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MIRION TECHNOLOGIES, INC.
2021 OMNIBUS INCENTIVE PLAN
PSU GRANT NOTICE

Mirion Technologies, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Omnibus Incentive Plan (the “Plan”), hereby grants to the individual listed below (the “Participant”) an Award of performance-based RSUs (“PSUs”) indicated below, which PSUs shall be subject to vesting based on specified performance goals set forth in Appendix 1 to the PSU Agreement attached hereto as Exhibit A (the “Agreement”) and the Participant’s continued employment or service with the Company or, if different, the Affiliate employing or retaining the Participant (the “Employer”), as provided herein.  This award of PSUs, together with any accumulated Dividend Equivalents as provided herein (the “Award”) is subject to all of the terms and conditions as set forth herein, and in the Agreement and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this PSU Grant Notice (the “Notice”) and the Agreement.  
						
	Participant:	

	Employee ID:	

	Grant Date:	

	Target Number of PSUs:	

	Maximum Number of PSUs:	

	Vesting Schedule:	The PSUs under this Agreement will vest on the date that the Committee certifies the Company’s achievement of the Performance Goals (as described below) following the final day of the Performance Period, subject to the Participant’s continued Service through the date that the Committee certifies the Company’s achievement of the Performance Goals (unless otherwise set forth in Section 3 of the Agreement).
	Performance Period:	The Performance Period under this Agreement is the three (3)-year performance period that runs from April 1, 2022 to March 31, 2025.
	Performance Goals:	The Performance Goals are set forth on Appendix 1 to Exhibit A.

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THE PARTICIPANT IS REQUIRED TO ACCEPT THIS AWARD ELECTRONICALLY BY ACCESSING THE E*TRADE FINANCIAL SERVICES, INC. (“E*TRADE”) WEBSITE AT WWW.ETRADE.COM.  BY CLICKING ON THE “ACCEPT” BUTTON ON THE E*TRADE WEBSITE, THE PARTICIPANT ACCEPTS THIS AWARD AND AGREES TO BE BOUND BY THE TERMS OF THIS AGREEMENT (INCLUDING EXHIBIT A HERETO AND ANY APPENDICES) AND THE PLAN.  THE PARTICIPANT FURTHER ACKNOWLEDGES THAT SUCH ELECTRONIC ACCEPTANCE OF THIS AGREEMENT SHALL HAVE THE SAME BINDING EFFECT AS A WRITTEN OR HARD COPY SIGNATURE. THE PARTICIPANT HAS REVIEWED THE PLAN, THIS NOTICE AND THE AGREEMENT IN THEIR ENTIRETY AND FULLY UNDERSTANDS ALL PROVISIONS OF THE PLAN, THIS NOTICE AND THE AGREEMENT. THE PARTICIPANT HEREBY AGREES TO ACCEPT AS FINAL AND BINDING ALL DECISIONS OR INTERPRETATIONS OF THE COMMITTEE UPON ANY QUESTIONS ARISING UNDER THE PLAN, THIS NOTICE OR THE AGREEMENT.
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EXHIBIT A

