Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is made effective as of March 10, 2020, between iBio, Inc., a Delaware corporation
(the “Company”), and Thomas F. Isett, an individual resident of the State of Maryland (“Executive”).
The Company and Executive, intending to be legally bound, agree as follows:

 

1.                  
Representations and Warranties. Executive represents and warrants to the Company that (a) he is not bound by any restrictive
covenants and has no prior or other obligations or commitments of any kind (written, oral or otherwise) that would in any way prevent,
restrict, hinder or interfere with Executive’s acceptance of employment with the Company or the performance of all duties
and services hereunder to the fullest extent of Executive’s ability and knowledge; (b) he has full power and capacity to
execute and deliver, and to perform all of his obligations under, this Agreement; and (c) this Agreement is binding upon and enforceable
against Executive. The Company represents and warrants to Executive that (x) the Company has full power and capacity to execute
and deliver, and to perform all of its obligations under, this Agreement; (y) the Company has obtained all approvals, consents,
and authorizations required by the Company in order to enter into and perform its obligations under this Agreement; and (z) this
Agreement is binding upon and enforceable against the Company.

 

2.                  
Duties. Executive will have the titles of Chief Executive Officer and Executive Co-Chairman of the Board, and shall be responsible
for all day to day management and operation of the business of the Company and such other duties and responsibilities as may be
assigned, from time to time, by and subject to the direction of the Company’s Board of Directors (the “Board”).
During the Term (as defined below), excluding any periods of vacation or sick leave to which Executive is entitled, (i) Executive
will apply on a full-time basis all of his skill and experience to the performance of his duties, and (ii) Executive will devote
as much time to the management of the business and affairs of the Company as is necessary for the proper conduct of the business
and affairs of the Company. Executive may, upon approval by the Board, engage in certain limited non-competitive activities, and
in charitable and civic activities. Executive will perform his duties under this Agreement with fidelity and loyalty, to the best
of his ability, experience and talent and in a manner consistent with his duties and responsibilities and in accord with best practices
within the Company’s industry.

 

3.                  
Employment Term. Unless earlier terminated as provided herein, the initial term of this Agreement will be for a period of
three (3) years, commencing on the date of this Agreement (the “Initial Term”); provided that thereafter this
Agreement will be extended for additional one (1) year periods unless, no later than sixty (60) days prior to the expiration of
the Initial Term or any such one (1) year extension period, as the case may be, either the Company or Executive provides notice
to the other of its intent to terminate this Agreement upon the completion of the Initial Term or any such one (1) year extension
period (the period of Executive’s employment by the Company under this Agreement will be referred to as the “Term”).

 

4.                  
Compensation. In exchange for services rendered by Executive hereunder, the Company will provide Executive with the following
compensation and benefits:

 

(a)               
Base Salary. The Company will pay Executive a base salary at the annual rate of $490,000 (“Base Salary”),
with annual increases (effective July 1 of each fiscal year of the Company beginning in 2021) to be mutually agreed upon by Executive
and the Board not later than July 31 of each fiscal year of the Company. All Base Salary payments will be paid in the same manner
and at the same time as salary payments are made to other employees of the Company. Executive’s Base Salary and other compensation
paid to him from the Company (including all cash bonuses and severance payments) will be subject to such withholdings as may be
required by law.

 

    1 

     

    

 

(b)               
Signing Bonus. Upon the full execution and delivery of this Agreement by both parties, Executive will be paid a signing
bonus in the amount of $450,000 in cash. Executive will be paid an additional signing bonus in the amount of $250,000 in cash on
the first anniversary of this Agreement, provided Executive is then employed with the Company (and, as of such date, has not given
notice of resignation or been provided with written notice of termination for Cause).

 

(c)               
Annual Bonuses. For the Company’s fiscal year beginning July 1, 2019 and ending June 30, 2020, Executive will be paid
a guaranteed bonus in the amount of $80,000, which bonus amount will be paid in cash on July 1, 2020. For all fiscal years beginning
on or after July 1, 2020, Executive will be eligible for an incentive bonus (an “Incentive Bonus”) of up to
60% of his Base Salary. On or before July 31 of each Company fiscal year the Board and Executive shall determine mutually agreeable
performance criteria by which the Incentive Bonus for such fiscal year shall be earned.

