Document:

TherapeuticsMD 8-K

Exhibit 10.3

Amended
and restated EMPLOYMENT AGREEMENT

 

THIS AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), by and between TherapeuticsMD, Inc., a Nevada corporation
(the “Company”), and Michael Donegan (“Executive”) is entered into and effective as of the
24th day of November 2020 (the “Effective Date”).

 

WHEREAS, the
Company and Executive previously entered into an employment agreement effective as of December 17, 2015 (the “Prior Agreement”);
and

 

WHEREAS, the
Company and Executive now wish to amend and restate the Prior Agreement in its entirety to provide for amended terms and conditions
of Executive’s continued employment with the Company, 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 continue to employ Executive, and Executive hereby agrees
to continue to serve the Company, in accordance with the terms and conditions set forth herein, for a period of two (2) years,
commencing as of the Effective Date (such two (2) year period, including as it may be extended pursuant to this Section 1(a),
the “Term”), unless sooner terminated pursuant to Section 3 hereof. Commencing on the second 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 8 that it or Executive does not wish to extend the Term.

 

(b)              
Duties of Executive. Executive shall serve as the Vice President of Finance and
Chief Accounting Officer of the Company, shall diligently perform all services as may be reasonably assigned to Executive by the
Company’s Board of Directors (the “Board”), the Company’s Chief Executive Officer, or the Company’s
Chief Financial Officer, and shall exercise such power and authority as may from time to time be delegated to Executive by the
Board, the Chief Executive Officer, or the Chief Financial Officer of the Company. During Executive’s employment, Executive
shall devote Executive’s full business time, energy, and ability exclusively 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, paid time off (“PTO”) and on appropriate business travel for the
benefit of the Company 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 Executive’s capacity as the Vice President of Finance and Chief Accounting 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 managing designated financial
employees of the Company; managing the Company’s financial reporting, including, without limitation, compliance with the
Sarbanes-Oxley Act; implementing and overseeing an enterprise risk assessment program; assisting with capital markets activities;
serving as the principal accounting officer; and assisting the CFO in all projects and other areas of responsibility upon request.
Except as otherwise agreed in writing by the Company, it shall not be a violation of this Agreement for Executive, and Executive
shall be permitted, to (i) serve on any civic or charitable boards; (ii) deliver lectures, fulfill speaking engagements, or teach
at educational institutions and other institutions; (iii) 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 (iv) serve, with the written approval of the Board, as a director of one or more private or public companies,
in each case so long as any such activities do not significantly interfere with the performance of Executive’s responsibilities
under this Agreement, create a conflict of interest, or create an adverse interest or position detrimental to Company.

 

     

     

    

 

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

 

(d)              
Place of Performance. In connection with Executive’s 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 two hundred and ninety thousand dollars ($290,000) per year, payable on a regular basis in accordance with
the Company’s standard payroll procedures, but not less than monthly. 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)              
Annual Short-Term Incentive. 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. The percentage of Base Salary targeted as annual cash short-term
incentive compensation for each calendar year during the Term shall be thirty percent (30%) 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. Any annual short-term incentive compensation
earned for any calendar year shall be paid in the immediately following calendar year, as soon as practicable. Except as set forth
in Sections 3(b)(ii), 3(b)(iii), and 3(b)(iv), 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)               
Long-Term Incentive. Executive shall be entitled to participate in the Company’s
long-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. Executive acknowledges that the amount of long-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,
and will be based on a number of factors determined by the Board or a committee of the Board for the applicable performance period,
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. Any long-term incentive compensation earned for the applicable performance
period shall be paid within the first 2 1⁄2 months of the calendar year immediately following the calendar year in which
the applicable performance period ends. Except as otherwise set forth herein, Executive must be employed by the Company on the
date on which long-term incentive compensation is paid to receive such long-term incentive compensation.

 

(d)              
Stock Options. The Company previously granted to Executive, pursuant to the Company’s
2009 Amended and Restated Stock Incentive Plan, as the same may be amended from time to time (the “2009 Plan”),
and the Company’s 2012 Amended and Restated Stock Incentive Plan, as the same may be amended from time to time (the “2012
Plan”), and the Company’s 2019 Amended and Restated Stock Incentive Plan, as the same may be amended from time
to time (the “2019 Plan” and, together with the 2009 Plan and the 2012 Plan, collectively, the “Plans”),
stock options to purchase four hundred eighty-five thousand (485,000) shares of the Company’s common stock (the “Previously
Granted Stock Options”). The Previously Granted Stock Options are subject to the terms and conditions set forth in the
applicable Plans and in the stock option agreement(s) previously executed by the Company and Executive. Additional options or other
equity compensation may be granted at the Board’s discretion. 

 

(e)               
Restricted Stock Units. The Company previously granted to Executive, pursuant to
the Plans restricted stock units (“RSUs”) or performance share unites (“PSUs”) for one hundred fourteen
thousand (114,000) shares of the Company’s common stock (the “Previously Granted Shares”). The Previously
Granted Shares are subject to the terms and conditions set forth in the applicable Plans and in the agreement(s) previously executed
by the Company and Executive.

 

As
soon as practicable following the Effective Date, the Company will grant to Executive two hundred thirty thousand (230,000) RSUs
under the 2019 Plan as consideration for Executive entering into this Agreement, which RSUs will vest 50% in the first anniversary
and the remaining 50% on the second anniversary of the Effective Date, at which time the RSUs will fully and completely vest, subject
to Executive’s continued employment with the Company and the terms and conditions in the 2019 Plan and an award agreement
to be entered into between the Company and Executive. 

 

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(f)               
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. During the Term, the Company will maintain customary director
and officer insurance.

 

(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 PTO and utilize and carryover from year to year such PTO,
consistent with the Company’s policies and procedures in effect from time to time for officers of Executive’s level.

 

(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 Executive’s duties hereunder, which will be reviewed and provided based on the Company’s needs.

 

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.

 

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(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, charge of, 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 drug test result for an
illegal drug; or (F) a material sanction is imposed on Executive by any applicable professional organization or professional governing
body including, for the avoidance of doubt, an accounting 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 Executive’s 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.

 

(vi)            
Termination by Executive With Good Reason. At any time during the Term, Executive
may terminate Executive’s 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 Vice President
of Finance and Chief Accounting 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 change in status, office, titles and reporting requirements following a Change in Control (as defined
in the 2019 Plan) of the Company in which the Company ceases to be a standalone public reporting company, provided that the material
duties of Executive following such Change in Control are not inconsistent with those of Executive immediately prior to 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.

 

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(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)(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 consistent with the Company’s policies and procedures therefor in effect at the time of such termination for officers
of Executive’s level.

