Document:

beckagmtfnl011218

   EXECUTIVE EMPLOYMENT AGREEMENT  This Executive Employment Agreement (“Agreement”), dated January 15, 2018 (“Effective Date”) is entered into between Horizon Air Industries, Inc., a Washington Corp. (“Horizon”), a wholly owned subsidiary of Alaska Air Group, Inc., a Delaware corporation (“AAG”), and Gary L. Beck (“Executive”).  In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows: 1. Employment 1.1 Title and Authority.  Horizon shall employ Executive as its President and Chief Executive Officer (“CEO”).  Executive shall have authority commensurate with such position, subject to the Amended and Restated Bylaws of Horizon, in addition to other duties as assigned to Executive from time to time by the Boards of Directors of Horizon or AAG (collectively, “Board”) or the CEO of AAG. 1.2 Duties.  Executive will perform duties associated with and required for the position of President and CEO as may be assigned from time to time by the Board, which relate to the business of Horizon, its subsidiaries, its affiliates, or any business ventures in which Horizon, its subsidiaries, affiliates or its parent corporation may participate.  The primary duties of Executive may include, but are not limited to, exercising general managerial authority over Horizon’s business operations, financial performance, strategic initiatives, personnel management, labor relations, overall success, and the safety of Horizon’s customers and employees.  Executive will cooperate with management at Alaska Airlines, Inc. (“Alaska”) as necessary and appropriate in connection with certain “shared service” functions performed by Alaska generally and as outlined more specifically in the Capacity Purchase Agreement between Alaska and Horizon. 2. Attention and Effort Executive will devote all of his entire productive time, ability, attention and effort to Horizon’s business and will serve its interests during the term of this Agreement; provided, however, that Executive may devote reasonable periods of time to engaging in charitable, civic, or community service activities, so long as the foregoing additional activities do not materially interfere with Executive’s duties under this Agreement.  Consistent with this commitment, Executive will take all actions necessary to wrap up and end any services performed under the terms of Executive’s Consulting Agreement between Alaska and Gary Beck Aviation Consulting, LLC dated November 30, 2016.  

 

  2 Beck Agreement 01152018 3. Term 3.1 24 -Month Term The “Effective Date” of this Agreement is January 15, 2018.  Unless otherwise terminated earlier pursuant to Section 6 of this Agreement, Executive’s term of employment under this Agreement shall begin on the Effective Date and end no later than January 14, 2020.  All references in this Agreement to the “Term” of this Agreement shall refer to the period beginning on the Effective Date and ending on January 14, 2020.  3.2 Expiration of the Term Upon expiration of the Term, Executive’s employment will terminate unless Horizon and the Executive enter into a subsequent agreement in writing signed by both parties or unless the parties extend this Agreement by amendment in accordance with Section 13.  Nothing in this Agreement shall be read or interpreted to imply a renewed Agreement for any fixed duration after this Term expires. 3.3 Change of Control Concurrent with the execution hereof, Executive and Horizon shall enter into a Change of Control Agreement on substantially the same terms and conditions as apply to executives of Horizon.  Notwithstanding any other provision in this Agreement, if a change of control (within the meaning of the Change of Control Agreement) occurs, this Agreement shall terminate and Executive's employment, compensation and other rights will be subject to the terms of the Change of Control Agreement.  4. Compensation Subject to Sections 6 and 7, during the Term of this Agreement, Horizon agrees to pay or cause to be paid to Executive, and Executive agrees to accept in exchange for the services rendered hereunder by him, the following compensation: 4.1 Base Salary Executive’s compensation shall consist, in part, of an annual base salary of $350,000 (“Base Salary”), subject to applicable tax withholding and payroll deductions.  Such annual Base Salary shall be paid in substantially equal installments and at the same intervals as other officers of Horizon are paid.  At its sole discretion, the Board or the Compensation and Leadership Development Committee of the AAG Board (“Compensation Committee”) shall determine any increases or other adjustments in the amount of the Executive’s annual base salary. 4.2 Annual Bonus Beginning on the Effective Date, Executive will be eligible to receive, in addition to the annual Base Salary described above, an annual payout under the AAG Performance-Based Pay Plan (“PBP Plan”).  The annual payout will be subject to the terms of the PBP Plan and based on achievement of the goals that are established for Horizon under the PBP Plan from time to time 