 

(d)               
Performance Bonus. Executive will be awarded a cash bonus in the amount of 4.5% of the transaction consideration paid in
connection with the consummation of a Change of Control Transaction during the Term; provided that such Change of Control Transaction
results in the stockholders of the Company receiving (or being entitled to receive, whether upon the consummation of the Change
of Control Transaction or at a future date) transaction consideration worth at least 120% of the average closing trading price
of the Company’s securities during the 20 trading-day period immediately preceding the consummation of the Change of Control
Transaction. For the purposes of this paragraph, “transaction consideration” means an amount of cash and the fair market
value of stock, equity, securities or other property paid or set aside for payment to the stockholders of the Company in connection
with the Change of Control Transaction. In addition, “transaction consideration” includes all contingent, conditional
or deferred consideration paid or payable in connection with the Change of Control Transactions. The bonus paid pursuant to this
paragraph is subject to such withholdings as may be required by law and will be paid within 10 days after the date of the consummation
of the Change of Control Transaction.

 

(e)               
Equity Grant. Upon the full execution and delivery of this Agreement by both parties, the Company will deliver to Executive
a Stock Option Award Agreement (the “Award Agreement”) to purchase 975,000 shares of the Company’s common
stock (the “Option Shares”), at the Company’s current trading price, which will be issued to Executive
pursuant to the Plan. Such option shares will vest ratably over the 36-month period beginning on the date of this Agreement (1/36th
per month) and will be deemed fully-vested upon any transaction or series of related transactions that constitutes a Change of
Control Transaction (as defined below). In the event that sufficient shares for the foregoing option award are not available under
the Plan or are not authorized by the Company as of the date of this Agreement, the Company will issue to Executive such number
of option shares as are available or authorized on the date of this Agreement and, promptly, and in all events within fifteen (15)
days of the date of this Agreement, take such action to amend the Plan and/or to authorize such shares as may be necessary in order
to fulfill the obligations set forth in this Section 2(d). The Company will review the trading price of the Company’s common
stock as of each of June 30, 2020 and June 30, 2021 (each, a “Pricing Date”) and if the average closing trading
price of the Company’s securities during the 20 trading-day period immediately preceding a Pricing Date is below the then-current
exercise price of the Option Shares granted under the Award Agreement (or any new Options Shares under an Award Agreement exchanged
for the current Options Shares and Award Agreement), the Company will exchange the Option Shares and Award Agreement with new Option
Shares under a new Award Agreement (but with the same vested amounts and remaining vesting schedule) with an exercise price equal
to the then-current trading price as of such Pricing Date. For the avoidance of doubt, the exercise price of the Option Shares
(or any new Option Shares issued in exchange of any Option Shares) could be adjusted multiple times, each on a Pricing Date; provided
that any such adjustment or exchange after June 30, 2021 shall only occur at the discretion of the Board.

 

    2 

     

    

 

(f)                
Benefits. Executive will be offered the opportunity to participate in such medical and other employee benefit plans for
which he is eligible as may be established from time to time by the Company for other executive employees; provided, that the Company
shall pay the full cost of all medical, vision, and dental benefits provided to Executive and his family.

 

(g)               
Holidays and Vacation. Executive will be entitled to be paid for holidays according to Company policy in effect from time
to time. Four (4) weeks of vacation will be taken at such times and dates as will not interfere with his duties and responsibilities
to the Company.

 

(h)               
Car allowance. The Company will reimburse Executive on a monthly basis for all costs related to the use of one personal
vehicle for business purposes (including maintenance and fuel costs), which reimbursement will not exceed $750 per month.

 

(i)                
Continuing Education. The Company will pay for all continuing education expenses incurred by Executive up to a maximum of
$7,500 per year. Executive’s time spent in attendance at any continuing education will not be considered vacation time.

