Document:

Exhibit

EXHIBIT 10.1

SEPARATION AND RELEASE AGREEMENT

This Separation and Release Agreement ("Release") is entered into by and between KEVIN BOOK ("Employee") and CSI COMPRESSCO GP INC. ("Employer"), as follows:

1.  Separation Payments and Conditions.  Employer and Employee acknowledge and agree that the Employee’s employment with Employer will end effective December 4, 2015 (“Effective Employment Separation Date”) in connection with a reduction in force.  In consideration for Employee’s promises contained herein, and provided that Employee does not revoke the Age Discrimination in Employment Act (“ADEA”) release contained in Paragraph 3, Employer agrees to pay Employee a lump sum payment of $185,000.00, less withholdings, payable no sooner than the eighth day after Employee executes the Release. Employee acknowledges and agrees that he/she is not otherwise entitled to the separation payment described in this Paragraph 1 and that other than said consideration, he/she is not entitled to any other wages, bonuses, or benefits in connection with this decision or otherwise.  

2.  General Release.  Employee hereby fully, finally, and completely releases Employer, its predecessors, successors, subsidiaries, shareowners, parent and affiliates and the officers, directors, managers, control persons, employees, agents, attorneys, representatives and assigns of any of them (collectively, the “Released Parties”), of and from any and all liabilities, claims, actions, losses, expenses, demands, costs, fees, damages and/or causes of action, of whatever kind or character, whether now known or unknown (collectively, “Claims”), arising from, relating to, or in any way connected with, any facts or events occurring on or before the execution of this Release, if any, that he/she may have against Employer or any Released Parties, including, but not limited to any such Claims arising out of or in any way related to Employee’s employment with the Employer or the termination or end of such employment.  Further, Employee waives and releases Employer from any Claims that this Release was procured by fraud or signed under duress or coercion so as to make this Release not binding.  Employee confirms that this Release was not procured by fraud, nor signed under duress or coercion.  Employee understands and agrees that by signing this Release, he/she is giving up the right to pursue any legal Claims that he/she may have against the Employer or any Released Parties, and specifically agrees and covenants not to bring any legal action for any Claims released herein, and that he will defend, indemnify and hold Employer and the Released Parties harmless from and against all Claims (including legal fees and/or expenses) incurred by the Employer arising from or relating to any such Claim.  Excluded from this Release, are claims which cannot be waived by law; Employee does waive, however, his/her right to any monetary recovery should any agency pursue any claims on his/her behalf.  

3.  ADEA Release.  Employee hereby completely and forever releases and irrevocably discharges Employer, its predecessors, successors, subsidiaries, affiliates, officers, directors, employees, agents, attorneys and representatives, of and from any and all liabilities, claims, actions, demands, and/or causes of action, arising under the ADEA on or before the date of this Release (the “ADEA Release”), and hereby acknowledges and agrees that: this Release, including the ADEA Release, was negotiated at arms length; this Release, including the ADEA Release, is worded in a manner that Employee fully understands; Employee specifically waives any rights or claims under the ADEA; Employee knowingly and voluntarily agrees to all of the terms set forth in this Release, including the ADEA Release; Employee acknowledges and understands that any claims under the ADEA that may arise after the date of this Release are not waived; the rights and claims waived in this Release, including the ADEA Release, are in exchange for consideration over and above anything to which Employee was already undisputedly entitled; Employee has been and hereby is advised in writing to consult with an attorney prior to executing the Release, including the ADEA Release; Employee understands that he/she has been given a period of up to forty-five days (45) days to consider the ADEA Release prior to executing it; and Employee understands that he/she has been given a period of seven (7) days from the date of the execution of the ADEA Release to revoke the ADEA Release, and understands and acknowledges that the ADEA Release will not become effective or enforceable until the revocation period has expired.  If Employee elects to revoke his/her release of age discrimination claims, revocation must be in writing and presented to Donna Ramirez, Human Resources Manager, CSI Compressco, P.O. Box 60760, Midland Texas 79711, within seven (7) days from the date of the execution of the Release.  Employee acknowledges that he/she received this Release on or before December 4, 2015 and agrees that any discussions between Employee and Employer concerning the terms of this Release and/or any change in the terms of this Release after December 4, 2015 shall not affect or restart the above-referenced forty-five (45) day consideration period.  Employee further 

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acknowledges that this Release is offered in connection with an employment termination program affecting more than one employee of the Employer.  Attached hereto as Exhibit A is a description of the employment termination program. Employee acknowledges receipt of information about the ages of the employees within the decisional unit.    

