Document:

EXHIBIT
10.1

  

 

 

IMAC
HOLDINGS, INC.

 

2018
INCENTIVE COMPENSATION PLAN

 

 

 

    	 	 	 

    	 

    

 

IMAC
HOLDINGS, INC.

2018 INCENTIVE COMPENSATION PLAN

 

1.
Purpose. IMAC Holdings, Inc., a Delaware corporation (the “Company”), hereby establishes the IMAC HOLDINGS,
INC. 2018 INCENTIVE COMPENSATION PLAN (the “Plan”). The purpose of the Plan is to assist the Company and its
Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and other
employees, officers, directors, consultants and other persons who provide services to the Company or its Related Entities by enabling
such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between
such persons and the Company’s shareholders, and providing such persons with performance incentives to expend their maximum
efforts in the creation of shareholder value.

 

2.
Definitions. For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms
defined in Section 1 hereof.

 

(a)
“Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Deferred
Stock Award, Share granted as a bonus or in lieu of another award, Dividend Equivalent, Other Stock-Based Award or Performance
Award, together with any other right or interest, granted to a Participant under the Plan.

 

(b)
“Award Agreement” means any written agreement, contract or other instrument or document evidencing any Award
granted by the Committee hereunder.

 

(c)
“Beneficiary” means the person, persons, trust or trusts that have been designated by a Participant in his
or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon
such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under Section
10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then
the term Beneficiary means the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive
such benefits.

 

(d)
“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any
successor to such Rule.

 

(e)
“Board” means the Company’s Board of Directors.

 

(f)
“Cause” shall, with respect to any Participant have the meaning specified in the Award Agreement. In the absence
of any definition in the Award Agreement, “Cause” shall have the equivalent meaning or the same meaning as “cause”
or “for cause” set forth in any employment, consulting, or other agreement for the performance of services between
the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement,
such term shall mean (i) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the
Company or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or other similar
agreement with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition,
non-solicitation, non-disclosure and/or other similar agreement with the Company or a Related Entity, (iv) any act by the Participant
of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances
in a manner that adversely affects the Participant’s work performance, or (vi) the commission by the Participant of any
act, misdemeanor, or crime reflecting unfavorably upon the Participant or the Company or any Related Entity. The good faith determination
by the Committee of whether the Participant’s Continuous Service was terminated by the Company for “Cause” shall
be final and binding for all purposes hereunder.

 

    	 	 	 

    	 

    

 

(g)
“Change in Control” means a Change in Control as defined with related terms in Section 9(b) of the Plan.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder
and successor provisions and regulations thereto.

 

(i)
“Committee” means a committee designated by the Board to administer the Plan; provided, however,
that if the Board fails to designate a committee or if there are no longer any members on the committee so designated by the Board,
then the Board shall serve as the Committee. The Committee shall consist of at least two directors, and each member of the Committee
shall be (i) a “non-employee director” within the meaning of Rule 16b-3 (or any successor rule) under the Exchange
Act, unless administration of the Plan by “non-employee directors” is not then required in order for exemptions under
Rule 16b-3 to apply to transactions under the Plan and (ii) an “independent director” under the NASDAQ listing requirements,
or any similar rule or listing requirement that may be applicable to the Company from time to time.

 

(j)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services
in such person’s capacity as a director) who is engaged by the Company or any Related Entity to render consulting or advisory
services to the Company or such Related Entity.

 

(k)
“Continuous Service” means the uninterrupted provision of services to the Company or any Related Entity in
any capacity of Employee, Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted
in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entities, or any successor entities,
in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual
remains in the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other service provider
(except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave,
or any other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds
three (3) months, and reemployment upon expiration of such leave is not guaranteed by statute or contract, then the Incentive
Stock Option shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the expiration
of such three (3) month period.

 

(l)
“Deferred Stock” means a right to receive Shares, including Restricted Stock, cash or a combination thereof,
at the end of a specified deferral period.

 

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(m)
“Deferred Stock Award” means an Award of Deferred Stock granted to a Participant under Section 6(e) hereof.

 

(n)
“Director” means a member of the Board or the board of directors of any Related Entity.

 

(o)
“Disability” means a permanent and total disability (within the meaning of Section 22(e) of the Code), as determined
by a medical doctor satisfactory to the Committee. Notwithstanding the foregoing, for Awards subject to Section 409A of the Code,
Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

 

(p)
“Dividend Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares,
other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic
payments.

 

(q)
“Effective Date” has the meaning set forth in Section 10(s).

 

(r)
“Eligible Person” means each officer, Director, Employee, Consultant and other person who provides services
to the Company or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation
or subsidiary corporation of the Company (as those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall
be Eligible Persons for purposes of receiving any Incentive Stock Options. An Employee on leave of absence may be considered as
still in the employ of the Company or a Related Entity for purposes of eligibility for participation in the Plan.

 

(s)
“Employee” means any person, including an officer or Director, who is an employee of the Company or any Related
Entity. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

 

(t)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder
and successor provisions and rules thereto.

 

(u)
“Fair Market Value” or “FMV” means, as of any date, the value of a Share determined as follows:

 

(i)
If the Share is listed on one or more established stock exchanges or national market systems, including without limitation, The
NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market of The NASDAQ Stock Market LLC, its Fair Market
Value shall be the closing sales price for such Share (or the closing bid, if no sales were reported) as quoted on the principal
exchange or system on which the Share is listed (as determined by the Committee) on the date of determination (or, if no closing
sales price or closing bid was reported on that date, as applicable, on the last immediately preceding trading date such closing
sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee
deems reliable;

 

(ii)
If the Share is regularly quoted on an automated quotation system (including a marketplace operated by the OTC Markets Group,
Inc.) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such Share as quoted on
such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market
Value of a Share shall be the mean between the high bid and low asked prices for the Share on the date of determination (or, if
no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal
or such other source as the Committee deems reliable; or

 

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(iii)
In the absence of an established market for the Share of the type described in (i) and (ii), above, the Fair Market Value thereof
shall be determined by the Committee in good faith using any reasonable method of valuation, which method may be set forth with
greater specificity in the Award Agreement, (and, to the extent necessary or advisable, in a manner consistent with Section 409A
of the Code and Section 422 of the Code for Incentive Stock Options), which determination shall be conclusive and binding on all
interested parties. Such reasonable method may be determined by reference to (i) the placing price of the latest private placement
of the Shares and the development of the Company’s business operations and the general economic and market conditions since
such latest private placement; (ii) other third party transactions involving the Shares and the development of the Company’s
business operation and the general economic and market conditions since such sale; (iii) an independent valuation of the Shares
(by a qualified valuation expert) or (iv) such other methodologies or information as the Committee determines to be indicative
of Fair Market Value.

