agree on an alternative accounting, law
or consulting firm, the accounting firm then engaged by the Company
for general tax compliance purposes shall perform the Gross-Up
Payment calculations. If the accounting firm so engaged by the
Company is serving as accountant or auditor for the individual,
entity or group effecting the Change in Control, the Company shall
appoint a nationally recognized accounting, law or consulting firm
to make the determinations required hereunder. The Company shall
bear all expenses with respect to the determinations by such
accounting, law or consulting firm required to be made
hereunder.

 

The
Company shall use commercially reasonable efforts such that the
accounting, law or consulting firm engaged to make the
determinations hereunder shall provide its calculations, together
with detailed supporting documentation, to Executive and the
Company within fifteen (15) calendar days after the date on which
Executive’s right to a Payment is triggered (if requested at
that time by the Executive or the Company) or such other time as
requested by the Executive or the Company.

 

4.9 Application
of Internal Revenue Code Section 409A. Notwithstanding
anything to the contrary set forth herein, any payments and
benefits provided under this Agreement (the “Severance
Benefits”) that constitute “deferred
compensation” within the meaning of Section 409A of the Code
and the regulations and other guidance thereunder and any state law
of similar effect (collectively “Section 409A”)
shall not commence in connection with Executive’s termination
of employment unless and until Executive has also incurred a
“separation from service” (as such term is defined in
Treasury Regulation Section 1.409A-1(h) (“Separation From
Service”), unless the Company reasonably determines
that such amounts may be provided to Executive without causing
Executive to incur the additional 20% tax under Section
409A.

 

It is
intended that each installment of the Severance Benefits payments
provided for in this Agreement is a separate “payment”
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For
the avoidance of doubt, it is intended that payments of the
Severance Benefits set forth in this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of
Section 409A provided under Treasury Regulation Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the
Company (or, if applicable, the successor entity thereto)
determines that the Severance Benefits constitute “deferred
compensation” under Section 409A and Executive is, on the
termination of service, a “specified employee” of the
Company or any successor entity thereto, as such term is defined in
Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent
necessary to avoid the incurrence of the adverse personal tax
consequences under Section 409A, the timing of the Severance
Benefit payments shall be delayed until the earlier to occur of:
(i) the date that is six months and one day after Executive’s
Separation From Service, or (ii) the date of Executive’s
death (such applicable date, the “Specified Employee Initial
Payment Date”), the Company (or the successor entity
thereto, as applicable) shall (A) pay to Executive a lump sum
amount equal to the sum of the Severance Benefit payments that
Executive would otherwise have received through the Specified
Employee Initial Payment Date if the commencement of the payment of
the Severance Benefits had not been so delayed pursuant to this
Section and (B) commence paying the balance of the Severance
Benefits in accordance with the applicable payment schedules set
forth in this Agreement.

 

Notwithstanding
anything to the contrary set forth herein, Executive shall receive
the Severance Benefits described above, if and only if Executive
duly executes and returns to the Company within the applicable time
period set forth therein, but in no event more than forty-five days
following Separation From Service, the Release and permits the
release of claims contained therein to become effective in
accordance with its terms. Notwithstanding any other payment
schedule set forth in this Agreement, none of the Severance
Benefits will be paid or otherwise delivered prior to the effective
date of the Release. Except to the extent that payments may be
delayed until the Specified Employee Initial Payment Date pursuant
to the preceding paragraph, on the first regular payroll pay day
following the effective date of the Release, the Company will pay
Executive the Severance Benefits Executive would otherwise have
received under the Agreement on or prior to such date but for the
delay in payment related to the effectiveness of the Release, with
the balance of the Severance Benefits being paid as originally
scheduled. All amounts payable under the Agreement will be subject
to standard payroll taxes and deductions.

 

 

-8-

 

 

 

All
reimbursements and in-kind benefits provided under this Agreement
shall be made or provided in accordance with the requirements of
Section 409A to the extent that such reimbursements or in-kind
benefits are subject to Section 409A. All reimbursements for
expenses paid pursuant hereto that constitute taxable income to
Executive shall in no event be paid later than the end of the
calendar year next following the calendar year in which Executive
incurs such expense or pays such related tax. Unless otherwise
permitted by Section 409A, the right to reimbursement or in-kind
benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit and the amount of expenses eligible
for reimbursement, or in-kind benefits, provided during any taxable
year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, respectively, in any other taxable
year.

 

5. Confidential
And Proprietary Information.

 

As a
condition of employment Executive agrees to execute and abide by
the Company’s Proprietary Information and Inventions
Agreement (“PIIA”).