4.  Confidentiality/Non-Disparagement.  Employee agrees to keep strictly confidential all information contained in this Release including, without limitation, the amount and duration of any separation payments offered or accepted hereunder.  Employee agrees not to make any statements or otherwise do anything that will disparage or damage Employer or any of the Released Parties, and agrees not to divulge to any other person or entity any employment related information or confidential business information that the Employer has previously indicated to Employee should be kept confidential.    

5.  Non-Solicitation or Hire. For a two-year period following the end of Employee’s employment with Employer or any parent, subsidiary or affiliate of Employer (each an “Affiliate”), Employee shall not, directly or indirectly employ or seek to employ any person who is on the Effective Employment Separation Date, or was at any time within the six-month period preceding the Effective Employment Separation Date, an employee of Employer or any of its Affiliates or otherwise solicit, encourage, cause or induce any such employee of Employer or any of its Affiliates to terminate such employee’s employment with Employer or such Affiliate or to enter into employment with another company without the prior written consent of Employer.

6.  No Oral Modification.  This Release cannot be modified orally and can only be modified through a written document signed by all parties. 

7.  Severability.  If any provision contained in this Release is determined to be void, illegal or unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision which was determined to be void, illegal or unenforceable had not been contained herein.

8.  Reinstatement Waiver.  Employee acknowledges and agrees that by execution of this Release, he/she waives all rights or claims for reinstatement of employment with Employer and/or its affiliates.  

9.  Return of Property.  Employee acknowledges that all memoranda, notes, records, reports, manuals, handbooks, drawings, blueprints, books, papers, letter, formulas, client and customer lists, contracts, software programs, instruction books, catalogs, information and records, technical manuals and documentation, drafts of instructions, guides and manuals, maintenance manuals, and other documentation (whether in draft or final form), and other information relating to Employer’s business (including its Affiliates), and any and all other documents containing confidential or proprietary information furnished to Employee by any representative of Employer or otherwise acquired or developed by Employee in connection with his employment with Employer (collectively, “Recipient Materials”) shall at all times be the property of Employer.  Employee shall promptly return to Employer any Recipient Materials and any copies thereof which are in his/her possession, custody or control, including Recipient Materials retained by Employee in his/her office, automobile or at his home.  In addition, Employee acknowledges that he/she will keep strictly confidential all information of the Employer that he/she had access to while employed by Employer and agrees not to use or disclose such information without Employer’s prior written permission.  

10.  Miscellaneous.   The parties hereto agree that each party shall pay its respective costs, including attorney's fees, if any, associated with this Release.

11.  Choice of Law/Venue.  This Release shall be interpreted under and governed by, construed and enforced in accordance with, and subject to, the laws of the State of Texas, without giving effect to any principles of conflicts of law.  Any disputes between the parties concerning Employee’s employment with Employer and/or this Release shall be settled exclusively in Harris County, Texas.  The parties hereby waive all rights to a jury trial.  

12.  Fully Understood/Payments Received.  By signing this Release, Employee acknowledges and affirms that he/she has read and understands this Release, had the ability to consult with counsel, agreed to the terms of this Release, and acknowledges receipt of a copy of this Release.  Employee also hereby acknowledges and affirms the sufficiency of the payment recited herein.  Employee further acknowledges that upon receipt of the payment recited 

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herein, Employee shall not be entitled to any further payment, compensation, or remuneration of any kind from the Employer, with respect to Employee’s employment with the Employer or otherwise.

13.  Entire Agreement.  This Release supersedes any and all prior agreements between the parties, except with respect to any of Employee’s continuing obligations contained in other binding agreements, which shall continue and remain in full force and effect per the terms of those agreements.  

	
		
	CSI COMPRESSCO GP INC.:

By: _/s/Timothy A. Knox__________________
Its: _President_________________________
Date: __December 21, 2015______________
	KEVIN BOOK:

_/s/Kevin Book______________________

Date:   December 20, 2015                     
Address: __________________________
               __________________________

Return signed original to:
Donna Ramirez, Human Resources Manager, 
CSI Compressco 
P.O. Box 60760
Midland TX 79711

3Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

EMPLOYMENT
AGREEMENT (this “Agreement”), by and between TherapeuticsMD, Inc., a Nevada corporation (the “Company”),
and Brian Bernick, M.D. (“Executive”) is entered into and effective as of the 17th day of December, 2015 (the
“Effective Date”).

WHEREAS,
the Company desires to employ Executive, and Executive desires to accept such employment, pursuant to the terms and conditions
set forth in this Agreement.

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants set forth in this Agreement, the parties hereto agree
as follows:

1.Employment
and Duties.