MIRION TECHNOLOGIES, INC.
2021 OMNIBUS INCENTIVE PLAN
PSU AGREEMENT

The Participant has been granted an Award (the “Award”) of performance-based RSUs (“PSUs”) pursuant to the Mirion Technologies, Inc. 2021 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”), the Notice of PSU Award (the “Notice”) and this PSU Agreement (this “Agreement”), dated as of April 1, 2022 (the “Grant Date”). Except as otherwise indicated, any capitalized terms used but not defined herein shall have the meaning ascribed to such term in the Plan or in the Notice.
1.Issuance of Shares. Each PSU shall represent the right to receive one Share upon vesting, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice. The target number of PSUs (the “Target PSUs”) is set forth in the Notice. The actual number of Shares to be issued will be based on the level of attainment of the Performance Goals (as defined in Appendix 1 to this Exhibit A).
2.Vesting Date; Vesting Conditions. 
(a)The Participant may earn between 0% and 200% of the Target PSUs based on the Company’s achievement of the Performance Goals during the Performance Period. Subject to Sections 1, 3 and 4 of this Agreement, the Award shall vest on the date the Committee certifies the Company’s achievement of the Performance Metrics set forth in the Notice following the final date of the Performance Period (such certification date, the “Vesting Date”), and pursuant to the vesting conditions set forth in the Notice.
(a)Following the Vesting Date, the PSUs underlying this Award vest based on the achievement of the Performance Goals and, once vesting is determined, the applicable portion (if any) shall become vested and be settled in Shares in accordance with Section 7. Except as otherwise set forth in Section 3 and 4, vesting will cease upon the Participant’s Termination of Service. Any PSUs that did not become vested prior to the Participant’s Termination of Service or that do not become vested according to the provisions in Section 3 and Section 4 of this Agreement shall be forfeited immediately following the date of the Participant’s Termination of Service.
3.Termination of Service. 
(b)Termination of Service without Cause or for Good Reason. In the event of the Participant’s Termination of Service by the Company or the Employer without Cause or by the Participant for Good Reason within six months of the Vesting Date, the Participant’s PSUs will vest on the Vesting Date based on actual performance through the end of the Performance Period, conditioned on the Participant delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following the date of the Participant’s Termination of Service.  Any PSUs that do not vest in accordance with the previous sentence will be forfeited and canceled in their entirety without any payment or consideration being due from the Company or the Employer.
(c)Due to Death or Disability. In the event of the Participant’s Termination of Service due to death or Disability, any PSUs that are not vested as of the date of such Termination of Service will vest in full in an amount equal to the Target PSUs.
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(d)Retirement. In the event of the Participant’s Termination of Service due to Retirement within six months of the Vesting Date, the Participant’s PSUs will vest on the Vesting Date based on actual performance through the end of the Performance Period. Any unvested PSUs that do not vest in accordance with the previous sentence will be forfeited and canceled in their entirety without any payment or consideration being due from the Company or the Employer.
(e)For Cause. In the event of the Participant’s Termination of Service by the Company or the Employer for Cause (as defined in the Participant’s Service Agreement), the PSUs, whether vested or unvested, will be immediately forfeited and canceled in their entirety without any payment or consideration being due from the Company or the Employer.
(f)Definitions. For purposes of this Agreement, the following terms will have the meaning set forth below:
(i)“Disability” shall mean, unless otherwise defined in the Participant’s Service Agreement, any medically determinable physical or mental impairment resulting in the Participant’s inability to engage in any substantial gainful activity, where such impairment is likely to result in death or can be expected to last for a continuous period of not less than 12 months, as determined reasonably and in good faith by the Committee.
(i)“Good Reason” shall mean, unless otherwise defined in the Participant’s Service Agreement, in the absence of the written consent of the Participant, any of the following: (i) a material reduction in Participant’s base salary by the Company; (ii) a material diminution in Participant’s authority, duties or responsibilities with respect to the Company (other than isolated actions not taken in bad faith and remedied by the Company within the cure period set forth below); (iii) the requirement by the Company that Participant be based in an office which increases Participant’s commute by more than 50 miles in relation to Participant’s commute as of the Grant Date; or (iv) any material breach by the Company of any material term or provision of any material agreement with the Company. Notwithstanding the foregoing, in the event that Participant provides written notice of termination for Good Reason in reliance upon the circumstances contained in Section 3(e)(ii), the Company shall have the opportunity to cure such circumstances within thirty (30) days of receipt of such notice. If Participant does not deliver to the Company a notice of termination within the thirty (30) day period after Participant has knowledge that an event constituting Good Reason has occurred, such event will no longer constitute Good Reason.
(ii)“Retirement” shall mean, unless otherwise defined in the Participant’s Service Agreement, a Participant’s Termination of Service on or after the date on which the Participant attains age 65, and the Participant’s age plus years of service with the Company and its Subsidiaries total at least 70, and the Participant has not otherwise been terminated for Cause.
1.Change in Control. In the event the Participant experiences a Termination of Service (x) by the Company without Cause or due to death or Disability or (y) by the Participant for Good Reason, in each case within twelve (12) months following a Change in Control, then the Participant’s unvested PSUs will vest on the date of the Participant’s Termination of Service in an amount equal to the Target PSUs, conditioned on the Participant delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following the date of the Participant’s Termination of Service. In the event 
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that the Participant’s PSUs are not assumed or substituted in connection with a Change in Control, any outstanding and unvested PSUs will vest on the date of the Change in Control in an amount equal to the Target PSUs.
