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INCENTIVE AWARD AGREEMENT

THIS INCENTIVE AWARD AGREEMENT is made by and between New Jersey Resources Corporation, a New Jersey corporation (the "Company"), and Timothy F. Shea (the "Executive"), dated as of this the __ day of _______, 2022 (the “Effective Date”).

W I T N E S S E T H:

WHEREAS, NJR Energy Services, an Affiliate (as defined below) of the Company (“NJRES”), manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America; and

WHEREAS, NJRES employs the Executive, and the Company has determined that the Executive holds an important position with NJRES and that the Executive’s services have been, and will continue to be, a key component to the overall value proposition of NJRES, where periods of outperformance by NJRES have improved the strength of the Company’s overall balance sheet; and 

    WHEREAS, the Company recently entered into a series of Asset Management Agreements (“AMAs”) with an investment grade public utility to release certain natural gas transportation contracts of NJRES in exchange for certain fees payable in cash to NJRES over  the next ten (10) years, and the Company expects the AMAs to generate a meaningful, positive financial benefit for the Company and its Affiliates; and 

WHEREAS, the Executive’s experience and market knowledge was critical to enabling the Company to consummate the AMAs, and the Company believes that the Executive should share in the positive and meaningful financial impact the AMAs are expected to have on the Company and its Affiliates; and 

    WHEREAS, the Company sponsors the NJRES Annual Incentive Plan (the “NJRES Plan”) to provide performance-based compensation to eligible employees of NJRES for each fiscal year of the Company, based on NJRES’ net financial earnings (“NFE”), as defined in the NJRES Plan, achieved for the fiscal year, and the Executive has been eligible to participate in the NJRES Plan while employed by NJRES; and 

    WHEREAS, the Company and the Executive now desire to enter into this Agreement to provide some assurances to the Executive that he will be eligible to share in the financial success that he helped create.  

    NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is hereby agreed by and between the Company and the Executive as follows:

1.Term.  Except as otherwise set forth herein, the term of this Agreement will be from the Effective Date until payment in full of all amounts owed to the Executive hereunder, or, if earlier, if the Executive is no longer entitled to receive any payments hereunder.  The Company and the Executive agree that the Executive’s employment with the Company and its Affiliates will end effective as of the close of business on February 28, 2022 (the “End Date”), unless extended by mutual agreement of the Company and the Executive.   