 

(j)                
Relocation Assistance. If the duties of the Executive require the Executive to relocate his primary resident to any state
in which the Company maintains a physical office location, the Executive will notify the Board that he is required to relocate
his primary residence, and the Board will approve of such relocation (such approval not to be unreasonably withheld). In connection
with any such relocation, the Company will reimburse Executive for all reasonable and documented relocation expenses incurred by
Executive and the members of his immediate household in moving to the new location, including, without limitation, moving expenses,
rental payments for temporary living quarters in the area of relocation for a period not to exceed six months, real estate brokerage
commissions incurred by Executive in connection with the sale of his then existing primary residence, and loan financing charges
and closing costs incurred in connection with the acquisition and financing of a new residence. The Executive shall provide all
such expense reimbursement documentation within seventy-five (75) days of incurring such expense and the Company shall reimburse
the Executive within thirty (30) days thereafter.

 

(k)               
Expense Reimbursement. While Executive is employed by the Company hereunder, the Company will reimburse Executive for all
reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by Executive in the performance of
the duties and responsibilities under this Agreement. Executive will provide additional documentation in the form of receipts,
vouchers, invoices and the like that pertain to and further substantiate and verify any such reimbursable expense, and the receipt
thereof by the Company, when requested, will be a condition precedent to payment. The Executive shall provide all such expense
reimbursement documentation within seventy-five (75) days of incurring such expense and the Company shall reimburse the Executive
within thirty (30) days thereafter.

 

5.                  
Termination. Executive and the Company acknowledge that Executive’s employment with the Company is at-will, which
may be terminated by the Company or Executive at any time for any reason or no reason. The provisions of Section 4(a) through
and including Section 4(e) govern the amount of compensation, if any, to be provided to Executive upon termination of employment
and do not alter this at-will status.

 

		(a)	Termination for Cause.

 

(i)                       
The Company shall have the right to terminate Executive’s employment with the Company at any time for “Cause”,
which shall include, but is not limited to, the following:

 

(A)                       
Executive is convicted of or Executive pleads guilty or nolo contendere to, any felony, or Executive is convicted of, or
Executive pleads guilty or nolo contendere to, any crime or offense (whether or not involving the Company or any of its
affiliates) either (A) constituting a crime of moral turpitude that is punishable by imprisonment in a state or federal correction
facility, or (B) involving acts of theft, fraud or embezzlement;

 

    3 

     

    

 

(B)                       
Executive’s misconduct that causes material harm to the Company’s business reputation, or commission of a material
act of dishonesty involving the Company or its affiliates;

 

(C)                       
Material fraud with respect to the Company or any of its affiliates;

 

(D)                       
a material breach by Executive of his obligations under this Agreement or any other written agreement with the Company, which Executive
fails to cure within 30 days after receipt of written notice of such breach; and

 

(E)                       
breach of the Company’s policies or procedures which causes, or could reasonably be expected to cause, material harm to the
Company or its affiliates, which Executive fails to cure within 30 days after receipt of written notice of such breach.

 

(ii)                       
If the Company terminates Executive’s employment for Cause at any time, then: (A) Executive will not be entitled to
pay in lieu of notice or any other such compensation, and all compensation and benefits payable to Executive under this Agreement
terminate on Executive’s date of termination, and (B) the Company agrees to pay Executive the Base Salary and benefits under
Section 4(a) and Section 4(e) that have accrued as of the date of such termination.

 

		(b)	Termination Without Cause, for Disability or Voluntary Termination.

 

(i)                
Executive’s employment hereunder may be terminated either by the Company without Cause or due to the Executive’s
disability (as defined below) or by Executive, in which event Executive will be entitled to receive his Base Salary for each day
following notice of such termination that Executive reports and is available for work until the termination date. As a professional
courtesy, the Company requests that Executive provide it with ninety (90) days’ written notice of his intent to terminate
employment pursuant to this Section 5(b). Likewise, where feasible, the Company will endeavor to provide Executive with
reasonable notice if it chooses to terminate the employment relationship. During any such notice period, Executive agrees to supply
any such transition services as the Board may direct. The Board, in its sole discretion, may direct Executive to not report to
his office and/or to not perform any services for the Company during such 90-day period.

