SEC Contract Filing

Filing Date: 2018-02-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d506624dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 10.1</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RETIREMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Retirement Agreement (&#147;Agreement&#148;) is made as of January&nbsp;31, 2018, by and between Ronald H. Spair (&#147;Executive&#148;)
and OraSure Technologies, Inc. (collectively, with its predecessors, successors, affiliates and subsidiaries, the &#147;Company&#148;) (jointly referred to as the &#147;Parties&#148; and singularly as a &#147;Party&#148;): </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Executive has been employed by the Company as its Chief Financial Officer and Chief Operating Officer and has served as a member of its Board of Directors (the &#147;Board&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive and the Company are currently parties to an Employment Agreement, dated as of July&nbsp;1, 2004, as amended (the
&#147;Employment Agreement&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive will retire from the Company and resign from its Board of Directors effective
as of June&nbsp;30, 2018, or such earlier date, as reasonably determined by the Board, following the appointment of Executive&#146;s successor by the Board (the &#147;Retirement Date&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in consideration of Executive&#146;s service to the Company and his retirement, Executive and the Company have entered into this
Agreement to set forth the terms and conditions of Executive&#146;s employment between the date hereof and the Retirement Date (the &#147;Transition Period&#148;) and the amicable termination of Executive&#146;s employment as of the Retirement Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual promises made herein, intending to be legally bound, the Parties hereby agree as follows:
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>COVENANTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Employment and Resignation.</U> Executive hereby retires and terminates his employment, and resigns all offices,
titles and positions with the Company, including as a member of the Company&#146;s Board of Directors, as of the Retirement Date. Such termination of employment and resignation by Executive shall constitute a voluntary termination and resignation by
Executive. Executive agrees that his termination of employment and resignation as provided above shall not constitute a termination of his employment under Sections 6.1, 6.3, 6.4, 6.5 or 6.6 of the Employment Agreement and that no severance or other
amounts are payable in connection with such termination under Sections 6 or 7 of the Employment Agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Service During Transition Period.</U> During the Transition Period, Executive agrees to continue to perform his duties as Chief
Financial Officer and Chief Operating Officer of the Company in accordance with the Employment Agreement and to assist the Company in the identification of Executive&#146;s successor and in the transition of Executive&#146;s duties and
responsibilities to such successor. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation Upon Retirement.</U> In consideration of Executive&#146;s retirement on
the Retirement Date and Executive fulfilling his obligations under this Agreement including his obligations during the Transition Period, and subject to Executive executing the General Release attached as <U>Exhibit A</U> hereto in accordance with
Section&nbsp;10 of this Agreement and such General Release becoming effective on the eighth day after execution thereof without Executive exercising his right to revoke such General Release, Executive shall be entitled to the items of compensation
set forth in Sections 4, 5, 6 and 7 of this Agreement. Executive and the Company acknowledge and agree that Executive would not be entitled to all of such items of compensation had he not executed this Agreement and the General Release and that such
items of compensation constitute compensation to which Executive is not otherwise entitled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Treatment of Outstanding Equity
Awards</U>. Subject to the requirements of Section&nbsp;3, (i) the unvested portions of all awards of options to purchase the Company&#146;s common stock (&#147;Stock Options&#148;) and all awards of time-vested restricted stock (&#147;Restricted
Stock&#148;) granted to Executive prior to the date of this Agreement and which are outstanding and unvested as of the Reti