2.Voting Rights. The Participant shall have no voting rights or any other rights as a shareholder of the Company with respect to the PSUs unless and until the Participant becomes the record owner of the Shares underlying the PSUs.
3.Dividend Equivalents.  If a cash dividend is declared on Shares during the period commencing on the Grant Date and ending on the date on which the Shares underlying the PSUs are distributed to the Participant pursuant to this Agreement, the Participant shall be eligible to receive an amount in cash (a “Dividend Equivalent”) equal to the dividend that the Participant would have received had the Shares underlying the PSUs been held by the Participant as of the time at which such dividend was declared; provided that, the Dividend Equivalent shall be provided in Shares if required by applicable law. Each Dividend Equivalent will be paid to the Participant in cash or Shares, as applicable, as soon as reasonably practicable (and in no event later than 45 days) after the applicable vesting date of the corresponding PSUs. For clarity, no Dividend Equivalent will be paid with respect to any PSUs that are forfeited.
4.Distribution of Shares. Subject to the provisions of this Agreement, upon the vesting of any of the PSUs, the Company shall deliver to the Participant, as soon as reasonably practicable (and in no event later than 45 days) after the applicable vesting date, one Share for each such PSU. Upon the delivery of Shares, such Shares shall be fully assignable, alienable, saleable and transferrable by the Participant; provided that any such assignment, alienation, sale, transfer or other alienation with respect to such Shares shall be in accordance with applicable securities laws and any applicable Company policy.  Notwithstanding the foregoing, the timing of the distribution of Shares may be modified to the extent necessary to comply with Section 409A of the Code as contemplated by Section 19 of the Plan.
5.Responsibility for Taxes.
(a)The Participant acknowledges that, regardless of any action taken by the Company or the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 
(b)Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the 
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Company and/or the Employer from time to time, which may include: (i) withholding from the Participant’s wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company or the Employer; (iii) through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon settlement of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a “net settlement” under which the Company reduces the number of Shares issued on settlement of the Award by the number of Shares with an aggregate fair market value that equals the amount of the Tax-Related Items associated with such settlement; or (v) any other method of withholding determined by the Company and permitted by applicable law. 
(c)Depending on the withholding method, the Company or the Employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the settled Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items. 
(d)Finally, the Participant agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items. 
1.Not Salary, Pensionable Earnings or Base Pay. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (a) salary, normal salary or other ordinary compensation, (b) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate (including the Employer) or (c) any calculation of base pay or regular pay for any purpose.
2.Cancellation/Clawback. The Participant hereby acknowledges and agrees that the Participant and the Award are subject to the terms and conditions of Section 18 (Cancellation or “Clawback” of Awards) of the Plan.
3.Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference.  If and to the extent that this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
4.Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:
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If to the Company:
Mirion Technologies, Inc.
1218 Menlo Drive
Atlanta, Georgia 30318
Attention: Stock Administration
Email: mti-stockadmin@mirion.com
If to the Participant, to the address of the Participant on file with the Company.
5.No Right to Continued Service. The grant of the Award shall not be construed as giving the Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate (including the Employer).
6.No Right to Future Awards. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.
7.Transfer of PSUs. Except as may be permitted by the Committee, neither the Award nor any right under the Award shall be assignable, alienable, saleable or transferable by the Participant otherwise than by will or pursuant to the laws of descent and distribution. This provision shall not apply to any portion of the Award that has been fully settled and shall not preclude forfeiture of any portion of the Award in accordance with the terms herein.
8.Entire Agreement. This Agreement, the Plan, the Notice and any other agreements, schedules, exhibits and other documents referred to herein or therein constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.
9.Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or this Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of this Agreement shall remain in full force and effect.
10.Amendment; Waiver. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; provided that the Company may amend or modify this Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.
11.Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.
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12.Successors and Assigns; No Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.
13.Dispute Resolution. All controversies and claims arising out of or relating to this Agreement, or the breach hereof, shall be settled by the Company’s or the Employer’s mandatory dispute resolution procedures, if any, as may be in effect from time to time with respect to matters arising out of or relating to the Participant’s employment with the Company or the Employer.
14.Governing Law. All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws. 
15.Imposition of other Requirements and Participant Undertaking. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons.  The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the PSUs pursuant to this Agreement. 
16.Section 409A and Section 457A.  To the extent the Committee determines that any payment under this Agreement is subject to Section 409A or Section 457A of the Code, the provisions of Section 19 of the Plan (including, without limitation, the six-month delay relating to “specified employees”) shall apply.
17.References. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant’s legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