 

(ii)              
If the Company should terminate Executive’s employment for reasons other than for Cause or due to disability, subject
to the Executive’s execution of a release in form attached hereto as Exhibit A, the Company agrees to pay Executive
the Base Salary under Section 4(a), any accrued bonus under Section 4(c), and any benefits under Section 4(e)
and Section 4(f), for a period equal to the lesser of 24 months after termination or the remaining balance of the Term (collectively,
the “Severance Payments”), paid in accordance with the Company’s standard payroll schedule and practices.

 

		(c)	Death or Disability.

 

(i)       This
Agreement will terminate immediately upon Executive’s death, and the Company will not have any further liability or obligation
to Executive, Executive’s executors, heirs, assigns or any other person claiming under or through Executive’s estate,
except that Executive’s estate will receive any accrued but unpaid Base Salary, any accrued but unpaid bonus amounts, and
all benefits through the date of death.

 

    4 

     

    

 

(ii)       The
Company will have the right to terminate this Agreement if Executive becomes disabled. The term “disabled” means any
disability that qualifies as a disability under any long-term disability plan of the Company then in effect or, absent such a plan,
Executive’s inability, due to physical or mental ill health, to perform substantially all of the duties prescribed to him
in the context of Executive’s employment, on a full time basis and in a professional, competent, and consistent manner, for
one hundred twenty (120) days during any one hundred eighty (180) day period irrespective of whether or not such days are consecutive.

 

(d)   
Change of Control Transaction. Notwithstanding any provision of this Section 5 to the contrary, if the Company (or
its successor) terminates the employment of Executive upon or at any time in connection with a change in the ownership or effective
control of the Company or a change in the ownership of a substantial portion of the Company’s assets, each within the meaning
of Section 409A (as defined below (each, a “Change of Control Transaction”)), subject to the Executive’s
execution of a release in the form of Exhibit A attached hereto, the Executive shall be entitled to the following severance
payments and benefits upon such termination: (i) a lump sum cash payment, within 30 days after termination, equal to 24 months
of the Executive’s then-current base salary; (ii) a lump sum cash payment, within 30 days after termination, equal to a pro-rated
amount of his/her target annual bonus for the year immediately preceding the termination; (iii) payment of the full amount of all
premiums for continued health benefits (including COBRA) under the Company’s health plans for a period of 12 months following
the termination; and (iv) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.
In each case such amounts shall be less payroll taxes and withholding required by any federal, state or local law.

 

6.                  
Non-Disclosure of Confidential Information. Executive acknowledges and agrees that, during the Term, he may have access
to and become familiar with various trade secrets and other confidential or proprietary information of the Company including, but
not limited to, the Company’s existing and contemplated services and products, documentation, technical data, contracts,
business and financial methods, practices and plans, costs and pricing, lists of the Company’s customers, prospective customers
and contacts, suppliers, vendors, consultants and employees, methods of obtaining customers, suppliers, vendors, consultants and
employees, financial and operational data of the Company’s present and prospective customers, suppliers, vendors, consultants
and employees and the particular business requirements of the Company’s present and prospective customers, suppliers, vendors,
consultants and employees, marketing and sales literature, records, software, diagrams, source code, object code, product development,
trade secrets; and the Company’s techniques of doing business, business strategies and standards (including all non-public
information of the Company, collectively, the “Confidential Information”). Executive expressly agrees not to
disclose any Confidential Information, directly or indirectly, nor use Confidential Information in any way, either during the Term
or at any time thereafter, except as required in the course of his employment with the Company. Specifically, during the Term or
engagement of Executive by the Company and thereafter, Executive (i) shall maintain the Confidential Information in strict confidence;
(ii) shall not disclose any Confidential Information to any person or other entity; (iii) shall not use any Confidential Information
to the detriment of the Company and for the benefit of Executive or any other person or entity; (iv) shall not authorize or permit
such use or disclosure; and (v) shall comply with the policies and procedures of the Company regarding use and disclosure of Confidential
Information. All files, papers, records, documents, drawings, specifications, equipment and similar items relating to the business
of the Company and Confidential Information, whether prepared by Executive or otherwise coming into his possession, shall at all
times remain the exclusive property of the Company and such items and all copies thereof shall be returned to the Company at Company’s
request or upon the expiration or termination of Executive’s employment. In connection with his termination of employment
with the Company, Executive will cooperate with the Company in completing and signing a termination statement or affidavit in the
form proscribed by the Company, which will contain Executive’s certification that he has no tangible Confidential Information
in his possession.