 

6. Assignment
and Binding Effect.

 

This
Agreement shall be binding upon and inure to the benefit of
Executive and Executive’s heirs, executors, personal
representatives, assigns, administrators and legal representatives.
Because of the unique and personal nature of Executive’s
duties under this Agreement, neither this Agreement nor any rights
or obligations under this Agreement shall be assignable by
Executive. This Agreement shall be binding upon and inure to the
benefit of the Company and its successors, assigns and legal
representatives. Any such successor of the Company will be deemed
substituted for the Company under the terms of this Agreement for
all purposes. For this purpose, “successor” means any
person, firm, corporation or other business entity which at any
time, whether by purchase, merger or otherwise, directly or
indirectly acquires all or substantially all of the assets or
business of the Company.

 

7. Notices.

 

All
notices or demands of any kind required or permitted to be given by
the Company or Executive under this Agreement shall be given in
writing and shall be personally delivered (and receipted for) or
faxed during normal business hours or mailed by certified mail,
return receipt requested, postage prepaid, addressed as
follows:

 

If
to the Company:

 

MetaStat,
Inc.

27
DrydDock Ave, 2nd Floor

Boston,
MA 02210

Attn:
CFO

 

with a
copy to:

David
Levine

Loeb
& Loeb LLP

345
Park Ave.

New
York, NY 10154

 

 

If
to Executive:

 

Douglas
Hamilton

[_______________]

 

with a
copy to:

[_______________]

 

Any
such written notice shall be deemed given on the earlier of the
date on which such notice is personally delivered or three (3) days
after its deposit in the United States mail as specified above.
Either Party may change its address for notices by giving notice to
the other Party in the manner specified in this
Section.

 

 

-9-

 

 

 

8. Choice
of Law.

 

This
Agreement shall be construed and interpreted in accordance with the
internal laws of the State of New York without regard to its
conflict of laws principles.

 

9. Integration.

 

This
Agreement, including Exhibit
A and the PIIA, contains the complete, final and exclusive
agreement of the Parties relating to the terms and conditions of
Executive’s employment and the termination of
Executive’s employment, and supersedes all prior and
contemporaneous oral and written employment agreements or
arrangements between the Parties.

 

10. Amendment.

 

This
Agreement cannot be amended or modified except by a written
agreement signed by Executive and the Company.

 

11. Waiver.

 

No
term, covenant or condition of this Agreement or any breach thereof
shall be deemed waived, except with the written consent of the
Party against whom the wavier is claimed, and any waiver or any
such term, covenant, condition or breach shall not be deemed to be
a waiver of any preceding or succeeding breach of the same or any
other term, covenant, condition or breach.

 

12. Severability.

 

The
finding by a court of competent jurisdiction of the
unenforceability, invalidity or illegality of any provision of this
Agreement shall not render any other provision of this Agreement
unenforceable, invalid or illegal. Such court shall have the
authority to modify or replace the invalid or unenforceable term or
provision with a valid and enforceable term or provision, which
most accurately represents the Parties’ intention with
respect to the invalid or unenforceable term, or
provision.

 

13. Interpretation;
Construction.

 

The
headings set forth in this Agreement are for convenience of
reference only and shall not be used in interpreting this
Agreement. This Agreement has been drafted by legal counsel
representing the Company, but the Executive has been encouraged to
consult with, and has consulted with, Executive’s own
independent counsel and tax advisors with respect to the terms of
this Agreement. The Parties acknowledge that each Party and its
counsel has reviewed and revised, or had an opportunity to review
and revise, this Agreement, and any rule of construction to the
effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this
Agreement.

 

14. Representations
and Warranties.

 

Executive
represents and warrants that Executive is not restricted or
prohibited, contractually or otherwise, from entering into and
performing each of the terms and covenants contained in this
Agreement, and that Executive’s execution and performance of
this Agreement will not violate or breach any other agreements
between the Executive and any other person or entity.

 

 

-10-

 

 

 

15. Counterparts.

 

This
Agreement may be executed in two counterparts, each of which shall
be deemed an original, all of which together shall contribute one
and the same instrument. Signatures to this Agreement transmitted
by fax, by email in “portable document format”
(“.pdf”) or by any other electronic means intended to
preserve the original graphic and pictorial appearance of this
Agreement shall have the same effect as physical delivery of the
paper document bearing original signature.