 

(v)
“Good Reason” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In
the absence of any definition in the Award Agreement, “Good Reason” shall have the equivalent meaning or the same
meaning as “good reason” or “for good reason” set forth in any employment, consulting or other agreement
for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement
or any such definition in such agreement, such term shall mean (i) the assignment to the Participant of any duties inconsistent
in any material respect with the Participant’s position, authority, duties or responsibilities as assigned by the Company
or a Related Entity, or any other action by the Company or a Related Entity which results in a material diminution in such position,
authority, duties or responsibilities, excluding for this purpose any action not taken in bad faith and which is remedied by the
Company or a Related Entity promptly after receipt of notice thereof given by the Participant, or any action taken with the consent
of the Participant; or (ii) any material failure by the Company or a Related Entity to comply with its obligations to the Participant
as agreed upon, other than any failure not occurring in bad faith and which is remedied by the Company or a Related Entity promptly
after receipt of notice thereof given by the Participant.

 

(w)
“Incentive Stock Option” means any Option intended to be designated as an “incentive stock option”
within the meaning of Section 422 of the Code or any successor provision thereto and that meets the requirements set out in the
Plan.

 

(x)
“Independent,” when referring to either the Board or members of the Committee, shall have the same meaning
as used in the rules of NASDAQ or any national securities exchange on which any securities of the Company are listed for trading
and, if not quoted or listed for trading, by the rules of NASDAQ.

 

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(y)
“Incumbent Board” means the Incumbent Board as defined in Section 9(b)(ii) of the Plan.

 

(z)
“Non-Qualified Stock Option” means an Option that, by its terms, does not qualify or is not intended to qualify
as an Incentive Stock Option.

 

(aa)
“Option” means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards
at a specified price during specified time periods.

 

(bb)
“Optionee” means a person to whom an Option is granted under this Plan or any person who succeeds to the rights
of such person under this Plan.

 

(cc)
“Other Stock-Based Awards” means Awards granted to a Participant under Section 6(i) hereof.

 

(dd)
“Outside Director” means a member of the Board who is not an Employee.

 

(ee)
“Participant” means a person who has been granted an Award under the Plan which remains outstanding, including
a person who is no longer an Eligible Person.

 

(ff)
“Performance Award” shall mean any Award of Performance Shares or Performance Units granted pursuant to Section
6(h).

 

(gg)
“Performance Period” means that period established by the Committee at the time any Performance Award is granted
or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured.

 

(hh)
“Performance Share” means any grant pursuant to Section 6(h) of a unit valued by reference to a designated
number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including
cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance Period
as the Committee shall establish at the time of such grant or thereafter.

 

(ii)
“Performance Unit” means any grant pursuant to Section 6(h) of a unit valued by reference to a designated amount
of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the
Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance
goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter.

 

(jj)
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections
13(d) and 14(d) thereof, and shall include a “group” as defined in Section 13(d) thereof.

 

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(kk)
“Related Entity” means any Subsidiary, and any business, corporation, partnership, limited liability company
or other entity designated by Board in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

(ll)
“Restricted Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge
or assign such Share and with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose
(including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse
separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

 

(mm)
“Restricted Stock Award” means an Award granted to a Participant under Section 6(d) hereof.

 

(nn)
“Restricted Stock Unit” means an Award granted to a Participant under Section 6(d) hereof.

 

(oo)
“Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants,
promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act.

 

(pp)
“Shares” means the shares of common stock of the Company, par value $.001 per share, and such other securities
as may be substituted (or resubstituted) for Shares pursuant to Section 10(c) hereof.

 

(qq)
“Stock Appreciation Right” means a right granted to a Participant under Section 6(c) hereof.

 

(rr)
“Subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership
interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation
or other entity entitled to vote generally in the election of directors or in which the Company has the right to receive 50% or
more of the distribution of profits or 50% or more of the assets on liquidation or dissolution.

 

(ss)
“Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution
or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company
or any Related Entity or with which the Company or any Related Entity combines.

 

3.
Administration.

 

(a)
Authority of the Committee. The Plan shall be administered by the Committee, except to the extent the Board elects to administer
the Plan, in which case the Plan shall be administered by only those directors who are Independent Directors, in which case references
herein to the “Committee” shall be deemed to include references to the Independent members of the Board. The Committee
shall have full and final authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to
become Participants, grant Awards, determine the type, number and other terms and conditions of, and all other matters relating
to, Awards, prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration
of the Plan, construe and interpret the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies
therein, and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration
of the Plan. In exercising any discretion granted to the Committee under the Plan or pursuant to any Award, the Committee shall
not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant
in a manner consistent with the treatment of other Eligible Persons or Participants.

 

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(b)
Manner of Exercise of Committee Authority. The Committee, and not the Board, shall exercise sole and exclusive discretion
on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent
necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act. Any action of
the Committee shall be final, conclusive and binding on all persons, including the Company, its Related Entities, Participants,
Beneficiaries, transferees under Section 10(b) hereof or other persons claiming rights from or through a Participant, and shareholders.
The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed
as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any
Related Entity, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such
functions, including administrative functions as the Committee may determine to the extent that such delegation will not result
in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act
in respect of the Company. The Committee may appoint agents to assist it in administering the Plan.

 

(c)
Limitation of Liability. The Committee and the Board, and each member thereof, shall be entitled to, in good faith, rely
or act upon any report or other information furnished to him or her by any officer or Employee, the Company’s independent
auditors, Consultants or any other agents assisting in the administration of the Plan. Members of the Committee and the Board,
and any officer or Employee acting at the direction or on behalf of the Committee or the Board, shall not be personally liable
for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law,
be fully indemnified and protected by the Company with respect to any such action or determination.

 

4.
Shares Subject to Plan.

 

(a)
Limitation on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in Section
10(c) hereof, the total number of Shares reserved and available for delivery under the Plan shall be 1,000,000, all of which may
be Incentive Stock Options. Any Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued shares
or treasury shares.

 

(b)
Application of Limitation to Grants of Award. No Award may be granted if the number of Shares to be delivered in connection
with such an Award or, in the case of an Award relating to Shares but settled only in cash (such as cash-only Stock Appreciation
Rights), the number of Shares to which such Award relates, exceeds the number of Shares remaining available for delivery under
the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding Awards. The Committee may adopt
reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or
substitute awards) and make adjustments if the number of Shares actually delivered differs from the number of Shares previously
counted in connection with an Award.

 

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(c)
Share Accounting. Without limiting the discretion of the Committee under this section, the following rules will apply for
purposes of the determination of the number of Shares available for grant under the Plan or compliance with the foregoing limits:

 

(i)
If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full,
or if Shares acquired pursuant to an Award subject to forfeiture are forfeited under the terms of the Plan or the relevant Award,
the Shares allocable to the terminated portion of such Award or such forfeited Shares shall again be available for issuance under
the Plan.

 

(ii)
Shares shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in
cash, other than an Option.

 

(iii)
If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of Shares owned by the Participant,
or an Option is settled without the payment of the exercise price, or the payment of taxes with respect to any Award is settled
by a net exercise, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for
which the Option is exercised or other Awards that have vested.