 

    5 

     

    

 

7.                  
Ownership of Intellectual Property. To the extent that Executive, alone or with others, develops, makes, conceives, contributes
to or reduces to practice any intellectual property related to the duties of Executive hereunder or which results in any way from
Executive using the resources of the Company, during the period of Executive’s employment with the Company, whether or not
during working hours, such intellectual property is and shall be the sole and exclusive property of the Company.

 

To the extent any such
intellectual property can be protected by copyright, and is deemed in any way to fall within the definition of “work made
for hire” as such term is defined in 17 U.S.C. §101, such intellectual property shall be considered to have been produced
under contract for the Company as a work made for hire. In any event, and regardless of whether such intellectual property is deemed
to be a “work made for hire”, Executive shall disclose any and all such intellectual property to the Company and does
hereby assign to the Company any and all right, title and interest which Executive may have in and to such intellectual property.
Upon the Company’s request at any time, including any time after termination of Executive’s employment, Executive shall
execute and deliver to the Company such other documents as the Company deems necessary to vest in the Company the sole ownership
of and exclusive worldwide rights in and to, all of such intellectual property.

 

8.                  
Miscellaneous.

 

(a)               
Notices. All notices under this Agreement shall be sent and deemed duly given when posted in the United States first-class
mail, postage prepaid to the addresses set forth below such party’s signature on the signature page of this Agreement. These
addresses may be changed from time to time by written notice to the appropriate party. For the avoidance of doubt, no notice provided
by Executive to himself as an officer or employee of the Company will be effective to provide notice to the Company, and no notice
from Executive as an officer or employee of the Company to himself under this Agreement will be effective to provide notice to
Executive.

 

(b)               
Assignment. This Agreement is binding upon the Company and Executive and may not be assigned by either of them without the
prior written consent of the other party.

 

(c)               
No Waiver. The failure of either the Company or Executive to object to any conduct or violation of any of the covenants
made by the other under this Agreement will not be deemed a waiver of any rights or remedies. No waiver of any right or remedy
arising under this Agreement will be valid unless set forth in an appropriate writing signed by both the Company and Executive.

 

(d)               
Entire Agreement. This Agreement constitutes the entire understanding between the Company and Executive, and supersedes
all prior oral or written communications, proposals, representations, warranties, covenants, understandings or agreements between
the Company and Executive, relating to the subject matter of this Agreement.

 

(e)               
No Oral Modifications. No alterations, amendments, changes or additions to this Agreement will be binding upon either the
Company or Executive unless reduced to writing and signed by both the Company (by an officer specifically designated in writing
by the Board) and Executive.

 

    6 

     

    

 

(f)                
Severability. The covenants, provisions and sections of this Agreement are severable, and if any portion of this Agreement
is held to be unlawful or unenforceable, the same will not affect any other portion of this Agreement, and the remaining terms
and conditions or portions thereof will remain in full force and effect. This Agreement will be construed in such case as if such
unlawful or unenforceable portion had never been contained in this Agreement, in order to effectuate the intentions of the Company
and Executive in executing this Agreement.

 

(g)               
Survival. Provisions of this Agreement which by their nature are intended to survive termination of Executive’s employment
with the Company or expiration of this Agreement will survive any such termination or expiration of this Agreement, including but
not limited to Section 4 through and including Section 8.

 

(h)               
Governing Law. This Agreement will be governed by and construed in accordance with the internal laws of the State of Delaware
without giving effect to the choice of laws principles thereof.