[Remainder of page intentionally left blank]

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 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date last written below or the date electronically accepted through the applicable portal, as applicable.

MIRION TECHNOLOGIES, INC.
By: ___________________________
    Name:  Thomas D. Logan
    Title:    Chief Executive Officer

PARTICIPANT
                    
Name: 
[Signature Page to PSU Agreement]

Appendix 1

PERFORMANCE GOALS

The number of PSUs that will be earned will be based on the achievements relating to the Relative TSR Percentile and Organic Revenue Growth (as such terms are defined below) (the “Performance Goals”) during the Performance Period as follows:
Fifty percent (50%) of the Target PSUs (the “TSR-Based PSUs”) shall vest in accordance with the following performance goals with achievement linearly interpolated between Relative TSR Percentile goals:
									
		Relative TSR Percentile	Goal Achievement (Payout)
	No Payout	< 30th	0%
	Minimum	30th	50%
	Target	55th	100%
	Maximum	≥ 80th	200%

In no event will the Participant be eligible to receive more than 200% of the TSR-Based PSUs.
By way of illustration, if the Company’s TSR is 19% during the Performance Period and the Relative TSR Percentile based on this is the 65th percentile, the goal achievement will be 140% of the TSR-Based PSUs. If 150 PSUs are granted, then 75 (50%) are TSR-Based PSUs, and 105 Shares would be vested in this example.
Fifty percent (50%) of the Target PSUs (the “Organic Growth PSUs”) shall vest in accordance with the following performance goals with achievement linearly interpolated between Organic Revenue Growth Percentage goals:
									
		Organic Revenue Growth Percentage	Goal Achievement (Payout)
	No Payout	< 3.0%	0%
	Minimum	3.0%	50%
	Target	5.0%	100%
	Maximum	≥ 7.0%	200%

In no event will the Participant be eligible to receive more than 200% of the Organic Growth PSUs.
By way of illustration, if Organic Revenue Growth Percentage is 4%, the goal achievement will be 75% of the Organic Growth PSUs. If 150 PSUs are granted, then 75 (50%) are Organic Growth Based PSUs, and 56 Shares would be vested in this example.
Combining the above illustrations for TSR-Based PSUs and Organic Growth PSUs, 161 Shares would be vested in total.

For purposes of this Agreement:
“Y1 Revenue” means Organic Revenue for the period commencing on April 1, 2022 and ending on March 31, 2023.

“Y3 Revenue” means Organic Revenue for the period commencing on April 1, 2024 and ending on March 31, 2025.

“Organic Revenue” means the total revenue of the Company (determined on a consolidated basis) for the Performance Period, as determined by the Committee. For purposes of this Agreement, revenue will not take into account the impact, if any, of a disposition of any of the Company’s business units, division or assets (or any part of a business unit or division) during the Performance Period or acquisition of any business or assets during the Performance Period.
“Organic Revenue Growth Percentage” means the percentage increase of Y3 Revenue relative to Y1 Revenue, as determined by the Committee and calculated as follows: 
															
	Y3 Revenue – Y1 Revenue 
Y1 Revenue
	x	100	=	Organic Revenue Growth Percentage

    
“TSR” means Total Shareholder Return, which is the share price appreciation of any particular company’s publicly traded common stock plus dividends accrued, as measured during the Performance Period.  The starting and ending points for calculating a company’s TSR during the Performance Period are the average closing stock price of the common stock for the twenty (20) trading days prior to the start or end date of the Performance Period, as applicable.  For purposes of clarity, any dividends will be accrued as cash, summing all dividends over the Performance Period.
“Relative TSR Percentile” means the comparative percentile of the Company’s TSR as compared to the TSRs for the companies in the Peer Group. If the Company’s TSR is negative during the Performance Period, the Relative TSR Percentile shall be deemed to be 0.
“Peer Group” means all companies in the Russell 2000 Industrials at the start of the Performance Period, as may be adjusted by the Committee to reflect changes in the component companies in the Russell 2000 Industrials due to transactions or otherwise.