 

  3 Beck Agreement 01152018 by the Compensation Committee.  The participation rate used to calculate Executive’s annual bonus will be seventy-five percent (75%) of Base Salary as defined in the PBP Plan. 4.4 Qualified Retirement Plan Executive will be eligible to participate in the Horizon Air Savings Investment Plan ("Plan") in accordance with the terms of the Plan. Generally, under the Plan, Executive may elect to contribute to the Plan a percentage of his compensation, and as of the Effective Date of this Agreement, Horizon will match his contribution as provided in the Plan document. Contributions and benefits under the Plan are subject to applicable laws and regulations and the terms of the Plan document.  The terms of the Plan document may be amended by Horizon at any time in its sole discretion.  Executive's right to participate in the Plan shall be on the same basis as Horizon employees generally. 4.5 Equity Compensation Subject to any necessary approvals, following the Effective Date, the Executive will be granted awards of stock options, restricted stock units, and performance stock units, with an aggregate target award value of 125% of the Executive’s base salary, under the 2016 Performance Incentive Plan (“PIP”). The stock options shall be subject to such terms and conditions as the Compensation Committee will determine, and will include the following:  (a) the exercise price of the stock option shall be equal to the closing price of AAG stock on the date the options are awarded;   (b) the options shall vest according to the grant agreement, provided however, that any options remaining unvested upon retirement as defined in the grant agreement, shall vest immediately on such retirement date; and  (c) such other terms as the Compensation Committee shall determine. The restricted stock units and performance stock units granted to the Executive will be subject to such terms and conditions as the Compensation Committee will determine. 4.6 Nonqualified Deferred Compensation The Executive will be eligible to participate in the AAG. Nonqualified Deferred Compensation Plan (the “Nonqualified Plan”) and the Defined Contribution Officer Supplemental Retirement Plan (“DC OSRP”) in accordance with the terms of such plans.  5. Benefits During the Term of this Agreement, Executive will be entitled to participate, subject to and in accordance with applicable eligibility requirements, in any employee health and welfare benefit plans and fringe benefit programs, including, but not limited to, health, dental and vision, group life and disability insurance coverage, and such other benefit programs as shall be provided from 

 

  4 Beck Agreement 01152018 time to time to Horizon employees.  The terms of such plans may be amended by Horizon at any time in its sole discretion. 6. Termination Employment of Executive pursuant to this Agreement may be terminated as provided in this Section, but in any case, the provisions of Section 8 (Noncompetition and Nonsolicitation) shall survive the termination of this Agreement and the termination of Executive’s employment hereunder: 6.1 By Horizon With or without Cause (as defined below), Horizon may terminate the employment of Executive at any time during the Term upon giving Notice of Termination (as defined below). 6.2 By Executive Executive may terminate his employment at any time, for any reason, upon giving Notice of Termination. 6.3 Automatic Termination Upon Death or Disability Executive and Horizon hereby acknowledge that Executive’s ability to perform the duties of Horizon’s President and CEO is of the essence of this Agreement.  As a result, Horizon may terminate Executive’s employment in the event of Executive’s death or Disability (which cannot be reasonably accommodated) during the Term.  In the event of Executive’s death or Disability during the Term, Executive will only be entitled to receive his Base Salary earned as of the date of death or Disability and amounts payable in accordance with any bonus plans, if any, and will not be entitled to any other salary, compensation, or benefits from Horizon thereafter, except as otherwise specifically provided for under Horizon’s benefit plans or as otherwise expressly required by applicable law.  In the event of Disability, termination will be deemed to be effective immediately upon a good faith determination by the Board (or the Compensation Committee thereof) of Executive’s Disability.  “Disability” means Executive’s inability, with or without reasonable accommodation, to perform the essential duties, responsibilities, and/or functions of his position with Horizon for a period or periods aggregating one hundred twenty (120) days (or such other period as may be required by law) in any twelve (12) month period as a result of any mental or physical illness, disability, or incapacity, unless Executive is granted a leave of absence by the Board (or the Compensation Committee thereof).  Upon reasonable request, Executive will cooperate with Horizon if a question arises as to whether he has become disabled (including, without limitation, submitting to an examination by a medical doctor or other health care specialists selected by Horizon and authorizing such medical doctor or such other health care specialist to discuss Executive’s condition with Horizon), pursuant to applicable law. The costs and expenses of any such exams or evaluations shall be borne by Horizon.   6.4 Notice The term “Notice of Termination” shall mean at least 30 days’ written notice of termination of Executive’s employment, during which period Executive’s employment and 