 

(i)                
Jurisdiction; Venue. Each of the parties hereto by its execution hereof:

 

(i)       irrevocably
submits to the jurisdiction of any state court located in the State of Delaware and to the jurisdiction of the United States District
Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based on this Agreement
or the subject matter hereof, and agrees that any state and federal court serving Wilmington, Delaware will be deemed to be a convenient
forum; and

 

(ii)       waives
to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such
proceeding brought in any of the above-named courts, any claim that it is not subject personally to the jurisdiction of such courts,
that its property is exempt or immune from attachment or execution, that any such proceeding is brought in an inconvenient forum,
that the venue of such proceeding is improper, or that this Agreement, or the subject matter hereof, may not be enforced in or
by such court.

 

The parties
hereto hereby consent to service of process in any such proceeding in any manner permitted by the laws of the State of Delaware,
and agree that service of process by registered or certified mail, return receipt requested, at its address specified in or pursuant
to this Agreement is reasonably calculated to give actual notice.

 

(j)                
Headings. The section headings of this Agreement are for convenience of reference only and shall not affect the construction
or interpretation of any of the provisions hereof.

 

(k)               
Advice of Counsel and Construction. The parties acknowledge that all parties to this Agreement have been represented by
counsel, or had the opportunity to be represented by counsel of their choice. Accordingly, the rule of construction of contract
language against the drafting party is hereby waived by all parties.

 

(l)                
Counterparts; Electronic Signature. This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. Further, this Agreement may be executed by
transfer of an originally signed document by facsimile, e-mail or other electronic means, any of which will be as fully binding
as an original document.

 

    7 

     

    

 

(m)             
Section 409A. Each payment under this Agreement, including each payment in a series of installment payments, is intended
to be a separate payment for purposes of Treas. Reg. §1.409A-2(b), and is intended to be: (i) exempt from Section 409A of
the Internal Revenue Code of 1986, as amended, the regulations and other binding guidance promulgated thereunder (“Section
409A”), including, but not limited to, by compliance with the short-term deferral exemption as specified in Treas. Reg.
 § 1.409A-1(b)(4) and the involuntary separation pay exception within the meaning of Treas. Reg. §1.409A-1(b)(9)(iii),
or (ii) in compliance with Section 409A, including, but not limited to, being paid pursuant to a fixed schedule or specified date
pursuant to Treas. Reg. § 1.409A-3(a) and the provisions of this Agreement will be administered, interpreted and construed
accordingly. If, nonetheless, this Agreement either fails to satisfy the requirements of Section 409A or is not exempt from the
application of Section 409A, then the parties hereby agree to amend or to clarify this Agreement in a timely manner so that this
Agreement either satisfies the requirements of Section 409A or is exempt from the application of Section 409A. Nevertheless, notwithstanding
any other provision of this Agreement to the contrary, none of the Company or any of its affiliates shall be directly or indirectly
liable for any failure of any payment made pursuant to this Agreement to comply with, or be exempt from, Section 409A.

 

 

(Signatures on following page.)

 

 

    8 

     

    

  

EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE
HAS CAREFULLY READ THIS AGREEMENT, HAS CONSULTED WITH AN ATTORNEY OF HIS CHOOSING TO THE EXTENT EXECUTIVE DESIRES LEGAL ADVICE
REGARDING THIS AGREEMENT, AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THE AGREEMENT.

 

IN WITNESS WHEREOF,
the parties hereto have each executed this Employment Agreement effective as of the date first above written.

 

	COMPANY:  		EXECUTIVE:	 
	 	 	 	 	 
	iBio, Inc.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Robert B. Kay 	 	/s/ Thomas F. Isett 	 
	Name 	Robert B. Kay 	 	Thomas F. Isett, Individually	 
	Title: 	Chief Executive Officer	 	 	 

 

	Address:  	 	Address:  	 
	 	 	 	 
	600 Madison Avenue	 	 	 
	Suite 1601	 	 	 
	New York, NY 10022-1737	 	 	 
	 	 	 	 

 

	with a copy to: 	 	with a copy to:	 
	 	 	 	 	 	 
	Andrew Abramowitz, PLLC	 	Miles & Stockbridge	 
	565 Fifth Avenue	 	100 Light Street	 
	9th Floor 	 	Baltimore, MD  21202	 
	New York, New York 10017	 	Attention:	Joseph Ward	 
	Attention: 	Andrew Abramowitz	 	 	 	 