(a)
Employment and Term. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve the Company, in
accordance with the terms and conditions set forth herein, for a period of one (1) year, commencing as of the Effective Date (such
one (1) year period, as it may be extended pursuant to this Section 1(a), the “Term”), unless sooner
terminated pursuant to Section 3 hereof. Commencing on the first anniversary of the Effective Date, and each anniversary
thereafter, the Term shall automatically be extended for one (1) additional year, unless at least ninety (90) days prior to such
anniversary, the Company or Executive shall have given notice in accordance with Section 7 that it or he does not
wish to extend the Term.

(b)Duties
of Executive. Executive shall serve as the Chief Clinical Officer of the Company, shall
diligently perform all services as may be reasonably assigned to him by the Company’s Board of Directors (the “Board”),
the Company’s Chief Executive Officer (the “CEO”), or their respective designees, and shall exercise
such power and authority as may from time to time be delegated to him by the Board or the CEO. During his employment, Executive
shall devote his time, energy, and ability to the business and interests of the Company, shall be physically present at the Company’s
offices in Boca Raton, Florida during normal business hours each week (other than permitted periods of working remotely, PTO and
on appropriate business travel for the benefit of the Company or upon the prior approval of the CEO), and shall not, without the
Company’s prior written consent, be engaged in any other business activity pursued for gain, profit, or other pecuniary
advantage if such activity interferes in any material respect with Executive’s duties and responsibilities hereunder. In
his capacity as the Chief Clinical Officer of the Company, Executive shall do and perform all services, acts, or things necessary
or advisable to manage and conduct the business of the Company, subject to the policies and procedures set by the Company, including,
but not limited to planning, implementing, managing and overseeing all clinical trial programs, including oversight and management
of clinical research organizations and serving as primary contact and liaison with clinical sites and principal investigators;
conducting and supervising medical affairs; developing and maintaining key opinion leader relationships; reviewing and authoring
appropriate scientific presentations, publications, abstracts and posters in connection with the Company’s clinical trials
and research and development initiatives or as may be requested by the Company; coordinate efforts with Company’s Chief
Medical Officer (the “CMO”) and handle other related projects as requested from time to time by the Company.
It shall not be a violation of this Agreement for Executive, and Executive shall be permitted, to (i) provide clinical obstetrical
/gynecological services, (ii) serve on any one (1) civic or charitable board; (iii) deliver lectures, fulfill speaking engagements,
or teach at public or not-for-profit educational institutions; (iv) subject to any applicable Company policies, make personal
investments in such form or manner as will neither require Executive’s services in the operation or affairs of the companies
or enterprises in which such investments are made nor subject Executive to any conflict of interest with respect to Executive’s
duties to the Company; and (v) serve, with the written approval of the Board, as a director of one or more public corporations,
in each case so long as any such activities do not significantly interfere with the performance of Executive’s responsibilities
under this Agreement.

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(c)Policies.
Executive shall faithfully adhere to, execute, and fulfill all lawful policies established by the Company as are communicated
to him by the Company.

(d)Place
of Performance. In connection with his employment by the Company, Executive shall be based at the Company’s principal
executive offices in Boca Raton, Florida.

2.
Compensation. For all services rendered by Executive, the Company shall compensate Executive as follows:

(a)Base
Salary. Effective on the Effective Date, the base salary (“Base Salary”) payable to Executive shall be
four hundred twenty five thousand dollars ($425,000) per year, payable on a regular basis in accordance with the Company’s
standard payroll procedures, but not less than monthly. After the completion of the second year of the Term, the Board or a committee
of the Board shall review Executive’s performance on at least an annual basis and may make increases to such Base Salary
if, in its sole discretion, any such increase is warranted. The Board may reduce the Base Salary without Executive’s consent
only if such reduction applies in the same or greater percentage to all other executives of the Company at the Vice President
level and above.

(b)Cash
Bonus. Executive shall be entitled to participate in the Company’s annual short-term incentive compensation program,
as such program may exist from time to time, at a level commensurate with that being offered to other executives of the Company
at the Vice President level and above. For calendar years beginning on or after January 1, 2016, the percentage of Base Salary
targeted as annual, cash, short-term incentive compensation for each calendar year during the Term shall be fifty percent (50%)
of Base Salary (the “Targeted Annual Bonus Award”). Executive acknowledges that the amount of annual short-term
incentive compensation, if any, to be awarded shall be at the sole, good faith discretion of the Board or a committee of the Board,
may be less or more than the Targeted Annual Bonus Award, and will be based on a number of factors determined by the Board or
a committee of the Board for each calendar year, including the Company’s performance in connection with, among other factors,
the clinical program, regulatory filings, commercialization and/or sales, and Executive’s individual performance. Except
as set forth in Section 3(b)(ii), Executive must be employed by the Company on the date on which short-term incentive
compensation is paid in order to receive such short-term incentive compensation.