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2.Eligibility for NJRES Plan.  As an officer of NJRES, the Executive was eligible to participate in the NJRES Plan for the fiscal year beginning October 1, 2020 and ending September 30, 2021 (the “2021 Fiscal Year”), in accordance with the terms set forth in the NJRES Plan.  Except as set forth below for the fiscal year beginning October 1, 2023 and ending September 30, 2024 (the “2024 Fiscal Year”), the Executive will not be eligible to receive any other award(s) under the NJRES Plan or any successor plan for any fiscal year beginning on or after October 1, 2021.  
3.Participation in NJRES Plan for 2024 Fiscal Year.  The Company expects that the NJRES Plan or its successor plan will continue through the 2024 Fiscal Year to provide for the establishment of a bonus pool for the applicable fiscal year based on NJRES’ achievement of pre-tax, pre-incentive NJRES NFE (as defined herein) for the fiscal year (with a threshold performance hurdle for the payment of any bonuses under the NJRES Plan and the amount of the bonus pool (the “Bonus Pool”) based on a specified percentage of the pre-tax, pre-incentive NJRES NFE achieved for the fiscal year).  Regardless of whether the Executive remains employed with NJRES (so long as the termination of the Executive’s employment is for any reason other than for Cause and the Executive continues to comply with the terms of this Agreement), the Executive will be eligible to receive an award from the Bonus Pool for the 2024 Fiscal Year or other comparable award pursuant to the terms of this Agreement.
(a)Amount of the Award.  For the 2024 Fiscal Year, the Executive’s incentive award under the NJRES Plan or its successor plan (i) shall be twenty percent (20%) of the Bonus Pool for the 2024 Fiscal Year but (ii) shall not exceed $3,000,000; and
(b)Termination of Employment.  The Executive’s incentive award under the NJRES Plan for the 2024 Fiscal Year will be the amount set forth above regardless of whether the Executive is or remains employed by NJRES during or after the end of the 2024 Fiscal Year and will not be subject to any proration or similar reduction, so long as any prior termination of the Executive’s employment is for any reason other than for Cause and the Executive continues to comply with the terms of this Agreement; and
(c)Form of Payment.  The Executive’s incentive award for the 2024 Fiscal Year may be paid in the form of cash and/or Company stock, as the Company may determine in its sole discretion (with the number of shares to be paid, if any, calculated based on the applicable portion of the incentive award divided by the closing price of the Company stock as of the last trading day immediately preceding the date of payment of the incentive award); provided, however, payment will be made in cash in at least the amount needed to pay any applicable tax withholdings on the incentive award.  Any shares of Company stock delivered in payment of the Executive’s incentive award shall be fully vested and non-forfeitable as of the date of payment, except that the incentive award may be paid in an award of deferred shares of Company stock units, which award requires the Executive to comply with certain restrictive covenants for a period of time after payment of the deferred shares and prior to the Executive’s death, before payout of any shares of Company stock;
(d)Time of Payment.  Notwithstanding any other provision of this Agreement, except as otherwise permitted under Section 409A of the Code, the Executive’s incentive award for the 2024 Fiscal Year, if any, shall be paid in all events after the end of the 2024 Fiscal Year and on or before December 31, 2024.  
(e)Other Terms and Conditions.  Except as otherwise set forth in this Agreement, the Executive’s incentive award for the 2024 Fiscal Year will be subject to the other terms and conditions of the NJRES Plan or its successor plan for the 2024 Fiscal Year to the extent not materially inconsistent with this Agreement.
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(f)Requirement of a Release.  Notwithstanding any other provision of this Agreement, eligibility for the Executive’s incentive award for the 2024 Fiscal Year will be subject to and contingent upon Executive's (or the person or entity to whom the Executive’s rights may pass after his death) signing and delivering a complete release of all claims against the Company and its Affiliates, and their employees, officers and other agents, other than those claims owed under the terms of this Agreement, in the form of release acceptable to the Company, and permitting any applicable revocation period to expire without having revoked the release, within sixty (60) days after termination of Executive’s employment.  
4.Change in Control.  Upon the consummation of a Change in Control (as defined herein), (i) the Company shall require any successor or assign, including any company into which the Company may be merged or otherwise becomes a part of, 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 if no such succession or assignment had taken place (with the Company’s successors and assigns to include any person or entity that acquires all or substantially all of the Company’s assets and business whether by operation of law or otherwise); and (ii) to the extent Section 409A of the Code is applicable and as permitted by Section 409A of the Code, the Company can elect to terminate this Agreement, in accordance with the requirements of Treas. Reg. §1.409A-3(j)(4)(ix)(B) to the extent Section 409A of the Code applies, in return for which the Company will pay the Executive,  (A) all incentive bonuses under the NJRES Plan or its successor plan that the Executive is entitled to receive and that remain unpaid, no later than 2 and 1⁄2 months after the termination of this Agreement; and (B) if the Change in Control occurs prior to the last day of the 2024 Fiscal Year, in a single lump sum that amount which equals the present value (using the short-term applicable federal rate (with semiannual compounding) established by the Internal Revenue Service under Code Section 1274(b)(2)(B)) of the maximum amount payable to the Executive under this Agreement for the 2024 Fiscal Year, no later than 2 and 1⁄2 months after the termination of this Agreement.   
5.Adjustments.  The Company and the Executive expect that the NJRES Plan or its successor plan will continue to be maintained through the term of this Agreement generally as described above and consistent with its historical design.  Should, however, the Company or its successor after a Change in Control change the design of the NJRES Plan or its successor plan for the 2024 Fiscal Year, the Company or its successor will act in good faith to provide the Executive with a comparable performance-based incentive opportunity for the 2024 Fiscal Year that will provide the Executive an opportunity to earn an incentive award substantially equivalent to what the Executive would have been eligible to earn under the historical design of the NJRES Plan or its successor plan, as modified by this Agreement.  To the extent the terms of the NJRES Plan or any successor plan continue to provide an incentive award from a bonus pool established based on pre-tax, pre-incentive NJRES NFE for the 2024 Fiscal Year or otherwise in relation to pre-tax, pre-incentive NJRES NFE, for the purpose of determining the pre-tax, pre-incentive NJRES NFE upon which the Executive’s incentive award is based, (i) pre-tax, pre-incentive NJRES NFE for the 2024 Fiscal Year will be determined in the same manner as determined historically, (ii) NJRES NFE shall in all events include NFE received from the AMAs (regardless of whether or not those payments were received by NJRES), and (iii) to the extent NFE from the AMAs is directed away from NJRES, that NFE will still be included in the determination of any incentive award for the Executive for the 2024 Fiscal Year.   
6.Definitions.
(a)Affiliate Defined.  For purposes of this Agreement, "Affiliate" means any corporation, trade or business or other entity, including but not limited to partnerships, limited liability companies and joint ventures, directly or indirectly controlling, controlled by or under common control with the Company, within the meaning of Section 405 of the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder.  Affiliate includes any 
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corporation, trade or business or other entity that becomes such on or after the effective date of this Agreement.
(b)Cause Defined.  For purposes of this Agreement, "Cause" means (i) the Executive's conviction of a felony or the entering by the Executive of a plea of nolo contendere to a felony charge, (ii) the Executive's gross neglect, willful malfeasance or willful gross misconduct in connection with his employment which has had a significant adverse effect on the business of the Company and its Affiliates, unless the Executive reasonably believed in good faith that such act or non-act was in or not opposed to the best interests of the Company and its Affiliates, or (iii) repeated material violations by the Executive of his obligations under any business protection agreement to which the Executive is a party with the Company or any of its Affiliates, which have continued after written notice thereof from the Company, which violations are demonstrably willful and deliberate on the Executive's part and which result in material damage to the business or reputation of the Company or any of its Affiliates.
(c)Change in Control Defined.  For the purposes of this Agreement, a "Change in Control" shall be deemed to have occurred if on or after the date hereof: 
(i)any Person (as defined below) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) Voting Securities (as defined below) of the Company and, immediately thereafter, is the "beneficial owner" (within the meaning of Rule 13d-3, as promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of Voting Securities of the Company representing fifty percent (50%) or more of the combined Voting Power (as defined below) of the Company's securities; 
(ii)within any 12-month period, the persons who were directors of the Company immediately before the beginning of such period (the "Incumbent Directors") shall cease (for any reason other than death) to constitute at least a majority of the Board of Directors of the Company or the board of directors of any successor to the Company, provided that any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director (A) was elected to the Board of Directors of the Company by, or on the recommendation of or with the approval of, at least a majority of the directors who then qualified as Incumbent Directors either actually or by prior operation of this Section 6(b)(ii); or
(iii)the consummation of a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of the assets of the Company, or a complete liquidation of the Company (a "Corporate Event"), except that a Corporate Event shall not trigger a Change in Control under this clause (iii) if the shareholders of the Company immediately prior to such Corporate Event shall hold, directly or indirectly immediately following such Corporate Event, a majority of the Voting Power of (x) in the case of a merger or consolidation, the surviving or resulting corporation, (y) in the case of a share exchange, the acquiring corporation or (z) in the case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation.
    The above definition of a Change in Control shall be interpreted and applied in a manner that complies with the change in control or ownership trigger event rules under Section 409A of the Code.
(d)GAAP Defined.  For purposes of this Agreement, “GAAP” means generally accepted accounting principles as consistently applied.
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(e)NJRES NFE Defined.  For purposes of this Agreement, “NJRES NFE” shall mean the net income of NJRES for the fiscal year, excluding the accounting impact and resulting volatility in GAAP earnings due to unrealized and certain realized gains and losses from certain derivative instruments, net of applicable tax adjustments, excluding or adjusting for the following items, net of tax: (i) excluding expenses in excess of budgeted amounts (to the extent approved for exclusion from NJRES NFE by the Leadership Development and Compensation Committee (“LDCC”) of the Board of Directors of the Company) and related to management consulting engagements; charitable contributions; summer intern program; and discretionary “thank you” incentive awards to employees of NJRES outside of the NJRES Plan or any similar plan of the Company and its Affiliates, (ii) excluding losses, expenses and costs relating to impairment/write-downs of property, plant and equipment, goodwill, business operations or any other assets (tangible or intangible) (to the extent approved from exclusion from NJRES NFE by the LDCC), and (iii) adjusting for any changes in statutory federal and state corporate income tax rates for the year.  Notwithstanding the foregoing, the LDCC is authorized to make any other adjustments to NJRES NFE to include or exclude any other items that are otherwise includable or excludable under GAAP and/or include or exclude any non-GAAP items otherwise includable or excludable for internal or external accounting purposes.   
(f)Person Defined.  For purposes of this Agreement, "Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act, as supplemented by Section 13(d)(3) of the Exchange Act; provided, however, that Person shall not include (i) the Company or any subsidiary of the Company or (ii) any employee benefit plan sponsored by the Company or any subsidiary of the Company.
(g)Voting Power and Voting Securities Defined.  A specified percentage of "Voting Power" of a company shall mean such number of the Voting Securities as shall enable the holders thereof to cast such percentage of all the votes which could be cast in an annual election of directors (without consideration of the rights of any class of stock other than the common stock of the company to elect directors by a separate class vote); and "Voting Securities" shall mean all securities of a company entitling the holders thereof to vote in an annual election of directors (without consideration of the rights of any class of stock other than the common stock of the company to elect directors by a separate class vote).
7.Termination for Cause.  Notwithstanding any other provision of this Agreement, any termination by the Company and its Affiliates of the Executive’s employment for Cause shall be communicated by a written notice of termination, which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment for Cause and the Executive’s termination date (which can be immediate).  If the Executive's employment with the Company and its Affiliates shall be terminated by the Company and its Affiliates for Cause, this Agreement shall terminate as of the date of termination of the Executive’s employment for Cause, and the Company shall have no further obligations hereunder for any amounts that were not paid prior to termination of the Executive’s employment for Cause.  
8.Reduction of Covered Payments.
(a)Application.  In the event that any amount or benefit paid or distributed to the Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to the Executive by the Company or any affiliated company (collectively, the "Covered Payments"), are or become subject to the tax (the "Excise Tax") imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed, then the Covered Payments shall be reduced (but not below zero) so that the Present Value of the aggregate of all Covered Payments does not exceed the Reduced Amount; provided, however, that if the Net After-tax Benefit to the Executive of receiving all of the Covered Payments 
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(without reduction) exceeds the Net-After-tax Benefit to the Executive of having such Covered Payments so reduced by more than the lesser of $50,000 or 10% of the Executive’s Net After-tax Benefit (after such reduction), no such reduction shall be effected.  In the event a reduction is required pursuant hereto, the order of reduction shall be first all cash payments on a pro rata basis, then any equity compensation on a pro rata basis, and lastly welfare and fringe benefits on a pro rata basis (first against all such amounts that are not subject to Section 409A of the Code).  
For purposes of this Section 8(a), the following terms have the following meanings:
(A)"Net After-tax Benefit" shall mean the Present Value of any amount or benefit paid or distributed to the Executive, net of all federal, state and local income, employment and excise taxes imposed on the Executive with respect thereto, determined by applying the tax rates set forth below.
(B)"Present Value" shall mean such value determined in accordance with Section 280G(d)(4) of the Code.
(C)"Reduced Amount" shall be an amount expressed in Present Value which maximizes the aggregate Present Value of Covered Payments without causing any Covered Payment to be subject to the excise tax under Section 4999 of the Code or any similar tax.
(ii)For purposes of determining whether any of the Covered Payments will be reduced as described herein:
(A)such Covered Payments will be treated as "parachute payments" within the meaning of Section 280G of the Code, and all "parachute payments" in excess of the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the good faith judgment of the Company's independent certified public accountants appointed prior to the Effective Date or tax counsel selected by such accountants (the "Accountants"), the Company has a reasonable basis to conclude that such Covered Payments (in whole or in part) either do not constitute "parachute payments" or represent reasonable compensation for personal services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of the "base amount," or such "parachute payments" are otherwise not subject to such Excise Tax, and
(B)the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.
(iii)For purposes of determining the amount of any reduction, the Executive shall be deemed to pay:
(A)Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Effective Date occurs, and
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(B)any applicable state and local income taxes at the highest applicable marginal rate of taxation for the calendar year in which the Effective Date occurs, net of the maximum reduction in Federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year.
(iv)Except as set forth in the next sentence, all determinations to be made under this Section 8(a) shall be made by the Accountants, which Accountants shall provide its determinations and any supporting calculations to the Company and the Executive no later than ten (10) days prior to the Change in Control.  If determined by the Accountants to be excludible from parachute payments under Section 280G of the Code, the value of any non-competition covenant to which the Executive is a party with the Company or any of its Affiliates or any other such agreement shall be determined by independent appraisal by a nationally-recognized business valuation firm acceptable to both the Executive and the Company, and a portion of the Covered Payments shall, to the extent of that appraised value, be specifically allocated as reasonable compensation for such non-competition covenant and shall not be treated as a parachute payment.  Any such determination by the Accountants shall be binding upon the Company and the Executive.
(v)If the Accountants determine that Covered Payments should be reduced, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof.  
(vi)While it is the general intention of the Company and the Executive to reduce the amounts payable or distributable to the Executive hereunder only if the aggregate Net After-tax Benefit to the Executive would thereby be increased in the manner provided for herein, as a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accountants hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or distributed ("Overpayment") or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed ("Underpayment"), in each case, consistent with the calculation of the Reduced Amount hereunder.  In the event that the Accountants, based either upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Executive which the Accountants believe has a high probability of success determines that an Overpayment has been made, any such Overpayment paid or distributed by the Company to or for the benefit of the Executive shall be treated for all purposes as a loan to the Executive which the Executive shall repay 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 such loan shall be deemed to have been made and no amount shall be payable by the Executive to the Company if and to the extent such deemed loan and payment would not either reduce the amount on which the Executive is subject to tax under Sections 1 and 4999 of the Code or generate a refund of such taxes.  In the event that the Accountants, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided for in Section 7827(f)(2) of the Code.
(vii)All of the fees and expenses of the Accountants in performing the determinations referred to in this Section 8(a) shall be borne solely by the Company.
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(viii)Any right to reimbursement incurred due to a tax audit or litigation addressing the existence or amount of a tax liability must be made by the end of the Executive's taxable year following the Executive's taxable year in which the taxes that are the subject of the audit or litigation are remitted to the taxing authorities or, where no such taxes are remitted, the end of the Executive's taxable year following the year in which the audit is completed or there is a final and non-appealable settlement or resolution of the litigation.
(b)Provisions for Compliance with Code Section 409A.  If any right to payment or benefit under this Agreement would be deemed to be a non-exempt deferral subject to Code Section 409A, and such payment or benefit would be distributable based upon a termination of employment, such payment (i) shall be distributable only upon a termination of the Executive’s employment that constitutes a Separation from Service (as defined below) and the date of termination shall be the date of the Separation from Service and (ii) if the Executive is a “specified employee” (as determined in accordance with procedures adopted by the Board of Directors of the Company or its delegate) and the distribution is required to be delayed for six (6) months to comply with Code Section 409A, such distribution shall occur on the first day of the seventh month after such Separation from Service (or upon the Executive’s death, if earlier).  In the case of any delay in payment, interest shall be credited on the unpaid amount at a rate equal to the short-term applicable federal rate (with semiannual compounding) established by the Internal Revenue Service under Code Section 1274(b)(2)(B) and in effect at the date the amount would have been paid but for the delay hereunder.  Any delay in payment hereunder shall not cause a corresponding delay in the timing of any other payment that is not specifically subject to the six-month delay rule of Code Section 409A.  A Separation from Service shall occur where it is reasonably anticipated that no further services will be performed after that date or that the level of bona fide services the Executive will perform after that date (whether as an employee or independent contractor of the Company or an affiliate) will permanently decrease to less than 50% of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  An Executive shall be considered to continue employment and to not have a Separation from Service while on a leave of absence if the leave does not exceed six (6) consecutive months (twenty-nine (29) months for a disability leave of absence) or, if longer, so long as the Executive retains a right to reemployment with the Company or an affiliate under an applicable statute or by contract.  For this purpose, a “disability leave of absence” is an absence due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Executive to be unable to perform the duties of his job or a substantially similar job.  Continued services solely as a director of the Company or an affiliate shall not prevent a Separation from Service from occurring.  This Agreement shall be interpreted and applied in a manner as to be exempt from or comply with Code Section 409A.  However, the Company shall not be responsible for any taxes due for payments under this Agreement for any reason including failure to be exempt from or comply with Code Section 409A.
9.Conditions to Payment.  Notwithstanding any other provision of this Agreement, the Executive’s right under this Agreement to receive payment of an incentive award under the NJRES Plan or its successor plan for the 2024 Fiscal Year will be forfeited immediately, and the Company will have no further obligations under this Agreement, upon the occurrence of any one or more of the following events (defined terms are attached hereto as Exhibit A):

