Exhibit 10.1


 


EMPLOYMENT AGREEMENT


 


THIS EMPLOYMENT AGREEMENT (this
 “Agreement”) is entered into by and between AirSculpt Technologies, Inc., a Delaware corporation (the “Company”),
and Todd Magazine (“Executive”) this December 29 2022, with employment to commence on or before January 30,
2023 (the “Effective Date”).


 


W I T N E S S E T H:


 


WHEREAS,
the Company desires to employ Executive and as Chief Executive Officer of the Company in accordance with the terms and conditions
of this Agreement; and


 


WHEREAS,
Executive desires to serve as Chief Executive Officer of the Company in accordance with the terms and conditions of this Agreement.


 


NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties
hereto, intending to be legally bound, hereby agree as follows:


 


1.            Employment
and Acceptance. During the Term (as defined in Section 3 below), the Company shall employ Executive, and Executive shall
serve the Company, subject to the terms of this Agreement.


 


		2.	Title; Duties and Obligations; Location.



 


2.1            Title.
The Company shall employ Executive to render services to the Company. Executive shall serve in the capacity of Chief Executive Officer
of the Company.


 


2.2            Best
Efforts/Duties. The duties and responsibilities of Executive shall include such duties and responsibilities as assigned by the Company’s
Board of Directors (the “Board”) from time to time consistent with the position of Chief Executive Officer. Executive
shall perform faithfully and diligently all such duties assigned to Executive. The Company reserves the right to modify Executive’s
position and duties at any time in its sole and absolute discretion; provided, that such position and the duties assigned are consistent
with the position of a Chief Executive Officer or higher level of authority or prestige. Effective the Effective Date, Executive shall
be appointed as a member of the Board and thereafter renominated to serve as a director for each Board term during the Term. In Executive’s
capacity as Chief Executive Officer of the Company, Executive shall report to, and be subject to the lawful direction of, the Board. Executive
will expend Executive’s best efforts on behalf of the Company, and will abide by all policies of the Company applicable to the Company’s
executives generally and all decisions made by the Board, all in accordance with applicable federal, state and local laws, regulations
or ordinances. Executive will act in the best interest of the Company at all times in carrying out his duties and responsibilities under
this Agreement. Except as permitted under Section 2.5(i) and (ii) below, Executive shall devote Executive’s
full business efforts to the performance, to the best of his ability, experience and talent, of Executive’s assigned duties for
the Company.


 


2.3            Other
Positions. In addition to serving in the capacity of Chief Executive Officer of the Company, Executive also shall serve in such
other executive-level positions or capacities as may, from time to time, be requested by the Board, including, without limitation
(subject to election, appointment, re-election or re-appointment, as applicable) as an officer of any of the Company’s
subsidiaries and/or affiliates, in each case, for no additional compensation.


 






     


     


    

 


2.4            Compliance
with Company Policies. Subject to Section 6 hereof, during the Term, Executive shall be in conformance and comply with
all Company written or established policies, rules and regulations governing the conduct of its employees, now in effect, or as subsequently
adopted or amended to the extent such policies are in accordance with applicable federal, state and local laws, regulations and ordinances.


 


2.5            Time
Commitment. During the Term, Executive shall use his best efforts to promote the interests of the Company (and, to the extent he
serves one or more subsidiaries and/or affiliates pursuant to Section 2.3 hereof, its applicable subsidiaries or
affiliates) and, except as provided in subsections (i) and (ii) below, shall devote all of his business time to the
performance of his duties for the Company (and, to the extent he serves one or more subsidiaries or affiliates pursuant to Section 2.3
hereof, its applicable subsidiaries or affiliates) and, shall not, directly or indirectly, render any services to any other person
or organization, whether for compensation or otherwise, except with the Board’s prior written consent (which shall not be
unreasonably withheld), until after the one (1) year anniversary of the Effective Date; provided, that nothing in this
Agreement shall prevent Executive from (i) participating in charitable, civic, educational, professional, community or industry
non-profit associations and organizations and (ii) managing Executive’s passive personal investments, so long as such
activities described in clauses (i) and (ii) do not, individually or in the aggregate, materially interfere or conflict
with Executive’s duties hereunder, create a business or fiduciary conflict, or violate the Covenant Agreement (defined in Section 9.18
below) which is being entered into by Executive and the Company in connection with this Agreement (in each case, as determined by
the Board). Notwithstanding the foregoing, the Board will review the activities in clauses (i) and (ii) of the preceding
sentence on an ongoing basis and reserves the right to prohibit any such activities that it determines in good faith materially
interfere with performance of Executive’s duties hereunder, and will provide Executive with written notice of such
determination. If the Board so prohibits such activities, Executive will be given a commercially reasonable period of time to
extract himself from such activities, during which time he will not be considered in breach of this Agreement.


 


2.6            Location.
Executive’s services shall be performed principally at the Company’s principal office located in Miami, Florida. However,
from time to time, Executive may be required by his job responsibilities to travel on Company business, and Executive agrees to do so.
Executive’s work schedule shall be determined and managed by Executive in his sole discretion, provided, however, Executive
performs all duties necessary in his capacity as the Company’s Chief Executive Officer. In order to facilitate the transition from
the Company’s prior chief executive officer to Executive, during the period following the Effective Date through the earlier of
(i) the six (6) month anniversary thereof, or (ii) the date that Executive completes his relocation to the Miami, Florida
metropolitan area, Executive shall use all reasonable good faith efforts, excepting when it is impractical to do so, to provide services
from any of (a) the Company headquarters in Miami, Florida, (b) any of the Company’s centers, or (c) Nashville, Tennessee,
at least 3 business days per week, unless Executive receives prior written approval from the Executive Chairman of the Board.


 






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3.            Term.
The employment relationship pursuant to this Agreement shall commence on the Effective Date and continue until terminated in accordance
with Section 7 below (such period of the employment relationship shall be referred to herein as the “Term”).
For avoidance of doubt, Executive’s employment shall be “at-will” and may be terminated by either party at any time
in accordance with the terms of this Agreement.


 


4.            Compensation.
For the services rendered by Executive in any capacity under this Agreement during the Term (including, without limitation, serving as
an officer, director or member of any committee of the Board), Executive shall be compensated as follows (subject, in each case, to the
provisions of Section 4 below):


 


4.1            Base
Salary. As compensation for Executive’s performance of Executive’s duties hereunder, beginning as of the Effective Date,
the Company shall pay to Executive a salary at the annualized rate of $700,000, payable in substantially equal installments in accordance
with the Company’s normal payroll practices as in effect from time to time. The salary may be reviewed annually by the Board or
a committee thereof and may be increased, but not decreased, unless such decrease is agreed to by Executive. As used herein Executive’s
 “Salary” shall be his salary as in effect from time to time after any such adjustments.


 


4.2            Annual
Bonus. In addition to the Salary, Executive shall be eligible for an annual target cash performance bonus of 100% of Executive’s
Salary (the “Bonus”) for each fiscal year during the Term (pro-rated for any partial years), based upon achievement
of individual and/or Company performance criteria, as determined annually by the Board in its sole and absolute discretion. Any Bonus
for a fiscal year to the extent earned, shall be paid in a lump sum at a time established by the Board but no later than March 15
of the calendar year immediately following the last day of the fiscal year to which the Bonus relates. Executive must be actively employed
with the Company at the time of such payment in order to receive the Bonus for that fiscal year.


 


4.3            Relocation.
Executive must relocate to the Miami, Florida metropolitan area within six (6) months after the Effective Date. In order to subsidize
Executive’s cost of this relocation, the Company will pay a lump sum amount of $175,000 on the next regular pay date of the Company
following the Effective Date. The payment provided in this Section 4.3 is intended to help Executive defray the costs and
expenses related to his relocation, including but not limited to house hunting trips, temporary housing area, packing and shipping of
household items, vehicles, and any other personal items, and any other similar expenses. For avoidance of doubt, the Company shall not
have any obligation to provide, and the payment described above shall be in lieu of, reimbursement for any relocation and moving expenses
under this Agreement or otherwise. Executive acknowledges that this lump sum subsidy is taxable income for federal income purposes. If
Executive does not relocate to the Miami, Florida metropolitan area within six (6) months of the Effective Date, Executive shall
repay to the Company the full amount of the lump sum payment under this Section 4.3.


 


4.4            Sign-on
Bonus. Executive shall be entitled to receive a cash bonus payment of $265,000, $150,000 of which shall be paid on the next
payroll date following the Effective Date in accordance with the Company’s normal payroll practices, and the remaining
$115,000 of which shall be paid prior to March 15, 2023, consistent with the timing of payment of annual bonuses for the other
Company executives provided that Executive is then employed by the Company. Executive acknowledges that the sign-on bonus is taxable
income for federal income tax purposes. In the event that Executive voluntarily terminates employment without Good Reason (defined
in Section 7.2 below) or is terminated for Cause (defined in Section 7.1 below) within twelve (12) months of
the Effective Date, Executive’s right to receive any amounts not yet paid shall be forfeited. In the event that Executive
voluntarily terminates employment for Good Reason or is terminated without Cause, or terminates due to death or Disability (defined
in Section 7.3 below), the Company will pay Executive (or Executive’s estate in the event his death) any unpaid
amounts of such cash bonus under this Section 4.4 within fifteen (15) days following such termination.