The Committee shall have sole and exclusive authority and discretion to make all determinations and resolve all ambiguities, questions and disputes relating to the calculation of the Performance Goals and the level of earning and vesting of the PSUs. The Committee may, in its discretion, modify or adjust such performance objectives or related level of achievement in accordance with the terms of the Plan.
2Exhibit 10.1

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL. THE REDACTED
TERMS HAVE BEEN MARKED WITH THREE ASTERISKS [***]

 

PRIVILEGED AND CONFIDENTIAL PURSUANT TO DELAWARE RULE OF EVIDENCE 408

 

BINDING TERM SHEET

 

This Binding Term Sheet (this “Term Sheet”)
is entered into as of July 29, 2022 (the “Term Sheet Date”), by and between First Wave BioPharma, Inc. (the “Company”)
and Fortis Advisors LLC, in its capacity as the hired representative and for the benefit of the former stockholders of First Wave Bio,
Inc. (in such capacity, “Fortis”).

 

In consideration of the mutual covenants contained
herein and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and intending to be
legally bound, the parties hereto hereby agree as follows:

 

1.       
On the Term Sheet Date, the Company shall pay, for the benefit of the former stockholders of First Wave Bio, Inc., and in a manner directed
by Fortis, $1,500,000 in cash (the “Upfront Payment”). No later than September 29, 2022, the Company shall pay, for the benefit
of the former stockholders of First Wave Bio, Inc., and in a manner directed by Fortis, an additional $1,000,000 in cash (the “Second
Payment”). The date on which the Company pays the Second Payment in a manner consistent with the preceding sentence is referred
to herein as the “Second Payment Date.” Upon the earlier of (i) November 30, 2022 and (ii) two business days after the consummation
by the Company of one or more public or private sales of its equity and/or equity related securities resulting in the aggregate gross
proceeds generated by such financing(s) from and after the Term Sheet Date of at least $[***], the Company shall pay, for the benefit
of the former stockholders of First Wave Bio, Inc., and in a manner directed by Fortis, an additional $2,000,000 in cash.

 

2.       The
former stockholders of First Wave Bio, Inc., will be entitled to receive, in a manner directed by Fortis, contingent milestone payments
based upon the occurrence of the following events related to Adrulipase, if any (the “Adrulipase Milestones”) up to the Adrulipase
Cap (as defined below):

 

(i)                 $[***]
90 days after positive readout in pilot study;

(ii)                $[***]
90 days after positive readout of Phase 3 pivotal study; and

(iii)               
In the event of a license or sale of Adrulipase to an unaffiliated third party: 

 

(a)    [***]%
of the first $[***] of proceeds as and when received by the Company;

(b)    [***]%
of the proceeds in excess of $[***] and up to $[***] as and when received by the Company; and

(c)     [***]%
of the proceeds in excess of $[***] as and when received by the Company.

 

     

     

    

 

Notwithstanding anything to the contrary set forth above, if the consideration
payable to the Company in connection with a license or sale of Adrulipase consists of securities or other non-cash consideration, then,
at the election of Fortis, either (I) the Company will pay, for the benefit of the former stockholders of First Wave Bio, Inc., and in
a manner directed by Fortis, the applicable percentage of such consideration in accordance with the foregoing clauses 2(iii)(a), (b) and
(c), or (II) the Company shall cause the licensee or acquiror of Adrulipase to assume the obligations of the Company under this Section
2 with respect to any subsequent achievement of the Adrulipase Milestones.

 

For the avoidance of doubt, in no event shall the former stockholders
of First Wave Bio, Inc., be entitled to receive more than $[***] in the aggregate from the Adrulipase Milestones (the “Adrulipase
Cap”).