 

(iv)
Substitute Awards shall not reduce the Shares authorized for grant under the Plan or authorized for grant to a Participant in
any period. Additionally, in the event that a company acquired by the Company or any Related Entity or with which the Company
or any Related Entity combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation
of such acquisition or combination, the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted,
to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for delivery under the Plan;
provided that Awards using such available shares shall not be made after the date awards or grants could have been made under
the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not
Employees or Directors prior to such acquisition or combination.

 

(v)
Any Shares that again become available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share.

 

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(vi)
Notwithstanding anything in this Section 4(c) to the contrary and solely for purposes of determining whether Shares are available
for the delivery of Incentive Stock Options, the maximum aggregate number of shares that may be granted under this Plan shall
be determined without regard to any Shares restored pursuant to this Section 4(c) that, if taken into account, would cause the
Plan to fail the requirement under Code Section 422 that the Plan designate a maximum aggregate number of shares that may be issued.

 

(d)
Limitation on Number of Shares Granted to Outside Directors. Notwithstanding any provision in the Plan to the contrary,
the sum of the grant date Fair Market Value of equity-based Awards and the amount of any cash-based Awards granted to an Outside
Director during any calendar year shall not exceed [five hundred thousand dollars ($500,000)].

 

5.
Eligibility and Participation. Individuals eligible to participate in the Plan include all Employees, Directors, and all Consultants
and advisers to the Company and Related Entities, as determined by the Committee. Subject to the provisions of the Plan, the Committee
may, from time to time, select from all Eligible Persons, those to whom Awards shall be granted and shall determine, in its sole
discretion, the nature of, any and all terms permissible by law, and the amount of each Award. In making this determination, the
Committee may consider any factors it deems relevant, including without limitation, the office or position held by a Participant
or the Participant’s relationship to the Company, the Participant’s degree of responsibility for and contribution
to the growth and success of the Company or any Related Entity, the Participant’s length of service, promotions and potential.

 

6.
Specific Terms of Awards.

 

(a)
General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may
impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms
and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring
forfeiture of Awards in the event of termination of the Participant’s Continuous Service and terms permitting a Participant
to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify,
at any time, any term or condition of an Award that is not mandatory under the Plan. Except in cases in which the Committee is
authorized to require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid
to satisfy the requirements of applicable law, no consideration other than services may be required for the grant (but not the
exercise) of any Award.

 

(b)
Options. The Committee is authorized to grant Options to any Eligible Person on the following terms and conditions:

 

(i)
Exercise Price. Other than in connection with Substitute Awards, the exercise price per Share purchasable under an Option
shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of
a Share on the date of grant of the Option and shall not, in any event, be less than the par value of a Share on the date of grant
of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of
the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary
corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive
Stock Option is granted to such employee, the exercise price of such Incentive Stock Option (to the extent required by the Code
at the time of grant) shall be no less than 110% of the Fair Market Value a Share on the date such Incentive Stock Option is granted.

 

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(ii)
Time and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which
an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements),
the time or times at which Options shall cease to be or become exercisable following termination of Continuous Service or upon
other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the
Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash, Shares, other Awards
or awards granted under other plans of the Company or a Related Entity, or other property (including notes or other contractual
obligations of Participants to make payment on a deferred basis provided that such deferred payments are not in violation of Section
409A of the Code, or any rule or regulation adopted thereunder or any other applicable law), and the methods by or forms in which
Shares will be delivered or deemed to be delivered to Participants.

 

(iii)
Incentive Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with
the provisions of Section 422 of the Code. If an Option is intended to be an Incentive Stock Option, and if, for any reason, such
Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option (or portion thereof) shall be regarded as a Non-Qualified Stock Option appropriately granted under the Plan; provided
that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to Non-Qualified Stock Options.
Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock
Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority
granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the
Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification. Thus,
if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject
to the following special terms and conditions:

 

(A)
an Incentive Stock Option shall not be exercisable more than ten years after the date such Incentive Stock Option is granted;
provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section
424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation
or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and
the Incentive Stock Option is granted to such Participant, the term of the Incentive Stock Option shall be (to the extent required
by the Code at the time of the grant) for no more than five years from the date of grant; and

 

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(B)
The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to
which Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or
subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) during
any calendar year exercisable for the first time by the Participant during any calendar year shall not (to the extent required
by the Code at the time of the grant) exceed $100,000. To the extent that Incentive Stock Options are first exercisable by a Participant
in excess of such limitation, the excess shall be considered Non-Qualified Stock Options.

 

(C)
Each person exercising any Incentive Stock Option granted under the Plan shall be deemed to have covenanted with the Company to
report to the Company any disposition of such Shares prior to the expiration of the holding periods specified by Section 422(a)(1)
of the Code and, if and to the extent that the realization of income in such a disposition imposes upon the Company federal, state,
local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available
tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements.

 

(c)
Stock Appreciation Rights. The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with
all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a “Tandem
Stock Appreciation Right”), or without regard to any Option (a “Freestanding Stock Appreciation Right”),
in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions
of the Plan, including the following:

 

(i)
Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive,
upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of
the Stock Appreciation Right as determined by the Committee. The grant price of a Stock Appreciation Right shall not be less than
100% of the Fair Market Value of a Share on the date of grant, in the case of a Freestanding Stock Appreciation Right, or less
than the associated Option exercise price, in the case of a Tandem Stock Appreciation Right.

 

(ii)
Other Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances
under which a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals
and/or future service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable
following termination of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration
payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether
or not a Stock Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and conditions
of any Stock Appreciation Right.

 

(iii)
Tandem Stock Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same time as the related Option
is granted or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such
Option. Any Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable
and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired
pursuant to the Option. In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of
Shares covered by a related Option, then an exercise or termination of such Option shall not reduce the number of Shares to which
the Tandem Stock Appreciation Right applies until the number of Shares then exercisable under such Option equals the number of
Shares to which the Tandem Stock Appreciation Right applies. Any Option related to a Tandem Stock Appreciation Right shall no
longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation
Right shall no longer be exercisable to the extent the related Option has been exercised.

 

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(d)
Restricted Stock Awards. The Committee is authorized to grant Restricted Stock Awards to any Eligible Person on the following
terms and conditions:

 

(i)
Grant and Restrictions. Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture
and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan, covering a period of time
specified by the Committee (the “Restriction Period”). The terms of any Restricted Stock Award granted under
the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent
with the Plan. The restrictions may lapse separately or in combination at such times, under such circumstances (including based
on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may
determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award Agreement
relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a shareholder, including
the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other
requirement imposed by the Committee). During the Restriction Period, subject to Section 10(b) below, the Restricted Stock may
not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant.

 

(ii)
Forfeiture. Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service
during the applicable Restriction Period, the Participant’s Restricted Stock that is at that time subject to a risk of forfeiture
that has not lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee
may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions
relating to Restricted Stock Awards shall be waived in whole or in part in the event of terminations resulting from specified
causes.

 

(iii)
Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require
that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted
Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the
Company, endorsed in blank, relating to the Restricted Stock.