 






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4.5            Sign-on
Equity Award. As soon as reasonably practicable (but not more than ten (10) days, after the Effective Date, Executive will be
granted an equity award with a grant value of $2,000,000, which shall consist of 50% restricted stock units (RSUs) and 50% performance-based
restricted stock units (PSUs) at target value (with the number of RSUs and target PSUs granted based on (i) $1,000,000 in each case
divided by (ii) the ASC Topic 718 grant value taking into account the per share closing price of the Company’s common stock
on the Effective Date and, for the PSUs, the applicable performance goals) (the “Sign-On Equity Award”). The Sign-On
Equity Award shall be subject to the terms of the Company’s 2021 Equity Incentive Plan (the “Plan”) and an award
agreement with terms and conditions substantially consistent with this Section 4.5.. The RSUs shall be subject to an annual three
(3) year vesting schedule which provides that one-third (1/3) of such RSUs shall vest on each of the first three (3) anniversaries
of the grant date. The PSUs shall be subject to a relative total shareholder return performance goal over a three (3) year performance
period relative to the total shareholder return of the S&P Select Healthcare Index, which shall be identical to the group of companies
used for PSUs to be granted to other executive officers of the Company (taking into account any modifications that may have been made
to this group of companies based on events during 2022) with performance ranging from 0% to 200% of the target award as provided below,
as determined at the end of the three (3) year performance period.


 


	Performance Level	Below

 Threshold	Threshold	Target	Overachieve	Exceptional
	PSU TSR Percentile Rank vs. Index	Less than 30th%-ile	At least 30th%-ile	50th%-ile	75%-ile	100%-ile
	Number of PSUs Earned as a % of Target	0%	50%	100%	150%	200%
	For performance in excess of 30th percentile, the number of PSUs to be earned between each benchmark TSR percentile shall be determined based on linear interpolation. E.g., 125% of the target PSUs will vest at the 62.5th percentile


 


4.6            Equity
Awards. Executive will be eligible to participate in the Company’s 2021 Equity Incentive Plan and, commencing with grants in
2023, receive equity grants from the Company having a target (expressed as a percentage of salary) commensurate to the equity grants received
by other executive officers of the Company, subject to the terms and conditions of the applicable grant agreement and the approval of
the Board. For the initial grant in 2023, the target grant value will be two hundred percent (200%) of Executive’s Salary.


 






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		4.7	Clawbacks: Recovery of Relocation Reimbursement and Signing Bonus.



 


(a)             Any
incentive-based or other compensation paid to Executive under this Agreement, including but not limited to Bonuses and equity awards,
or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, stock exchange
listing requirement or any clawback policy adopted by the Company from time to time will be subject to the deductions and clawback as
may be required by such law, including but not limited to the Dodd-Frank Wall Street Reform and Consumer Protection Act, government regulation,
stock exchange listing requirement or clawback policy.


 


(b)            Executive
acknowledges and agrees that if, for any reason within twelve (12) months after the Effective Date, either Executive voluntarily terminates
his employment other than for Good Reason (and other than due to Disability), or if the Company terminates Executive’s employment
for Cause, Executive shall reimburse the Company for the full amount of the relocation reimbursements made under Section 4.3
and the sign-on bonus paid under Section 4.4 not later than twenty (20) business days after any such termination of employment
and the Company shall be authorized to withhold from any then current payment due to Executive, including but not limited to severance
benefits, accrued but unpaid salary and vacation benefits, and vested equity awards, in order to recover such amounts.


 


		5.	Benefits.



 


5.1            Customary
Benefits. Executive will be eligible for all customary and usual retirement and welfare benefits (excluding, for the avoidance of
doubt, bonus plans not expressly referred to in this Agreement and severance plans/programs/policies, if any) generally available to executives
of the Company, subject to the terms and conditions of such benefit plans. The Company reserves the right to change or eliminate benefits
on a prospective basis, at any time and from time to time.


 


5.2            Paid
Time Off. Executive shall be entitled to paid vacation, holidays, personal days and sick leave in accordance with the policies, programs
and practices of the Company in effect from time to time, but vacation shall in no event be less than four (4) weeks per calendar
year (pro-rated for any partial years). Such vacation shall be taken at such intervals as shall be appropriate and consistent with the
proper performance of Executive’s duties hereunder.


 


6.            Business
Expenses. The Company shall reimburse Executive during the Term, for all reasonable out-of-pocket business expenses incurred by Executive
in the performance of his duties hereunder consistent with level and the manner Executive has historically received such reimbursement
and otherwise in accordance with the Company’s expense reimbursement policies as in effect from time to time, provided, that
in the event of a conflict between Executive’s historic business reimbursement practices and the Company’s reimbursement policies,
the historic business reimbursement practices shall govern. In order to receive such reimbursement, Executive shall furnish to the Company
documentary evidence of each such expense in the form required to comply with the Company’s policies.


 






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		7.	Termination of Executive’s Employment.



 


7.1            Termination
for Cause by the Company. Although the Company anticipates a mutually rewarding employment relationship with Executive, the
Company may terminate Executive’s employment immediately at any time for Cause. For purposes of this Agreement,
 “Cause” is defined as: (i) fraud, embezzlement or other misappropriation by Executive of funds or property
of the Company or any of its subsidiaries or affiliates (collectively, the “Company Group”, and each, a
 “Company Group Member”) or any Persons or professionals for which the Company or its subsidiaries or affiliates
provides business, management, administrative, marketing or other support services, including but not limited to Elite Body
Sculpture, P.C., Madison Avenue Medical PLLC, EBS Illinois, LLC, EBS - Texas, LLC, EBS Georgia, LLC and any other corporation,
limited liability company, partnership or association that is party to a management services agreement or similar agreement with the
Company or any of the Company’s subsidiaries or affiliates for the rendering of certain management services and other related
services by the Company or any of the Company’s subsidiaries or affiliates (each, a “Managed Practice” and
collectively, “Managed Practices”); (ii) any gross misconduct by Executive that is injurious, directly or
indirectly, in any material respect to any Company Group Member or any Managed Practice; (iii) Executive’s failure to
perform, or breach of, in any material respect, any of his obligations under this Agreement or the Covenant Agreement (as defined in Section 9.18
below) or any other agreement or contract between Executive and any Company Group Member; (iv) Executive’s exclusion,
debarment, termination or suspension under any Medicare, Medicaid, TRICARE or other federal, state or government health care
program, or commission or conviction of, indictment for or plea of guilty or no-contest to, any felony or any crime involving moral
turpitude, embezzlement, fraud or self-dealing or any crime which could reasonably be expected to subject Executive, any Company
Group Member, services or Managed Practices to exclusion, debarment, termination or suspension under any Medicare, Medicaid, TRICARE
or other federal, state or government health care program; (v) Executive’s use of alcohol or controlled substances that
impairs his ability to perform his duties and responsibilities with respect to any Company Group Member or Managed Practices in any
material respect; (vi) Executive’s failure to give timely notice of his resignation under Section 7.4.
Notwithstanding the foregoing, “Cause” shall not be deemed to exist under clauses (ii), (iii) or (vi) of the
immediately preceding sentence unless the Company has provided written notice to Executive specifying in reasonable detail the acts
or omissions of Executive that the Company alleges constitute “Cause” and Executive shall have failed to rescind any
such act or cure any such omission within thirty (30) calendar days after receipt of the notice (unless such failure is not
susceptible to cure, as determined by the Board).


 


In the event Executive’s
employment is terminated in accordance with this Section 7.1, the Company shall pay the following amounts to Executive within
the time period required by applicable law:


 


(i)            any
accrued but unpaid Salary (as determined pursuant to Section 4.1 hereof) for services rendered prior to the date of Executive’s
termination of employment (the “Termination Date”), which accrued but unpaid Salary shall be paid on or before the
time required by law;


 


 (ii)           payment for any accrued but unused paid time off;




 






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(iii)          expenses
reimbursable under Section 6 hereof incurred prior to the Termination Date but not yet reimbursed, which reimbursable (but
not yet reimbursed) expenses, if any, shall (subject to Executive’s timely submission of invoices) be paid on or before the time
required by law; and


 


(iv)          vested
entitlements under any other Company benefit plan or program (with the exception of those, if any, relating to severance) that Executive
is otherwise entitled to receive under such plan, program, policy or practice on the Termination Date, in each case, in accordance with
(and subject to the terms, conditions and limitations set forth in) such plan, program, policy, or practice.


 


The amounts described in clauses (i) through
(iv) above shall be referred to herein as the “Accrued Obligations.” All other Company obligations to Executive
pursuant to this Agreement will become automatically terminated and completely extinguished.