(a)Competitive Employment.  In the event that the Executive, during the Restricted Period and within the Restricted Territory, directly or indirectly, whether on the Executive’s own behalf or on behalf of any other person or entity, performs services of the type which are the same as or similar to those conducted, authorized, offered or provided by the 
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Executive to the Company or any of its Affiliates within the 24 months prior to the Executive’s termination of employment, and which support business activities which compete with the Business of the Company.
(b)Recruitment of Company Employees and Contractors.  In the event that the Executive, during the Restricted Period, directly or indirectly, whether on the Executive’s own behalf or on behalf of any other person or entity, solicits or induces any employee or independent contractor of the Company or any of its Affiliates with whom the Executive had Material Contact to terminate or lessen such employment or contract with the Company or any of its Affiliates.
(c)Solicitation of Company Customers. In the event that the Executive, during the Restricted Period, directly or indirectly, whether on the Executive’s own behalf or on behalf of any other person or entity, solicits any actual or prospective customers of the Company or any of its Affiliates with whom the Executive had Material Contact for the purpose of selling any products or services which compete with the Business of the Company.
(d)Solicitation of Company Vendors. In the event that the Executive, during the Restricted Period, directly or indirectly, whether on the Executive’s own behalf or on behalf of any other person or entity, solicits any actual or prospective vendor of the Company or any of its Affiliates with whom Employee had Material Contact for the purpose of purchasing products or services to support business activities which compete with the Business of the Company.
(e)Breach of Confidentiality.  In the event that the Executive, at any time, directly or indirectly, divulges or makes use of any Confidential Information or Trade Secrets of the Company or any of its Affiliates other than in the performance of the Executive’s duties for the Company.  This provision does not limit the remedies available to the Company or any of its Affiliates under common or statutory law as to trade secrets or other forms of confidential information, which may impose longer duties of non-disclosure and provide for injunctive relief and damages.  Notwithstanding anything herein to the contrary, nothing herein is intended to or will be used in any way to prevent the Executive from providing truthful testimony under oath in a judicial or administrative proceeding or to limit the Executive’s right to communicate with a government agency, as provided for, protected under or warranted by applicable law.  The Executive further understands nothing herein limits the Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state or local government agency or commission (‘Government Agencies”).  Nothing herein limits the Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by the Government Agency, including providing documents or information without notice to the Company.  This Agreement does not limit the Executive’s right to receive an award for information provided to any Government Agency. Notwithstanding anything herein to the contrary, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, if the Executive files a lawsuit for retaliation for reporting a suspected violation of law, the Executive may disclose the Trade Secret to his or her attorney and use the Trade Secret information in the court proceeding, as long as the Executive files any document containing the Trade Secret under seal and does not disclose the Trade Secret, except pursuant to court order.
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(f)Return of Property and Information.  In the event that the Executive fails to return all of the Company’s or its Affiliate’s property and information (whether confidential or not) within the Executive’s possession or control within seven (7) calendar days following the termination or resignation of the Executive from employment with the Company and its Affiliates.  Such property and information includes, but is not limited to, the original and any copy (regardless of the manner in which it is recorded) of all information provided by the Company or its Affiliate to the Executive or which the Executive has developed or collected in the scope of the Executive’s employment with the Company, as well as all Company or Affiliate-issued equipment, supplies, accessories, vehicles, keys, instruments, tools, devices, computers, cell phones, pagers, materials, documents, plans, records, notebooks, drawings, or papers.  Upon request by the Company, the Executive shall certify in writing that the Executive has complied with this provision, and has permanently deleted all Company and Affiliate information from any computers or other electronic storage devices or media owned by the Executive.  The Executive may only retain information relating to the Executive’s benefit plans and compensation to the extent needed to prepare the Executive’s tax returns.  
(g)Disparagement.  In the event that the Executive makes any statements, either verbally or in writing, that are disparaging with regard to the Company or any of its Affiliates or their respective officers, executives and Board members.
(h)Failure to Provide Information.  In the event that the Executive fails to promptly and fully respond to requests for information from the Company or any of its Affiliates regarding the Executive’s compliance with any of the foregoing conditions. 
10.Payments to Beneficiaries.  The Executive’s death prior to payment of the Executive’s incentive award for the 2024 Fiscal Year shall not adversely affect any of the Executive’s rights under this Agreement, subject to the remaining terms of this Agreement. Any payment to be made to the Executive after the Executive’s death shall be paid to the Executive’s Beneficiary.  For purposes of this Agreement, "Beneficiary" means the person or trust the Executive has most recently designated in writing or electronically to the Company as the Executive’s Beneficiary under this Agreement.  If the Executive has failed to make a designation or if no designated person is alive or the Executive has not established the designated trust, and no successor Beneficiary has been designated and is alive or in existence, the term "Beneficiary" means (a) the spouse of the deceased Executive, if any, or (b) if the Executive’s spouse is not alive or there is no spouse, the surviving children of the deceased Executive per stirpes, or (c) if no children are alive or there are no children, the legal representative of the deceased Executive's estate.
11.Successors. 
(a)This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.
(b)This Agreement shall inure to the benefit of and be binding upon the Company and its successors.  The Company shall require any successor to all or substantially all of the business and/or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, by an agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.