 

  5 Beck Agreement 01152018 performance of services will continue; provided, however, that Horizon may, upon notice to Executive and without reducing Executive’s compensation during such period, excuse Executive from any or all of his or her duties during the 30-day period, such excuse not to be deemed a termination under this Agreement.  In the event of termination by Horizon or the Executive prior to the end of the Term, the effective date of the termination of Executive’s employment hereunder and the “Termination Date” is the date on which the 30-day period expires. 7. Termination Payments Except as specifically provided in this Section 7, in the event of termination of the Executive’s employment under Section 6.1 or 6.2, all compensation and benefits set forth in this Agreement shall terminate on the Termination Date. 7.1 Termination by Horizon If Horizon terminates Executive’s employment without Cause and the Termination Date is on or before July 14, 2019, which is six (6) months prior to the end of the Term, Executive shall be entitled to receive: (a) termination payment equal to the remainder of the Base Salary Executive would have received had he continued to be employed through July 14, 2019 based on the Base Salary rate in effect on the Termination Date, but this payment shall be made only upon execution and non-revocation of a release of claims satisfactory to Horizon and made pursuant only to the schedule under Section 7.4 , and (b) any unpaid annual Base Salary which has accrued for services already performed as of the Termination Date.  If Horizon terminates Executive’s employment on or after July 15, 2019, or terminates Executive’s employment with Cause, Executive shall not be entitled to receive the termination payment set forth in clause (a) of this Section, but shall receive unpaid Base Salary set forth in clause (b) above.  For the purposes of clarity, if Horizon terminates Executive’s employment without Cause and the Termination Date is on or before July 14, 2019, Executive will be entitled to no additional payments, bonuses, or benefits other than any accrued or vested benefits to which Executive would be entitled to under ERISA or applicable federal, state, or local law and the payments described in this Section.  All payments made under this Section shall be paid subject to applicable tax withholding and payroll deductions. 7.2 Termination by Executive In the case of the termination of Executive’s employment by Executive, Executive shall not be entitled to any payments hereunder, other than unpaid Base Salary under clause (b) of Section 7.1 of this Agreement. 7.3 Termination in Connection with a Change in Control Notwithstanding Section 7.1 of this Agreement and in full substitution therefor, if the Executive’s employment is terminated after a Change of Control (as defined in the Change of Control Agreement), Executive’s rights upon termination will be governed by the terms of the Change of Control Agreement and his right to termination payments under clause (a) of Section 7.1; provided, however, that in the event the amounts payable to Executive under the Change of Control Agreement upon termination are lower than termination payments under this Agreement, Executive shall be entitled to the termination payments under this Agreement. 

 

  6 Beck Agreement 01152018 7.4 Payment Schedule Payments due under Section 7.1, if any, will be made within sixty (60) days of the Termination Date.  Payments due under Section 7.1(b), if any, shall be made to Executive at the same interval as payments of salary were made to Executive immediately prior to termination.   7.5 Cause Wherever reference is made in this Agreement to termination being with or without Cause, “Cause” shall mean as basis for termination for reason of admission by the Executive or reasonable substantiation by Horizon of: (a) Failure or refusal to carry out lawful duties described in Section 1 or any directions of the Board reasonably consistent with the duties of the Executive; (b) Misconduct, gross negligence, job abandonment, reckless attempts to injure Horizon, or any material policy violation; (c) Any action or conduct that materially discredits Horizon or is materially detrimental to Horizon’s reputation;  (d) Embezzlement, dishonesty fraud, conviction of a felony or conspiracy against Horizon; or (e) Any willful or intentional injury to either Horizon, its property, its customers, or its employees in connection with the business affairs of Horizon. 8. Noncompetition and Nonsolicitation 8.1 Applicability This Section 8 shall survive the termination of Executive’s employment with Horizon and the expiration of the Term of this Agreement. 8.2 Scope of Competition Executive agrees that he will not, directly or indirectly, during his employment and for a period of one (1) year after the Termination Date for any reason, whether before or after the expiration of this Agreement, be employed by, consult with or otherwise perform services for, own, manage, operate, join, control or participate in the ownership, management, operation or control of or be connected with, in any manner, any Competitor.  A “Competitor” shall include: (a) any entity which provides air transportation services anywhere in the world, and (b) any business whose efforts are in competition with the efforts of Horizon, including, without limitation, any business whose efforts involve any research and development, products or services in competition with products or services which are, during or at the end of the Term, either (i) produced, marketed or otherwise commercially exploited by Horizon or (ii)  in actual or demonstrably anticipated research or development by Horizon, unless released from such obligation in writing by the Board.  Executive shall be deemed to be related to, or connected 