 

    	 	12	 

    	 

    

 

(iv)
Dividends and Splits. As a condition to the grant of a Restricted Stock Award, the Committee may require or permit a Participant
to elect that any cash dividends paid on a Share of Restricted Stock be automatically reinvested in additional Shares of Restricted
Stock or applied to the purchase of additional Awards under the Plan. Unless otherwise determined by the Committee, Shares distributed
in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions
and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property have been
distributed.

 

(v)
Restricted Stock Units. In lieu of or in addition to Restricted Stock, the Committee is authorized to grant Restricted
Stock Units to any Eligible Person. Restricted Stock Units shall be subject to the same terms and conditions under this Plan as
Restricted Stock except as otherwise provided in this Plan or as otherwise provided by the Committee. Except as otherwise provided
by the Committee, the award shall be settled and paid out promptly upon vesting (to the extent permitted by Section 409A of the
Code), and the Participant holding such Restricted Stock Units shall receive, as determined by the Committee, Shares (or cash
equal to the Fair Market Value of the number of Shares as of the date the Award becomes payable) equal to the number of such Restricted
Stock Units. Restricted Stock Units shall not be transferable, shall have no voting rights, and, unless otherwise determined by
the Committee, shall not receive dividends or Dividend Equivalents (which in any event shall only be paid out to the extent that
the Restricted Stock Units vest).

 

(e)
Deferred Stock Award. The Committee is authorized to grant Deferred Stock Awards to any Eligible Person on the following
terms and conditions:

 

(i)
Award and Restrictions. Satisfaction of a Deferred Stock Award shall occur upon expiration of the deferral period specified
for such Deferred Stock Award by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition,
a Deferred Stock Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose,
if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on
achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise,
as the Committee may determine. A Deferred Stock Award may be satisfied by delivery of Shares, cash equal to the Fair Market Value
of the specified number of Shares covered by the Deferred Stock, or a combination thereof, as determined by the Committee at the
date of grant or thereafter. Prior to satisfaction of a Deferred Stock Award, a Deferred Stock Award carries no voting or dividend
or other rights associated with Share ownership.

 

(ii)
Forfeiture. Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service
during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement
evidencing the Deferred Stock Award), the Participant’s Deferred Stock Award that is at that time subject to a risk of forfeiture
that has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by rule or regulation
or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Deferred Stock Award
shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other
cases waive in whole or in part the forfeiture of any Deferred Stock Award.

 

    	 	13	 

    	 

    

 

(f)
Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant Shares to any Eligible Persons as a
bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under the Plan or under
other plans or compensatory arrangements, provided that, in the case of Eligible Persons subject to Section 16 of the Exchange
Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions
of Shares or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or Awards granted hereunder
shall be subject to such other terms as shall be determined by the Committee.

 

(g)
Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible
Person to receive cash, Shares, other Awards, or other property equal in value to the dividends paid with respect to a specified
number of Shares, or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection with
another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed
to have been reinvested in additional Shares, Awards, or other investment vehicles, and subject to such restrictions on transferability
and risks of forfeiture, as the Committee may specify. Unless otherwise determined by the Committee at date of grant, any Dividend
Equivalents that are granted with respect to any Deferred Stock Award shall be either (A) paid with respect to such Deferred Stock
Award at the dividend payment date in cash or in Shares of unrestricted stock having a Fair Market Value equal to the amount of
such dividends, or (B) deferred with respect to such Deferred Stock Award and the amount or value thereof automatically deemed
reinvested in additional Deferred Stock, other Awards or other investment vehicles, as the Committee shall determine or permit
the Participant to elect.

 

(h)
Performance Awards. The Committee is authorized to grant Performance Awards to any Eligible Person payable in cash, Shares,
or other Awards, on terms and conditions established by the Committee. The performance criteria to be achieved during any Performance
Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award.
Except as provided in Section 9 or as may be provided in an Award Agreement, Performance Awards will be distributed only after
the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period shall be conclusively
determined by the Committee and may be based on any criteria that the Committee, in its sole discretion, shall determine should
be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance
Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in accordance with procedures
established by the Committee, on a deferred basis.

 

(i)
Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible
Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based
on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan. Other Stock-Based Awards
may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based
Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan. The Committee shall
determine the terms and conditions of such Awards. Payment pursuant to an Award granted under this Section 6(i) shall be made
at such times, by such methods and in such forms, including, without limitation, cash, Shares, other Awards or other property,
as the Committee shall determine.

 

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7.
Certain Provisions Applicable to Awards.

 

(a)
Stand-Alone, Additional, Tandem and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee,
be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted
under another plan of the Company, any Related Entity, or any business entity to be acquired by the Company or a Related Entity,
or any other right of a Participant to receive payment from the Company or any Related Entity. Such additional, tandem, and substitute
or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award or award,
the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition,
Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company
or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation, or in
which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to
the Fair Market Value of the underlying Shares minus the value of the cash compensation surrendered. Awards granted pursuant to
the preceding sentence shall be designed, awarded and settled in a manner that does not result in additional taxes under Section
409A of the Code.

 

(b)
Term of Awards. The term of each Award shall be for such period as may be determined by the Committee; provided that in
no event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive
Stock Option such shorter term as may be required under Section 422 of the Code).

 

(c)
Form and Timing of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement,
payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award
may be made in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other
property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Any installment or deferral
provided for in the preceding sentence shall, however, be subject to the Company’s compliance with the provisions of Section
409A of the Code and other applicable law, rules and regulations adopted by the Securities and Exchange Commission, and all applicable
rules of any national securities exchange on which the Company’s securities are listed for trading and, if not listed for
trading on a national securities exchange, then the rules of the NASDAQ Stock Market. The settlement of any Award may be accelerated,
and cash paid in lieu of Shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one
or more specified events (in addition to a Change in Control), subject to compliance with the provisions of Section 409A of the
Code. Installment or deferred payments may be required by the Committee (subject to Section 10(e) of the Plan, including the consent
provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted
at the election of the Participant on terms and conditions established by the Committee. Payments may include, without limitation,
provisions for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting
of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Shares.

 

    	 	15	 

    	 

    

 

(d)
Exemptions from Section 16(b) Liability. It is the intent of the Company that the grant of any Awards to or other transaction
by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption
(except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision of this
Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such
provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3
so that such Participant shall avoid liability under Section 16(b).

 

8.
Successors. All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on
any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

9.
Change in Control.

 

(a)
Effect of “Change in Control.” Subject to Section 9(a)(iv), and if and only to the extent provided in the Award
Agreement, or to the extent otherwise determined by the Committee, upon the occurrence of a “Change in Control,” as
defined in Section 9(b):

 

(i)
Any Option or Stock Appreciation Right that was not previously vested and exercisable as of the time of the Change in Control,
shall become immediately vested and exercisable, subject to applicable restrictions set forth in Section 10(a) hereof.

 

(ii)
Any restrictions, deferral of settlement, and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit
Award, Deferred Stock Award or an Other Stock-Based Award subject only to future service requirements granted under the Plan shall
lapse and such Awards shall be deemed fully vested as of the time of the Change in Control, except to the extent of any waiver
by the Participant and subject to applicable restrictions set forth in Section 10(a) hereof.