 

(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, (a) Executive shall, for a period of twelve (12) months following the effective date of such termination, continue to receive
Executive’s then current annual Base Salary, as provided in Section 2(a), (b) Executive shall receive an amount
equal to Executive’s Targeted Annual Bonus Award for the calendar year in which the termination of Executive’s employment
occurs, which amount shall be paid to Executive in a single lump sum, which is unpaid on the effective date of Executive’s
termination, and which shall be paid to Executive when paid to other similarly situated executives of the Company in accordance
with Section 2(b) hereof, (c) Executive shall receive, beginning on the first payroll date occurring on or after the thirtieth
(30th) day following the effective date of the termination of Executive’s employment under this Agreement and
for a period of twenty-four (24) months thereafter for a total of twenty-four (24) monthly payments, a monthly cash payment equal
to the one (1) month cost of COBRA continuation of the health insurance benefits for Executive and Executive’s immediate
family as applicable, as the effective date of such termination, less, the one (1) month cost for the same health insurance benefits
for Executive and Executive’s immediate family as applicable that would have been incurred by Executive immediately prior
to the effective date of such termination if Executive remained employed with the Company, (d) all unvested equity compensation
of any kind (including, without limitation, stock options, restricted stock, or restricted stock units) held by Executive in Executive’s
capacity as an employee of the Company on the effective date of the termination shall vest as of the effective date of such termination,
(e) Executive shall receive payment for accrued but unused PTO consistent with the Company’s policies and procedures therefor
in effect at the time of such termination for officers of Executive’s level, and (f) Executive shall receive payment for
any annual short-term incentive compensation earned pursuant to Section 2(b) hereof for the calendar year immediately preceding
the calendar year in which the termination of Executive’s employment occurs which is unpaid on the effective date of Executive’s
termination, which shall be paid to Executive when paid to other similarly situated executives of the Company in accordance with
Section 2(b) hereof.

 

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(iii)            
In the event of the termination of Executive’s employment and the Term pursuant to Sections 3(a)(i) (“Death”)
or 3(a)(ii) (“Disability”) above, (a) Executive shall receive an amount equal to Executive’s
Targeted Annual Bonus Award for the calendar year in which the termination of Executive’s employment occurs, multiplied by
a fraction, the numerator of which is the number of full months of such calendar year during which Executive was employed with
the Company, and the denominator of which is twelve (12), which amount shall be paid to Executive in a single lump sum on the first
payroll date occurring on or after the thirtieth (30th) day following the effective date of the termination of Executive’s
employment under this Agreement, (b) all unvested equity compensation of any kind (including, without limitation, stock options,
restricted stock, or restricted stock units) held by Executive in Executive’s capacity as an employee of the Company on the
effective date of the termination shall vest as of the effective date of such termination, (c) Executive shall receive payment
for accrued but unused PTO consistent with the Company’s policies and procedures therefor in effect at the time of such termination
for officers of Executive’s level, and (d) Executive shall receive payment for any annual short-term incentive compensation
earned pursuant to Section 2(b) hereof for the calendar year immediately preceding the calendar year in which the termination
of Executive’s employment occurs which is unpaid on the effective date of Executive’s termination, which shall be paid
to Executive when paid to other similarly situated executives of the Company in accordance with Section 2(b) hereof.

 

(iv)            
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”)
during the twelve (12) month period immediately following a Change in Control, then in lieu of any benefits or amounts otherwise
payable under Section 3(b)(ii) hereof, (a) Executive shall, for a period of eighteen (18) months following the effective
date of such termination, continue to receive Executive’s then current annual Base Salary, as provided in Section 2(a),
(b) Executive shall receive an amount equal to one and one half times (1.5x) Executive’s Targeted Annual Bonus Award for
the calendar year in which the termination of Executive’s employment occurs, which amount shall be paid to Executive in a
single lump sum on the first payroll date occurring on or after the thirtieth (30th) day following the effective date
of the termination of Executive’s employment under this Agreement, (c) Executive shall receive, beginning on the first payroll
date occurring on or after the thirtieth (30th) day following the effective date of the termination of Executive’s
employment under this Agreement and for a period of eighteen (18) months thereafter for a total of eighteen (18) monthly payments,
a monthly cash payment equal to the one (1) month cost of COBRA continuation of the health insurance benefits for Executive and
Executive’s immediate family as applicable, as the effective date of such termination, less, the one (1) month cost for the
same health insurance benefits for Executive and Executive’s immediate family as applicable that would have been incurred
by Executive immediately prior to the effective date of such termination if Executive remained employed with the Company, (d) all
unvested equity compensation of any kind (including, without limitation, stock options, restricted stock, or restricted stock units)
held by Executive in Executive’s capacity as an employee of the Company on the effective date of the termination shall vest
as of the effective date of such termination, (e) Executive shall receive payment for accrued but unused PTO consistent with the
Company’s policies and procedures therefor in effect at the time of such termination for officers of Executive’s level,
and (f) Executive shall receive payment for any annual short-term incentive compensation earned pursuant to Section 2(b) hereof
for the calendar year immediately preceding the calendar year in which the termination of Executive’s employment occurs which
is unpaid on the effective date of Executive’s termination, which shall be paid to Executive when paid to other similarly
situated executives of the Company in accordance with Section 2(b) hereof.

 

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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 Sections 3(b)(ii), 3(b)(iii)
and 3(b)(iv) 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 the form attached hereto as Exhibit A (subject to such modifications as the Company reasonably
may request) (the “Release”). If Executive fails to execute and deliver to the Company the Release within twenty-one
(21) days following the date of termination, or revokes the Release, within seven (7) days following the date Executive executes
and delivers the Release, or materially 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 Executive 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 Executive’s legal representative in the case of legal incompetence or on behalf of Executive’s estate
in the case of Executive’s death. Payment of any post-termination payments or benefits identified in Sections 3(b)(ii),
3(b)(iii) and 3(b)(iv) of this Agreement shall be delayed until the first payroll date occurring on or after the
thirtieth (30th) day following the effective date of the termination of Executive’s employment under this Agreement,
and any payments that are so delayed shall be paid on the first payroll date occurring on or after the thirtieth (30th)
day following the effective date of the termination of Executive’s employment under this Agreement.

 

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(d)              
Section 409A. Any payments made by the Company pursuant to Sections 3(b)(ii),
3(b)(iii) and 3(b)(iv) of this Agreement (except for unpaid annual short-term incentive compensation earned in the
calendar year immediately preceding the calendar year in which the termination of Executive’s employment occurs, which shall
be paid to Executive when paid to other similarly situated executives of the Company) shall be paid or commence on the first payroll
date occurring on or after the thirtieth (30th) day following the effective date of Executive’s “separation
from service” within the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986,
as amended (the “Code”). For purposes of applying the provisions of Section 409A to this Agreement, each separately
identified amount to which Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the
extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a
series of separate payments. 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) 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) 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.

 

(e)               
Section 280G. 

