SEC Contract Filing

Filing Date: 2020-08-14

Document Content:
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<TYPE>EX-10.62
<SEQUENCE>8
<FILENAME>d923315dex1062.htm
<DESCRIPTION>EX-10.62
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<TITLE>EX-10.62</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.62 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEPARATION AGREEMENT AND RELEASE OF CLAIMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This Separation Agreement and Release of Claims (the &#147;Agreement&#148;) is made and entered into by and between Craig S. Eastwood
(&#147;Employee&#148;) and CytoDyn Inc. (&#147;Employer&#148;) on the date execution is complete by both parties (the &#147;Execution Date&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RECITALS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;Employer has notified Employee of its decision to end his employment effective, April&nbsp;24, 2020 (the
&#147;Separation Date&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the terms of his Employment Agreement effective
November&nbsp;13, 2019 (the &#147;Eastwood Employment Agreement&#148;), Employer has offered Employee severance pay and other benefits as outlined in this Agreement in exchange for a full release of all claims, and Employee wishes to accept the
severance pay on the terms set forth in this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AGREEMENT AND RELEASE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, and covenants set forth below, it is agreed as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Non-admission</FONT> of Liability</U>. This Agreement is to be entered into on a
<FONT STYLE="white-space:nowrap">non-precedential</FONT> basis and shall not be construed in any way as an admission by Employer of any liability whatsoever against Employee or any other persons. Employer specifically disclaims any liability to, or
any acts of wrongdoing against Employee or any other persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Separation from Employment and Final
Paycheck</U>. Employee&#146;s employment with Employer terminated effective April&nbsp;24, 2020 (the &#147;Separation Date&#148;) and he will receive his final paycheck inclusive of his salary through the Separation Date, any outstanding
reimbursements, and any accrued but unused vacation, on the next regular payroll date irrespective of his acceptance of this Agreement as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consideration by Employer</U>. Employer agrees to provide the following, provided that Employee accepts without
revocation as provided in Section&nbsp;10, and otherwise complies with, this Agreement:<U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">a.&nbsp;&nbsp;&nbsp;&nbsp;Employer
agrees to pay Employee the sum of Two Hundred Forty-Five Thousand Dollars 00/100 ($245,000.00) in severance pay, less standard deductions required by law (&#147;Severance Payment&#148;). The Severance Payment will be paid in equal <FONT
STYLE="white-space:nowrap">bi-weekly</FONT> installments over a twelve (12)&nbsp;month period through the Employer&#146;s normal payroll processing commencing 60 days following the Separation Date; provided that this Agreement has become effective
as set forth in Section&nbsp;10, and subject to the requirements of Section&nbsp;13.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 of 5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, at the election of Employer with the approval of its Board
of Directors in its sole discretion, any installment of the Severance Payment may be satisfied in whole or in part by the issuance of shares of Employer&#146;s Common Stock to Employee with a Fair Market Value, as defined in Employer&#146;s 2012
Equity Incentive Plan, as amended (the &#147;Plan&#148;), on the date of issuance equal to the amount of the Severance Payment to be paid in shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable provisions of the Plan and the Stock Option Award Agreements between Employer and Employee
dated April&nbsp;29, 2019, June&nbsp;18, 2019, November&nbsp;13, 2019, and February&nbsp;21, 2020, all stock options that Employee may have under the Plan shall vest and become exercisable, to the extent not already vested and (if applicable)
exercisable, as of the Separation Date and will remain exercisable until the expiration of three months following the Sep