 

(iii)
With respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee
may, in its discretion, deem such performance goals and conditions as having been met as of the date of the Change in Control.

 

(iv)
Notwithstanding the foregoing, if in the event of a Change in Control the successor company assumes or substitutes for an Option,
Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Deferred Stock Award or Other Stock-Based Award,
then each outstanding Option, Stock Appreciation Right, Restricted Stock Award, Deferred Stock Award or Other Stock-Based Award
shall not be accelerated as described in Sections 9(a)(i), (ii) and (iii). For the purposes of this Section 9(a)(iv), an Option,
Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Deferred Stock Award or Other Stock-Based Award
shall be considered assumed or substituted for if following the Change in Control the award confers the right to purchase or receive,
for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Deferred
Stock Award or Other Stock-Based Award immediately prior to the Change in Control, the consideration (whether stock, cash or other
securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held
on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding shares); provided, however, that if such consideration received
in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent or subsidiary,
the Committee may, with the consent of the successor company or its parent or subsidiary, provide that the consideration to be
received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award,
Deferred Stock Award or Other Stock-Based Award, for each Share subject thereto, will be solely common stock of the successor
company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders
of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration
shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding.

 

    	 	16	 

    	 

    

 

(b)
Definition of “Change in Control.” Unless otherwise specified in an Award Agreement, a “Change in Control”
shall mean the occurrence of any of the following:

 

(i)
The acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
more than fifty percent (50%) of either (A) the then outstanding shares of common stock of the Company (the “Outstanding
Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the foregoing
Beneficial Ownership hereinafter being referred to as a “Controlling Interest”); provided, however,
that for purposes of this Section 9(b), the following acquisitions shall not constitute or result in a Change of Control: (v)
any acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the
Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary; or (z) any acquisition by any corporation pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (iii) below; or

 

(ii)
During any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute
the Board on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

 

    	 	17	 

    	 

    

 

(iii)
Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving
the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company,
or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each a “Business Combination”),
in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were
the Beneficial Owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then outstanding
shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation,
a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior
to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may
be, (B) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such
Business Combination or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially
owns, directly or indirectly, fifty percent (50%) or more of the then outstanding shares of common stock of the corporation resulting
from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except
to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the
Board of Directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

 

(iv)
Approval by the shareholders of the Company of a plan of complete liquidation or dissolution of the Company or an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that
provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition
of additional taxes under Section 409A of the Code, the transaction or event described in subsection (i) (ii), (iii) or (iv) with
respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such
Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section
1.409A-3(i)(5).

 

    	 	18	 

    	 

    

 

10.
General Provisions.

 

(a)
Compliance With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the Committee,
postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration
or qualification of such Shares or other required action under any federal or state law, rule or regulation, listing or other
required action with respect to any stock exchange or automated quotation system upon which the Shares or other Company securities
are listed or quoted, or compliance with any other obligation of the Company, as the Committee, may consider appropriate, and
may require any Participant to make such representations, furnish such information and comply with or be subject to such other
conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in
compliance with applicable laws, rules, and regulations, listing requirements, or other obligations.

 

(b)
Limits on Transferability; Beneficiaries. No Award or other right or interest granted under the Plan shall be pledged,
hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned
or transferred by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the
death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant
only by the Participant or his or her guardian or legal representative, except that Awards and other rights (other than Incentive
Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries or other transferees
during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but
only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject
to any terms and conditions which the Committee may impose thereon). A Beneficiary, transferee, or other person claiming any rights
under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement
applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed
necessary or appropriate by the Committee.

 

(c)
Adjustments.

 

(i)
Adjustments to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash,
Shares, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination,
repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or
such other securities of the Company or any other issuer such that a substitution, exchange, or adjustment is determined by the
Committee to be appropriate, then the Committee shall, in such manner as it may deem equitable, substitute, exchange or adjust
any or all of (A) the number and kind of Shares which may be delivered in connection with Awards granted thereafter, (B) the number
and kind of Shares subject to or deliverable in respect of outstanding Awards, (C) the exercise price, grant price or purchase
price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding Award, and
(D) any other aspect of any Award that the Committee determines to be appropriate.

 

    	 	19	 

    	 

    

 

(ii)
Adjustments in Case of Certain Corporate Transactions. In the event of any merger, consolidation or other reorganization
in which the Company does not survive, or in the event of any Change in Control, any outstanding Awards may be dealt with in accordance
with any of the following approaches, as determined by the agreement effectuating the transaction or, if and to the extent not
so determined, as determined by the Committee: (a) the continuation of the outstanding Awards by the Company, if the Company is
a surviving corporation, (b) the assumption or substitution for, as those terms are defined in Section 9(b)(iv) hereof, the outstanding
Awards by the surviving corporation or its parent or subsidiary, (c) full exercisability or vesting and accelerated expiration
of the outstanding Awards, or (d) settlement of the value of the outstanding Awards in cash or cash equivalents or other property
followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be measured by
the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation
Right as of the effective date of the transaction). The Committee shall give written notice of any proposed transaction referred
to in this Section 10(c)(ii) a reasonable period of time prior to the closing date for such transaction (which notice may be given
either before or after the approval of such transaction), in order that Participants may have a reasonable period of time prior
to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that
may become exercisable upon the closing date of such transaction). A Participant may condition his exercise of any Awards upon
the consummation of the transaction.

 

(iii)
Other Adjustments. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included
in, Awards (including Performance Awards, or performance goals relating thereto) in recognition of unusual or nonrecurring events
(including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity
or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in applicable
laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s
assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations,
economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant.

 

(d)
Taxes. The Company and any Related Entity are authorized to withhold from any Award granted any payment relating to an
Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding
and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action
as the Committee may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the
payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold
or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax
obligations, either on a mandatory or elective basis in the discretion of the Committee. The withholding of taxes is intended
to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act to the extent permitted by law.

 

    	 	20	 

    	 

    

 

(e)
Changes to the Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee’s
authority to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration
to the Plan shall be subject to the approval of the Company’s shareholders not later than the annual meeting next following
such Board action if such shareholder approval is required by any federal or state law or regulation (including, without limitation,
Rule 16b-3 or Section 422 of the Code) or the rules of any stock exchange or automated quotation system on which the Shares may
then be listed or quoted), and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan
to shareholders for approval; provided that, without the consent of an affected Participant, no such Board action may materially
and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may waive
any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award
Agreement relating thereto, except as otherwise provided in the Plan; provided that, without the consent of an affected Participant,
no such Committee or the Board action may materially and adversely affect the rights of such Participant under such Award.

 

(f)
Limitation on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving
any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the
Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity to terminate any Eligible
Person’s or Participant’s Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim
to be granted any Award under the Plan or to be treated uniformly with other Participants and Employees, or (iv) conferring on
a Participant any of the rights of a shareholder of the Company unless and until the Participant is duly issued or transferred
Shares in accordance with the terms of an Award.