 


7.2            Termination
Without Cause by the Company or Termination by Executive For Good Reason Prior to or Following the Change in Control Period. The Company
may terminate Executive’s employment under this Agreement without Cause, prior to or following any Change in Control Period, at
any time upon written notice to Executive or Executive may resign with Good Reason subject to the notification requirements and the Cure
Period (as defined below), in each case as set forth below. In the event of such termination, Executive will receive:


 


(i)            The
Accrued Obligations and any Bonus earned in respect of a prior completed year that has not yet been paid; and


 


(ii)           Subject
to Section 7.7, payments in an aggregate amount equal to two (2) times the sum of (x) Executive’s annual
Salary (at the rate as of the Termination Date) plus (y) Executive’s target Bonus, payable (less applicable
withholdings and deductions) in equal installments over the twenty-four (24) months following the Termination Date in accordance
with the Company’s then-current payroll practices, with payments commencing on the next regular pay date of the Company
following the date that the Release becomes effective and is no longer subject to revocation, with payment of a lump sum payable on
the first such payroll payment date for all installments otherwise due for the period following the Termination Date. In addition,
if Executive was participating in the Company’s group health, dental and/or vision plans immediately prior to the date of
termination and properly elects to continue health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”), then, subject to Executive’s copayment of the premium amounts at the applicable Company
active employees’ rate, the Company shall pay to the group health plan provider, the COBRA provider or Executive a monthly
payment equal to the monthly employer contribution that the Company would have made to provide health insurance to Executive if
Executive had remained employed by the Company until the earliest of the following: (i) the eighteen (18) month anniversary of
the date of termination; (ii) Executive’s eligibility for group medical plan benefits under any other employer’s
group medical plan or otherwise through other employment; or (iii) the cessation of Executive’s continuation coverage
rights under COBRA. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this
paragraph may be taxable income to Executive or that it cannot pay such amounts to the group health plan provider or the COBRA
provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), then the Company may convert such payments to payroll payments directly to Executive for the time period
specified above; and such payments shall be subject to tax-related deductions and withholdings and shall be paid on the
Company’s regular payroll dates, in such case, the Company will reimburse Executive for taxes payable on any portion of such
payments or reimbursement that are treated as nondeductible taxable income to Executive so that the economic benefit is the same to
Executive as if such payment or benefits were provided on a nontaxable basis. Any other premiums or costs of COBRA continuation
coverage not provided above (including, without limitation, for any COBRA coverage after the time period set forth above) shall be
at the sole expense of Executive. The payments referred to in this clause (ii) are referred to as the “Severance
Payments.”


 






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(iii)          In
addition, subject to Section 7.7, any RSUs granted to Executive (including the Sign-On Equity Award) which would have
vested within twelve (12) months following Executive’s termination pursuant to its vesting schedule shall immediately become
vested upon Executive’s termination, and any PSUs granted to Executive (including the Sign-On Equity Award) shall remain
outstanding and eligible to vest on a pro-rated basis (based on a fraction the numerator of which is the number of days during which
Executive was employed by the Company during the performance period and the denominator of which is the total number of days in the
performance period). Any such pro-rated PSUs shall vest solely to the extent of achievement of the applicable performance criteria
by the Company, as determined by the Board. For the avoidance of doubt, the PSUs that do not remain outstanding and eligible to vest
in accordance with the foregoing (whether on a pro-rated basis or otherwise), shall terminate immediately, automatically and without
consideration on the Termination Date. For the avoidance of doubt, any unpaid installment of the cash sign-on bonus shall be paid in
accordance with Section 4.4.


 


For purposes of this Agreement, “Good
Reason” is defined as any one or more of the following without Executive’s prior written consent:


 


(a)             a
material reduction of Executive’s title, authority, duties or responsibilities (including reporting responsibilities) with the Company;


 


(b)            a
material reduction in Executive’s Salary;




 


(c)             relocation
of Executive’s principal place of work to a place more than twenty-five (25) miles from the Company’s headquarters in Miami,
Florida as of the date hereof, unless such relocation is otherwise agreed to in writing by Executive; or


 


(d)            any
other material breach by the Company of this Agreement or any other material agreement or contract between Executive and any Company Group
Member.


 


Notwithstanding the foregoing, Good Reason
shall not exist unless Executive notifies the Company in writing of the existence of the applicable condition specified above not
later than thirty (30) days after the initial existence of the condition, and the Company fails to remedy such condition within
fifteen (15) days after receipt of such notice (the “Cure Period”); provided, however, that if the
Company cannot remedy such condition within such fifteen (15) day period for reasons outside of the Company’s reasonable
control, as determined by the Board in its sole and absolute discretion, the Cure Period shall be extended to provide an additional
period to remedy such condition, which extension shall not in any case exceed fifteen (15) calendar days. In the event the Company
fails to remedy the condition constituting Good Reason during the applicable Cure Period (after giving effect to any extension of
the Cure Period), Executive’s resignation for Good Reason must occur, if at all, within thirty (30) calendar days following
the expiration of the Cure Period.


 






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		7.3	Termination of Employment due to Executive’s death or Disability.



 


Executive’s employment
under this Agreement shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment
under this Agreement due to Executive’s Disability (as defined below). In the event of such termination, Executive (or Executive’s
estate, as the case may be) will be entitled to receive, the Accrued Obligations, and any Bonus earned in respect of a prior completed
year that has not yet been paid, and no other amount, except as required by applicable law.


 


All other Company
obligations to Executive pursuant to this Agreement will be automatically terminated and completely extinguished. For purposes of
this Agreement “Disability” means Executive’s physical or mental illness, injury or infirmity which prevents
Executive from performing Executive’s material duties for a period of (A) one-hundred and eighty (180) consecutive
calendar days or (B) an aggregate of ninety (90) calendar days out of any consecutive six (6) month period.


 


7.4            Voluntary
Resignation by Executive Without Good Reason. Executive may voluntarily resign Executive’s position with the Company without
Good Reason at any time, upon sixty (60) days’ advance written notice. The effectiveness of any such voluntary resignation may be
accelerated by the Company in its sole and absolute discretion. In the event of such termination or resignation, Executive will be entitled
to the Accrued Obligations and no other amount, except as required by applicable law.


 


7.5            Termination
Without Cause by the Company/Termination by Executive For Good Reason During the Change in Control Period. If the Company
terminates Executive’s employment under this Agreement without Cause or Executive resigns with Good Reason subject to the
notification requirements and the Cure Period (as defined below), in each case, within three (3) months prior to or on or
within twelve (12) months following a Change in Control (defined below) (the “Change in Control Period”),
Executive will receive:


 


(i)            The
Accrued Obligations and any Bonus earned in respect of a prior completed year that has not yet been paid; and


 


(ii)           Subject
to Section 7.7, a lump sum payment in the aggregate amount equal to two (2) times the sum of
(x) Executive’s annual Salary (at the rate as of the Termination Date) plus (y) Executive’s target
Bonus, payable (less applicable withholdings and deductions), on the next regular pay date of the Company following the date that
the Release becomes effective and is no longer subject to revocation, in accordance with the Company’s then-current payroll
practices. Provided, in the event of such termination occurring prior to the occurrence of a Change in Control, all payments shall
be made in installments in the same manner as provided at Section 7.2 with the unpaid balance paid in a lump sum on the
date of consummation of such Change in Control (or if impracticable, then on the first payroll payment date following such Change in
Control). In addition, if Executive was participating in the Company’s group health, dental and/or vision plans immediately
prior to the date of termination and properly elects to continue health coverage under the COBRA, then, subject to Executive’s
copayment of the premium amounts at the applicable Company active employees’ rate, the Company shall pay to the group health
plan provider, the COBRA provider or Executive a monthly payment equal to the monthly employer contribution that the Company would
have made to provide health insurance to Executive if Executive had remained employed by the Company until the earliest of the
following: (i) the eighteen (18) month anniversary of the date of termination; (ii) Executive’s eligibility for
group medical plan benefits under any other employer’s group medical plan or otherwise through other employment; or
(iii) the cessation of Executive’s continuation coverage rights under COBRA. Notwithstanding the foregoing, if the
Company determines at any time that its payments pursuant to this paragraph may be taxable income to Executive or that it cannot pay
such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), then the Company may convert such payments to
payroll payments directly to Executive for the time period specified above; and such payments shall be subject to tax-related
deductions and withholdings and shall be paid on the Company’s regular payroll dates, in such case, the Company will reimburse
Executive for taxes payable on any portion of such payments or reimbursement that are treated as nondeductible taxable income to
Executive so that the economic benefit is the same to Executive as if such payment or benefits were provided on a nontaxable basis.
Any other premiums or costs of COBRA continuation coverage not provided above (including, without limitation, for any COBRA coverage
after the time period set forth above) shall be at the sole expense of Executive.


 






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(iii)          In
addition, subject to Section 7.7, any unvested RSUs granted to Executive (including RSUs under the Sign-On Equity Award)
shall immediately become 100% vested and paid upon Executive’s termination. Upon a Change in Control, all unvested PSUs
granted to Executive, including PSUs under the Sign-On Equity Award, shall convert to time-vesting restricted stock units at the
greater of (A) the target number of PSUs, and (B) the number of PSUs that would have vested based on actual performance
during the applicable performance period through the date of the Change in Control. If Executive is terminated without Cause or
Executive resigns with Good Reason, subject to the notification requirements and the Cure Period (as defined below), during the
Change in Control Period, all such converted time-vesting restricted stock units shall immediately become vested. Provided, in the
event of such termination occurring prior to the occurrence of a Change in Control, on the Termination Date Executive shall become
vested in any unvested RSUs and PSUs as provided at Section 7.2(iii) and, to the extent not 100% vested, shall
immediately become 100% vested on the date of the Change in Control in accordance with the immediately preceding provisions of this Section 7.5.
For the avoidance of doubt, any unpaid installment of the cash sign-on bonus shall be paid in accordance with Section 4.4.