 

(i)                
Certain Reductions in Agreement Payments. Anything in this Agreement to the contrary
notwithstanding, in the event a nationally recognized independent accounting firm designated by the Company and reasonably acceptable
to Executive (the “Accounting Firm”) shall determine that receipt of all payments or distributions by the Company
and its affiliates in the nature of compensation to or for Executive’s benefit, whether paid or payable pursuant to this
Agreement or otherwise (a “Payment”), would subject Executive to the excise tax under Section 4999 of the Code,
the Accounting Firm shall determine as required below in this Section 3(e) whether to reduce any of the Payments paid or
payable pursuant to this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below). The
Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater
Net After-Tax Receipt (as defined below) of aggregate Payments if Executive’s Agreement Payments were so reduced. If the
Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt of aggregate Payments if Executive’s
Agreement Payments were so reduced, then Executive shall receive all Agreement Payments to which Executive is entitled. 

 

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(ii)              
Accounting Firm Determinations. If the Accounting Firm determines that aggregate Agreement Payments should be reduced
to the Reduced Amount, then the Company shall promptly give Executive notice to that effect and a copy of the detailed calculation
thereof. All determinations made by the Accounting Firm under this Section 3(e) shall be binding upon the Company and Executive
and shall be made as soon as reasonably practicable and in no event later than twenty (20) days following the effective date of
the termination of Executive’s employment with the Company. For purposes of reducing the Agreement Payments to the Reduced
Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable
hereunder, if applicable, shall be made (A) only from Payments that the Accounting Firm determines reasonably may be characterized
as “parachute payments” under Section 280G of the Code; (B) only from Payments that are required to be made in cash,
(C) only with respect to any amounts that are not payable pursuant to a “nonqualified deferred compensation plan” subject
to Section 409A of the Code, until those payments have been reduced to zero, and (D) in reverse chronological order, to the extent
that any Payments subject to reduction are made over time (e.g., in installments). In no event, however, shall any Payments be
reduced if and to the extent such reduction would cause a violation of Section 409A of the Code or other applicable law. All fees
and expenses of the Accounting Firm shall be borne solely by the Company.

 

(iii)            
Overpayments; Underpayments. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed
by the Company to or for the benefit of Executive pursuant to this Agreement which should not have been so paid or distributed
(an “Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to
or for the benefit of Executive pursuant to this Agreement which should have been so paid or distributed (an “Underpayment”),
in each case consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon
the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accounting Firm
believes has a high probability of success determines that an Overpayment has been made, Executive shall pay any such Overpayment
to the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided,
however, that no amount shall be payable by Executive to the Company if and to the extent such payment would not either
reduce the amount on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of
such taxes. In the event that the Accounting Firm, based upon controlling precedent or other substantial authority, determines
that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the
date on which the Underpayment is determined) by the Company to or for the benefit of Executive together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code.

 

(iv)            
Definitions. The following terms shall have the following meanings for purposes of this Section 3:

 

(A)            
“Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii)
and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of
the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code
and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or
such other rate(s) as the Accounting Firm determined to be likely to apply to Executive in the relevant taxable year(s).

 

    10 

     

    

 

(B)             
“Reduced Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not
result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement
Payments pursuant to Section 3(e)(i).

 

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 Executive’s 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, which may be extended an additional twelve (12) months
in the sole and absolute discretion of the Company for a total of thirty (30) months after termination of Executive’s employment
with the Company, regardless of the reason therefor, Executive shall not (whether directly or indirectly, as owner, principal,
agent, stockholder, director, officer, manager, employee, partner, participant, or in any other capacity) engage or become substantially
and directly financially interested in any Competitive Business Activities conducted within the Restricted Territory (as defined
below). 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”),
if the Company exercises its right to extend this non-competition clause by the additional twelve (12) months, then Executive
will, (a) for a period of twelve (12) additional months, continue to receive Executive’s then current annual Base Salary,
as provided in Section 2(a), and (b) Executive will receive for a period of an additional six (6), a monthly cash
payment equal to the one (1) month cost of COBRA continuation of the health insurance benefits for Executive and Executive’s
immediate family as applicable. As used herein, the term “Competitive Business Activities” shall mean business
activities that are competitive with the business of the Company, including but not limited to, business activities in the pharmaceutical
industry related to products that compete with the Company’s products, 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, Canada, Mexico, Brazil, Argentina, Europe, Australia, South Africa,
Russia, Israel, Japan, and South Korea.

 

    11 

     

    

 

(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, or governmental or other entity, solicit for employment, seek to hire, or hire any person who is employed by the
Company, is a consultant of the Company, or is an independent contractor of the Company, within twenty-four (24) months of the
termination of Executive’s employment, and, as related solely to consultants, for the purpose of having any such consultant
engage in services that are the same as, similar to, or related to the services that such consultant provided for the Company
and that are competitive with the services provided by the consultant 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 Activities on its own or with any competitor
of the Company. As used herein, the term “Competitive Business” shall mean business that is directly competitive
with the business of the Company, including but not limited to, business in the pharmaceutical industry related to products that
directly compete with the Company’s products.

 

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

 

    12 

     

    

 

(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.

 

(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 Executive’s possession or control, whether prepared by
Executive or not.

 

6.            Cooperation.
Following the Term, Executive shall give assistance and cooperation willingly, upon reasonable advance notice with due consideration
for Executive’s other business or personal commitments, in any matter relating to Executive’s position with the Company,
or Executive’s expertise or experience as the Company may reasonably request, including Executive’s attendance and
truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company’s defense or
prosecution of any existing or future claims or litigations or other proceedings relating to matters in which Executive was involved
or potentially had knowledge by virtue of Executive’s employment with the Company. The Company agrees that (a) it shall
promptly reimburse Executive for Executive’s reasonable and documented expenses in connection with rendering assistance
and/or cooperation under this Section 6 upon Executive’s presentation of documentation for such expenses and (b)
Executive shall be reasonably compensated for any continued material services as required under this Section 6.

 

7.            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.

 

    13 

     

    

 

8.            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.

951 Yamato Road, Suite 220

Boca Raton, Florida 33431

Attention: Chief Executive Officer

Phone: (561) 961-1900

 

   With a copy, which shall not constitute
notice, to:

 

TherapeuticsMD, Inc.

951 Yamato Road Suite 220

Boca Raton, Florida 33431

Attention: General Counsel

Phone: (561) 961-1900

 

   To Executive:                   

Michael Donegan

 

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 8 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.

 

    14 

     

    

 

(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.

 

(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, expressly including the Prior Agreement. 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.

 

    15 

     

    

 

(j)                
Survival. The respective rights and obligations of the parties hereunder shall
survive any termination of Executive’s employment hereunder, including without limitation, the Company’s obligations
under Section 3 and Executive’s obligations under Section 4 above, and the expiration of the Term, to the extent necessary
to the intended preservation of such rights and obligations.