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12.Miscellaneous.
(a)Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, applied without reference to principles of conflict of laws.
(b)Arbitration.  Except to the extent provided herein, any dispute or controversy arising under or in connection with this Agreement shall be resolved by binding arbitration.  The arbitration shall be held in Newark, New Jersey and, except to the extent inconsistent with this Agreement, shall be conducted in accordance with the Expedited Employment Arbitration Rules of the American Arbitration Association (or such other voluntary arbitration rules applicable to employment contract disputes) in effect at the time of the arbitration, supplemented, as necessary, by those principles which would be applied by a court of law or equity.  The arbitrator shall be acceptable to both the Company and the Executive.  If the parties cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by each of the parties and the third appointed by the other two arbitrators.
(c)Amendments.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives and, with regard to payments and benefits subject to Code Section 409A, shall only be amended in a manner that complies with Code Section 409A.
(d)Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein.  No other agreement relating to the terms of the Executive's employment by the Company and its Affiliates, oral or otherwise, shall be binding between the parties unless it is in writing and signed by the party against whom enforcement is sought.  There are no promises, representations, inducements or statements between the parties other than those that are expressly contained herein.  The Executive acknowledges that he is entering into this Agreement of his own free will and accord, and with no duress, that he has read this Agreement and that he understands it and its legal consequences.  
(e)Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
    If to the Executive:    at the home address of the Executive noted on the records of the Company.

    If to the Company:        New Jersey Resources Corporation
                    1415 Wyckoff Road
                    Wall, New Jersey 07719
                    Attn.: Secretary

or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.

(f)Tax Withholding.  The Company shall withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.
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(g)Severability; Reformation.  In the event that one or more of the provisions of this Agreement shall become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.  In the event that any of the provisions of this Agreement are not enforceable in accordance with its terms, the Executive and the Company agree that such Section shall be reformed to make such Section enforceable in a manner which provides the Company the maximum rights permitted at law.
(h)Waiver.  Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived.  No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its or his rights hereunder on any occasion or series of occasions.
(i)Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
(j)Captions.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

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118127731v5 

    IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Company has caused this Agreement to be executed in its name on its behalf, and its corporate seal to be hereunto affixed and attested by its Corporate Secretary, all as of the day and year first above written.

NEW JERSEY RESOURCES CORPORATION

                                                
                    By:    Stephen D. Westhoven
                    Title:     President and Chief Executive Officer

ATTEST:

                         
By:    Mary Pat Bolin
Title:    Senior Corporate Governance Paralegal                

                    EXECUTIVE

                                                
                    By:    Timothy F. Shea

WITNESSED:

                
                

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118127731v5 

Exhibit A

a. “Business of the Company” means the following areas of its business which are selected below, which the Executive acknowledges are areas of the business of the Company and its Affiliates in which the Executive has responsibilities:

(check as applicable)

____        Natural Gas Distribution: Consists of New Jersey Natural Gas Company, a natural gas utility company that provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey and participates in the off-system sales and capacity release markets.