 

The Adrulipase Milestones shall be paid in cash.

 

3.    Niclosamide:

 

(i) In the event of a license or sale of Niclosamide to
an unaffiliated third party, the former stockholders of First Wave Bio, Inc., shall be entitled to receive, in a manner directed by Fortis,
[***]% of the proceeds as and when received by the Company; provided however that if the Company has prior to the license or sale
initiated a clinical trial for IBD, then in such instance, the former stockholders of First Wave Bio, Inc., shall receive, in a manner
directed by Fortis, [***]% of the proceeds from such sale or license. Notwithstanding the above, the Company shall not enter into a sale
or license with a third party without prior written consent of Fortis unless the minimum upfront is $[***] and there are at least $[***]
in milestone payments. In the event of such sale or license, Company shall be relieved of any of the contingent milestone obligations
due Fortis under the Agreement and Plan of Merger, dated as of September 13, 2021, by and among the Company, Alpha Merger Sub, Inc., First
Wave Bio, Inc. and Fortis (the “Merger Agreement”).

 

(ii)       In
the event that there is no sale or license of Niclosamide to a third-party (excluding any Company Sale), Fortis shall retain its rights
to contingent milestone payments related to development of Niclosamide under the Merger Agreement; provided, however, that the Company’s
obligations to use CRE to develop Niclosamide shall be deferred 24 months from the Term Sheet Date. For clarity, the successor, acquiror
or surviving company in a Company Sale shall fully assume the foregoing obligations.

 

(iii) Notwithstanding anything to the contrary set forth
above, if the consideration payable to the Company in connection with a license or sale of Niclosamide consists of securities or other
non-cash consideration, then, at the election of Fortis, either (a) the Company will pay, for the benefit of the former stockholders of
First Wave Bio, Inc., and in a manner directed by Fortis, the applicable percentage of such consideration in accordance with the foregoing
clause 3(i), or (b) the Company shall cause the licensee or acquiror of Niclosamide to assume the obligations of the Company under this
Section 3 with respect to any subsequent license or sale of Niclosamide.

 

4.    Company Sale.

 

(i)       In
the event of a Qualifying Company Sale (as defined below), the Company will pay, for the benefit of the former stockholders of First Wave
Bio, Inc., and in a manner directed by Fortis, an additional $4,000,000 in cash plus any amounts not previously paid pursuant to Section
1 above, whether or not the conditions to such payments have been satisfied.

 

(ii)          In
the event of a Company Sale that is not a Qualifying Company Sale, at the election of Fortis, either (a) the Company will pay, for the
benefit of the former stockholders of First Wave Bio, Inc., and in a manner directed by Fortis, an amount in cash equal to the sum of
(I) $4,000,000 multiplied by a fraction, the numerator of which is equal to the total consideration received by the Company or the Company’s
stockholders in such Company Sale, and the denominator of which is equal to $[***], plus (II) any amounts not previously paid pursuant
to Section 1 above, whether or not the conditions to such payments have been satisfied or (b) as a condition to such Company Sale, the
Company shall cause its successor, acquiror or surviving company in such Company Sale to assume the obligations of the Company under Section
4(i) and Section 4(ii) with respect to any subsequent Company Sale involving any such successor, acquiror or surviving company.

 

(iii)        If,
at the time of a Company Sale, any of the milestone payment events set forth in Section 2 or Section 3 have not yet occurred or been paid,
the obligations of the Company hereunder to make such payments upon the subsequent occurrence of such milestone events shall survive such
Company Sale and shall be assumed by any successor, acquiror or surviving company in such Company Sale.

 

(iv)       For purposes
of this Term Sheet, a “Company Sale” means (a) a transaction or series of related transactions in which any person (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended), other than any person who immediately
prior to the consummation of such transaction or transactions owns more than a majority of the Company’s outstanding voting securities,
acquires more than 50% of the combined voting power of the voting securities of the Company, (b) a consolidation or merger of the Company
with or into another entity, unless the stockholders of the Company immediately prior to the consummation of such consolidation or merger
own, directly or indirectly, a majority of the combined voting power of the outstanding voting securities of the corporation or other
entity resulting from such consolidation or merger, or (c) the sale or other disposition of all or substantially all of the assets of
the Company. For purposes of this definition, the term “Company” shall refer to the Company and any successor, acquiror or
surviving company of the Company.