 

  7 Beck Agreement 01152018 with, a Competitor if such Competitor is: (a) a partnership in which he is a general or limited partner or employee, (b) a corporation or association of which he is a shareholder, officer, employee or director, or (c) a partnership, corporation or association of which he is a member, consultant or agent; provided, however, that nothing herein shall prevent the purchase or ownership by Executive of shares which constitute less than five percent (5%) of the outstanding equity securities of a publicly or privately held corporation, so long as Executive has no other relationship with such corporation. 8.3 Scope of Nonsolicitation Executive shall not directly or indirectly solicit, influence or entice, or attempt to solicit, influence or entice, any employee or consultant of Horizon, including its affiliates and subsidiaries to cease his or her relationship with Horizon.  Further, Executive shall not solicit, influence, entice, or in any way divert any customer, distributor, partner, joint venture or supplier of Horizon to do business or in any way become associated with any Competitor.  This Section 8.3 shall apply during the time period and geographical area described in Section 8.2(a). 8.4 Confidentiality; Nondisclosure; Return of Materials Executive acknowledges that by virtue of his employment at Horizon, he will have access to confidential, proprietary, and trade secret information that is not generally known to the public.  Without limitation, such information may include: strategic initiatives or plans, financial information, marketing information, customer lists, research and development, pricing information, technology, supplier/vendor relationships, contract terms, employee compensation/benefits information, customer data, and any other non-public information that the Company considers to be confidential.  During the term of his employment by Horizon and following termination of such employment, he will not disclose (except as required by his duties to Horizon), without limitation, strategic initiatives or plans, financial information, marketing information, customer lists, research and development, pricing information, technology, supplier/vendor relationships, contract terms, employee compensation/benefits information, customer data, and any other non-public information that Horizon considers to be confidential whether or not developed by Executive.  In the event of the termination of his employment with Horizon or the expiration of this Agreement, Executive will promptly return all documents, data and other materials of whatever nature, including, without limitation, drawings, specifications, research, reports, embodiments, software and manuals to Horizon which pertain to Horizon and shall not retain or cause or allow any third party to retain photocopies, data files, or other reproductions of the foregoing.  8.5 Equitable Relief Executive acknowledges that the provisions of this Section 8 are essential to Horizon, that Horizon would not enter into this Agreement if it did not include this Section 8 and that damages sustained by Horizon as a result of a breach of this Section 8 cannot be adequately remedied by damages, and Executive agrees that Horizon, notwithstanding any other provision of this Agreement, including, without limitation, Section 15 and Section 19 hereof, and in addition to any other remedy it may have under this Agreement or at law, shall be entitled to 

 

  8 Beck Agreement 01152018 injunctive and other equitable relief to prevent or curtail any breach of any provision of this Agreement, including, without limitation, this Section 8. 8.6 Effect of Violation Executive and Horizon acknowledge and agree that additional consideration has been given for Executive entering into this Section 8, such additional consideration including, without limitation, bonus eligibility and certain provisions for termination payments pursuant to Section 7 of this Agreement.  Violation by Executive of this Section 8 shall relieve Horizon of any obligation it may have to make any further such payments, but shall not relieve Executive of his obligations, as required hereunder, not to compete. 8.7 Definition of “Horizon” For purposes of Section 8.2 and Section 8.3, “Horizon” shall include all affiliates, subsidiaries and parent corporation of Horizon, including but not limited to Alaska and AAG, and any business ventures in which Horizon, its affiliates, subsidiaries or its parent corporation may participate. 9. Notice and Cure of Breach Whenever a breach of this Agreement by either party is relied upon as justification for any action taken by the other party pursuant to any provision of this Agreement, other than pursuant to the definition of Cause in Section 7.5 of this Agreement, before such action is taken, the party asserting the breach of this Agreement shall give the other party at least fifteen (15) days’ prior written notice of the existence and the nature of such breach before taking further action hereunder and shall give the party purportedly in breach of this Agreement the opportunity to correct such breach during the 15-day period. 10. Form of Notice All notices given hereunder shall be given in writing, shall specifically refer to this Agreement and shall be personally delivered or sent by email, with a hard copy to follow via a method of ascertainable delivery (e.g., FedEx or registered or certified mail, return receipt requested), at the address set forth below or at such other address as may hereafter be designated by notice given in compliance with the terms hereof:  If to Executive: Gary L. Beck ADDRESS:   _______________________________ CITY:   _______________________________ STATE AND ZIP: _______________________________ Email:   If to Horizon: Horizon Air Industries, Inc.  Attn:  Corporate Secretary  19300 International Blvd. 