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(c)Stock
Options. As soon as practicable following the Effective Date, the Company shall grant to
Executive, pursuant to the Company’s Amended and Restated 2012 Stock Incentive Plan, as the same may be amended from time
to time (the “Plan”), stock options to purchase 325,000 shares of the Company’s common stock. The stock
options shall be subject to the terms and conditions set forth in the Plan and in the stock option agreement to be executed by
the Company and Executive and will vest monthly in one-twelfth (1/12) increments for a period of twelve (12) months beginning
on the one (1) month anniversary of the date of grant. Additional options or other equity compensation may be granted at the Board’s
discretion. All stock options or other equity compensation granted to Executive during the Term under the Plan shall vest upon
a change in control as described and defined in Section 9 of the Plan.

(d)Executive
Perquisites, Benefits, and Other Compensation. Executive shall be entitled to receive additional benefits and compensation
from the Company in such form and to such extent as specified below:

(i)Insurance
Coverage. During the Term, and as otherwise provided within the provisions of each of the respective plans, the Company shall
make available to Executive all employee benefits to which other executives of the Company are entitled to receive, subject to
the eligibility requirements and other provisions of such arrangements as applicable to executives of the Company generally. Such
benefits shall include, but shall not be limited to, comprehensive health and major medical insurance, dental and life insurance,
and short-term and long-term disability.

(ii)Reimbursement
for Expenses. Reimbursement for business travel and other out-of-pocket expenses reasonably incurred by Executive in the performance
of Executive’s services under this Agreement, including, but not limited to, industry appropriate seminars and subscriptions
and applicable licensing and continuing education expenses. All reimbursable expenses shall be appropriately documented in reasonable
detail by Executive upon submission of any request for reimbursement and shall be in a format and manner consistent with the Company’s
expense reporting policy.

(iii)Paid
Time Off. Executive shall be eligible to accrue a maximum of twenty (20) days of paid time off (“PTO”)
for each calendar year of the Term. Executive shall accrue this PTO at the rate of 6.154 hours per bi-weekly period. The maximum
amount of accrued PTO during any year of the Term is one hundred sixty (160) hours. Upon reaching this maximum, Executive shall
cease to accrue PTO until this limit is reduced below the one hundred sixty (160) hours threshold. 

(iv)Other
Executive Perquisites. The Company shall provide Executive with other executive perquisites as may be made available to or
deemed appropriate for Executive by the Board or a committee of the Board and participation in all other Company-wide employee
benefits as are available to the Company’s executives from time to time, including any plans, programs, or arrangements
relating to retirement, deferred compensation, profit sharing, 401(k), and employee stock ownership.

(v)Working
Facilities. During the Term, the Company shall furnish Executive with an office, staffing and administrative support and such
other facilities and services suitable to Executive’s position with the Company and adequate for the performance of his
duties hereunder, which will be reviewed and provided based on the Company’s needs.

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3.Term
of Employment.

(a)Termination
Under Certain Circumstances.

(i)Death.
Executive’s employment and the Term shall be automatically terminated, without notice, effective upon the date of Executive’s
death.

(ii)Disability.
If, as a result of incapacity due to physical or mental illness or injury, Executive shall have been absent from Executive’s
full-time duties hereunder for six (6) consecutive months, then thirty (30) days after giving written notice to Executive (which
notice may occur before or after the end of such six (6) month period, but which shall not be effective earlier than the last
day of such six (6) month period), the Company may terminate Executive’s employment and the Term, provided Executive is
unable to resume Executive’s full-time duties at the conclusion of such notice period. Before such termination, the Company
shall engage in an interactive process to determine if Executive can perform the essential functions of the job with accommodation.

(iii)Termination
by the Company for Good Cause. The Company may terminate Executive’s employment and
the Term upon ten (10) days prior written notice to Executive for “Good Cause,” which shall mean any one or
more of the following: (A) Executive’s material breach of this Agreement (continuing for thirty (30) days after receipt
of written notice of need to cure, if, in the Company’s determination, such breach is curable); (B) Executive’s negligence
in the performance or intentional nonperformance (continuing for thirty (30) days after receipt of written notice of need to cure,
if, in the Company’s determination, such breach is curable) of any of Executive’s material duties and responsibilities;
(C) Executive’s willful dishonesty, fraud, or misconduct with respect to the business or affairs of the Company; (D) Executive’s
indictment for, conviction of, or guilty or nolo contendre plea to a felony crime involving dishonesty or moral turpitude
whether or not relating to the Company; (E) a confirmed positive illegal drug test result; or (F) a material sanction is imposed
on Executive by any applicable professional organization or professional governing body (including, for the avoidance of doubt,
a medical regulatory board).