 

(k)              
Right to Consult with Counsel; No Drafting Party. Executive acknowledges having
read and considered all of the provisions of this Agreement carefully, and having had the opportunity to consult with counsel
of Executive’s own choosing, and, given this, Executive agrees that the obligations created hereby are not unreasonable.
Executive acknowledges that Executive has had an opportunity to negotiate any and all of these provisions and no rule of construction
shall be used that would interpret any provision in favor of or against a party on the basis of who drafted the Agreement. 

 

[Signature Page
Follows]

 

    16 

     

    

 

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/ Michael Donegan	 
	 	Michael Donegan	 

 

[Signature Page to Employment Agreement]

 

     

     

    

 

EXHIBIT A

FORM OF RELEASE

 

This Separation Agreement
(“Agreement”) is made between TherapeuticsMD, Inc. (“Company”) and ____________________ (“Employee”),
intending to be legally bound, and in consideration of the mutual covenants contained herein, and other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.                 
Separation and Severance. Employee’s final day of employment with Company was ____________________. Although
the parties agree that Company does not owe Employee any further consideration, as severance, Company agrees to pay Employee as
set forth in Employee’s Employment Agreement dated __________________ (the “Employment Agreement”), provided
Employee executes this Agreement, complies with its terms and the terms of Employee’s Employment Agreement[[, and does not
revoke this Agreement during the Revocation Period as defined in Section 8 below.]]1
Employee acknowledges that no other compensation of any kind remains outstanding, that the consideration provided herein is more
than Employee would otherwise be entitled to receive, that Employee shall not be entitled to any other payments or benefits from
Company, and that no other amounts are due or owing or shall become due or owing relating to any obligation, agreement, or otherwise.

 

2.                 
Execution of Separation Agreement. Should employee wish to accept this Agreement, it must be signed and returned
to ________________________________ by ______________.

 

3.                 
EAICA. Employee acknowledges and agrees that Employee’s obligations contained in the paragraphs 2, 3, 4, 6,
8, 9, 10 and 11 of the Employee Assignment, Invention, and Confidentiality Agreement (“EAICA”) that Employee signed
on _____________________, a copy of which is attached as Exhibit A, remain in full force and effect. The terms of this Agreement
are in additional to and do not supersede the surviving terms of the EAICA.

 

4.                 
Confidentiality of Agreement. Employee understands and agrees that the existence of this Agreement and the terms
and conditions thereof, shall be considered confidential, and shall not be disclosed by Employee to any third party or entity except
with the prior written approval of Company, to Employee’s attorney, or upon the order of a court of competent jurisdiction.
Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement or any other agreement between the Company
and Employee shall prevent Employee from sharing information and communicating in good faith, without prior notice to the Company,
with any federal government agency having jurisdiction over the Company or its operations, and cooperating in any investigation
by any such federal government agency; provided that Employee receives no monies for compensatory or other damages as a result
of participating in any such communication or cooperation with the EEOC.

 

5.            Non-Disparagement. At all time Employee will refrain from and will not directly or indirectly engage in any conversation
that would tend to negatively impact Company or any of the Releasees as defined in Section 8 below.

 

 

1 Employee will be entitled to a revocation period
only if over the age of 40 at the date of termination.

 

    A-1 

     

    

 

6.            Return of Company Property. Employee agrees to immediately return to Company any and all property of Company in Employee’s
possession, custody, or control. No severance shall be paid pursuant to this Agreement until all Company property is returned.

 

7.            Confidential Information. Employee acknowledges that Employee has had access to Company confidential and proprietary
information and agrees that all such Confidential Information is and shall remain the exclusive property of Company. Employee further
agrees that Employee shall not publish, disclose, or otherwise make available to any third party any such Confidential Information.
Employee acknowledges and agrees that Employee has continuing confidentiality obligations under the EAICA. Employee warrants that
Employee has no materials containing Confidential Information, but if Employee does, Employee shall return immediately to Company
any and all materials containing any Confidential Information in Employee’s possession, custody, or control. The terms of
this Separation Agreement comprise confidential information of the Company.

 

8.            Release. That the undersigned, ________________, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, intending to be legally bound, and Employee’s past, present and future agents, representatives,
attorneys, affiliates, heirs, executors, assigns and successors, and all other persons connected therewith, and on behalf of all
successors and assigns, hereby releases and forever discharges TherapeuticsMD, Inc., vitaMedMD, LLC, BocaGreenMD, Inc., vitaCare
Prescription Services and all of their past, present and future agents, representatives, principals, attorneys, affiliates, owners,
parent corporations, subsidiaries, officers, directors, employees, assigns and successors, and all other persons, firms or corporations
connected or affiliated therewith (collectively “Releasees”), of and from any and all legal, equitable or other claims,
demands, setoffs, defenses, contracts, accounts, suits, debts, agreements, actions, causes of action, sums of money, judgments,
findings, controversies, disputes, or past, present and future duties, responsibilities, obligations, or suits at law and/or equity
of whatsoever kind, from the beginning of the world to the date hereof, in addition, without limitation, any and all actions, causes
of action, claims, counterclaims, third party claims, and any and all other federal, state, local and/or municipality statutes,
laws and/or regulations and any ordinance and/or common law pertaining to employment or otherwise and any and all other claims
which have been or which could have been asserted against any party in any forum.

 

By signing this Agreement,
Employee knowingly and voluntarily fully releases and forever discharges Releasees of and from all claims, demands and liability
of any kind arising under any statute, law or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964,
the Fair Labor Standards Act, the National Labor Relations Act, the Americans with Disabilities Act, any state Human Rights Act,
Fla. Stat. 448, or any facts or claims arising under the Age Discrimination in Employment Act (“ADEA”). This release
is intended to cover all actions, causes of action, claims and demands for damages, loss or injury arising from the beginning of
time until the date of this Agreement, whether presently known or unknown to Employee. However, Employee does not waive Employee’s
rights to claims which may arise after this Agreement becomes effective.

 

    A-2 

     

    

 

In addition, Employee
is hereby advised to consult with an attorney prior to executing this Agreement. Employee agrees that Employee has been given a
reasonable time in which to consider the Agreement and seek such consultation. Employee further warrants that Employee has consulted
with knowledgeable persons concerning the effect of this Agreement and all rights which Employee might have under any and all state
and federal laws relating to employment and employment discrimination and otherwise. Employee fully understands these rights and
that by signing this Agreement Employee forfeits all rights to sue Releasees for matters relating to or arising out of employment,
separation, or otherwise.

 

In accordance with
provisions of the ADEA, as amended, 29 U.S.C. §601-634, Employee is hereby provided a period of twenty-one (21) days from
the date Employee receives this Agreement to review the waiver of rights under the ADEA and sign this Agreement. Furthermore, Employee
has seven (7) days after the date Employee signs the Agreement (“Revocation Period”) to revoke Employee’s consent.
This Agreement shall not become effective or enforceable until the Revocation Period has expired. If Employee does not deliver
a written revocation to ___________________________ before the Revocation Period expires, this Agreement will become effective.