 

  9 Beck Agreement 01152018 Seattle, WA  98188 Email:    11. Assignment This Agreement is personal to Executive and shall not be assignable by Executive.  Subject to the provisions of Section 7.3, Horizon may assign its rights hereunder to (a) any corporation resulting from any merger, consolidation or other reorganization to which Horizon is a party or (b) any corporation, partnership, association or other person to which Horizon may transfer all or substantially all of the assets and business of Horizon existing at such time.  All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. 12. Waivers No delay or failure by any party hereto in exercising, protecting or enforcing any of its rights, titles, interests or remedies hereunder, and no course of dealing or performance with respect thereto, shall constitute a waiver thereof.  The express waiver by a party hereto of any right, title, interest or remedy in a particular instance or circumstance shall not constitute a waiver thereof in any other instance or circumstance.  All rights and remedies shall be cumulative and not exclusive of any other rights or remedies. 13. Amendments in Writing No amendment, modification, waiver, termination, or discharge of any provision of this Agreement, nor consent to any departure therefrom by either party hereto, shall in any event be effective unless the same shall be in writing, specifically identifying this Agreement and the provision intended to be amended, modified, waived, terminated or discharged and signed by Horizon and Executive, and each such amendment, modification, waiver, termination, or discharge shall be effective only in the specific instance and for the specific purpose for which given.  No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by Horizon and Executive. 14. Applicable Law This Agreement shall in all respects, including all matters of construction, validity and performance, be governed by, and construed and enforced in accordance with, the laws of the State of Washington, without regard to any rules governing conflicts of laws. 15. Severability If any provision of this Agreement shall be held invalid, illegal, or unenforceable in any jurisdiction, for any reason, including, without limitation, the duration of such provision, its geographical scope or the extent of the activities prohibited or required by it, then, to the full extent permitted by law: (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intent of the parties hereto as nearly as may be possible, (b) such invalidity, illegality or unenforceability shall not 

 

  10 Beck Agreement 01152018 affect the validity, legality, or enforceability of any other provision hereof, and (c) any court or arbitrator having jurisdiction thereover shall have the power to reform such provision to the extent necessary for such provision to be enforceable under applicable law. 16. Headings All headings used herein are for convenience only and shall not in any way affect the construction of, or be taken into consideration in interpreting, this Agreement. 17. Counterparts This Agreement, and any amendment or modification entered into pursuant to Section 13 hereof, may be executed in any number of counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same instrument. 18. Entire Agreement This Agreement, including exhibits hereto incorporated by reference, on and as of the date hereof constitutes the entire agreement between Horizon and Executive with respect to the subject matter hereof and all prior or contemporaneous oral or written communications, understandings or agreements between Horizon and Executive with respect to such subject matter are hereby superseded and nullified in their entireties. 19. Arbitration  Disputes or controversies arising under Section 8 of this Agreement (Noncompetition and Nonsolicitation) may only be brought by either party in the state or federal courts located in King County, Washington.  Any and all remaining disputes, claims, or controversies arising out of or relating to or in connection with this Agreement will be finally settled by binding arbitration in Seattle, Washington before a single arbitrator to be selected from Judicial Dispute Resolution (“JDR”). The parties voluntarily waive any right to have covered disputes decided by a court of law and/or jury. The arbitration shall be administered by JDR pursuant to its Arbitration Rules and Procedures. The arbitrator’s fees and costs shall be paid for by Horizon. Arbitration must be initiated within the statute of limitations applicable to the claims in dispute. The arbitrator’s decision shall be final and conclusive, and both parties waive the right to trial de novo or appeal. Judgment on the Award may be entered in King County Superior Court.  Executive and Horizon (and/or any of its affiliates) shall bear their respective attorneys’ fees and costs in any proceeding arising under Section 8, of this Agreement. Except as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims, defenses, and proceedings (including, without limiting the generality of the foregoing, the existence of the controversy, and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the arbitrator, the parties, and their counsel, and each of their agents, employees, and all others acting on behalf of or in concert with them. Without limiting the generality of the foregoing, no one shall divulge to any third party or person not directly involved in the arbitration the contents of the pleadings, papers, orders, hearings, trials, or awards in the arbitration, except as may be necessary to enter judgment uponCOMMON
STOCK PURCHASE AGREEMENT