 


(iv)          “Change
in Control” for purposes of this Agreement means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:


 


(A)            any
person becomes the owner, directly or indirectly, 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.
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (x) on account of the acquisition of securities of
the Company directly from the Company, (y) on account of the acquisition of securities of the Company by an investor, any affiliate
thereof or any other person that acquires the Company’s securities in a transaction or series of related transactions the primary
purpose of which is to obtain financing for the Company through the issuance of equity securities, or (z) solely because the level
of ownership held by any person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding
voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding,
provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities
by the Company, and after such share acquisition, the Subject Person becomes the owner of any additional voting securities that, assuming
the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities owned by the
Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;


 


(B)            there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not own,
directly or indirectly, either (x) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding
voting power of the acquiring entity in such merger, consolidation or similar transaction or (By more than fifty percent (50%) of the
combined outstanding voting power of the parent of the acquiring entity in such merger, consolidation or similar transaction, in each
case in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior to
such transaction;


 


(C)            there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its subsidiaries to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of
which are owned by stockholders of the Company in substantially the same proportions as their ownership of the outstanding voting securities
of the Company immediately prior to such sale, lease, license or other disposition; or


 






    -10- 


     


    

 


(D)            individuals
who, as of the date of this Agreement, are members of the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election)
of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such
new member shall be considered as a member of the Incumbent Board.


 


Notwithstanding the foregoing or any
other provision of this Agreement, the term Change in Control shall not include a sale of assets, merger or other transaction effected
exclusively for the purpose of changing the domicile of the Company, and (ii), the transaction or event described in clause (A), (B),
(C), or (D) also constitutes a “change in control event” under Section 409A of the Code (defined below) if required
in order for the payment not to violate Section 409A of the Code.


 


7.6            Removal
from any Boards and Positions. If Executive’s employment is terminated for any reason, Executive shall automatically, without
further action, notice or deed, be deemed to resign from any position with any Company Group Member, including, but not limited to, as
an officer or director of any Company Group Member.


 


7.7            Release.
In order to receive the Severance Payments, Executive must timely execute (and not revoke) a separation agreement and general
release (the “Release”) in substantially the form attached hereto as Exhibit A within sixty (60) days
of the Termination Date, and (ii) Executive’s non-revocation of such Release. Notwithstanding anything to the contrary
contained in this Agreement, (i) the Company’s obligations to provide the Severance Payments will immediately cease if
Executive is in breach of the Covenant Agreement in any material respect and fails to cure such breach (if curable) within fifteen
(15) days after receipt of notice of such breach from the Company, and (ii) in the event that Executive fails to timely cure
such breach of the Covenant Agreement, then upon demand by the Company, Executive shall immediately repay to the Company the amount
of any Severance Payments previously paid.


 


7.8            No
Mitigation; No Offset. Executive shall have no duty to mitigate the amount of any payment provided for under this Section
7 by seeking other employment, and any income earned by Executive from other employment or self-employment shall not be offset
against any obligations of the Company to Executive hereunder.


 


8.            Non-contravention.
Executive represents and warrants to the Company Group Members that neither the execution and delivery of this Agreement by Executive
nor the performance of Executive’s obligations hereunder, shall constitute a default under or a breach of any other agreement or
contract to which Executive is a party or by which Executive is bound, nor shall the execution and delivery of this Agreement by Executive
nor the performance of Executive’s duties and obligations hereunder give rise to any claim or charge against either Executive or
any Company Group Member based upon any other contract or agreement to which Executive is a party or by which Executive is bound. Executive
shall indemnify and hold harmless each Company Group Member against any and all claims that execution and delivery of this Agreement by
Executive or Executive’s performance of his obligations hereunder constitutes a default under or a breach of any other agreement
or contract to which Executive is a party or by which Executive is bound.


 






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		9.	General Provisions.



 


9.1            Successors
and Assigns. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of the Company. Executive shall not be entitled to assign any of Executive’s rights or obligations under
this Agreement. In the event of Executive’s death, all amounts then due (including any unpaid amounts under Section 7 following
Executive’s termination) shall be paid to Executive’s estate.


 


9.2            Waiver.
Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver
is to be effective. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege, and no waiver in any one instance shall be effective with respect to any other instance or create a course of dealing.


 


9.3            Key-Man
Insurance. Upon the Company’s request, Executive shall cooperate (including, without limitation, taking any required physical
examinations) in all respects in obtaining a key-man life and/or long-term disability insurance policy with respect to Executive in which
the Company (or any subsidiary or affiliate) is named as the beneficiary.


 


9.4            Legal
Counsel. Executive acknowledges and warrants that (i) he has been advised that Executive’s interests may be different from
the Company’s interests, (ii) he has been afforded a reasonable opportunity to review this Agreement, to understand its terms
and to discuss it with an attorney and/or financial advisor of his choice and (iii) he knowingly and voluntarily entered into this
Agreement. The Company shall pay Executive’s professional expenses incurred to negotiate and prepare this Agreement and each related
agreement hereunder, which are performed on or prior to December 29, 2022, in an amount not to exceed $15,000.


 


9.5            Severability.
In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be
deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall
receive the benefits contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment
of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall
not be affected thereby.


 


9.6            Interpretation;
Construction. The headings set forth in this Agreement and the division of this Agreement into sections and subsections are for convenience
only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company,
but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has reviewed and revised
this Agreement and had it reviewed by legal counsel and, therefore, the normal 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.


 






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9.7            Governing
Law; Jurisdiction. Any and all actions or controversies arising out of this Agreement, Executive’s employment by the Company
or the termination thereof, including, without limitation, breach of contract and tort claims, shall be construed and enforced in accordance
with the internal laws of the State of Florida, without regard to any choice of law or conflicting provision or rule (whether of
the State of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Florida to be applied.
Any and all actions arising out of this Agreement or Executive’s employment by the Company or the termination thereof shall be brought
and heard in the state and federal courts located in the Florida, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
of any such courts. THE COMPANY AND EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT
OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE SPECIFICALLY
WITH RESPECT TO THIS WAIVER.


 


9.8            Remedies
Cumulative. All remedies provided in this Agreement are cumulative and in addition to all other remedies which may be available at
law or in equity.


 


9.9            Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, faxed, or sent
by nationally recognized overnight courier service (with next business day delivery requested), or sent by electronic mail, provided,
that the submission by electronic mail is promptly confirmed by telephone confirmation thereof or followed by one of the other foregoing
permitted means of notice. Any such notice or communication shall be deemed given and effective, in the case of personal delivery, upon
receipt by the other party, in the case of faxed or notice by email, upon transmission of the fax or email, in the case of a courier service,
upon the next business day, after dispatch of the notice or communication. Any such notice or communication shall be addressed as follows:


 


If to the Company, to:


 


AirSculpt Technologies, Inc.


400 Alton Road, Unit TH-103M


Miami Beach, FL 33129 


Attn:     Board
of Directors


 


with a copy to:


 


McDermott
Will & Emery LLP


500 North Capital Street, NW


Washington, DC 20001-1531


Email: tconaghan@mwe.com


Attn:     Thomas Conaghan


 


If to Executive, to him at the offices of the Company with
a copy to him at his home address as set forth in the records of the Company.


 


9.10            Survival.
Notwithstanding anything herein to the contrary, each provision of this Agreement shall survive the termination of this Agreement for
any reason or Executive’s ceasing to provide services to the Company to the extent necessary to give effect to its terms, including,
without limitation, Sections 8, 9, 10, 11, 12, 13 and 14 of this Agreement.


 






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9.11          Counterparts.
This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, any one
of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover, notwithstanding
that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and
all such counterparts shall constitute one and the same instrument, binding on all of the parties hereto.


 


9.12          Defend
Trade Secrets Act. Executive acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes
such disclosure in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and
such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure
was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.


 


9.13          Preserved
Rights. This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with Executive’s
protected rights under federal, state or local law to, without notice to the Company: (i) communicate or file a charge with a government
regulator, (ii) participate in an investigation or proceeding conducted by a government regulator, or (iii) receive an award
paid by a government regulator for providing information.


 


9.14          Cooperation.
Subject to Section 9.14, during the Term and thereafter, in the event that any proceeding is commenced by any governmental
authority or other person in connection with the business of the Company, Executive agrees to cooperate with the Company to defend against
such proceeding and, if an injunction or other order is issued in any such proceeding, to cooperate with the Company in its efforts to
have such injunction or other order lifted. If such cooperation is following the end of the Term, then the Company shall reimburse Executive
for all reasonable documented out-of-pocket expenses incurred in connection with such cooperation and the Company agrees that such cooperation
will not unreasonably interfere with Executive’s duties to a subsequent employer.