 

(g)
Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive
and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant
to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those
of a general creditor of the Company; provided that the Committee may authorize the creation of trusts and deposit therein cash,
Shares, other Awards or other property, or make other arrangements to meet the Company’s obligations under the Plan. Such
trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise
determines with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets
and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify and in
accordance with applicable law.

 

(h)
Code Section 409A. It is intended that all Awards issued under the Plan be in a form and administered in a manner that
will comply with the requirements of Section 409A of the Code, or the requirements of an exception to Section 409A of the Code,
and the Award Agreement and this Plan will be construed and administered in a manner that is consistent with and gives effect
to such intent. The Committee is authorized to adopt rules or regulations deemed necessary or appropriate to qualify for an exception
from or to comply with the requirements of Section 409A of the Code. With respect to an Award that constitutes a deferral of compensation
subject to Section 409A of the Code: (i) if any amount is payable under such Award upon a termination of service, a termination
of service will be treated as having occurred only at such time the Participant has experienced a “separation from service”
as such term is defined for purposes of Section 409A of the Code; (ii) if any amount is payable under such Award upon a disability,
a disability will be treated as having occurred only at such time the Participant has experienced a “disability” as
such term is defined for purposes of Section 409A of the Code; (iii) if any amount is payable under such Award on account of the
occurrence of a Change in Control, a Change in Control will be treated as having occurred only at such time a “change in
the ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation”
has occurred as such terms are defined for purposes of Section 409A of the Code, (iv) if any amount becomes payable under such
Award on account of a Participant’s separation from service at such time as the Participant is a “specified employee”
within the meaning of Section 409A of the Code, then no payment shall be made, except as permitted under Section 409A of the Code,
prior to the first business day after the earlier of (y) the date that is six months after the date of the Participant’s
separation from service or (z) the Participant’s death, (v) any right to receive any installment payments under this Plan
shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall
at all times be considered a separate and distinct payment, and (vi) no amendment to or payment under such Award will be made
except and only to the extent permitted under Section 409A of the Code.

 

    	 	21	 

    	 

    

 

Notwithstanding
the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed,
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may
be incurred by the Participant on account of non-compliance with Section 409A of the Code.

 

(i)
Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt
such other incentive arrangements as it may deem desirable including incentive arrangements and awards which do not qualify under
Section 162(m) of the Code.

 

(j)
Payments in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee, in the event of
a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid
the amount of such cash or other consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional
shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(k)
Investment Representations. The Company shall be under no obligation to issue any Shares covered by any Award unless the
Shares to be issued pursuant to Awards granted under the Plan have been effectively registered under the Securities Act of 1933,
as amended, or the Participant shall have made such written representations to the Company (upon which the Company believes it
may reasonably rely) as the Company may deem necessary or appropriate for purposes of confirming that the issuance of such Shares
will be exempt from the registration requirements of that Act and any applicable state securities laws and otherwise in compliance
with all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the Shares for
his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution
of any such Shares.

 

    	 	22	 

    	 

    

 

(l)
Registration. If the Company shall deem it necessary or desirable to register under the Securities Act of 1933, as amended,
or other applicable statutes any Shares issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such
Shares for exemption from the Securities Act of 1933, as amended, or other applicable statutes, then the Company shall take such
action at its own expense. The Company may require from each recipient of an Award, or each holder of Shares acquired pursuant
to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering
circular as is reasonably necessary for that purpose and may require reasonable indemnity to the Company and its officers and
directors from that holder against all losses, claims, damage and liabilities arising from use of the information so furnished
and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they
were made. In addition, the Company may require of any such person that he or she agree that, without the prior written consent
of the Company or the managing underwriter in any public offering of Shares, he or she will not sell, make any short sale of,
loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any Shares during the 180 day
period commencing on the effective date of the registration statement relating to the underwritten public offering of securities.
Without limiting the generality of the foregoing provisions of this Section 10(l), if in connection with any underwritten public
offering of securities of the Company the managing underwriter of such offering requires that the Company’s directors and
officers enter into a lock-up agreement containing provisions that are more restrictive than the provisions set forth in the preceding
sentence, then (a) each holder of Shares acquired pursuant to the Plan (regardless of whether such person has complied or complies
with the provisions of clause (b) below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms as those
to which the Company’s directors and officers are required to adhere; and (b) at the request of the Company or such managing
underwriter, each such person shall execute and deliver a lock-up agreement in form and substance equivalent to that which is
required to be executed by the Company’s directors and officers.

 

(m)
Placement of Legends; Stop Orders; etc. Each Share to be issued pursuant to Awards granted under the Plan may bear a reference
to the investment representation made in accordance with Section 10(k) in addition to any other applicable restriction under the
Plan, the terms of the Award and to the fact that no registration statement has been filed with the Securities and Exchange Commission
in respect to such Share. All Shares or other securities delivered under the Plan shall be subject to such stock transfer orders
and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange
upon which the Share is then listed, and any applicable federal or state securities law, and the Committee may cause a legend
or legends to be put on any certificates or recorded in connection with book-entry accounts representing the shares to make appropriate
reference to such restrictions.

 

    	 	23	 

    	 

    

 

(n)
Uncertificated Shares. To the extent that the Plan provides for issuance of certificates to reflect the transfer of Shares,
the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law.

 

(o)
Governing Law. The validity, construction and effect of the Plan, any rules and regulations under the Plan, and any Award
Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to principles of conflict
of laws, and applicable federal law.

 

(p)
Elections and Notices. Notwithstanding anything to the contrary contained in this Plan, all elections and notices of every
kind shall be made on forms prepared by the Company or the General Counsel, Secretary or Assistant Secretary, or their respective
delegates or shall be made in such other manner as permitted or required by the Company or the General Counsel, Secretary or Assistant
Secretary, or their respective delegates, including but not limited to elections or notices through electronic means, over the
Internet or otherwise. An election shall be deemed made when received by the Company (or its designated agent, but only in cases
where the designated agent has been appointed for the purpose of receiving such election), which may waive any defects in form.
The Company may limit the time an election may be made in advance of any deadline.

 

Where
any notice or filing required or permitted to be given to the Company under the Plan, it shall be delivered to the principal office
of the Company, directed to the attention of the General Counsel of the Company or his or her successor. Such notice shall be
deemed given on the date of delivery.

 

Notice
to the Participant shall be deemed given when mailed (or sent by telecopy) to the Participant’s work or home address as
shown on the records of the Company or, at the option of the Company, to the Participant’s e-mail address as shown on the
records of the Company.

 

It
is the Participant’s responsibility to ensure that the Participant’s addresses are kept up to date on the records
of the Company. In the case of notices affecting multiple Participants, the notices may be given by general distribution at the
Participants’ work locations.

 

(q)
Non-U.S. Laws. The Committee shall have the authority to adopt such modifications, procedures, and subplans as may be necessary
or desirable to comply with provisions of the laws of foreign countries in which the Company or its Subsidiaries may operate to
assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the
objectives of the Plan.