 

COMMON
STOCK PURCHASE AGREEMENT, dated as of February 14, 2018, by and among Rennova Health, Inc. (the “Seller”)
and the undersigned purchaser (the “Purchaser”).

 

W I T N E S S E T H:

 

WHEREAS,
the Purchaser desires to purchase from the Seller and the Seller desires to sell to the Purchaser 200,000 shares (the “Shares”)
of Common Stock, par value $0.001 per share (the “Common Stock”), of Nanovibronix, Inc., a Delaware corporation
(the “Company”);

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereto agree
as follows:

 

ARTICLE
I

 

Purchase
and Sale of the Common Stock

 

Section
1.1. Purchase and Sale of the Shares. Upon the terms and subject to the conditions of this Agreement and on the basis of
the representations, warranties and agreements contained herein, the Seller hereby sells, assigns, transfers and conveys to the
Purchaser the Shares and the Purchaser hereby purchases the Shares from the Seller for a cash purchase price per Share equal to
$4.00, or $800,000 in the aggregate (the “Purchase Price”). The Purchaser shall pay the Purchase Price
by one or more wire transfers of immediately available funds to the Seller pursuant to the wire transfer instructions set forth
on Schedule A attached hereto, upon receipt of the Seller’s deliveries pursuant to Section 1.2. Further, Seller agrees
to execute and deliver any additional documents and provide any and all information and cooperation as may be necessary or appropriate
to achieve the purposes of this Agreement.

 

Section
1.2. Closing Deliveries. At the Closing, subject to the terms and conditions hereof, Seller shall deliver the Shares
to the Purchaser through The Depository Trust Company Deposit or Withdrawal at Custodian system for credit to the Purchaser’s
account set forth on the signature page hereto.

 

Section
1.3. Termination. This Agreement and the transactions contemplated hereunder may be terminated by the Seller or the Purchaser,
by written notice to the other party, if the Closing of the purchase and sale of the Shares has not been consummated on or before
February 21, 2018; provided, however, that no such termination will affect the right of any party to sue
for any breach by the other party.

 

    	 

     

    

 

ARTICLE
II

 

Representations
and Warranties Regarding the Seller

 

The
Seller hereby represents and warrants to the Purchaser as follows:

 

Section
2.1. Authorization. Seller has the power and authority to execute and deliver this Agreement and to perform its obligations
hereunder, all of which have been duly authorized by all requisite action. This Agreement has been duly authorized, executed and
delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles. No authorization, approval, filing with or consent of
any governmental body or third party is required for the sale of the Shares to the Buyer pursuant to this Agreement.

 

Section
2.2 Seller Not an Affiliate. Seller is not and since at least December 1, 2016 has not been an
“affiliate” of the Company, as defined in Rule 405 and Rule 144 under the Securities Act of 1933, as amended (the
“1933 Act”). Other than in its capacity as a shareholder of the Company, the Seller does not have, nor
since at least December 1, 2016 has it ever had, any relationship of any nature with the Company or any of its
affiliates.

 

Section
2.3. No Consents/Advice. No notice to, filing with, or authorization, registration, consent or approval of any governmental
authority or other individual, partnership, corporation, joint stock company, unincorporated organization or association, trust
or joint venture, or a governmental agency or political subdivision thereof (each, a “Person”) is necessary
for the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated hereby by it.
Seller has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate
in connection with its sale of the Shares.