 


9.15          Tax
Withholding. The Company or other payor is authorized to withhold from any benefit provided or payment due hereunder, the amount of
withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may
be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding taxes. Executive will be solely
responsible for all taxes assessed against him under applicable law with respect to the compensation and benefits described in this Agreement,
other than typical employer-paid taxes such as FICA, and the Company makes no representations as to the tax treatment of such compensation
and benefits.


 


9.16          Agreement
to Take Actions. Each party to this Agreement shall execute and deliver such documents, certificates, agreements and other
instruments, and shall take all other actions, as may be reasonably necessary or desirable in order to perform his or its
obligations under this Agreement.


 






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9.17          Expenses.
Each of the Company and the Executive shall bear its/his own costs, fees and expenses in connection with the negotiation, preparation
and execution of this Agreement.


 


9.18          Restrictive
Covenants. As a condition to this Agreement, Executive agrees to enter into an Employee Covenants Agreement with the Company in substantially
the form attached hereto as Exhibit B (the “Covenant Agreement”).


 


10.          Representations.
Executive represents that Executive has not engaged in any type of discrimination, harassment or other abusive conduct that was either
unlawful or in violation of any policy or agreement to which Executive is or was bound, in each case, in connection with any current or
former employment or engagement by a third party. Executive further represents that he has no knowledge of any allegations of discrimination,
harassment or other abusive conduct having been made against him in connection with any current or former employment or engagement of
Executive by a third party, other than any such allegations that were thoroughly investigated by such third party or an authorized representative
of such third party and found to be unsubstantiated.


 


		11.	Code Section 409A Compliance.



 


11.1          This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986 as amended,
and any regulations and Treasury guidance promulgated thereunder (collectively, “Section 409A of the Code”).


 


11.2         The
Company and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be
necessary to ensure compliance with the provisions of Section 409A of the Code.


 


11.3          The
preceding provisions, however, shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this
Agreement. No Company Group Member shall be liable to Executive for any payment made under this Agreement which is determined to result
in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under
this Agreement as an amount includible in gross income under Section 409A of the Code.


 


11.4          For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.


 


11.5          With
respect to any reimbursement of expenses or any provision of in-kind benefits to Executive specified under this Agreement, such
reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (ii) the expenses
eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for
reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement
arrangements providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (ii) the
reimbursement of an eligible expense shall be made no later than the end of the year following the year in which such expense was
incurred; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit.


 






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11.6          Notwithstanding
anything in this Agreement to the contrary, if a payment obligation arises on account of Executive’s separation from service
while Executive is a “specified employee” as described in Section 409A of the Code and the Treasury
Regulations thereunder and as determined by the Company in accordance with its procedures, by which determination Executive is
bound, any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1),
after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) shall be made on the
first (1st) business day of the seventh (7th) month following the date of Executive’s separation from
service, or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of
Executive’s estate following Executive’s death.


 


12.          Section
280G of the Code. In the event that it is determined that any payments or benefits provided under this Agreement,
together with any payments or benefits to be provided under any other plan, program, arrangement or agreement, would constitute
parachute payments within the meaning of Section 280G of the Internal Revenue Code of 1986 as amended, and any regulations and
Treasury guidance promulgated thereunder (collectively, “Section 280G of the Code”) and would, but for this Section 12
be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax
imposed by state or local law or any interest or penalties with respect to such taxes (the “Excise Tax”), then
the amounts of any such payments or benefits under this Agreement and such other arrangements shall be either (a) paid in full
or (b) reduced to the minimum extent necessary to ensure that no portion of the payments or benefits is subject to the Excise
Tax, whichever of the foregoing (a) or (b) results in the Executive’s receipt on an after-tax basis of the greatest
amount of payments and benefits after taking into account the applicable federal, state, local and foreign income, employment and
excise taxes (including the Excise Tax). The Company shall cooperate in good faith with the Executive in making such determination,
including but not limited to providing the Executive with an estimate of any parachute payments as soon as reasonably practicable
prior to an event constituting a change in the ownership or effective control of the Company or in the ownership of a substantial
portion of the assets of the Company (within the meaning of Section 280G(b)(2)(A) of the Code). Any such reduction
pursuant to this Section 12 shall be made in a manner that results in the greatest economic benefit for the Executive
and is consistent with the requirements of Section 409A of the Code. Any determination required under this Section 12
shall be made in writing in good faith by a nationally recognized public accounting firm selected by the Company and paid for by the
Company. The Company and the Executive shall provide the accounting firm with such information and documents as the accounting firm
may reasonably request in order to make a determination under this Section 12.


 


13.          Indemnification;
D&O Insurance. On the Effective Date, Executive and the Company shall enter into the Company’s customary indemnification
agreement for directors and officers. During the Term and thereafter for so long as Executive may be subject to liability for any act
or omission to act for which Executive is indemnified under such indemnification agreement or applicable law, Executive shall be covered
as an insured under all contracts of directors and officers liability insurance that insure members of the Board.


 






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14.            Entire
Agreement. This Agreement and the Covenants Agreement contain the entire agreement of the parties hereto with respect to the
terms and conditions of the Executive’s employment during the Term and activities following termination of this Agreement and the
Executive’s employment with the Company and supersede any and all prior agreements and understandings, whether written or oral,
between the parties hereto with respect to the subject matter of this Agreement or the Covenants Agreement. In the event of any inconsistency
between this Agreement and any other plan, program, practice or agreement in which Executive is a participant or a party, this Agreement
shall control unless such other plan, program, practice or agreement provides otherwise with specific reference to the applicable provision
of this Agreement so affected. Each party hereto acknowledges that no representations, inducements, promises or agreements, whether oral
or in writing, have been made by any party, or on behalf of any party, which are not embodied herein or in the Covenants Agreement. The
Executive acknowledges and agrees that the Company has fully satisfied, and has no further, obligations to the Executive arising under,
or relating to, any other employment or consulting arrangement or understanding (including, without limitation, any claims for compensation
or benefits of any kind) or otherwise. No agreement, promise or statement not contained in this Agreement or the Covenants Agreement shall
be valid and binding, unless agreed to in writing and signed by the parties sought to be bound there.


 


THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING
AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
FIRST ABOVE WRITTEN.


 


[The remainder of this page is intentionally
left blank.]


 






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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first written above.


 


	 	COMPANY
	 	 
	 	AIRSCULPT
    TECHNOLOGIES, INC. 
	 	 
	 	By:	/s/
    Adam Feinstein
	 	 	Name:
    Adam Feinstein 
	 	 	Title:
    Authorized Signatory
	 	 
	 	EXECUTIVE
	 	 
	 	By:	/s/
    Todd Magazine
	 	 	Todd
    Magazine






 


[Signature Page to
Todd Magazine Employment Agreement]


 






     


     


    

 


Exhibit A


 


[General Release of All Claims]


 






     


     


    

 


Exhibit A


 


[The
language in this Release may change based on legal developments, no substantive changes may be made without
Executive’s consent.]


 


GENERAL RELEASE OF ALL CLAIMS


 


1.              For
valuable consideration, the adequacy of which is hereby acknowledged, the undersigned (“Executive”), for himself,
his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through
Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge AirSculpt Technologies, Inc.
(the “Company”), and the Company’s subsidiaries, parents, affiliates, related organizations, and equity holders,
and their respective affiliates, employees, officers, directors, attorneys, successors, and assigns or each of the foregoing (collectively,
the “Releasees”) from, and does fully waive any obligations or liabilities of Releasees to Releasers of any kind and
nature that Releasers had, have, or might claim to have against Releasees at the time Executive executes this General Release for or
in respect of any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of
money, accounts or expenses, of any kind, with respect to Executive’s employment (or the termination thereof), under the Amended
and Restated Employment Agreement between the Company and the Executive dated December 29, 2022 (the “Employment Agreement”)
(or any successor agreement) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional
distress, and claims under any federal, state or local statute including Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1866 and 1871 (42 U.S.C. § 1981), the Equal Pay Act, Employee Retirement Income Security Act, Family and Medical Leave Act,
the National Labor Relations Act, the Fair Labor Standards Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of
1973, or the discrimination or employment laws of any state or municipality, and/or any claims under any express or implied contract
which Releasers may claim existed with Releasees. This also includes, without limitation, a release by Executive of any claims for breach
of contract, wrongful discharge and all claims for alleged physical or personal injury, emotional distress relating to or arising out
of Executive’s employment with Company or the termination of that employment; and any claims under the WARN Act or any similar
law, which requires, among other things, that advance notice be given of certain work force reductions. This release and waiver does
not apply to any claims or rights that may arise after the date Executive signs this General Release. The foregoing release does not
apply to (a) any claims or rights for vested compensation or benefits, (b) any claims or rights as an insured under the Company’s
directors and officers liability insurance, and claims or rights for indemnification under the Indemnification Agreement between Executive
and the Company dated January__, 2023 or the Company’s charter and by-laws and under
applicable law, (c) any claims to enforce payments following termination of employment under the Employment Agreement, or (d) any
claims or rights accruing to any Releaser as a shareholder of the Company.