 

(r)
Venue. The Company and the Participant to whom an award under this Plan is granted, for themselves and their successors
and assigns, irrevocably submit to the exclusive and sole jurisdiction and venue of the state or federal courts of Delaware with
respect to any and all disputes arising out of or relating to this Plan, the subject matter of this Plan or any awards under this
Plan, including but not limited to any disputes arising out of or relating to the interpretation and enforceability of any awards
or the terms and conditions of this Plan. To achieve certainty regarding the appropriate forum in which to prosecute and defend
actions arising out of or relating to this Plan, and to ensure consistency in application and interpretation of the Governing
Law to the Plan, the parties agree that (a) sole and exclusive appropriate venue for any such action shall be an appropriate federal
or state court in Delaware, and no other, (b) all claims with respect to any such action shall be heard and determined exclusively
in such Delaware court, and no other, (c) such Delaware court shall have sole and exclusive jurisdiction over the person of such
parties and over the subject matter of any dispute relating hereto and (d) that the parties waive any and all objections and defenses
to bringing any such action before such Delaware court, including but not limited to those relating to lack of personal jurisdiction,
improper venue or forum non conveniens.

 

(s)
Plan Effective Date and Shareholder Approval; Termination of Plan. The Plan shall become effective on __________, 2018
(“Effective Date”), subject to subsequent approval, within 12 months of its adoption by the Board, by shareholders
of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Section 422 of
the Code, Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or
automated quotation system on which the Shares may be listed or quoted, and other laws, regulations, and obligations of the Company
applicable to the Plan. Awards may be granted subject to shareholder approval, but may not be exercised or otherwise settled in
the event the shareholder approval is not obtained. The Plan shall terminate at the earliest of (a) such time as no Shares remain
available for issuance under the Plan, (b) termination of this Plan by the Board, or (c) the tenth anniversary of the Effective
Date. Awards outstanding upon expiration of the Plan shall remain in effect until they have been exercised or terminated, or have
expired.

 

Adopted
______________, 2018

 

    	 	24EXHIBIT
10.2

 

IMAC
HOLDINGS, INC.

INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (this “Agreement”) is dated as of [insert date], and is between IMAC Holdings,
Inc., a Delaware corporation (the “Company”), and [insert name of indemnitee] (“Indemnitee”).

 

RECITALS

 

A.
Indemnitee’s service to the Company substantially benefits the Company.

 

B.
Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided
with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out
of such service.

 

C.
Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing documents and any
insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without
additional protection.

 

D.
In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the
Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable
law.

 

E.
This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s certificate of incorporation
and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall
this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

 

The
parties therefore agree as follows:

 

1.
Definitions.

 

(a)
A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)
Acquisition of Stock by Third Party. Any Person (as defined below) becomes the Beneficial Owner (as defined below), directly
or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s
then outstanding securities;

 

(ii)
Change in Board Composition. During any period of two consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Company’s board of directors, and any
new directors (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any
reason to constitute at least a majority of the members of the Company’s board of directors;

 

    	 	 	 

    	 

    

 

(iii)
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than
a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger
or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity;

 

(iv)
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets; and

 

(v)
Other Events. Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange
Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement, except the completion of the
Company’s initial public offering shall not be considered a Change in Control.

 

For
purposes of this Section 1(a), the following terms shall have the following meanings:

 

(1)
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(2)
“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise
becoming a Beneficial Owner by reason of (i) the stockholders of the Company approving a merger of the Company with another entity
or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person.

 

(b)
“Corporate Status” describes the status of a person who is or was a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary of the Company or any other Enterprise.

 

(c)
“DGCL” means the General Corporation Law of the State of Delaware.

 

(d)
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification is sought by Indemnitee.

 

(e)
“Enterprise” means the Company and any other corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director,
trustee, general partner, managing member, officer, employee, agent or fiduciary.

 

(f)
“Expenses” include all reasonable and actually incurred attorneys’ fees, retainers, court costs, transcript
costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating
in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond
or their equivalent, and (ii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability
insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee.

 

    	 	2	 

    	 

    

 

(g)
“Independent Counsel” means a law firm, or a partner or member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee
in any matter material to either such party (other than as Independent Counsel with respect to matters concerning Indemnitee under
this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(h)
“Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom and including
without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved
as a party, a potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director
or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting
as a director or officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a
director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise,
in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification
or advancement of expenses can be provided under this Agreement.

 

(i)
Reference to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving
at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which
imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan,
its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in
the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement.

 

2.
Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct
was unlawful.

 

    	 	3	 

    	 

    

 

3.
Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall
be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court
of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any
court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as
the Delaware Court of Chancery or such other court shall deem proper.

 

4.
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to
or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter
therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

5.
Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status,
a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable
law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

6.
Additional Indemnification.

 

(a)
Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest extent permitted by
applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid
in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any
claim, issue or matter therein.

 

(b)
For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

(i)
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL; and

 

(ii)
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

    	 	4	 

    	 

    

 

7.
Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnity in connection with any Proceeding (or any part of any Proceeding):

 

(a)
for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision,
vote or otherwise, except with respect to any excess beyond the amount paid;

 

(b)
for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or
similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant
to any settlement arrangements);

 

(c)
for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange
Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or Section 954 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act, or the payment to the Company of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including
pursuant to any settlement arrangements);

 

(d)
initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company
or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized
the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section
12(d) or (iv) otherwise required by applicable law; or

 

(e)
if prohibited by applicable law.

 

8.
Advances of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior
to its final disposition, and such advancement shall be made as soon as reasonably practicable, but in any event no later than
30 days, after the receipt by the Company of a written statement or statements requesting such advances from time to time (which
shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with
legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege
accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without
regard to Indemnitee’s ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to
the extent advancement is prohibited by law and shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity
is not permitted under this Agreement, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section
7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

 

9.
Procedures for Notification and Defense of Claim.

 

(a)
Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification
or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written
notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying
the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have
to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute
a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company.

 

    	 	5	 

    	 

    

 

(b)
If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and
officers’ liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of
the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The
Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies.

 

(c)
In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled
to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld,
conditioned or delayed, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice,
approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee
for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the
Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses
of Indemnitee’s separate counsel to the extent (i) the employment of separate counsel by Indemnitee is authorized by the
Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between
the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be separately represented, (iii) the
Company is not financially or legally able to perform its indemnification obligations or (iv) the Company shall not have retained,
or shall not continue to retain, counsel to defend such Proceeding. Regardless of any provision in this Agreement, Indemnitee
shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled,
without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.

 

(d)
Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate.

 

(e)
The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the
Company’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

(f)
The Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee
without Indemnitee’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

10.
Procedures upon Application for Indemnification.

 

(a)
To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification following the final disposition of the Proceeding. The Company shall, as soon as reasonably
practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification.
Any delay in providing the request will not relieve the Company from its obligations under this Agreement, except to the extent
such failure is prejudicial.