 

Section
2.4. Ownership of the Shares; No Restrictions on Resale. Seller has beneficially owned the Shares since 2011, and acquired
the Shares for its own account and not with a view to, or for sale in connection with, any distribution, resale or public offering
of such Shares or any part thereof in violation of the 1933 Act (as defined below). The Shares are free trading and have no restrictions
on resale to the Purchaser. It owns the Shares beneficially and of record, free and clear of any liens, claims or encumbrances
(collectively, “Encumbrances”). It has not entered into any agreement, arrangement or other understanding (i)
granting any option, warrant or right of first refusal with respect to the Shares to any Person, (ii) restricting its right to
sell the Shares to the Purchaser, or (iii) restricting any other of its rights with respect to the Shares. It has the absolute
and unrestricted right, power and capacity to sell, assign and transfer the Shares to the Purchaser free and clear of any Encumbrances.
Upon payment in full of the Purchase Price, the Purchaser will acquire good, valid and marketable title to the Shares, free and
clear of any Encumbrances created by the Seller. Except as specifically set forth in this Agreement, it has not entered into any
agreement, arrangement or understanding (written or oral) of any nature with any Person with respect to the transactions contemplated
hereby, including, without limitation, any agreement or understanding (written or oral) with the Company or any of its shareholders
to purchase or otherwise receive shares of Common Stock or other securities.

 

    	2

     

    

 

Section
2.5. Brokers. No Person is or will be entitled to a broker’s, finder’s, investment banker’s, financial
adviser’s or similar fee from it in connection with this Agreement or any of the transactions contemplated hereby.

 

Section
2.6. No Litigation. There is no action, suit, proceeding, judgment, claim or investigation pending, or to the
knowledge of the Seller, threatened against the Seller which could reasonably be expected in any manner to challenge or seek
to prevent, enjoin, alter or materially delay any of the transactions contemplated hereby.

 

Section
2.7. Bankruptcy. Seller is not under the jurisdiction of a court in a Title 11 or similar case (within the meaning of
Bankruptcy Code Section 368(a)(3)(A) (or related provisions)) or involved in any insolvency proceeding or reorganization.

 

Section
2.8. Non-Public Information. Seller is not selling the Shares “on the basis of” (as defined in
Rule 10b5-1 of the Securities Exchange Act of 1934, as amended) any material, non-public information about the Shares or the
Company.

 

ARTICLE
III

 

Representations
and Warranties Regarding the Purchaser

 

The
Purchaser hereby represents and warrants to the Seller as follows:

 

Section
3.1. Authorization. It has the power and authority to execute and deliver this Agreement and to perform its obligations
hereunder, all of which have been duly authorized by all requisite action. This Agreement has been duly authorized, executed and
delivered by it and constitutes its valid and binding agreement, enforceable against it in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles.

 

Section
3.2. Access to Information. It has received all information regarding the Company that it deems necessary or advisable
to evaluate the risks and merits of an investment in the Shares. It acknowledges that neither the Seller nor any of its authorized
representatives have made any representation or warranty regarding the Company or an investment in the Shares, other than as contained
herein. Purchaser has made its own investigation of the business of the Company in making Purchaser’s determination to purchase
the Shares. Purchaser understands that its investment in the Shares involves a significant degree of risk.

 

Section
3.3. Brokers. No person is or will be entitled to a broker’s, finder’s, investment banker’s, financial
adviser’s or similar fee from it in connection with this Agreement or any of the transactions contemplated hereby.

 

Section
3.4. Financial Resources. It has presently available to it sufficient cash resources to enable it to pay the Purchase Price.

 

    	3

     

    

 

ARTICLE
IV

 

Survival,
Amendment and Waiver

 

Section
4.1. Survival. The representations and warranties contained in this Agreement or any certificate delivered in connection
herewith shall survive the sale of the Shares as contemplated hereby.

 

Section
4.2. Amendments. This Agreement (including the provisions of this Section 4.2) may not be amended or modified except by
an instrument in writing signed on behalf of all of the parties affected by such amendment or modification.