 


2.              Excluded
from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an
investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery
should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf. Executive represents
and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.


 






     


     


    

 


3.              Executive
acknowledges and agrees that the Employee Covenants Agreement between Executive and the Company, dated December 29, 2022 (the “Covenant
Agreement”) and Executive’s obligations thereunder remain valid and binding on Executive following his termination of
employment, and that Executive is required to comply with the terms and conditions of such Covenant Agreement. Executive further acknowledges
and agrees that Section 7.7 of the Employment Agreement survives Executive’s termination of employment, and in the event of
a breach of the Covenant Agreement and Executive’s failure to cure such breach within fifteen (15) days after receipt of notice
from the Company of such breach, that the Company has the right to recover any severance payments paid to Executive and Executive is obligated
to repay such payments in accordance with Section 7.7 of the Employment Agreement.


 


 4.              Executive acknowledges and recites that:




 


(a)            Executive
has executed this General Release knowingly and voluntarily and that he has read and understands this General Release in its entirety;


 


(b)            Executive
has been advised and directed orally and in writing (and this subsection (b) constitutes such written direction) to seek legal counsel
and any other advice he wishes with respect to this General Release before executing it; and


 


(c)            Executive
is specifically waiving any claims regarding age discrimination, including, without limitation, pursuant to the Age Discrimination in
Employment Act and the Older Workers Benefit Protection Act.


 


(d)            Executive’s
execution of this General Release has not been forced by any employee or agent of the Company, and Executive has had an opportunity to
negotiate about the terms of this General Release.


 


(e)            Executive
has been given at least twenty-one (21) days to consider this General Release, and if executed prior to the expiration of the twenty-one
(21) day period, such execution is knowing and voluntary.1


 


(f)             The
additional benefits and other promises that Executive is to receive under the Employment Agreement are sufficient consideration for this
General Release.


 


4.              This
General Release shall be governed by the internal laws (and not the choice of laws) of the State of Florida, except for the application
of pre-emptive Federal law.


 


5.              Executive
may revoke this General Release within seven (7) calendar days after signing it. To be effective, such revocation must be made
in writing to [NAME], with a copy received at [ADDRESS]. Revocation can be made by hand delivery, electronic mail, facsimile,
or postmarking before the expiration of this seven (7) day period.


 


	Date:	 	 	Executive:	 




 


1
21 day period shall be extended to 45 days (or such longer period required by law) if in connection with termination of two or more individuals.


 






    2 


     


    




 


Exhibit B


 


[Employee Covenants Agreement]


 






     


     


    

 


EMPLOYEE COVENANTS AGREEMENT


 


EMPLOYEE COVENANTS AGREEMENT
(the “Agreement”), dated as of December 29, 2022, by and between EBS Enterprises, LLC. (the “Company”)
and the person identified as “Employee” on the signature page hereof (“Employee”).


 


WHEREAS, Employee has been
offered employment with the Company pursuant to an employment agreement, of even date herewith, by and between Employee and the Company
(the “Employment Agreement”); and


 


WHEREAS, Employee’s
execution, delivery and performance of this Agreement is an inducement to the Company in extending such offer of employment to Employee.


 


IN CONSIDERATION of the foregoing
and the premises and the mutual covenants set forth below, the parties hereby agree as follows:


 


1.            Employment.
Employee acknowledges and agrees that Employee’s employment by the Company, including the compensation and benefits afforded to
Employee in connection with that employment, is sufficient consideration for Employee’s obligations hereunder.


 


2.            Confidentiality.
For purposes of this Agreement, “Confidential Company Information” means all information, whether or not in
writing, concerning the business, business relationships or financial affairs of the Company or any Managed Practice (as defined
below) or any of their respective subsidiaries or affiliates (collectively, the “Company Group”) which has not
entered the public domain (other than by failure of Employee to fully perform Employee’s obligations under this Agreement),
and includes (i) corporate information, including trade secrets, know-how, show-how, plans, strategies, methods, contracts,
policies, resolutions, negotiations or litigation; (ii) services offered or provided and marketing information, including
development plans and opportunities, strategies, methods, customer identities or other information about customers, prospect
identities or other information about prospects, or customer pricing, market analyses or projections; (iii) financial
information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales
data and price lists; (iv) operational and technological information, including plans, specifications, manuals, forms,
templates, software, designs, methods, procedures, diagrams, schematics, notes, data, inventions, improvements, concepts and ideas;
(v) personnel information, including personnel lists, reporting or organizational structure, resumes, personnel data,
compensation structure, performance evaluations and termination arrangements or documents; and (vi) information received from
third parties subject to a duty on the Company Group’s part to maintain the confidentiality of such information. For purposes
of this Agreement, the terms “includes”, “including” and similar variations thereof are intended to be
illustrative, and any illustrative items that follow any such terms shall not be limited to such illustrative items.
 “Confidential Company Information” does not include the general skills and experience gained by Employee during
Employee’s employment and involvement with the Company that Employee could reasonably have been expected to acquire as a
result of such employment and involvement. “Managed Practice” means Elite Body Sculpture, P.C., Madison
Avenue Medical PLLC, EBS Illinois, LLC, EBS - Texas, LLC, EBS Georgia, LLC and any other corporation, limited liability company,
partnership or association that is party to a management services agreement or similar agreement with the Company or any of the
Company’s affiliates for the rendering of certain management services and other related services by the Company or any of the
Company’s affiliates.


 






     


     


    

 


Employee agrees that:


 


(a)            While
working for the Company, Employee may develop, acquire, have access to and/or otherwise have knowledge of Confidential Company Information.


 


(b)            Confidential
Company Information is and will continue to be the sole and exclusive property of the Company (or the applicable member of the Company
Group).


 


(c)            Employee
will use Confidential Company Information only in the performance of Employee’s duties for the Company Group. Employee will not
use Confidential Company Information at any time (during or after Employee’s employment with the Company) for Employee’s personal
benefit, for the benefit of any other person, or in any manner adverse to the interests of the Company Group or its customers, vendors
or other business partners, in each case unless approved in advance in writing by the Company, which approval can be withheld in the Company’s
sole and absolute discretion.


 


(d)            Employee
will not disclose Confidential Company Information at any time (during or after Employee’s employment with the Company) except (x) as
such disclosure may be required in connection with Employee’s service to the Company, (y) when required to do so by a court
of law, by any governmental agency or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction
to order Employee to divulge, disclose or make accessible such information or (z) as approved in advance in writing by the Company,
which approval can be withheld in the Company’s sole and absolute discretion. Employee agrees to provide the Company advance written
notice of any disclosure pursuant to clause (y) of the preceding sentence and to cooperate with any efforts by the Company to limit
the extent of such disclosure. Notwithstanding the foregoing or anything else contained herein to the contrary, this Agreement shall not
preclude Employee from disclosing Confidential Company Information to a governmental body or agency or to a court if and to the extent
that a restriction on such disclosure would limit Employee from exercising any protected right afforded Employee under applicable law.
Employee furthermore acknowledges that Employee will not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret if (i) Employee makes such disclosure in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney or accountant and such disclosure is made solely for the purpose of reporting
or investigating a suspected violation of law; or (ii) Employee makes such disclosure in a complaint or other document filed in a
lawsuit or other proceeding if such filing is made under seal, to the extent permitted by applicable law.


 


(e)            Employee
will safeguard Confidential Company Information by taking all commercially reasonable steps and shall abide by all policies and
procedures of the Company Group and its customers, vendors and other business partners in effect from time to time (with respect to
such customers, vendors and other business partners, to the extent provided to the Company), regarding storage, copying, destroying,
publication or posting, or handling of such Confidential Company Information, in whatever medium or format that Confidential Company
Information takes.


 






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(f)             When
Employee’s employment relationship with the Company ends for any reason, or earlier if requested by the Company, Employee will immediately
return to the Company all materials containing or relating to Confidential Company Information and, except as the Company may, in its
sole discretion, expressly permit in writing, all equipment provided to Employee by the Company during Employee’s employment, including
without limitation all computers, laptops, cellular telephones, printers, facsimile machines and scanners. Employee shall not retain any
copies or reproductions of correspondence, memoranda, reports, notebooks, photographs, databases, diskettes, or other documents or electronically
stored information of any kind relating in any way to the business, potential business or affairs of the Company Group, its customers,
vendors or other business partners or their respective affiliates.


 


(g)            Unless
this Agreement is otherwise required to be disclosed under applicable law, rule or regulation, Employee agrees to keep the terms
and conditions of this Agreement strictly confidential, provided Employee may disclose this Agreement to his or her immediate family members,
legal advisors or personal tax or financial advisors, or prospective future employers solely for the purpose of disclosing the limitations
on Employee’s conduct imposed by the provisions of this Agreement, who, in each case, agree to keep such information confidential.