 

16. Arbitration.

 

To
ensure the rapid and economical resolution of disputes that may
arise in connection with the Executive’s employment with the
Company, Executive and the Company agree that any and all disputes,
claims, or causes of action, in law or equity, arising from or
relating to Executive’s employment, or the termination of
that employment, will be resolved, to the fullest extent permitted
by law, by final, binding and confidential arbitration pursuant to
the Federal Arbitration Act in New York, New York conducted by the
Judicial Arbitration and Mediation Services/Endispute, Inc.
(“JAMS”),
or its successors, under the then current rules of JAMS for
employment disputes; provided that the arbitrator shall: (a) have
the authority to compel adequate discovery for the resolution of
the dispute and to award such relief as would otherwise be
permitted by law; and (b) issue a written arbitration decision
including the arbitrator’s essential findings and conclusions
and a statement of the award. Accordingly, Executive and the
Company hereby waive any right to a jury trial. Both Executive and
the Company shall be entitled to all rights and remedies that
either Executive or the Company would be entitled to pursue in a
court of law. The Company shall pay any JAMS filing fee and shall
pay the arbitrator’s fee. The arbitrator shall have the
discretion to award attorneys fees to the party the arbitrator
determines is the prevailing party in the arbitration. Nothing in
this Agreement is intended to prevent either Executive or the
Company from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration.
Notwithstanding the foregoing, Executive and the Company each have
the right to resolve any issue or dispute involving confidential,
proprietary or trade secret information, or intellectual property
rights, by Court action instead of arbitration.

 

17. Indemnification.

 

The
Company shall defend and indemnify Executive in his capacity as
President and Chief Executive Officer of the Company to the fullest
extent permitted under the Nevada Private Corporations Law. The
Company shall also maintain a policy for indemnifying its officers
and directors, including but not limited to the Executive, for all
actions permitted under the Nevada Private Corporations Law taken
in good faith pursuit of their duties for the Company, including
but not limited to maintaining an appropriate level of Directors
and Officers Liability coverage and maintaining the inclusion of
such provisions in the Company’s by-laws or articles of
incorporation, as applicable and customary. The rights to
indemnification shall survive any termination of this
Agreement.

 

18. Trade
Secrets Of Others.

 

It is
the understanding of both the Company and Executive that Executive
shall not divulge to the Company and/or its subsidiaries any
confidential information or trade secrets belonging to others,
including Executive’s former employers, nor shall the Company
and/or its Affiliates seek to elicit from Executive any such
information. Consistent with the foregoing, Executive shall not
provide to the Company and/or its Affiliates, and the Company
and/or its Affiliates shall not request, any documents or copies of
documents containing such information.

 

 

-11-

 

 

 

19. Advertising
Waiver.

 

Executive agrees to
permit the Company, and persons or other organizations authorized
by the Company, to use, publish and distribute advertising or sales
promotional literature concerning the products and/or services of
the Company, or the machinery and equipment used in the provision
thereof, in which Executive’s name and/or pictures of
Executive taken in the course of Executive’s provision of
services to the Company appear. Executive hereby waives and
releases any claim or right Executive may otherwise have arising
out of such use, publication or distribution.

 

20. NO
MITIGATION.

 

Executive shall not
be required to mitigate damages or the amount of any payment
provided for under this Agreement by seeking other employment or
otherwise after the termination of his employment hereunder, and
any amounts earned by Executive, whether from self-employment, as a
common-law employee or otherwise, shall not reduce the amount of
any payment otherwise payable to him.

 

 

 

 [signature page follows]

 

 

-12-

 

 

 

In Witness
Whereof, the Parties have executed this Agreement as of the
date first above written.

 

MetaStat, Inc.

 

By:
/s/ Jerome B.
Zeldis

Name:
Jerome B. Zeldis

Its:
Chairman of the Board of Directors

 

Dated: 11/1/17                                                                            

 

Executive:

 

                                                                    

/s/: Douglas A. Hamilton

Douglas Hamilton

 

 

Dated 10/31/17

                                                                          

 

-13-

 

 

EXHIBIT A

 

RELEASE AND WAIVER OF CLAIMS

 

TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY

 

In
consideration of the payments and other benefits set forth in the
Employment Agreement effective as of October 31, 2017, to which
this form is attached, I, Douglas Hamilton, hereby furnish
MetaStat,
Inc. (the “Company”),
with the following release and waiver (“Release and
Waiver”).