 

Section
4.3. Extension; Waiver. The parties hereto may (i) extend the time for performance of any of the obligations or other acts
of the other parties hereto, (ii) waive any inaccuracies in the representations and warranties of the other parties hereto contained
herein or in any document delivered pursuant hereto, and (iii) waive compliance with any of the agreements of the other parties
hereto or satisfaction of any of the conditions to such party’s obligations contained herein. Any agreement on the part
of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf
of such party. The failure of a party hereto to assert any of its rights hereunder shall not constitute a waiver of such rights.

 

ARTICLE
V

 

Miscellaneous

 

Section
5.1. Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been duly given when delivered by hand, when delivered by courier, three days after being deposited in
the mail (registered or certified mail, postage prepaid, return receipt requested), or when received by facsimile transmission
upon receipt of a confirmed transmission report to the respective address set forth on the signature pages hereto. Any party hereto,
by notice given to the other parties hereto in accordance with this Section 5.1 may change the address or facsimile transmission
number to which such notice or other communications are to be sent to such party.

 

Section
5.2. Expenses. Each of the parties hereto shall pay its own expenses incident to this Agreement and the transactions contemplated
herein.

 

Section
5.3. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York, without reference to the choice of law principles thereof. Each of
the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York
County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding
or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection
with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified
for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such
court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES
HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL
HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    	4

     

    

 

Section
5.4. Assignment; Successors and Assigns; No Third Party Rights. This Agreement may not be assigned by operation of law
or otherwise, and any attempted assignment shall be null and void. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, successors, permitted assigns and legal representatives. This Agreement shall
be for the sole benefit of the parties to this Agreement and their respective heirs, successors, permitted assigns and legal representatives
and is not intended, nor shall be construed, to give any Person, other than the parties hereto and their respective heirs, successors,
assigns and legal representatives, any legal or equitable right, remedy or claim hereunder.

 

Section
5.5. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original agreement,
but all of which together shall constitute one and the same instrument.

 

Section
5.6. Titles and Headings. The titles and headings in this Agreement are for reference purposes only, and shall not in any
way affect the meaning or interpretation of this Agreement.

 

Section
5.7. Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the matters covered
hereby and thereby and supersedes all previous written, oral or implied understandings among them with respect to such matters.

 

Section
5.8. Severability. The invalidity of any portion hereof shall not affect the validity, force or effect of the remaining
portions hereof. If it is ever held that any restriction hereunder is too broad to permit enforcement of such restriction to its
fullest extent, such restriction shall be enforced to the maximum extent permitted by law.

 

Section
5.9. Interpretation. Unless otherwise indicated to the contrary herein by the context or use thereof: (i) the words, “herein,”
“hereto,” “hereof” and words of similar import refer to this Agreement as a whole and not to any particular
Section or paragraph hereof; (ii) words importing the masculine gender shall also include the feminine and neutral genders, and
vice versa; and (iii) words importing the singular shall also include the plural, and vice versa.

 

Section
5.10. No Strict Construction. Each of the parties hereto acknowledge that this Agreement has been prepared jointly by the
parties hereto, and shall not be strictly construed against either party.

 

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    	5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	SELLER:	 
	 	 	 
	 	Name
    of Seller:	Rennova Health, Inc.
	 	Signature
    of Seller:	/s/ Seamus Lagan
	 	Title
    of Seller:	Chief Executive Officer
	 	 	 
	Notice
    for Address:		 
	Rennova
    Health, Inc.	 	 
	400 S. Australian Avenue, 8th Floor	 	 
	West Plam Beach, Floride 33401	 	 
	 	 	 
	 	PURCHASER:	100,000 Shares
	 	 	 
	Notice
    for Address:	Name
    of Purchaser:	Sabby Healthcare Master Fund, Ltd.
	c/o
    Sabby Management	Signature
    of Purchaser:	/s/ Robert Grundstein
	10 Mountainview Road	Title
    of Purchaser:	COO of Investment Manager
	Suite 205	 	 
	Upper Saddle River, New Jersey 07458	 	 
	 	 	 
	 	PURCHASER:	100,000 Shares
	 	 	 
	Notice
    for Address:	Name
    of Purchaser:	Sabby Volatility Warrant Master Fund, Ltd.
	c/o
    Sabby Management	Signature
    of Purchaser:	/s/ Robert Grundstein
	10 Mountainview Road	Title
    of Purchaser:	COO of Investment Manager
	Suite 205	 	 
	Upper Saddle River, New Jersey 07458	 	 

 

    	6

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