(iv)Termination
by the Company Without Good Cause. The Company may terminate Executive’s employment and the Term at any time without
Good Cause.

(v)Termination
by Executive Without Good Reason. Executive, at his option and upon written notice to the Company, may terminate Executive’s
employment and the Term without Good Reason (as defined below) at any time, effective on the date of that notice.

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(vi)Termination
by Executive With Good Reason. At any time during the Term, Executive may terminate his employment and the Term for Good
Reason. For purposes of this Agreement, “Good Reason” shall mean (A) the assignment to Executive of
material duties inconsistent with Executive’s position as the Chief Clinical Officer (including status, office, titles
and reporting requirements), or any other action by the Company that results in a material diminution in such position,
excluding for this purpose (i) any action not taken in bad faith and that is remedied by the Company promptly after receipt
of a Notice of Termination for Good Reason (as defined below) thereof given by Executive and (ii) any action taken following
a change in control of the Company, including, but not limited to, a change in reporting requirements and/or responsibilities
if the Company ceases to be a standalone public reporting company following such change in control; (B) the Company requiring
Executive to be based at any office or location other than in Palm Beach County, Florida, or within thirty five (35) miles of
such location, or such other location as mutually agreed to by the Company and Executive, except for travel reasonably
required in the performance of Executive’s responsibilities; or (C) any material failure by the Company to comply with
any of the provisions of this Agreement, other than a failure not occurring in bad faith and that is remedied by the Company
promptly after receipt of a Notice of Termination for Good Reason given thereof by Executive. A termination of employment by
Executive for Good Reason shall be effected by Executive’s giving the Board written notice (“Notice of
Termination for Good Reason”) of the termination, setting forth in reasonable detail the specific conduct of the
Company that constitutes Good Reason and the specific provision(s) of this Agreement on which Executive relies, within ninety
(90) days of the initial existence of one of the conditions constituting Good Reason. A termination of employment by
Executive for Good Reason shall be effective on the thirty-first (31st) day following the date when the Notice of Termination
for Good Reason is given to the Company; provided that such a termination of employment shall not become effective if the
Company shall have substantially corrected the circumstance giving rise to the Notice of Termination for Good Reason within
thirty (30) days after the Company’s receipt of such Notice of Termination for Good Reason.

(b)Result
of Termination.

(i)Except
as otherwise set forth in this Agreement, in the event of the termination of Executive’s employment and the Term pursuant
to Sections 3(a)(i) (“Death”), 3(a)(ii) (“Disability”), 3(a)(iii)
(“Termination by the Company for Good Cause”), or 3(a)(v) (“Termination by Executive
Without Good Reason”) above, Executive shall receive no further compensation under this Agreement other than the payment
of Base Salary as shall have accrued and remained unpaid as of the date of termination and accrued but unused PTO.

(ii)In
the event of the termination of Executive’s employment and the Term pursuant to Sections 3(a)(iv) (“Termination
by the Company Without Good Cause”) or 3(a)(vi) (“Termination by Executive With Good Reason”)
above, (i) Executive shall, for
a period of twelve (12) months following the effective date of such termination, continue to receive his then current annual Base
Salary, as provided in Section 2(a), (ii) Executive shall receive any and
all Targeted Annual Bonus Awards that would be due and payable during the twelve (12)
month period following the effective date of such termination absent such termination of employment, as provided in Section 2(b)
under the terms of the Company’s annual short-term incentive program, which shall be paid to Executive when paid to
other similarly situated executives of the Company, (iii) Executive shall receive a continuation
of the insurance benefits for Executive and his immediate family as applicable, in effect at termination, for twelve (12) months
after the effective date of such termination (or if continuation under the Company’s then current plans is not allowed,
then provision at the Company’s expense for substantially similar welfare benefits from one or more third party providers)
at the same premium cost to Executive which was paid by Executive at the time such benefits were provided during the Term or,
if such premiums should change during such twelve (12) month period, at premium costs available and relevant to similarly situated
executives of the Company, (iv) all unvested equity compensation granted after the date hereof and held by Executive in his capacity
as an employee of the Company on the effective date of the termination shall vest as of the effective date of such termination
and (v) Executive shall receive payment for accrued but unused PTO.