 

Notwithstanding anything
in this Section 8 to the contrary, releases contained in this Agreement shall not apply to (i) any rights to receive any payments
or benefits pursuant to Sections 3(b)(ii), 3(b)(iii) or 3(b)(iv) of the Employment Agreement, (ii) any rights or claims that may
arise as a result of events occurring after the date this Agreement is executed, (iii) any indemnification rights Employee may
have as a former officer or director of the Company or its subsidiaries or affiliated companies, (iv) any claims for benefits under
any directors’ and officers’ liability policy maintained by the Company or its subsidiaries or affiliated companies
in accordance with the terms of such policy, and (v) any rights as a holder of equity securities of the Company.

 

9.            Opportunity to Seek Counsel. The parties represent that they have had an opportunity to retain legal counsel to represent
them in connection with this matter, that they have been advised of the legal effect and consequences of this Agreement, that they
have entered into this Agreement knowingly, freely and voluntarily of their own volition, and that they have not been coerced,
forced, harassed, threatened or otherwise unduly pressured to enter into this Agreement.

 

10.          Reporting of Known Issues. As a further condition to your receipt of the benefits described in this Agreement, you
hereby represent and warrant that you have reported in writing to ___________________________ any unethical conduct or violations
of laws, regulations, Company policies and procedures by the Company, a Company employee, or a Company officer of which you are
aware.

 

11.          No Admissions. This Agreement is not and shall not in any way be construed as an admission by either party of any
wrongful act or omission, or any liability due and owing, or any violation of any federal, state or local law or regulation.

 

    A-3 

     

    

 

12.          Miscellaneous. This Agreement may not be amended or modified except in writing signed by Employee and an authorized
representative with actual authority to bind Company, specifically stating that it is an amendment to this Agreement. This Agreement
shall be governed by and construed in accordance with Sections 4(g) (Restrictions Separable), 8(a) (Notice), 8(b)
(Indulgences; Waivers), 8(c) (Controlling Law), 8(d) (Execution in Counterpart), 8(f) (Paragraph Headings),
and 8(k) (Right to Consult with Counsel; No Drafting Party) of the Employment Agreement. This Agreement and the Employment
Agreement constitute the entire Agreement between the parties hereto with respect to the subject matter hereof; provided, however,
that Employee’s continuing obligations to the Company under the terms of the EAICA are incorporated herein and shall remain
in full force and effect as set forth herein.

  

IN WITNESS THEREOF,
the parties hereto acknowledge, understand and agree to this Agreement and intend to be bound by all of the clauses contained in
this document.

 

	EMPLOYEE	 	THERAPEUTICSMD, INC.
	 	 	 	 	 
	 	 	By:	 
	[Employee]	 	 	 
	 	 	 	Its:	 
	 	 	 	 	 
	Date:		 	Date:	 

 

    A-4Exhibit 10.5

 

Share Pledge Agreement

 

This Share Pledge Agreement (this “Agreement”) has been executed by and among the following Parties on November 20, 2020 in China:

 

	
Party A:
    	
Dada Glory Network Technology (Shanghai) Co., Ltd. (hereinafter “Pledgee”)
    
	
 
    	
 
    
	
Address:
    	
Room 2205, No.1088, Yangshupu Road, Yangpu District, Shanghai.
    
	
 
    	
 
    
	
Legal Representative: YAO Jun
    
	
 
    
	
Party B:
    	
[Name of Shareholder] (hereinafter “Pledgor”)
    
	
 
    	
 
    
	
ID Card No.:
    	
[***]
    
	
 
    	
 
    
	
Address:
    	
[Address]
    
	
 
    	
 
    
	
Legal Representative: [Name]
    
	
 
    
	
Party C:
    	
Shanghai Qusheng Internet Technology Co., Ltd.
    
	
 
    	
 
    
	
Address:
    	
Room 2203, No.1088, Yangshupu Road, Yangpu District, Shanghai.
    

 

Legal Representative:  KUAI Jiaqi

 

In this Agreement, each of Pledgee, Pledgor and Party C shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

 

Whereas,

 

1.                                      Pledgor is a limited liability company registered in Suqian, the People’s Republic of China (“China”), and hold the registered capital in an amount equal to RMB[Amount] in Party C, representing [Percentage]% of the total amount of Party C’s registered capital. Party C is a limited liability company registered in Shanghai, China. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and agrees to provide any necessary assistance in registering the Pledge;

 

2.                                      Pledgee is a Wholly Foreign Owned Enterprise registered in China. Pledgee and Party C have executed an Exclusive Business Cooperation Agreement on November 14, 2014; the Pledgee, the Pledgor and Party C have entered into an Exclusive Call Option Agreement (the “Exclusive Option Agreement”) on November 20, 2020; the Pledgor has issued a Power of Attorney to the Pledgee on November 20, 2020 (the “Power of Attorney”).

 

3.                                      To guarantee the performance of the Contract Obligations (as defined below) and the repayment of the Secured Indebtedness (as defined below) by the Pledgor and Party C, Pledgor hereby pledge all of the equity interest it holds in Party C as security for Party C.

 

1

 

1.                                      Definitions

 

Unless otherwise provided herein, the terms below shall have the following meanings:

 

1.1                               “Pledge” shall refer to the security interest granted by Pledgor to Pledgee pursuant to Article 2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest.

 

1.2                               “Equity Interest” shall refer to the registered capital owned by Pledgor and all of the related equity interest lawfully now held and hereafter acquired by Pledgor in Party C, including, without limitation, the registered capital in an amount equal to RMB[Amount] owned by Pledgor in Party C on the date hereof.

 

1.3                               “Term of Pledge” shall refer to the term set forth in Section 3 of this Agreement.

 

1.4                               “Business Cooperation Agreement” shall refer to the Exclusive Business Cooperation Agreement executed by and between Pledgee and Party C, partially owned by Pledgor on November 14, 2014.

 

1.5                               “Event of Default” shall refer to any of the circumstances set forth in Article 7 of this Agreement.

 

1.6                               “Notice of Default” shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

 

1.7                               “Contractual Obligations” shall mean all the contractual obligations of Party C under this Agreement, the Business Cooperation Agreement and the Exclusive Option Agreement, and all the contractual obligations of the Pledgor under this Agreement, the Exclusive Option Agreement and the Power of Attorney.

 

1.8                               “Secured Indebtedness” shall mean all direct, indirect and derivative losses and loss of foreseeable profits suffered by the Pledgee due to any Event of Default of the Pledgor and/or Party C. The basis for the amounts of such losses includes, without limitation, reasonable business plans and profit forecasts of the Pledgee, and all the costs incurred by the Pledgee in connection with the enforcement of the Contractual Obligations against the Pledgor and/or Party C.