 

In exchange for the consideration provided to me
by the Employment Agreement that I am not otherwise entitled to
receive, I hereby generally and completely release the
Company and its current and former directors, officers, employees,
stockholders, partners, agents, attorneys, predecessors,
successors, parent and subsidiary entities, insurers, affiliates,
and assigns (collectively, the “Released
Parties”) from any and all claims, liabilities and
obligations, both known and unknown, that arise out of or are in
any way related to events, acts, conduct, or omissions occurring
prior to or on the date that I sign this Agreement (collectively,
the “Released
Claims”). Except as provided below, the Released
Claims include, but are not limited to: (a) all claims arising
out of or in any way related to my employment with the Company, or
the termination of that employment; (b) all claims related to
my compensation or benefits from the Company including salary,
bonuses, commissions, vacation pay, expense reimbursements,
severance pay, fringe benefits, stock, stock options, or any other
ownership interests in the Company; (c) all claims for breach
of contract, wrongful termination, and breach of the implied
covenant of good faith and fair dealing; (d) all tort claims,
including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (e) all federal,
state, and local statutory claims, including claims for
discrimination, harassment, retaliation, misclassification,
attorneys’ fees, or other claims arising under the federal
Civil Rights Act of 1964 (as amended), the federal Americans with
Disabilities Act of 1990, the federal Age Discrimination in
Employment Act of 1967 (as amended) (the “ADEA”), the
fair employment practices statutes of the state or states in which
I have provided services to the Company and/or any other federal,
state or local law, regulation or other requirement.
Notwithstanding the foregoing, the following are not included in
the Released Claims (the “Excluded
Claims”): (a) any rights or claims under the
Agreement or any other written agreement between the Company and
me, including any stock option award agreement or plan, (b) any
rights or claims that may arise as a result of events occurring
after the date this Release and Waiver is executed or which
otherwise cannot lawfully be waived, (c) any indemnification rights
I may have as a former officer or director of the Company or its
subsidiaries or affiliated companies, including any rights or
claims for indemnification I may have pursuant to any written
indemnification agreement with the Company to which I am a party,
the charter, bylaws, or operating agreements of the Company, or
under applicable law; (d) any claims for benefits under any
directors’ and officers’ liability policy maintained by
the Company or its subsidiaries or affiliated companies in
accordance with the terms of such policy, (e) any rights or claims
under any employee benefit or compensation plan or program in which
I participate or participated (or was eligible to participate), (f)
any rights or claims to unemployment compensation, and (g)
reimbursement for business expenses which are consistent with the
Company’s reimbursement policy. I hereby represent and
warrant that, other than the Excluded Claims, I am not aware of any
claims I have or might have against any of the Released Parties
that are not included in the Released Claims.

 

I
expressly waive and relinquish any and all rights and benefits
under any applicable law or statute providing, in substance, that a
general release does not extend to claims which a party does not
know or suspect to exist in his or his favor at the time of
executing the release, which if known by him or his would have
materially affected the terms of such release.

 

 

-14-

 

 

 

I
acknowledge that, among other rights, I am waiving and releasing
any rights I may have under ADEA, that this Release and Waiver is
knowing and voluntary, and that the consideration given for this
Release and Waiver is in addition to anything of value to which I
was already entitled as an executive of the Company. If I am 40
years of age or older upon execution of this Release and Waiver, I
further acknowledge that I have been advised, as required by the
Older Workers Benefit Protection Act, that: (a) the release and
waiver granted herein does not relate to claims under the ADEA
which may arise after this Release and Waiver is executed; (b) I
should consult with an attorney prior to executing this Release and
Waiver; and (c) I have twenty-one (21) days from the date of
termination of my employment with the Company in which to consider
this Release and Waiver (although I may choose voluntarily to
execute this Release and Waiver earlier); (d) I have seven (7) days
following the execution of this Release and Waiver to revoke my
consent to this Release and Waiver; and (e) this Release and Waiver
shall not be effective until the seven (7) day revocation period
has expired without my having previously revoked this Release and
Waiver.

 

I
acknowledge my continuing obligations under my Proprietary
Information and Inventions Agreement. Pursuant to the Proprietary
Information and Inventions Agreement I understand that among other
things, I must not use or disclose any confidential or proprietary
information of the Company and I must immediately return all
Company property and documents (including all embodiments of
proprietary information) and all copies thereof in my possession or
control. I understand and agree that my right to the severance pay
I am receiving in exchange for my agreement to the terms of this
Release and Waiver is contingent upon my continued compliance with
my Proprietary Information and Inventions Agreement.

 

This
Release and Waiver constitutes the complete, final and exclusive
embodiment of the entire agreement between the Company and me with
regard to the subject matter hereof. I am not relying on any
promise or representation by the Company that is not expressly
stated herein. This Release and Waiver may only be modified by a
writing signed by both me and a duly authorized officer of the
Company.

 

 

	
 Date:
__________________

	
 By:
__________________

	
 

	
      
Douglas Hamilton

 

                                                                        

                                                                   

 

 

 

 

-15-

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