 


		3.	Contributions and Inventions.



 


		(a)	The term “Covered Contributions and Inventions” means:



 


(i)              inventions,
ideas, formulae, works, modifications, processes, discoveries, techniques, designs, methods, trade secrets, technical specifications and
data, know- how, show-how, concepts, expressions, creations, improvements, works of authorship, ideas and other developments, whether
or not they are patentable or copyrightable or subject to analogous protection and regardless of their form or state of development, of
any kind that are or were, since the date of commencement of Employee’s employment with the Company, conceived, created, developed
or reduced to practice by Employee, alone or with others, that (i) are conceived during regular working hours or at Employee’s
place of work, whether located at Company, affiliate, or customer facilities, or (ii) relate to or as used in or reasonably likely
to be used in the Business (as defined below) at the time of such conception, creation, development or reduction to practice (and such
conception, creation, development or reduction to practice occurs while Employee remains an employee of the Company) or result from tasks
assigned to Employee by the Company, or are conceived or made with the use of the Company’s resources, facilities or materials;
and any and all patents, patent applications, copyrights, trademarks, domain names and other intellectual property rights, worldwide,
with respect to any of the foregoing.


 






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(ii)             The
term “Covered Contributions and Inventions” specifically excludes any inventions Employee developed entirely on Employee’s
own time without using Company equipment, supplies, facilities, or trade secret information unless the invention relates to the Business.


 


(iii)            The
term “Business” means (A) offering or providing minimally invasive physical fat removal and/or transfer procedures, including
but not limited to such services as conducted or offered by any member of the Company Group as of the date hereof, and any other fat removal
and/or transfer services or procedures contemplated to be conducted or offered by any Company Group member as of the date hereof, or the
provision of any administrative, management, business, consulting, marketing or other support services with respect to the foregoing and
(B) any other business of any member of the Company Group as conducted on or prior to the date of Employee’s termination of
employment with the Company.


 


		(b)	With respect to Covered Contributions and Inventions, Employee agrees:



 


(i)              Employee
will disclose all Covered Contributions and Inventions promptly to the Company. Employee will not disclose any Covered Contributions and
Inventions to anyone other than authorized personnel of the Company.


 


(ii)             Employee
will keep full and complete written records (the “Records”) in the manner prescribed by the Company of all Covered
Contributions and Inventions. The Records shall be the sole and exclusive property of the Company, and Employee will surrender them upon
the termination of employment, or upon the Company’s request.


 


(iii)            All
Covered Contributions and Inventions will belong solely to the Company from conception as “works made for hire” (as that term
is used under U.S. copyright law) or otherwise. To the extent that title to any Covered Contributions and Inventions does not, by operation
of law, vest in the Company, Employee hereby irrevocably assigns to the Company all right, title and interest, including, without limitation,
tangible and intangible rights such as patent rights, industrial design rights, trademarks and copyrights, that Employee may have or may
acquire in and to such Covered Contributions and Inventions, benefits and/or rights resulting therefrom, and agrees to promptly execute
any further specific assignments related to such Covered Contributions and Inventions, benefits and/or rights at the request of the Company.
Employee hereby irrevocably waives all unassignable rights in the Covered Contributions and Inventions including, without limitation,
all moral rights, for the entire term of such rights, in favor of the Company and its licensees, successors and assigns. If Employee has
any rights in the Covered Contributions and Inventions that cannot be assigned in the manner described herein, Employee agrees to unconditionally
waive the enforcement of such rights. To the extent permitted by law, Employee hereby waives any and all currently existing and future
monetary rights in and to the Covered Contributions and Inventions, including, without limitation, any rights that would otherwise accrue
to Employee’s benefit by virtue of Employee being an employee of or other service provider to the Company.


 






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(vi)            Employee will assist
the Company in obtaining, maintaining and enforcing patent, industrial design, copyright, trademark, mask works and other appropriate
protection for all Covered Contributions and Inventions in all countries, at the Company’s expense. If Employee is requested by
the Company to render such assistance after the termination of employment, Employee will be entitled to a fair and reasonable rate of
compensation for Employee’s assistance, and to reimbursement of reasonable expenses incurred at the Company’s request relating
to such assistance. In the event that the Company is unable to secure Employee’s signature after reasonable effort in connection
with any patent, industrial design, trademark, copyright, mask work or other similar protection relating to any Covered Contribution and
Invention, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his or her agent
and attorney-in fact, to act for and on Employee’s behalf and stead to execute and file any such application and to do all other
lawfully permitted acts to further the prosecution and issuance of patents, industrial designs, trademarks, copyrights, mask works or
other similar protection thereon with the same legal force and effect as if executed by Employee.


 


4.            Company
Access Codes; Passwords. Any social media or other accounts that Employee opens or handles on the Company Group’s behalf constitute
Company property. Employee shall provide all access codes, passcodes, and administrator rights to the Company promptly upon the Company’s
request during or after Employee’s employment by the Company.


 


5.            Non-Competition;
Non-Solicitation. In order to protect the legitimate business interests of the Company, including protection of Confidential Company
Information, customer relationships and goodwill, Employee agrees that during the period beginning on the initial date of Employee’s
employment by the Company under the terms of the Employment Agreement and ending twelve (12) months after termination of Employee’s
employment with the Company for any reason (the “Restricted Period”), Employee will not, without the express prior
written consent of the Company, directly or indirectly, whether as owner, sole proprietor, partner, shareholder, director, member, employee,
consultant, agent, founder, co-venture partner, independent contractor, investor, lender, or otherwise, in any geographic location where
the Company Group’s employees or customers are located or in which Employee provided services to the Company:


 


(a)             become
employed by, engage, participate or invest in any Competing Business (as defined herein). For purposes of this Agreement, a “Competing
Business” means any person or entity, other than the Company, that engages in any aspect of the Business. Notwithstanding the
foregoing, the foregoing shall not prohibit any investment by Employee in publicly traded stock of a company representing less than two
percent of the stock of such company;


 


(b)            solicit,
induce, or knowingly assist any third person in soliciting or inducing any person that is (or was at any time within the six (6) months
immediately preceding the termination of Employee’s employment) an employee, consultant, independent contractor or agent of the
Company Group, to leave the employment of the Company Group or cease performing services as an independent contractor, consultant or agent
of the Company Group;


 






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(c)             hire,
engage, or knowingly assist any third party in hiring or engaging, any individual that is (or was at any time within six (6) months
immediately preceding the termination of Employee’s employment) an employee, consultant, independent contractor or agent of the
Company Group;


 


(d)            endeavor
to cause any person who at the date of termination of Employee’s employment or at any time during the six (6) months immediately
prior to such termination was (or would reasonably have been expected to have been) known by Employee to be a supplier to the Company
Group to either cease to supply the Company or materially alter the terms of such supply in a manner detrimental to the Company Group;
or


 


(e)             other
than for the benefit of the Company Group, solicit for the purpose of providing products or services to a Competing Business, interfere
with the Company Group’s relationships with, or endeavor to entice away from the Company Group for a Competing Business, any person
or entity that is or was (at any time during the twelve (12) months immediately preceding Employee’s termination of employment with
the Company), a Customer or Prospective Customer, where: (i) a “Customer” is any party who was party to an agreement
with the Company Group or to whom any member of the Company Group provided goods or services and (ii) a “Prospective Customer”
is any individual or entity with respect to whom or which the Company Group was engaged in solicitation or negotiations and in which solicitation
Employee was in any way involved or of which Employee otherwise had any knowledge or should have had any knowledge.


 


(f)             Notwithstanding
any of the foregoing and for the avoidance of doubt, (i) general solicitations (e.g., internet, television, newspaper advertisement,
email blast or posting) not targeted at employees or former employees of the Company shall not be in violation of this Section 5,
(ii) Employee’s ownership of or performing services to a Managed Practice will not be a violation of this Section 5,
and (ii) Section 5(a) shall not apply to services rendered by Employee in California after the date of Employee’s
termination of employment with the Company.


 


6.            Non-Disparagement.
Employee agrees and covenants that Employee will not at any time (during Employee’s employment with the Company or for the two-year
period after termination of Employee’s employment with the Company) disparage the reputation of the Company Group or any of its
or their respective officers, directors, employees or agents. The Company agrees that during Employee’s employment and, during the
two-year period after termination of Employee’s employment with the Company, the Company shall not make any disparaging statements
about Employee and shall cause its directors and executive officers not to make any disparaging statements about Employee. The foregoing
shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative
or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).


 






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7.            Obligations
to Prior Employers or Others. Employee does not have any non- disclosure, non-compete or other obligations, including obligations
that may conflict with Employee’s obligations under Section 3, to any previous employer or other person or entity that
would conflict with his or her obligations under this Agreement or the performance of his or her duties for the Company.


 


		8.	Remedies Upon Breach.



 


(a)            Employee
agrees that the restrictions contained in Sections 2, 3, 4, 5 and 6 of this Agreement and the location
and period of time for which such restrictions apply are reasonable and necessary to protect the Company’s legitimate business interests
and will survive the termination of Employee’s employment. Employee agrees that the restrictions contained in this Agreement will
not prevent Employee from earning a livelihood during the applicable period of restriction. Employee agrees that in any action seeking
specific performance or other equitable relief, Employee will not assert or contend that any of the provisions of this Agreement are unreasonable
or otherwise unenforceable.