 

2.                                      The Pledge

 

2.1                               As collateral security for the performance of the Contract Obligations and the discharge of the Secured Indebtedness by the Pledgor and Party C (“Secured Liabilities”), Pledgor hereby pledges to Pledgee a first security interest in the Equity Interest of Party C owned by the Pledgor (including the [Percentage]% registered capital in an amount equal to RMB[Amount] currently owned by the Pledgor and all relevant equity interest, as well as other registered capital and all relevant equity interest, which may be obtained by the Pledgor in the future).

 

2

 

3.                                      Term of Pledge

 

3.1                               The Pledge shall become effective as of the date when the pledge of the Equity Interest is registered with the local administration of industry and commerce (the “Registration Authority”). The Term of the Pledge (the “Term of Pledge Authority”) shall end when the last Secured Liabilities secured by the Pledge is paid or fully fulfilled. The Parties agree that, promptly after the execution of this Agreement (but in no event later than 20 days from the execution date of this Agreement), Pledgor and Party A shall submit their application for pledge registration to the Registration Authority in accordance with the Measures on Share Pledge Registration with the Administration of Industry and Commerce. The Parties also agree that within fifteen (15) days as of the Registration Authority officially commences the acceptance of equity pledge application, Pledgor and Party C shall complete the pledge registration procedure, obtain the pledge registration notice and completely and accurately register the Pledge of Equity Interest on the Pledge Registration Book of the Registration Authority.

 

3.2                               During the Term of Pledge, in the event any Event of Default, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions of this Agreement.

 

4.                                      Custody of Records for Equity Interest subject to Pledge

 

4.1                               During the Term of Pledge set forth in this Agreement, Pledgor shall deliver to Pledgee’s custody the capital contribution certificate for the Equity Interest and the shareholders’ register containing the Pledge (and other documents reasonably requested by the Pledgee, including without limitation the notice of registration of the Pledge issued by relevant administration of industry and commerce) within one week from the date the Pledge is registered. Pledgee shall have custody of such items during the entire Term of Pledge set forth in this Agreement.

 

4.2                               Pledgee shall have the right to collect dividends generated by the Equity Interest or other distributions during the Term of Pledge.

 

5.                                      Representations and Warranties of Pledgor and Party C

 

The Pledgor Represent and Warrant to the Pledgee that:

 

5.1                               Pledgor is the sole legal and beneficial owners of the Equity Interest. Except for being subject to other agreements entered into by the Pledgor and the Pledgee, the Pledgor enjoys legal and complete ownership of the Equity Interest.

 

5.2                               Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement.

 

5.3                               Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity Interest. There are no controversies over the ownership of the Equity Interest. The Equity Interest is not seized or subject to any other legal proceedings or similar threats, and is good for transfer and pledging according to applicable laws.

 

3

 

5.4                               The Pledgor’s execution of this Agreement and exercise of its rights under this Agreement (or fulfillment of its obligations under this Agreement) will not breach any laws, regulations, and agreements or contracts to which the Pledgor is a party, or any promise the Pledgor has made to any third parties.

 

5.5                               All documents, materials, statements and certificates provided by the Pledgor to the Pledgee are accurate, true, complete and valid.

 

Party C Represent and Warrant to the Pledgee that:

 

5.6                               Party C is a limited liability company registered under the laws of China and legally exists. Party C has the qualification of an independent legal person, enjoys complete and independent legal status and the legal capacity to sign, deliver and fulfill this Agreement.

 

5.7                               Upon due execution of Party C, this Agreement constitute legal, effective and binding obligation on Party C.

 

5.8                               Party C has the complete internal right and authorization to sign and deliver this Agreement and all other documents relating to the transactions contemplated under this Agreement. Party C has the complete right and authorization to complete the transactions contemplated under this Agreement.

 

5.9                               Regarding the assets owned by Party C, there are not any guarantee interests or any other encumbrance on property rights that are substantial and may impact the Pledgee’s right and interests in the Equity Interest (including without limitation transfer of any of Party C’s intellectual properties or any assets with a value equaling or over RMB 100,000, or any encumbrance on the ownership or right to use of such assets).

 

5.10                        In any court or arbitration tribunal there are no pending (or, as far as Party knows, threatening) litigation, arbitration or other legal proceedings against the Equity Interest, Party C or its assets, and in any governmental agencies or departments there are no pending (or, as far as Party knows, threatening) administrative proceedings or penalties against the Equity Interest, Party C or its assets, which may substantially and adversely impact Party C’s economic condition or the Pledgor’s ability to fulfill their obligations and guarantee liabilities under this Agreement.

 

5.11                        Party C hereby agrees that it is jointly and severally liable to the Pledgee for all representations and warranties made by any and all of the Pledgor under this Agreement.

 

5.12                        Party C hereby warrants to the Pledgee that, at any time and under any circumstances prior to complete fulfillment of the obligations under this Agreement or the secured debts being fully repaid, the aforementioned representations and warranties are true and accurate and will be fully complied with.

 

6.                                      Covenants and Further Agreements of Pledgor

 

The covenants and further agreements of the Pledgor are set forth below.

 

6.1                               Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:

 

4

 

6.1.1                     not transfer (or agree to others’ transfer of) all or any part of the Equity Interest, place or permit the existence of any security interest or other encumbrance that may affect the Pledgee’s rights and interests in the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Exclusive Option Agreement;

 

6.1.2                     comply with the provisions of all laws and regulations applicable to the pledge of rights, and within 5 days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities (or any other relevant parties) regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee’s reasonable request or upon consent of Pledgee;

 

6.1.3                     promptly notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee’s rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.

 

6.2                               Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal proceedings.

 

6.3                               To protect or perfect the security interest granted by this Agreement for the Secured Liabilities, Pledgor hereby undertakes to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural/legal persons). Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by Pledgee.

 

6.4                               Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.

 

6.5                               If the Equity Interest pledged under this Agreement is, for any reason, subject to mandatory measures imposed by the court of law or other governmental departments, the Pledgor shall try their best to release such mandatory measures imposed by the court of law or other governmental departments, including without limitation providing to the court of law other kinds of security or other measures.

 

6.6                               If there is a possibility that the value of the Equity Interest will be decreased and such decrease is sufficient to harm the rights and interests of the Pledgee, the Pledgee may request the Pledgor to provide additional collateral or security. If the Pledgor refuses to provide such security, the Pledgee may, at any time, sell the Equity Interest or put it up for auction, and use the monies obtained from such sale or auction to settle the secured obligations in advance or put such monies under custody; all expenses therefore occurred shall be borne by the Pledgor.