______    Energy Services:  Maintains and transacts around a portfolio of physical assets consisting of natural gas storage and transportation contracts and also provides wholesale energy management services to other energy companies and natural gas producers in market areas including states from the Gulf Coast and Mid-continent regions to the Appalachian and Northeast regions, the West Coast and Canada.

______    Clean Energy Ventures: Investor, owner, and operator in the renewable energy sector, including, but not limited to, investments in residential and commercial rooftop and ground mount solar systems.  

______    Storage and Transportation:  Includes investments in natural gas transportation and storage assets and is comprised of the following: Steckman Ridge, which is a partnership that owns and operates a 17.7 Bcf natural gas storage facility, with up to 12 Bcf working capacity, in western Pennsylvania that is 50 percent owned by a Company Subsidiary; Leaf River Energy Center, a natural gas storage facility located in southeastern Mississippi with a combined working natural gas storage capacity of 32.2 million dekatherms; a 20 percent ownership interest in the proposed PennEast Pipeline, a 118-mile pipeline designed to bring natural gas produced in the Marcellus Shale region to homes and businesses in Pennsylvania and New Jersey; and Adelphia Gateway, an 84-mile pipeline in southeastern Pennsylvania.

______    Home Services:  Consists of NJR Home Services Company, which provides Heating, Ventilating, and Air Conditioning (HVAC) service, sales and installation of appliances, as well as installation of solar equipment.

b. “Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company or any of its Affiliates, its customers and vendors, that is not generally known or publicly available, and which would be useful to competitors of the Company and its Affiliates or otherwise damaging to the Company or its Affiliates if disclosed.  Confidential Information may include, but is not necessarily limited to:  (i) the identity of the Company’s customers or potential customers, their purchasing histories, and the terms or proposed terms upon which the Company offers or may offer its products and services to such customers, (ii) the identity of the Company’s vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) technology used by the Company to provide its services, (iv) the terms and conditions upon which the Company employs its employees and independent contractors, (v) marketing and/or business plans and strategies, (vi) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, and (vii) 
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118127731v5 

information provided to the Company by customers and other third parties under a duty to maintain the confidentiality of such information.  Notwithstanding the foregoing, Confidential Information does not include information that: (i) has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Executive without authorization from the Company; (ii) has been independently developed and disclosed by others, or (iii) which has otherwise entered the public domain through lawful means.  Confidential Information also does not include information related to any claim of sexual harassment or sexual assault and nothing herein restricts the disclosure of such information.  Nothing herein shall prohibit, prevent or restrict the Executive from reporting any allegations of unlawful conduct to federal, state or local officials or to an attorney retained by the Executive.

c. “Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, or the supervision of those who have such conduct, and which is done in furtherance of the business interests of the Company and within the last 36 months of the Executive’s employment with the Company.

d. “Restricted Period” means the period while the Executive is employed by the Company and for 36 months following the termination or resignation of the Executive from employment with the Company and its Affiliates.

e. “Restricted Territory” consists of the following areas, to the extent such areas have been identified as applicable to the definition of the “Business of the Company” above:

    Natural Gas Distribution: The State of New Jersey and for those employees engaged in or supervising off system sales, the States of New Jersey, New York and Pennsylvania.

    Energy Services: The Continental United States and within a 100 mile radius of the Dawn Storage Hub in Canada. 

    Clean Energy Ventures: States in the United States where the Company or any of its subsidiaries are investing in, developing, or operating renewable energy projects or assets

    Storage and Transportation: The States of New Jersey, New York, Connecticut, Pennsylvania, Virginia, West Virginia, Mississippi, Louisiana, Alabama and Texas.

    Home Services: The State of New Jersey.

f.    “Trade Secrets” means a trade secret of the Company or any Affiliate as defined by applicable law.

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118127731v5Document

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL, AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

CONSULTING SERVICES AGREEMENT

THIS CONSULTING SERVICES AGREEMENT (this “Agreement”), effective as of 3/4/2022, is between OYSTER POINT PHARMA, INC., a Delaware corporation having a place of business at 202 Carnegie Center, Suite 109, Princeton, New Jersey 08540, and its successors or assignees (“Oyster Point” or the “Company”) and WILLIAM J. LINK, an individual having a place of business at [ * ] (“Consultant”).

WHEREAS, Consultant and Oyster Point have mutually agreed that Consultant will resign from the board of directors of Oyster Point (the “Company Board”);
WHEREAS, Oyster Point desires to retain Consultant as an independent contractor to perform consulting services for Oyster Point as further detailed herein; and

WHEREAS, Consultant is willing to perform the services, on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows:

1.ENGAGEMENT OF SERVICES. At the Company’s request, Consultant will provide consulting services (the “Services”); provided, however, that Consultant may perform all Services by remote means. Consultant agrees to exercise diligence and the highest degree of professionalism in providing Services under this Agreement. Consultant shall perform all Services in compliance with all Applicable Laws. “Applicable Laws” means the laws, statutes, rules, or regulations applicable to a party’s activities to be performed under this Agreement including, but not limited to, the Federal Food, Drug, and Cosmetic Act, the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)), the Federal Civil Monetary Penalties Law (42 U.S.C. § 1320a-7a), the civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the criminal False Claims Law (42 U.S.C. § 1320a- 7b(a)), the criminal Health Care Fraud laws (18 U.S.C. §§ 286, 287, 1347, 1349), the Patient Protection and Affordable Care Act of 2010 (42 U.S.C, § 18001 et seq.), the Federal Sunshine Law, the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335a et seq.), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. §§ 1320d et seq.) as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. §§ 17921 et seq.), the exclusion laws (42 U.S.C. § 1320a-7), Medicare (Title XVIII of the Social Security Act), Medicaid (Title XIX of the Social Security Act), the U.S. Foreign Corrupt Practices Act and any other anti- bribery and anti-corruption laws, state and federal licensure laws, the regulations promulgated pursuant to such laws, and any other similar state or federal law.

2.COMPENSATION; EXPENSES.

2.1Consultant shall be available to provide Services one day per month. Compensation for Services provided shall be paid $[ * ] per day and paid in U.S. dollars. Consultant shall be paid pursuant to this Section 2.1 for actual Services completed.
2.2Consultant shall be reimbursed for all reasonable, appropriate, or necessary travel and other out-of-pocket expenses incurred in the performance of his duties hereunder upon submission and approval of written statements and bills in accordance with the then regular reimbursement procedures of Company. Prior written consent of Company is required for any expenses in excess of $[ * ]. Company or its authorized agents shall have the right to audit relevant financial documentation to verify amounts billed at any time upon request by Company.

