SEC Contract Filing

Filing Date: 2019-12-16

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>CONFIDENTIAL
SEVERANCE AND RELEASE AGREEMENT </U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Confidential Severance and Release Agreement (the &ldquo;<B><U>Severance Agreement</U></B>&rdquo;) is entered into as of the Effective
Date (as that term is defined herein), by and between Gino Mauriello (&ldquo;<B><U>Executive</U></B>&rdquo;) and CipherLoc Corporation,
a Texas corporation (the &ldquo;<B><U>Company</U></B>&rdquo;). The signatories to this Agreement will be referred to collectively
as the &ldquo;<B><U>Parties</U></B>&rdquo; and individually as a &ldquo;<B><U>Party</U></B>&rdquo;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B>Executive has been employed by the Company as its Chief Financial Officer since May 19, 2019, pursuant to the terms of that
certain Employment Agreement made by and between the Parties, dated May 19, 2019 (the &ldquo;<B><U>Employment Agreement</U></B>&rdquo;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
pursuant to the terms of the Employment Agreement, the Company and Executive have agreed that the Executive shall resign from
the Company, effective December 13, 2019 (the &ldquo;<B><U>Termination Date</U></B>&rdquo;); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B>Executive and the Company desire, pursuant to the terms and conditions of this Severance Agreement, to enter into this Severance
Agreement to set forth the Parties&rsquo; rights and obligations existing as of and after the Termination Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW
THEREFORE</B>, in consideration of the premises, the mutual promises and covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company hereby <B>AGREE AS FOLLOWS:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
<U>Release and Waiver Agreement</U></B>. Executive acknowledges and understands that this Severance Agreement is a release and
waiver contract, and that this document is legally binding. The Parties acknowledge and understand that this Agreement applies
only to claims which accrue or have accrued prior to the Effective Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
<U>Termination/Resignation as Board Member.</U></B> Executive and the Company acknowledge that Executive&rsquo;s employment with
the Company shall be deemed to have terminated on the Termination Date. Additionally, in return for the Company&rsquo;s execution
of this Severance Agreement, Executive hereby waives any notice of termination obligations set forth in the Employment Agreement.
Additionally, to the extent the Employee serves as a member of the Company&rsquo;s Board of Directors (the &ldquo;<B><U>Board</U></B>&rdquo;),
Employee agrees to resign from that position no later than twenty-four (24) hours after the Delivery Date (defined below) and,
further, he agrees