 

5

 

6.7                               Without the prior written consent from the Pledgee, the Pledgor and/or Party C shall not (by themselves or assisting others to) increase, decrease or transfer  the registered capital of Party C (or their capital contribution to Party C) or impose any encumbrances on it, including the Equity Interest. Subject to the forgoing provision, any equity interest which is registered and obtained by the Pledgor subsequent to the date of this Agreement shall be called “Additional Equity Interest”. The Pledgor and Party C shall, immediately after the Pledgor obtains the Additional Equity Interest, enter with the Pledgee supplemental share pledge agreement for the Additional Equity Interest, make the board of directors and shareholders meeting of Party C approve the supplemental share pledge agreement, and deliver to the Pledgee all documents necessary for the supplemental share pledge agreement, including without limitation (a) the original certificate issued by Party C about shareholders’ capital contribution relating to the Additional Equity Interest; and (b) the verified photocopy of the capital contribution verification report (issued by certified public accountant in China) regarding the Additional Equity Interest. The Pledgor and Party C shall, according to Article 3.1 of this Agreement, handle the pledge registration procedures relating to the Additional Equity Interest.

 

6.8                               Unless otherwise instructed by the Pledgee in writing, the Pledgor and/or Party C agree that, if part of or all of the Equity Interest is transferred between the Pledgor and any third parties in violation of this Agreement (“Transferee of the Equity Interest”), then the Pledgor and/or Party C shall ensure that the Transferee or the Equity Interest will unconditionally recognize the Pledge and follow necessary procedures for modification of the registration of the Pledge (including without limitation signing relevant documents) so as to ensure the continued existence of the Pledge.

 

6.9                               If the Pledgee provides to Party C loan of monies, the Pledgor and/or the Party C agree to pledge the Equity Interest to the Pledgee for security of such additional loan of monies, and to follow procedures as soon as possible according to relevant laws, regulations or local practice (if any), including without limitation executing relevant documents and completing registration procedures for setting up (or modification) of a pledge.

 

The covenants and further agreements of Party C are set forth below.

 

6.10                        If, for the execution of this Agreement and Pledge under this Agreement, it is necessary to obtain any third-party consent, approval, waiver or authorization, any governmental approval, license or waiver, or complete registration procedures in any governmental departments (as required by the law), then Party C will try its best to assist in obtain the same and cause it to remain in effect during the term of this Agreement.

 

6.11                        Without prior written consent of the Pledgee, Party C will not assist or allow the Pledgor to set up any new pledges or grant other security over the Equity Interest, nor will Party C assist or allow the Pledgor to transfer the Equity Interest.

 

6

 

6.12                        Party C agrees to, jointly with the Pledgor, strictly comply with Article 6.7, Article 6.8 and Article 6.9 of this Agreement.

 

6.13                        Without prior written consent of the Pledgee, Party C shall not transfer its assets or set up (or allow the existence of) any security or encumbrances on property rights that may affect the Pledgee’s rights and interests in the Equity Interest (including without limitation transfer of any of Party C’s intellectual properties or any assets with a value equaling or over RMB 100,000, or any encumbrance on the ownership or right to use of such assets).

 

6.14                        Where there are any litigations, arbitrations or any other claims, which may adversely impact party C, the Equity Interest, or the Pledgee’s interests under the series of the cooperation agreements (including without limitation the Business Cooperation Agreement and the Exclusive Option Agreement) and this Agreement, Party C shall, as soon as possible, send timely notice to the Pledgee and according to reasonable requests of the Pledgee take all necessary measures to protect the Pledgee’s interests in the Equity Interest.

 

6.15                        Party C shall not conduct or allow any acts or actions that may adversely impact the Equity Interest or Pledgee’s interest under the cooperation agreements (including without limitation the Exclusive Business Cooperation Agreement and the Exclusive Option Agreement) and this Agreement.

 

6.16                        Party C shall, during the first month of each quarter, provide to the Pledgee its financial statements for the preceding quarter, including without limitation its balance sheets, profit statements and cash flow statements.

 

6.17                        Party C shall, pursuant to the Pledgee’s reasonable requests, take all necessary measures and sign all necessary documents so as to ensure and protect the Pledgee’s rights over the Equity Interest and realization of them.

 

6.18                        If the exercise of the Pledge under this Agreement results to any transfer of the Equity Interest, Party C agrees and warrants that it will take all measures to effect such transfer.

 

7.                                      Event of Default

 

7.1                               The following circumstances shall be deemed Event of Default:

 

7.1.1                     Party C fails to pay in full any of the consulting and service fees payable under the Business Cooperation Agreement, or fail to repay its loan or breaches any other obligations of Party C thereunder;

 

7.1.2                     Any representation or warranty by Pledgor in Article 5 of this Agreement contains material misrepresentations or errors, and/or Pledgor violates any of the warranties in Article 5 of this Agreement;

 

7.1.3                     Pledgor and Party C fail to complete the registration of the Pledge with Registration Authority;

 

7.1.4                     Pledgor and Party C breach any provisions of this Agreement;

 

7

 

7.1.5                     Except as expressly stipulated in Section 6.1.1, Pledgor transfers or purports to transfer or abandons the Equity Interest pledged or assigns the Equity Interest pledged without the written consent of Pledgee;

 

7.1.6                     Any of Pledgor’s own loans, guarantees, indemnifications, promises or other debt liabilities to any third party or parties (1) become subject to a demand of early repayment or performance due to default on the part of Pledgor; or (2) become due but are not capable of being repaid or performed in a timely manner;

 

7.1.7                     Any approval, license, permit or authorization of government agencies that makes this Agreement enforceable, legal and effective is withdrawn, terminated, invalidated or substantively changed;

 

7.1.8                     The promulgation of applicable laws renders this Agreement illegal or renders it impossible for Pledgor to continue to perform its obligations under this Agreement;

 

7.1.9                     Adverse changes in properties owned by Pledgor, which lead Pledgee to believe that that Pledgor’s ability to perform its obligations under this Agreement has been affected;

 

7.1.10              The successor or custodian of Party C is capable of only partially performing or refuses to perform the payment obligations under the Business Cooperation Agreement;

 

7.1.11              Any other circumstances occur where Pledgee is or may become unable to exercise its right with respect to the Pledge; and

 

7.1.12              Any breach by the Pledgor of any other contractual obligations under the Exclusive Option Agreement, the Power of Attorney and/or this Agreement and any breach by Party C of any other contractual obligations under the Business Cooperation Agreement, the Exclusive Option Agreement or this Agreement.

 

7.2                               Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.

 

7.3                               Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s satisfaction within thirty (30) days of the Pledgee’s notice, Pledgee may issue a Notice of Default to Pledgor in writing upon the occurrence of the Event of Default or at any time thereafter and exercise all of its remedies and powers for breach of contract under the terms of the PRC Laws, the Exclusive Option Agreement, the Business Cooperation Agreement and this Agreement, including without limitation, demanding the Pledgor  to immediately pay all outstanding payments due under the Business Cooperation Agreement, and/or repay loans and all other payments due (if any) to Pledgee, and/or disposal of the Pledge in accordance with the provisions of Article 8 of this Agreement.