2.3Unless requested otherwise by the Company or its agents, Consultant shall submit monthly invoices to Oyster Point. All invoices submitted by Consultant to Oyster Point under this Agreement shall be sufficiently detailed, including a description of all Services performed and the amount due for the Services. The invoice submitted by Consultant shall also include an itemized list of any expenses incurred in performance of the Services under the Agreement and all documentation for expenses. If the Company provides Consultant an expense form to complete in connection with the Services performed, this form must be completed by Consultant and submitted to the Company as part of the invoice. The Company shall pay the amount of each invoice received from Consultant within forty-five (45) days of its receipt by the Company, unless the Company has notified Consultant within such forty-five (45) day period that it disputes any particular invoiced item(s), which dispute the parties shall attempt in good faith to resolve. The Company reserves the right to decline to pay on invoices more than ninety (90) days after an expense has been incurred. In no event will the Company pay on invoices submitted more than one hundred eighty (180) days after an expense has been incurred. Invoices must be sent to the address and recipient specified by the Company. Subject to Section 2.4, the payment thereof shall constitute full payment for Services to Company during the term of this Agreement, and Consultant shall not receive any additional benefits or compensation for the Services. Subject to Section 2.4, payment for Services performed under this Agreement shall be subject to the completion of such Services to the reasonable satisfaction of Company.

2.4As further consideration for Services to Company and the representations, warranties and other covenants of Consultant contained herein, and as a condition to Consultant’s willingness to execute this Agreement, until this Agreement has been terminated in accordance with its terms, all equity awards (including options and restricted stock units) previously granted to Consultant by the Company shall continue to vest on their regular vesting schedule pursuant to the terms of the agreements reflecting such equity awards.

3.INDEPENDENT CONTRACTOR RELATIONSHIP. Consultant’s relationship with Company will be that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Consultant is not the agent of Company and is not authorized to make any representation, contract, or commitment on behalf of Company. Consultant is not entitled to and will be excluded from participating in any of Company’s fringe benefit plans or programs as a result of the performance of the Services, including, but not limited to, health, sickness, accident or dental coverage, life insurance, disability benefits, accidental death and dismemberment coverage, unemployment insurance coverage, workers’ compensation coverage, and pension or 401(k) benefit(s) provided by Company to its employees (and Consultant waives the right to receive any such benefits). Consultant agrees, as an independent contractor, that Consultant is not entitled to unemployment benefits in the event this Agreement terminates, or workers’ compensation benefits from Company in the event Consultant is injured in any manner or becomes ill while performing the Services under this Agreement. Consultant will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Consultant’s performance of Services and receipt of fees under this Agreement. Consultant agrees to accept exclusive liability for complying with all applicable state and federal laws governing self- employed individuals, including obligations such as payment of taxes, social security, disability and other contributions based on fees paid to Consultant under this Agreement.

4.CONFLICTS OF INTEREST. Consultant represents and warrants that he is authorized to enter into this Agreement, and is not a party to any other agreement or under any obligation to any third party which would prevent Consultant from entering into this Agreement or from performing Consultant’s obligation. Consultant further represents and warrants that there is no conflict of interest in Consultant’s other contracts for services or other employment, if any, with 
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the Services to be provided pursuant to this Agreement. If required to do so, Consultant has obtained all consents or permissions to enter into this Agreement.

5.CONFIDENTIAL INFORMATION.

5.1Company Confidential Information. Consultant agrees during the term of this Agreement and for two years thereafter that Consultant will take all steps reasonably necessary to hold Company’s Confidential Information (as defined below) in trust and confidence, will not use Confidential Information in any manner or for any purpose not expressly set forth in this Agreement, and will not disclose any such Confidential Information to any third party without first obtaining Company’s express written consent on a case-by-case basis. Consultant shall notify Company immediately in writing upon any loss, misuse, misappropriation or other unauthorized disclosure of Company Confidential Information by Consultant. “Confidential Information” means any oral, written, graphic or machine-readable information including, but not limited to: that which relates to patents, patent applications, trade secrets, inventions; research; product plans, products, developments, processes, designs, drawings, engineering, formulae; markets, regulatory information, medical reports; all clinical data and analysis and current and concluded clinical trials and studies; reagents, cell lines, genes, gene haplotypes and gene sequences, assays, biological materials, chemical formulas, chemical compounds; business plans, agreements with third parties, services, customers, marketing or finances of Company or other scientific, technical, financial, trade, or business information, of which Confidential Information is designated in writing or marked as being confidential or proprietary, or is disclosed under conditions that reasonably indicate that Company intended such information to be confidential. Notwithstanding the other provisions of this Agreement, Confidential Information shall not include information that: (i) has been published or is otherwise available to the public other than by a breach of this Agreement; or (ii) has been received by Consultant from a third party not known by Consultant to be under any confidentiality obligation to the Company. Notwithstanding the provisions of this Section 5.1, Consultant may disclose Confidential Information, without violating his obligations under this Agreement, to the extent the disclosure is required by a valid order of a court or other governmental body of competent jurisdiction or is otherwise required by law or regulation, provided, that, Consultant shall give reasonable prior written notice to Company of such required disclosure and, at Company’s request and expense, shall cooperate with Company’s efforts to contest such requirement, to obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued or the law or regulation required, and/or to obtain other confidential treatment of such Confidential Information.  In any event, Consultant shall disclose only that portion of the Confidential Information that is legally required to be disclosed.

5.2Third Party Information. Consultant understands that Company has received and will in the future receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and use it only for certain limited purposes. Consultant agrees to treat Third Party Information made known to Consultant in the course of performing Services under this Agreement as if it were Confidential Information subject to the terms of this Agreement.

5.3Confidential Information of Others. Consultant agrees not to disclose to Company or induce Company to use any confidential information that belongs to anyone other than Company or Consultant. The performance by Consultant of the Services does not and will not breach any agreement which obligates Consultant to keep in confidence any confidential or proprietary information of any third party or to refrain from competing, directly or indirectly, with the business of any third party. Additionally, Consultant represents and warrants that Consultant’s performance of the Services hereunder does not and will not infringe upon any patient privacy or intellectual property rights.

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5.4Securities Laws. United States securities laws prohibit any person who is given access to material, non-public information concerning a publicly traded company from purchasing or selling securities in that company or from communicating the information to any other person who is likely to purchase or sell securities of that company. In connection with this Agreement, Consultant may have access to information that is considered material, non-public information and Consultant agrees not to use, or cause any other person to use, such information to purchase or sell securities in any publicly traded company.

6.WORK PRODUCT AND INTELLECTUAL PROPERTY RIGHTS.

6.1Disclosure of Work Product. As used in this Agreement, the term “Work Product” includes, but is not limited to, any trade secrets, ideas, inventions (whether patentable or unpatentable), chemical and biological materials, samples of assay components, mask works, processes, procedures, formulations, formulas, software source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques, trademarks, manufacturing techniques, clinical trial designs or other copyrightable or patentable works. Consultant agrees to disclose promptly in writing to Company, or any person designated by Company, all Work Product which is solely or jointly conceived, made, reduced to practice, or learned by Consultant in the course of any Services performed for Company (“Company Work Product”).

6.2Assignment of Company Work Product. Consultant irrevocably assigns to Company all right, title and interest worldwide in and to the Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary Rights”).

6.3Waiver or Assignment of Other Rights. If Consultant has any rights to Company Work Product that cannot be assigned to Company, Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Company with respect to such rights, and agrees, at Company’s request and expense, to consent to and join in any action to enforce such rights. If Consultant has any right to the Company Work Product that cannot be assigned to Company or waived by Consultant, Consultant unconditionally and irrevocably grants to Company during the term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to reproduce, create derivative works of, distribute, publicly perform and publicly display by all means now known or later developed, such rights.