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(c)Release.
Notwithstanding any other provision in this Agreement to the contrary, as a condition precedent
to receiving any post-termination payments or benefits identified in Section 3(b)(ii) of this Agreement, Executive
agrees to execute (and not revoke) a full and complete release of all claims against the Company and its affiliates, in form and
substance reasonably acceptable to the Company (the “Release”). If Executive fails to execute and deliver the
Release, or revokes the Release, within twenty-one (21) days following the date of termination, or breaches any term of this Agreement
or any other agreement between Executive and the Company while receiving such post-termination payments or benefits, Executive
agrees that he shall not be entitled to receive any such post-termination payments. For purposes of this Agreement, the Release
shall be deemed to have been executed by Executive if it is signed by his legal representative in the case of legal incompetence
or on behalf of Executive’s estate in the case of his death.

(d)Section
409A. Any payments made by the Company pursuant to Section 3(b)(ii) (except
for Targeted Annual Bonus Awards, which shall be paid to Executive when paid to other similarly situated executives of the Company)
shall be paid on a monthly basis beginning on the first payroll date following Executive’s “separation from service”
within the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”),
and not in a lump sum and shall be treated as a series of separate payments for purposes of Section 409A. Executive shall receive
no additional compensation following any termination except as provided herein. In the event of any termination, Executive shall
resign all positions with the Company and its subsidiaries. If Executive is a “specified employee” within the meaning
of Section 409A, then payments identified in Section 3(b)(ii) of this Agreement shall not commence until six (6) months
following “separation from service” within the meaning of Section 409A to the extent necessary to avoid the imposition
of the additional twenty percent (20%) tax under Section 409A (and in the case of installment payments, the first payment shall
include all installment payments required by this subsection that otherwise would have been made during such six-month period).
If the payments described in Section 3(b)(ii) must be delayed for six (6) months pursuant to the preceding sentence,
Executive shall not be entitled to additional compensation to compensate for such delay period. Upon the date such payment would
otherwise commence, the Company shall reimburse Executive for such payments, to the extent that such payments otherwise would
have been paid by the Company had such payments commenced upon Executive’s “separation from service” within
the meaning of Section 409A. Any remaining payments shall be provided by the Company in accordance with the schedule and procedures
specified herein. This Agreement is intended to satisfy the requirements of Section 409A with respect to amounts subject thereto,
and shall be interpreted and construed consistent with such intent. Any reimbursements by the Company to Executive of any eligible
expenses under this Agreement that are not excludable from Executive’s income for Federal income tax purposes (the “Taxable
Reimbursements”) shall be made by no later than the last day of the taxable year of Executive following the year in
which the expense was incurred. The amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided
to Executive, during any taxable year of Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits
to be provided, in any other taxable year of Executive. The right to Taxable Reimbursement, or in-kind benefits, shall not be
subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, the Company does not make any representation
to Executive that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section
409A, and the Company shall have no liability or other obligation to indemnify or hold harmless Executive or any beneficiary for
any tax, additional tax, interest or penalties that Executive or any beneficiary may incur in the event that any provision of
this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate
any of the requirements of Section 409A.

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4.Competition
and Non-Solicitation.

(a)Interests
to be Protected. The parties acknowledge that Executive will perform essential services for the Company, its employees, and
its stockholders during the term of Executive’s employment with the Company. Executive will be exposed to, have access to,
and work with, a considerable amount of confidential information. The parties also expressly recognize and acknowledge that the
personnel of the Company have been trained by, and are valuable to, the Company and that the Company will incur substantial recruiting
and training expenses if the Company must hire new personnel or retrain existing personnel to fill vacancies. The parties expressly
recognize that it could seriously impair the goodwill and diminish the value of the Company’s business should Executive
compete with the Company in any manner whatsoever. The parties acknowledge that this covenant has an extended duration; however,
they agree that this covenant is reasonable and it is necessary for the protection of the Company, its stockholders, and employees.
For these and other reasons, and the fact that there are many other employment opportunities available to Executive if his employment
is terminated, the parties are in full and complete agreement that the following restrictive covenants are fair and reasonable
and are entered into freely, voluntarily, and knowingly. Furthermore, each party was given the opportunity to consult with independent
legal counsel before entering into this Agreement.