 


(b)            Employee
further agrees that in the event of Employee’s breach or threatened breach of any of the provisions of Sections 2, 3,
4, 5 and 6 of this Agreement, the Company would suffer substantial irreparable harm and would not have an adequate
remedy at law for such breach. In recognition of the foregoing, Employee agrees that in the event of a breach or threatened breach of
any of those provisions, in addition to such other remedies that the Company may have at law, without posting any bond or security, the
Company shall be entitled to seek and obtain equitable relief, in the form of specific performance, or temporary, preliminary or permanent
injunctive relief, or any other equitable remedy which then may be available, as well as an equitable accounting of all earnings, profits
and other benefits arising, directly or indirectly, from such violation. The seeking of such injunction or order shall not affect the
Company’s right to seek and obtain damages or other equitable relief on account of any such actual or threatened breach. Employee
further covenants that Employee shall be responsible for payment of documented reasonable out-of- pocket fees and expenses of any member
of the Company Group’s attorneys and experts, as well as any member of the Company Group’s documented reasonable out-of-pocket
court costs, pertaining to any suit, arbitration, mediation, action or other proceeding (any of which, a “Proceeding”)
(including the costs of any investigation related thereto) arising directly or indirectly out of Employee’s actual breach of the
material provisions of this Agreement. In the event of any such Proceeding initiated by the Company in which the Company is not the prevailing
party, the Company shall pay Employee’s documented reasonable out-of-pocket court costs, pertaining to such Proceeding.


 


9.            Cooperation.
Upon the receipt of reasonable notice from the Company (including outside counsel), Employee agrees that while employed by, or
providing services to, the Company and during the two (2) year period thereafter, Employee will respond and provide information
with regard to matters in which Employee has knowledge as a result of Employee’s employment with the Company, and will provide
reasonable assistance to the Company Group and their respective representatives in defense of all claims that may be made against
the Company Group, and will reasonably assist the Company Group in the prosecution of all claims that may be made by the Company
Group, to the extent that such claims may relate to the period of Employee’s employment or service with the Company. Where
permitted by law, Employee agrees to promptly inform the Company if Employee becomes aware during or after employment with the
Company of any lawsuit involving such claims that has been filed or threatened against the Company Group. Employee also agrees to
promptly inform the Company (to the extent that Employee is legally permitted to do so) if Employee is asked in writing to assist in
any investigation of the Company Group (or their actions), regardless of whether a lawsuit or other proceeding has then been filed
against the Company Group with respect to such investigation. If Employee is requested by the Company to render such assistance
after the termination of employment, Employee will be entitled to a fair and reasonable rate of compensation for Employee’s
assistance. Upon presentation of appropriate documentation, the Company shall, to the extent permitted by law, reimburse Employee
for all documented reasonable out-of-pocket travel, duplicating, legal or telephonic expenses reasonably incurred by Employee in
complying with this Section 9. This Section 9 does not limit Employee from exercising any protected right
afforded Employee under applicable law.


 






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10.          Survival
and Assignment by the Company. Employee understands that Employee’s obligations under this Agreement will continue in
accordance with its express terms regardless of any changes in Employee’s title, position, duties, salary, compensation or benefits
or other terms and conditions of employment. Employee further understands that Employee’s obligations under this Agreement will
continue following the termination of Employee’s employment in accordance with its express terms regardless of the manner of such
termination and will be binding upon Employee’s heirs, executors and administrators. Employee understands and agrees that the Company
has the right to assign this Agreement to its successors and assigns (including, without limitation, a purchaser of all or substantially
all of the assets of the Company). Employee may not assign or delegate Employee’s duties under this Agreement, without the prior
written consent of the Company.


 


11.          Disclosure
to Future Employers. During the Restricted Period, Employee will provide a copy of this Agreement to any prospective employer, partner
or co-venturer prior to entering into an employment, partnership or other business relationship with such person or entity.


 


12.          Governing Law.
This Agreement (together with any and all modifications, extensions and amendments of it) and any and all matters arising directly
or indirectly herefrom shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida
applicable to agreements made and to be performed entirely in such state, without giving effect to the conflict or choice of law
principles thereof. For all matters arising directly or indirectly from this Agreement (“Agreement
Matters”), Employee hereby (a) irrevocably consents and submits to the sole exclusive jurisdiction of any United
States District Court in Florida and any state court in the state of Florida, in each case located in Miami, Florida (and of the
appropriate appellate courts from any of the foregoing), in connection with any legal action, lawsuit, arbitration, mediation, or
other legal or quasi legal proceeding (“Proceeding”) directly or indirectly arising out of or relating to any
Agreement Matter; provided that a party to this Agreement shall be entitled to enforce an order or judgment of any such court in any
United States or foreign court having jurisdiction over the other party, (b) irrevocably waives, to the fullest extent
permitted by law, any objection that Employee may now or later have to the laying of the venue of any such Proceeding in any such
court or that any such Proceeding which is brought in any such court has been brought in an inconvenient forum, (c) irrevocably
waives, to the fullest extent permitted by law, any immunity from jurisdiction of any such court or from any legal process therein,
(d) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH A
PROCEEDING, (e) covenants that Employee will not, directly or indirectly, commence any Proceeding other than in such courts
and (f) agrees that service of any summons, complaint, notice or other process relating to such Proceeding may be effected in
the manner provided for the giving of notice as set forth in this Agreement.


 






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13.          Severability.
In the event that any court of competent jurisdiction shall determine that any one or more of the provisions contained in this Agreement
shall be unenforceable in any respect, then such provision shall be deemed limited and restricted to the extent that the court shall deem
the provision to be enforceable. This Agreement is to be given the broadest interpretation permitted by law. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof. The covenants and restrictions
contained in this Agreement shall be deemed a series of separate covenants and restrictions in each jurisdiction in which this Agreement
is sought to be enforced. If, in any judicial proceeding, a court of competent jurisdiction should refuse to enforce all of the separate
covenants and restrictions in this Agreement, then such unenforceable covenants and restrictions shall be deemed eliminated from the provisions
of this Agreement for the purpose of such proceeding in such jurisdiction to the extent permissible, to the extent necessary to permit
the remaining separate covenants and restrictions to be enforced in such proceeding in each other jurisdiction to which this Agreement
applies.


 


14.          Entire
Agreement. This Agreement, and the Employment Agreement, by and between Employee and the Company, shall constitute the entire
agreement between the parties with respect to the matters covered hereby and shall supersede all previous written, oral or implied understandings
among them with respect to such matters. In the event of any conflict between this Agreement and the terms of any other agreement between
Employee, on the one hand, and the Company or any of the Company’s affiliates, on the other hand, the agreement containing the more
restrictive terms shall prevail with respect to such conflict.


 


15.          Amendment.
No provisions of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing signed
by Employee and the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by either party
hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.


 


16.          Notice.
For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and will be deemed to have been duly given: (a) on the date of delivery, if delivered by hand; (b) on the date of
transmission, if delivered by confirmed facsimile or electronic mail, provided, that, on such date, delivery is also effected
pursuant to subclause (c); (c) on the first business day following the date of deposit, if delivered by guaranteed overnight
delivery service; or (d) on the date of receipt by the receiving party if sent by United States registered or certified mail,
first-class mail, return receipt requested, postage prepaid, addressed as follows:


 






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If to Employee at the name and address
set forth on the signature page hereof. If to the Company, to:


 


AirSculpt Technologies, Inc. 


400 Alton Road, Unit TH-103M


 


Miami
Beach, FL 33129


Attn:     Board of Directors


 


with a copy to:


 


McDermott
Will & Emery LLP


500 North Capital Street, NW


Washington, DC 20001-1531


Email: tconaghan@mwe.com


Attn:     Thomas Conaghan


 


or to such other address as any party may have furnished
to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.


 


17.          Section Headings.
The section headings in this Agreement are for convenience of reference only, and they form no part of this Agreement and shall not affect
its interpretation.


 


18.          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.


 


19.          Review.
Employee represents and warrants that: (i) Employee has read this Agreement and understands all the terms and conditions
hereof; (ii) Employee has entered into this Agreement of Employee’s own free will and volition; (iii) Employee has been
advised by the Company that this Agreement is a legally binding contract and that Employee should seek Employee’s own
independent lawyer to review it, including, but not limited to, the jury waiver set forth in Section 12; (iv) Employee
has been afforded ample opportunity to consult with Employee’s own lawyer regarding this Agreement; and (v) the terms of this
Agreement are fair, reasonable and are being agreed to voluntarily in exchange for Employee’s continued employment by the
Company, and the compensation and benefits afforded to Employee in connection with that continued employment.


 






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IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.





 


	COMPANY:	 
	 	 
	By: 	/s/ Adam Feinstein 	 
	 	Name: Adam Feinstein	 
	 	 
	EMPLOYEE:	 
	 	 
	Todd
    Magazine: 	 
	 	 
	Signature:  	/s/ Todd Magazine 	 
	Name:	 Todd Magazine	 
	 	 
	Address
    for notices:	 
	 	 
	47
    Corey Ln. 	 
	Mendham,
    NJ 07945	 




 






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