6.4Procurement and Enforcement of Proprietary Rights. So long as such assistance would not constitute an Excluded Service, Consultant will assist Company, during the term of this Agreement, in procuring, maintaining and enforcing any United States and foreign Proprietary Rights relating to Company Work Product in any and all countries. To that end Consultant will, so long as such actions would not constitute an Excluded Service, execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, so long as such actions would not constitute an Excluded Service, Consultant will execute, verify and deliver assignments of such Proprietary Rights to Company or its designee.

7.CONSULTANT REPRESENTATIONS AND WARRANTIES.

7.1Consultant hereby represents and warrants that (a) the Company Work Product will be an original work of Consultant and any third parties will have executed assignment of rights 
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reasonably acceptable to Company; (b) neither the Company Work Product nor any element thereof will infringe the Proprietary Rights of any third party; (c) neither the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances or encroachments; (d) Consultant will not grant, directly or indirectly, any rights or interest whatsoever in the Company Work Product to third parties; (e) Consultant has full right and power to enter into and perform this Agreement without the consent of any third party; and (f) Consultant will take reasonable precautions to prevent injury to any persons (including employees of Company) or damage to property (including Company’s property) in the course of performance of Services during the term of this Agreement.

7.2Consultant shall ensure that all statements and claims regarding Company’s products made or proposed by Consultant in connection with the Services, including intended use, efficacy and safety, are consistent with Applicable Laws and the requirements of any applicable Regulatory Authority (as defined below) and are accurate, truthful and fairly balanced. Consultant shall not make any representation, statement, warranty or guaranty, oral or written, with respect to any Company product that is inconsistent with Applicable Laws or such applicable Regulatory Authority, that is deceptive or misleading in any way, or that disparages Company or any Company product. “Regulatory Authority” means any United States federal, state, or local government, or political subdivision thereof, or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division thereof), or any governmental arbitrator or arbitral body with responsibility for granting approvals necessary for the marketing of or having other legal or regulatory authority over a product of Company involved in the Services, including the U.S. Food and Drug Administration.

7.3Consultant represents and warrants that Consultant is not debarred or suspended under 21 U.S.C. §335(a) or (b), excluded from participation in a federal health care program (e.g., Medicare, Medicaid), debarred from federal contracting, or convicted of or pled nolo contendere to any felony or any federal or state legal violation (including misdemeanors) relating to health care products or services or fraud.

7.4If, during the term of this Agreement, all or part of the above representations and warranties in this Section 7 cease to be accurate, Consultant shall immediately notify Company of such circumstance.

8.COMPANY’S REPRESENTATIONS AND WARRANTIES. The Company has all necessary corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium, or other similar law affecting the enforcement of creditors’ rights generally, and subject to general principles of equity (whether considered in a proceeding whether in equity or at law). In entering into this Agreement, the Company is not relying on any representations or warranties (including as to the accuracy or completeness of any information provided to or statements made to the Company) other than those contained within this Agreement.

9.NOTICE OF GOVERNMENT INQUIRY. To the extent permitted by applicable law, Consultant shall immediately notify Company, and provide Company with a copy, of any 
5

communication, correspondence or inquiry of any type, including, but not limited to, a subpoena, civil investigative demand, congressional inquiry letter, untitled letter or warning letter, from any federal, state or local governmental entity, Regulatory Authority or any other individual or party related to Company, Company’s products, the Services, or this Agreement.

10.INDEMNIFICATION. Subject to Section 13.7, Consultant will indemnify and hold harmless Company, its officers, directors, employees, sublicensees, customers and agents from any and all claims, losses, liabilities, damages, expenses and costs (including attorneys’ fees and court costs) which result from and with respect to any and all third-party claims of any kind based on (i) any act or omission of Consultant under or in connection with Consultant’s obligations hereunder; or (ii) a breach or alleged breach of any representation or warranty of Consultant set forth in Section 7 of this Agreement.

11.PUBLIC DISCLOSURE. Consultant and Company shall jointly issue the press release attached hereto as Exhibit A (the “Press Release”). Consultant and Company shall consult with each other before issuing any other press release or otherwise making any public statement or disclosure with respect to this Agreement or Consultant’s resignation from the Company Board and, other than the Press Release, neither shall issue any press release or make any public statement or disclosure regarding this Agreement or Consultant’s resignation from the Company Board without the prior approval of the other (which approval shall not be unreasonably withheld, conditioned, or delayed), except as may be required by applicable law or by obligations pursuant to any listing agreement with any national securities exchange, in which case the party proposing to issue such press release or make such public statement or disclosure shall first, to the extent practicable, consult with the other party about, and allow the other party reasonable time to comment in advance on, such press release, public announcement, or disclosure.

12.TERM AND TERMINATION.

12.1Term. Subject to Sections 12.2 and 12.3, the term of this Agreement will begin
effective as of 3/14/2022 and will continue for a period of one (1) year thereafter and will
automatically renew for one (1) year periods thereafter unless terminated in accordance with Section 12.2 or Section 12.3 hereof.

12.2Termination by Company. Company may terminate this Agreement at its convenience and without any breach by Consultant upon ten (10) days’ prior written notice to Consultant.

12.3Termination by Consultant. Consultant may terminate this Agreement at Consultant’s convenience and without any breach by Consultant upon ten (10) days’ prior written notice to Company.

12.4Return of Company Property. Immediately upon notice of termination of the Agreement (or earlier if requested by Company), Consultant shall cease work and deliver to Company any and all (including copies thereof) work in progress, Company-owned materials and/or equipment, including all material containing or disclosing any Company Work Product, Third Party Information or Company Confidential Information.

13.GENERAL PROVISIONS.

13.1Governing Law. This Agreement will be governed and construed in accordance with the laws of the State of Delaware, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.

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13.2Non-solicitation. Consultant agrees that during the term of this Agreement, Consultant will not, either directly or indirectly, solicit or attempt to solicit any employee of Company to terminate his or her relationship with Company in order to become an employee, consultant, or independent contractor to or for any other person or entity; provided, however, that the foregoing shall not apply to (i) generalized searches for employees, consultants or independent contractors by use of advertisements in the media that are not targeted at employees of the Company or by use of search firms or (ii) responding to any employee of the Company who contacts Consultant at his or her own initiative without any prior direct solicitation.

13.3Severability. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

13.4No Assignment; Subcontracting. This Agreement may not be assigned by any party without the other party’s prior written consent, and any such attempted assignment shall be void and of no effect. Consultant may not subcontract or otherwise delegate his obligations under this Agreement without Company’s prior written consent, which consent may be withheld in Company’s sole discretion.

13.5Notices. All notices, requests and other communications under this Agreement must be in writing, and e-mailed or be mailed by registered or certified mail, postage prepaid and return receipt requested, or delivered by hand to the party to whom such notice is required or permitted to be given. If mailed, any such notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark. If e-mailed or delivered by hand, any such notice will be considered to have been given when received by the party to whom notice is given, as evidenced by written and dated receipt of the receiving party. The mailing address for notice to either party will be the address shown on the signature page of this Agreement. Either party may change its mailing address by notice as provided by this Section 13.5.