(b)Non-Competition.
During the term of Executive’s employment with the Company and for eighteen (18) months after the termination of Executive’s
employment with the Company, regardless of the reason therefor, Executive shall not (whether directly or indirectly, as owner,
principal, agent, five percent (5%) or greater stockholder, director, officer, manager, employee, partner, participant, or in
any other capacity) engage or become financially interested in any Competitive Business conducted within the Restricted Territory
(as defined below). As used herein, the term “Competitive Business” shall mean any business that directly or
indirectly is or may be competitive with the business of the Company, including, but not limited to, any business in the pharmaceutical
industry, and the term “Restricted Territory” shall mean any state or other geographical area in which the
Company has demonstrated an intent to develop, commercialize, and/or distribute products during Executive’s employment with
the Company. Executive hereby agrees that, as of the date hereof, during Executive’s employment with the Company, the Company
has demonstrated an intent to develop, commercialize, and/or distribute products throughout the United States of America and US,
CA, Mexico, Europe, Australia, South Africa, Russia, Israel, Japan, and South Korea.

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(c)Non-Solicitation
of Employees. During the term of Executive’s employment and for a period of twenty-four (24) months after the termination
of Executive’s employment with the Company, regardless of the reason therefor, Executive shall not directly or indirectly,
for the Company, or on behalf of, or in conjunction with, any other person, company, partnership, corporation, governmental or
other entity, solicit for employment, seek to hire, or hire any person who is employed by or was employed by the Company, or is
or was a consultant or independent contractor of the Company, within twenty-four (24) months of the termination of Executive’s
employment for the purpose of having any such employee, consultant or independent contractor engage in services that are the same
as or similar or related to the services that such employee, consultant or independent contractor provided for the Company.

(d)Non-Solicitation
of Customers. During the term of Executive’s employment and for a period of twenty-four (24) months after the termination
of Executive’s employment with the Company, regardless of the reason therefor, Executive shall not directly or indirectly,
for the Company, or on behalf of, or in conjunction with, any other person, company, partnership, corporation, or governmental
entity, call on, solicit, or engage in business with, any of the actual or targeted prospective customers or clients of the Company
on behalf of any person or entity in connection with any Competitive Business, nor shall Executive make known the names and addresses
of such actual or targeted prospective customers or clients, or any information relating in any manner to the trade or business
relationships of the Company with such customers or clients, other than in connection with the performance of Executive’s
duties under this Agreement, and/or persuade or encourage or attempt to persuade or encourage any persons or entities with whom
the Company does business or has some business relationship to cease doing business or to terminate its business relationship
with the Company or to engage in any Competitive Business on its own or with any competitor of the Company.

(e)Employee
Assignment, Invention and Confidentiality Agreement. Executive hereby reaffirms, acknowledges,
and agrees that he is subject to the terms and conditions set forth in that certain Employee Assignment, Invention and Confidentiality
Agreement (the “CDA”) previously entered into by and between the Company and Executive and that this Agreement
does not modify or amend the CDA.

(f)Equitable
Relief. In the event a violation of any of the restrictions contained in this Section 4 occurs, the Company shall
be entitled to preliminary and permanent injunctive relief (without being required to post bond), reasonable attorneys’
fees, and damages and an equitable accounting of all earnings, profits, and other benefits arising from such violation, which
right shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. In the event of
a violation of any provision of Section 4(b), Section 4(c), or Section 4(d), the period for which
those provisions would remain in effect shall be extended for a period of time equal to that period beginning when such violation
commenced and ending when the activities constituting such violation shall have been finally terminated in good faith.

    	8

    	 

    

(g)Restrictions
Separable. If the scope of any provision of this Agreement (whether in this Section 4 or otherwise) is found by
a court to be too broad to permit enforcement to its full extent, then such provision shall be enforced to the maximum extent
permitted by law. The parties agree that the scope of any provision of this Agreement may be modified by a judge in any proceeding
to enforce this Agreement, so that such provision can be enforced to the maximum extent permitted by law. Each and every restriction
set forth in this Section 4 is independent and severable from the others, and no such restriction shall be rendered
unenforceable by virtue of the fact that, for any reason, any other or others of them may be unenforceable in whole or in part.

5.
Return of Company Property. At any time as requested by the Company, or upon the termination of Executive’s employment
with the Company for any reason, Executive shall deliver promptly to the Company all files, lists, books, records, manuals, memoranda,
drawings, and specifications; all other written or printed materials and computers, cell phones, and other equipment that are
the property of the Company (and any copies of them); and all other materials that may contain confidential information relating
to the business of the Company, which Executive may then have in his possession or control, whether prepared by Executive or not.