 

8

 

8.                                      Exercise of Pledge

 

8.1                               Without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest in Party C.

 

8.2                               Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge.

 

8.3                               Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest.

 

8.4                               In the event of default, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all obligations secured, there is any balance in the monies collected by the Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to the Pledgor or other parties entitled to receive such balance.

 

8.5                               When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.

 

8.6                               Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by the Pledgor.

 

9.                                      Assignment

 

9.1                               Without Pledgee’s prior written consent, Pledgor shall not have the right to assign or delegate its rights and obligations under this Agreement.

 

9.2                               This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall be valid with respect to Pledgee and each of its successors and assigns.

 

9.3                               At any time, Pledgee may assign any and all of its rights and obligations under the Business Cooperation Agreement to its designee(s) (natural/legal persons), in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Business Cooperation Agreement, upon Pledgee’s request, Pledgor shall execute relevant agreements or other documents relating to such assignment.

 

9.4                               In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement.

 

9.5                               Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Exclusive Option Agreement and the Power of Attorney granted to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance with the written instructions of Pledgee.

 

9

 

10.                               Termination

 

Upon the full performance of the Secured Liabilities, this Agreement shall be terminated, and Pledgee shall then cancel or terminate this Agreement as soon as reasonably practicable.

 

11.                               Handling Fees and Other Expenses

 

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees, shall be borne by Party C. If Applicable Laws requires that Pledgee should bear some related taxes and fees, Pledgor shall cause Party C to fully repay Pledgee the paid taxes and fees.

 

12.                               Confidentiality

 

The Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason.

 

13.                               Governing Law and Resolution of Disputes

 

13.1                        The execution, effectiveness, construction, performance, and the resolution of disputes hereunder shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and practices.

 

13.2                        In the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an agreement on the resolution of such a dispute within 30 days after any Party’s request for resolution of the dispute through negotiations, any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during arbitration shall be Chinese. The arbitration ruling shall be final and binding on all Parties.

 

10

 

13.3                        Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

14.                               Notices

 

14.1                        All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

14.1.1              Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.

 

14.1.2              Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

14.2                        For the purpose of notices, the addresses of the Parties are as follows:

 

	
Party A:
    	
Dada Glory Network Technology (Shanghai) Co., Ltd.
    
	
 
    	
 
    
	
Address:
    	
22/F, Oriental Fisherman’s   Wharf, No 1088 Yangshupu Road, Yangpu District, Shanghai, China
    
	
 
    	
 
    
	
Attention:
    	
Calvin Peng
    
	
 
    	
 
    
	
Telephone:
    	
[***]
    
	
 
    	
 
    
	
Party B:
    	
[Name of Shareholder]
    
	
 
    	
 
    
	
Address:
    	
[Address]
    
	
 
    	
 
    
	
Attention:
    	
[Name]
    
	
 
    	
 
    
	
Telephone:
    	
[***]
    
	
 
    	
 
    
	
Party C:
    	
Shanghai Qusheng Internet Technology Co., Ltd.
    
	
 
    	
 
    
	
Address:
    	
22/F, Oriental Fisherman’s   Wharf, No 1088 Yangshupu Road, Yangpu District, Shanghai, China
    
	
 
    	
 
    
	
Attention:
    	
Calvin Peng
    
	
 
    	
 
    
	
Telephone:
    	
[***]
    

 

14.3                        Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof.

 

11

 

15.                               Severability

 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

16.                               Attachments

 

The attachments set forth herein shall be an integral part of this Agreement.

 

17.                               Effectiveness

 

17.1                        This Agreement shall become effective after the affixation of the signatures or seals of the Parties and record of such equity interest pledge on the shareholders’ register of Party C. Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective after the affixation of the signatures or seals of the Parties.

 

17.2                        This Agreement is written in Chinese and English in four (4) copies. Each of the Pledgor, Pledgee and Party C shall hold one (1) copy, respectively; and one (1) copy shall be submitted to the Registration Authority. Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

[The space below is intentionally left blank.]

 

12

 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Share Pledge Agreement as of the date first above written.

 

	
Party A:
    	
Dada Glory Network Technology (Shanghai)   Co., Ltd.
    	
 
    
	
 
    	
 
    	
 
    
	
[Company seal is affixed]
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ YAO Jun
    	
 
    
	
Name:
    	
YAO Jun
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    
	
 
    	
 
    
	
Party B:
    	
[Name of Shareholder]
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ [Name of Shareholder]
    	
 
    
	
Name:
    	
[Name of Shareholder]
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    
	
 
    	
 
    
	
Party C:
    	
Shanghai Qusheng Internet Technology Co., Ltd
    	
 
    
	
 
    	
 
    
	
[Company seal is affixed]
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ KUAI Jiaqi
    	
 
    
	
Name:
    	
KUAI Jiaqi
    	
 
    
	
Title:
    	
Legal Representative
    	
 
    

 

[Signature Page to Share Pledge Agreement]

 

 

Schedule of Material Differences

 

One or more persons executed Share Pledge Agreement using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

 

	
No.
    	
 
    	
Name of
   Shareholder
    	
 
    	
ID Card No.
   of
   Shareholder
    	
 
    	
Address of
   Shareholder
    	
 
    	
Legal
   Representative
   of Shareholder
    	
 
    	
Amount of
   Registered
   Capital of the
   VIE Owned by
   Shareholder
    	
 
    	
% of
   Shareholder’s
   Equity
   Interest in the
   VIE
    	
 
    	
Attention
   of Notice
    	
 
    	
Notice Address
    	
 
    
	
1.
    	
 
    	
KUAI Jiaqi
    	
 
    	
[***]
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
RMB5,917,980
    	
 
    	
87.3%
    	
 
    	
N/A
    	
 
    	
22/F, Oriental Fisherman’s Wharf, No 1088 Yangshupu   Road, Yangpu District, Shanghai, China
    	
 
    
	
2.
    	
 
    	
Jiangsu Jingdong Bangneng Investment Management   Co., Ltd.
    	
 
    	
N/A
    	
 
    	
Room 416, Floor 4, No.19, East Hongzehu Road, Suyu   District, Suqian
    	
 
    	
ZHANG Qi
    	
 
    	
RMB677,890
    	
 
    	
10%
    	
 
    	
Gao Jing
    	
 
    	
21/F, Building A, No.18 Kechuang 11 Street,   Yizhuang, Beijing, China
    	
 
    
	
3.
    	
 
    	
YANG Jun
    	
 
    	
[***]
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
RMB183,030
    	
 
    	
2.7%
    	
 
    	
N/A
    	
 
    	
22/F, Oriental Fisherman’s Wharf, No 1088 Yangshupu   Road, Yangpu District, Shanghai, China

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