 

(b)
Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with respect to Indemnitee’s
entitlement thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel
in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a
Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum
of the Company’s board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the
Disinterested Directors, even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested
Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board
of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors,
by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within 30 days after such determination. Indemnitee shall cooperate with the person, persons or entity making the
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure
and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including
attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company, to the extent permitted by applicable law.

 

    	 	6	 

    	 

    

 

(c)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b),
the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the
Independent Counsel shall be selected by the Company’s board of directors, and the Company shall give written notice to
Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred,
the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s
board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may
be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so
made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission
by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the
Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition the Delaware
Court of Chancery for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed
shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d)
The Company agrees to pay the reasonable fees and expenses of any Independent Counsel.

 

11.
Presumptions and Effect of Certain Proceedings.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such
determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under
this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that
presumption.

 

    	 	7	 

    	 

    

 

(b)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(c)
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the extent Indemnitee
relied in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information
supplied to Indemnitee by the officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel for
the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or
records given or reports made to the Enterprise by an independent certified public accountant, an appraiser, investment banker
or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors.
The provisions of this Section 11(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which
Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(d)
Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise shall be
imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

12.
Remedies of Indemnitee.

 

(a)
Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8
or 12(d) of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section
10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final
disposition of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within 20 days after
a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to
Sections 4, 5 and 12(d) of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the
Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or
institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided
or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by the Delaware Court of Chancery
of his or her entitlement to such indemnification or advancement of Expenses. The Company shall not oppose Indemnitee’s
right to seek any such adjudication in accordance with this Agreement.

 

(b)
Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent
Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company, its board of directors,
any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable
standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. In the
event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, on the merits,
and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant
to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not
entitled to indemnification or advancement of Expenses, as the case may be.

 

    	 	8	 

    	 

    

 

(c)
To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and
shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. If a determination shall
have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound
by such determination in any judicial proceeding commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)
To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred by Indemnitee
in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any
directors’ and officers’ liability insurance policies maintained by the Company to the extent Indemnitee is successful
in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 30 days,
after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions of
Section 8.

 

(e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required
to be made prior to the final disposition of the Proceeding.

 

13.
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee,
whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events
and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors,
officers, employees and agents) in connection with such events and transactions.

 

14.
Non-exclusivity. The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s
certificate of incorporation or bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the
extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Company’s certificate of incorporation and bylaws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such
change, subject to the restrictions expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy.

 

    	 	9	 

    	 

    

 

15.
Primary Responsibility. The Company acknowledges that Indemnitee may have certain rights to indemnification and advancement
of expenses provided by third parties (collectively, the “Secondary Indemnitor”). The Company agrees that,
as between the Company and the Secondary Indemnitors, the Company is primarily responsible for amounts required to be indemnified
or advanced under the Company’s certificate of incorporation or bylaws or this Agreement and any obligation of the Secondary
Indemnitors to provide indemnification or advancement for the same amounts is secondary to those Company obligations. To the extent
not in contravention of any insurance policy or policies providing liability or other insurance for the Company or any director,
trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, the Company
waives any right of contribution or subrogation against the Secondary Indemnitors with respect to the liabilities for which the
Company is primarily responsible under this Section 15. In the event of any payment by the Secondary Indemnitors of amounts otherwise
required to be indemnified or advanced by the Company under the Company’s certificate of incorporation or bylaws or this
Agreement, the Secondary Indemnitors shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee
for indemnification or advancement of expenses under the Company’s certificate of incorporation or bylaws or this Agreement
or, to the extent such subrogation is unavailable and contribution is found to be the applicable remedy, shall have a right of
contribution with respect to the amounts paid; provided, however, that the foregoing sentence will be deemed void
if and to the extent that it would violate any applicable insurance policy. The Secondary Indemnitors are express third-party
beneficiaries of the terms of this Section 15.

 

16.
No Duplication of Payments. Subject to any subrogation rights set forth in Section 15, the Company shall not be liable
under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder)
if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy, contract,
agreement or otherwise.

 

17.
Insurance. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise,
Indemnitee shall be covered by such policy or policies to the same extent as the most favorably-insured persons under such policy
or policies in a comparable position.

 

18.
Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

19.
Services to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company,
as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so
long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position.
Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation
imposed by operation of law). This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries
or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries
or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without
notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the
Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Company’s
board of directors or, with respect to service as a director or officer of the Company, the Company’s certificate of incorporation
or bylaws or the DGCL. No such document shall be subject to any oral modification thereof.

 

    	 	10	 

    	 

    

 

20.
Duration. This Agreement shall continue until and terminate upon the later of (a) ten years after the date that Indemnitee
shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member,
officer, employee, agent or fiduciary of any other Enterprise, as applicable; or (b) for as long as Indemnitee may be subject
to any Proceeding, even after Indemnitee has ceased to serve as a director or officer of the Company or as a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as applicable.

 

21.
Successors. This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect
successor, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company,
and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all
of the business or assets of the Company, by written agreement, expressly to 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 had taken place.

 

22.
Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or
fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable
law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality
and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted
by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby.

 

23.
Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

 

24.
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with
respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance
of the Company’s certificate of incorporation and bylaws and applicable law.

 

25.
Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless executed in
writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of
any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

 

    	 	11	 

    	 

    

 

26.
Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by
registered or certified mail, postage prepaid, sent by electronic mail or otherwise delivered by hand, messenger or courier service
addressed:

 

(a)
if to Indemnitee, to Indemnitee’s address or electronic mail address as shown on the signature page of this Agreement or
in the Company’s records, as may be updated in accordance with the provisions hereof; or

 

(b)
if to the Company, to the attention of the General Counsel of the Company at IMAC Holdings, Inc., 2725 James Sanders Blvd., Paducah,
Kentucky 42001, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not
constitute notice) to Spencer G. Feldman at Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, 15th Floor, New
York, New York 10019.

 

Each
such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service,
freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via
mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the
deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, upon confirmation
of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if
not sent during normal business hours of the recipient, then on the recipient’s next business day.

 

27.
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction
of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, National Registered
Agents, Inc. as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with
any such action or proceeding against such party with the same legal force and validity as if served upon such party personally
within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware
Court of Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court of Chancery has been brought in an improper or inconvenient forum.

 

28.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and
delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

29.
Captions. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

 

(signature
page follows)

 

    	 	12	 

    	 

    

 

The
parties are signing this Indemnification Agreement as of the date stated in the introductory sentence.

 

	 	IMAC
    HOLDINGS, INC.
	 	 
	 	 
	 	(Signature)

                                                                               

	 	 
	 	(Print name)

                                                                               

	 	 
	 	(Title)
	 	 
	 	[INSERT
    INDEMNITEE NAME]
	 	 
	 	 
	 	(Signature)

                                                                               

	 	 
	 	(Print name)

                                                                               

	 	 
	 	(Street address)

                                                                               

	 	 
	 	(City,
    State and ZIP)

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