 

     

     

    

 

(v) Notwithstanding anything to the contrary
set forth herein, in the event of the sale of Adrulipase or Niclosamide in a transaction or series of related transactions which would
also qualify as a Company Sale under clause (c) of the definition thereof, Fortis shall have the right, at its election, to treat such
transaction either (a) as a Company Sale, such that the former stockholders of First Wave Bio, Inc., would receive the amounts payable
in connection with such Company Sale pursuant to Section 4(i) and the other provisions of Section 4 shall apply, or (b) as a sale of Adrulipase,
such that the former stockholders of First Wave Bio, Inc., would receive the Adrulipase Milestone payable in a manner directed by Fortis
pursuant to Section 2(iii), or a sale of Niclosamide, such that the former stockholders of First Wave Bio, Inc. would receive the amounts
payable in a manner directed by Fortis pursuant to Section 3(i), as applicable, and, in each case, using the aggregate proceeds generated
by such transaction as the “proceeds” when calculating the foregoing amounts in accordance with Section 2(iii) or Section
3(i), as applicable.

 

(vi) As defined herein a “Qualifying
Company Sale” means any Company Sale in which the Company or the Company’s stockholders receive total consideration of at
least $[***].

 

5.       Existing obligation to
pay 10% of any future capital raises shall be terminated as of the Term Sheet Date. The Upfront Payment shall reduce the Company’s
existing $12.5M in fixed payment obligations to the former stockholders of First Wave Bio, Inc. on a dollar-for-dollar basis. The remainder
of such fixed payment obligations shall be deemed to be extinguished effective as of the Second Payment Date.

 

6.       Litigation
to be stayed for a period of 90 days effective as of the Term Sheet Date. Effective on the Second Payment Date, the existing litigation
shall be dismissed with prejudice.

 

7.       Settlement
Agreement (as defined below) to contain mutual releases with non-disparagement clauses, which releases and clauses shall become effective
as of the Second Payment Date.

 

8.       Glick,
Hoffman and Oremland to agree in the Settlement Agreement to vote in favor of management proposal regarding reverse split or provide Company
with proxy.

 

9.       Parties
to use their respective commercially reasonable efforts to negotiate a settlement agreement among the parties embodying the terms set
forth herein (the “Settlement Agreement”) in good faith as promptly as practicable after the Term Sheet Date.

 

10.       Company shall have the right to disclose the terms hereof to the
extent required based on the advice of counsel pursuant to applicable securities laws or the rules and regulations of any securities exchange
or trading market on which its securities are listed or quoted for trading; provided that, to the extent practicable, the Company shall
provide Fortis a reasonable opportunity to review and comment prior to making such disclosure.

 

11.        This Term Sheet may be amended only by a written instrument signed
by the Company and Fortis.

 

     

     

    

 

12. This Term Sheet contains the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and thereof and supersede all prior discussions, negotiations, commitments,
agreements and understandings, both written and oral, relating to such subject matter.

 

13. Sections 8.5 (Enforcement), 8.6(a) (Amendment and Waiver), 8.9
(Counterparts), 8.10 (Governing Law), 8.11 (Severability) and 8.12 (Joint Drafting) of the Merger Agreement shall apply to this Term Sheet,
mutatis mutandis, as if incorporated herein in their entirety, and shall also apply to and be incorporated into the Settlement
Agreement.

 

14. Except as expressly modified or terminated by this Term Sheet,
all terms, conditions and provisions of the Merger Agreement and the settlement agreement, dated November 15, 2021, by and between the
Company and Fortis shall continue in full force and effect.

 

[Signature Page Immediately Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Term Sheet
to be duly executed by the undersigned, thereunto duly authorized, as of the date first written above.

 

FIRST WAVE BIOPHARMA, INC.

 

By:_______________________

 

Title: Authorized Signatory

 

FORTIS ADVISORS LLC

 

By:_______________________

 

Title: Authorized Signatory

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