13.6Injunctive Relief. A breach of any of the promises or agreements contained in this Agreement may result in irreparable and continuing damage to either party for which there may be no adequate remedy at law, and either party is therefore entitled to injunctive relief (without requirement to post a bond therefore) from the Court of Chancery of the State of Delaware (or solely if such Court does not have jurisdiction, any other state or federal court in the State of Delaware), and each party hereby consents to the personal jurisdiction of such Court for such purpose, subject to Section 13.8 below.

13.7Limitation of Liability. Consultant’s liability associated with this Agreement shall be limited to the total hourly cash compensation received by Consultant in association with this Agreement.

13.8Dispute Resolution. The parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiation between Consultant and a senior executive officer of the Company. Either party may give written notice of any dispute not resolved in the normal course of business. Within 5 business days after the delivery of such notice, the receiving party shall submit a written response and Consultant and a senior Company executive shall meet at a mutually acceptable time and 
7

place within 30 days (the “Meeting”). At no time prior to the Meeting shall either party initiate an arbitration with JAMS, provided, however, that this limitation shall not apply if the other party refuses to comply with the requirements for a Meeting. Subject to Section 13.6, any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in the State of New Jersey before one arbitrator. The arbitration shall be administered by JAMS pursuant to JAMS’ Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction.

13.9Survival. The following provisions shall survive expiration or termination of this Agreement: Section 5.1 (through the date that is two years from termination of this Agreement), the last sentence of Section 8, and Sections 9 – 13.3 (other than 13.2). In addition, in no event shall termination of this Agreement effect the Company’s obligation to pay for Services rendered through the date of such termination or the status of equity awards as having vested through the date of such termination.

13.10Waiver. No waiver by either party of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by either party of any right under this Agreement shall be construed as a waiver of any other right. No party shall be required to give notice to enforce strict adherence to all terms of this Agreement.

13.11Entire Agreement. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between the parties; provided, however, that the parties agree that the Indemnification Agreement between Consultant and the Company dated as of October 30, 2019 shall continue in full force and that Consultant shall be entitled to all the rights and privileges of an Indemnitee under such agreement with respect to any actions taken prior to Consultant’s resignation from the Company Board. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged. The terms of this Agreement will govern all Services undertaken by Consultant for Company.

13.12Execution in Counterparts; Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which will be an original, and all of which together will constitute one and the same instrument. The parties agree that electronic signatures shall be deemed originals.

[Signature page follows]
8

IN WITNESS WHEREOF, the parties have caused this Consulting Services Agreement to be executed by their duly authorized representative. 

COMPANY:

OYSTER POINT PHARMA, INC.

By: /s/ Jeffrey Nau    

Name: Jeffrey Nau, PhD, MMS    

Title: President, Chief Executive Officer and Director    

Address: 

202 Carnegie Center, Suite 109
Princeton, New Jersey 08540
Attention: Dr. Jeffrey Nau
Email: [ * ]

with a copy to: 
Barry Rosenfeld, General Counsel
Email:[ * ]

CONSULTANT:

By: /s/William J. Link     

Name: William J. Link    

Address: 

William J. Link 
[ * ]

Email: [ * ]

For copyright registration and tax reporting purposes only, Consultant must provide the following information, as applicable:

Country of Domicile: USA    

Federal Tax ID Number: [ * ]    

Exhibit A

Oyster Point Pharma Announces Retirement of William J. Link From Board of Directors
March 17, 2022

PRINCETON, N.J., March 17, 2022 (GLOBE NEWSWIRE) -- Oyster Point Pharma, Inc. (Nasdaq: OYST), a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases, today announced that William J. Link, Ph.D., is retiring from Oyster Point’s Board of Directors, effective as of March 17, 2022. Dr. Link will continue to serve as a consultant to the company.
“On behalf of the entire Oyster Point organization, we are eternally thankful to Dr. Link for his leadership and significant contributions over the years,” said Jeffrey Nau, M.M.S, Ph.D., president and chief executive officer, Oyster Point Pharma. “Even in his retirement, he will be contributing through our shared goal of elevating the standard of care for people suffering with Ophthalmic diseases.”
Dr. Link joined Oyster Point’s Board of Directors at the inception of the company in July 2015 and was a member of the Compensation Committee. He continued his service through the Company’s successful transition from private to public biopharmaceutical company, through the launch of TYRVAYATM (varenicline solution) Nasal Spray and the evolution of a promising pipeline with potentially transformative investigational therapies in a range of ocular surface diseases.
"It has been an honor to serve on Oyster Point’s Board during this exciting time of transformation and growth," said Dr. William J. Link. "As a shareholder and consultant, I remain steadfast in my belief in Oyster Point’s leadership team and innovative portfolio as the Company continues its next phase of continued growth and shareholder value creation strategy."
About Oyster Point Pharma, Inc.
Oyster Point Pharma is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first- in-class pharmaceutical therapies to treat ophthalmic diseases. In October 2021, Oyster Point Pharma received FDA approval for TYRVAYATM (varenicline solution) Nasal Spray. Oyster Point has a growing pipeline of clinical and pre-clinical programs and continues to expand its research and development pipeline through internal innovation and external collaborations. Oyster Point is continuously striving to advance breakthrough science and deliver therapies seeking to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them. For more information, visit www.oysterpointrx.com and follow @OysterPointRx on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current beliefs, expectations and assumptions of Oyster Point Pharma, Inc. regarding the future of the Company’s business, our future plans and strategies, commercial opportunities, regulatory approvals, preclinical and clinical results, future financial condition and other future conditions. Words such as “may,” “will,” “expect,” “potential” or other similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: our plans and potential for success relating to commercializing TYRVAYA; the beneficial characteristics, safety, efficacy and therapeutic effects of TYRVAYA and our preclinical and clinical product candidates; our plans relating to the further development and manufacturing of TYRVAYA and our preclinical and clinical candidates, including potential additional indications or disease areas to be evaluated and pursued; the timing of initiation of our future preclinical studies or clinical trials; the uncertainties inherent in pharmaceutical research and development, including the likelihood of positive preclinical study results, and the likelihood of clinical trials demonstrating the safety and efficacy of our product or product candidates; the timing or likelihood of regulatory filings and approvals of TYRVAYA and 

our clinical and preclinical candidates, including in potential additional indications for TYRVAYA and potential filings in additional jurisdictions; the prevalence of dry eye disease and Neurotrophic Keratopathy (NK) and the size of the market opportunities for our product candidates; the expected potential benefits of strategic collaborations with third parties and our ability to attract collaborators with development, regulatory and commercialization expertise; existing regulations and regulatory developments in the United States and other jurisdictions; our plans and ability to obtain or protect intellectual property rights, including extensions of existing patent terms where available; our continued reliance on third parties to conduct additional preclinical studies and clinical trials of our product candidates, and for the manufacture of our product and product candidates; our ability to recruit and retain key personnel needed to develop and commercialize our product and product candidates, and to grow our company; the accuracy of our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our financial performance; market conditions; the sufficiency of our existing capital resources to fund our future operating expenses and capital expenditure requirements; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and other risks described in the “Risk Factors” section included in our public filings that we have made and will make with the Securities and Exchange Commission (SEC).
© 2022 Oyster Point Pharma, Inc.

Investor Contact: 
Tim McCarthy
LifeSci Advisors, LLC 
(212) 915-2564
investors@oysterpointrx.com

Media Contact: 
Karen Castillo-Paff 
(347) 920-0248
kpaff@oysterpointrx.com

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