6.
No Prior Agreements. Executive hereby represents and warrants to the Company that the execution of this Agreement by Executive
and Executive’s employment by the Company and the performance of Executive’s duties hereunder will not violate or
be a breach of any agreement with a former employer, client, or any other person or entity. Further, Executive agrees to indemnify
the Company for any claim, including, but not limited to, attorneys’ fees and expenses of investigation, by any such third
party that such third party may now have or may hereafter come to have against the Company based upon or arising out of any non-competition,
invention, or secrecy agreement between Executive and such third party that was in existence as of the date of this Agreement.

7.
Miscellaneous.

(a)Notice.
All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and
shall be deemed to have been duly given, made, and received (i) if personally delivered, on the date of delivery, (ii) if by e-mail
transmission, upon receipt, (iii) if mailed United States mail, registered or certified, return receipt requested, postage prepaid,
and addressed as provided below, upon receipt or refusal of delivery, or (iv) if by a courier delivery service providing overnight
or “next-day” delivery, upon receipt or refusal of delivery, in each case addressed as follows:	 	To the Company:	TherapeuticsMD, Inc.
	 	 	6800 Broken Sound Parkway NW, 3rd Floor
	 	 	Boca Raton, Florida 33487
	 	 	Attention: Robert Finizio
	 	 	Phone: (561) 961-1900
	 	 	E-Mail: Rob.Finizio@TherapeuticsMD.com

 

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	 	With a copy, which shall not constitute notice, to:
	 	 
	 		TherapeuticsMD, Inc.
	 	 	6800 Broken Sound Parkway NW, 3rd Floor
	 	 	Boca Raton, Florida 33487
	 	 	Attention: Chief Legal Office, Corporate and Compliance
	 	 	Phone: (561) 961-1900
	 	 	E-Mail: Andi.Drucker@TherapeuticsMD.com

 

	 	To Executive:	Brian Bernick	 
	 	 	 	 
	 	 	 		 
	 	 	 		 
	 		Phone:	 	 
	 		E-Mail:	 	 

 

Either
party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity
with the provisions of this Section 7 for the giving of notice.

(b)Indulgences;
Waivers. Neither any failure nor any delay on the part of either party to exercise any right, remedy, power, or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power,
or privilege preclude any other or further exercise of the same or of any other right, remedy, power, or privilege, nor shall
any waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy,
power, or privilege with respect to any other occurrence. No waiver shall be binding unless executed in writing by the party making
the waiver.

(c)Controlling
Law. This Agreement and all questions relating to its validity, interpretation, performance and enforcement, shall be governed
by and construed in accordance with the laws of the State of Florida, notwithstanding any Florida or other conflict-of-interest
provisions to the contrary. Venue for any action arising out of this Agreement or the employment relationship shall be brought
only in courts of competent jurisdiction in or for Palm Beach County, Florida and each party hereby irrevocably waives, to the
fullest extent permitted by law, any objection which they may now or hereafter have to the laying of venue in such courts and
submits to the jurisdiction of such courts. THE PARTIES (BY THEIR ACCEPTANCE HEREOF) HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY,
AND INTENTIONALLY WAIVE ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTES BASED UPON OR ARISING OUT OF THIS
AGREEMENT.

(d)Execution
in Counterpart. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures
of the parties reflected hereon as the signatories.

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(e)Entire
Agreement. Except as herein contained, this Agreement contains the entire understanding
between the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and
understandings, inducements, and conditions, express or implied, oral or written, which shall no longer have any force or effect.
The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

(f)Paragraph
Headings. The paragraph headings in this Agreement are for convenience only; they form no
part of this Agreement and shall not affect its interpretation.

(g)Number
of Days. In computing the number of days for purposes of this Agreement, all days shall
be counted, including Saturdays, Sundays, and holidays; provided, however, that if the final day of any time period falls on a
Saturday, Sunday, or holiday, then the final day shall be deemed to be the next day that is not a Saturday, Sunday, or holiday.

(h)Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the parties hereto; provided that because the obligations of Executive hereunder involve the performance of personal
services, such obligations shall not be delegated by Executive. For purposes of this Agreement, successors and assigns shall include,
but not be limited to, any individual, corporation, trust, partnership, or other entity that acquires a majority of the stock
or assets of the Company by sale, merger, consolidation, liquidation, or other form of transfer. The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place.

(i)Tax
Withholding. The Company may withhold from any benefits payable under this Agreement all
federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling.

[Signature
Page Follows]

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

	 	THERAPEUTICSMD, INC.
	 	 	 
	 	By:	/s/ Robert Finizio
	 	Name:	Robert Finizio
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Brian Bernick
	 	Brian Bernick

 

[Signature
Page to Employment Agreement]

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