 

    9 

     

    

 

Exhibit
A

 

Form of
Waiver and Release

 

Pursuant to that certain
Employment Agreement, dated as of March 10, 2020 (the “Employment Agreement” between iBio, Inc., a Delaware
corporation (the “Company”) and me, and in consideration of the payments and other benefits to be made to me
(the “Benefits”) pursuant to the Employment Agreement, which were offered to me in exchange for my agreement,
among other things, to waive all of my claims against and release Company from any and all claims, demands, actions, liabilities
and damages arising out of or relating in any way to my employment with or separation from the Company; provided, however, that
this Waiver and Release will not apply to any claim or cause of action to enforce or interpret any provision contained in the Employment
Agreement.

 

I understand that
signing this Waiver and Release is an important legal act. I acknowledge that the Company has advised me in writing to consult
an attorney before signing this Waiver and Release and has given me at least 45 days from the day I received a copy of this Waiver
and Release to sign it.

 

In exchange for the
payment to me of Benefits, I, among other things, (1) agree not to sue in any local, state and/or federal court regarding or relating
in any way to my employment with or separation from the Company, and (2) knowingly and voluntarily waive all claims and release
the Company from any and all claims, demands, actions, liabilities, and damages, whether known or unknown, arising out of or relating
in any way to my employment with or separation from the Company, except to the extent that my rights are vested under the terms
of employee benefit plans sponsored by the Company and except with respect to such rights or claims as may arise after the date
this Waiver and Release is executed. This Waiver and Release includes, but is not limited to, claims and causes of action under:
Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended, including
the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended; the Civil Rights Act of 1991; the Americans
with Disabilities Act of 1990; the Energy Reorganization Act, as amended, 42 U.S.C. §§ 5851; the Workers Adjustment and
Retraining Notification Act of 1988; the Sarbanes-Oxley Act of 2002; the Employee Retirement Income Security Act of 1974, as amended;
the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational Safety and Health Act; claims in connection
with workers’ compensation or “whistle blower” statutes; and/or contract, tort, defamation, slander, wrongful
termination or any other state or federal regulatory, statutory or common law. Further, I expressly represent that no promise or
agreement which is not expressed in the Employment Agreement has been made to me in executing this Waiver and Release, and that
I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement or representation
of the Company. I agree that this Waiver and Release is valid, fair, adequate and reasonable, is entered into with my full knowledge
and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading, misinforming or failing
to inform me.

 

Notwithstanding the
foregoing, nothing contained in this Waiver and Release is intended to prohibit or restrict me in any way from (1) bringing a lawsuit
against the Company to enforce the Company’s obligations under the Employment Agreement; (2) making any disclosure of information
required by law; (3) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought
by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s
legal, compliance or human resources officers; (4) testifying or participating in or otherwise assisting in a proceeding relating
to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and
Exchange Commission or any self-regulatory organization; or (5) filing any claims that are not permitted to be waived or released
under applicable law (although my ability to recover damages or other relief is still waived and released to the extent permitted
by law).

 

    10 

     

    

 

Should any of the provisions
set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction,
it is agreed that such determination shall not affect the enforceability of other provisions of this Waiver and Release. I acknowledge
that this Waiver and Release and the Employment Agreement set forth the entire understanding and agreement between me and the Company
concerning the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements
or representations, if any, between me and the Company. I understand that for a period of 7 calendar days following the date
that I sign this Waiver and Release, I may revoke my acceptance of the offer, provided that my written statement of revocation
is received on or before that seventh day by [the following information is to be inserted at the time of termination of execution
of this Release:] [Name], [Title], [Company] [Address, City, State ZIP], in which case the Waiver and Release will not become
effective. In the event I revoke my acceptance of this offer, the Company shall have no obligation to provide me Benefits. I understand
that failure to revoke my acceptance of the offer within 7 calendar days from the date I sign this Waiver and Release will result
in this Waiver and Release being permanent and irrevocable.

 

I acknowledge that
I have read this Waiver and Release, have had an opportunity to ask questions and have it explained to me and that I understand
that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach
of contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any
other claims arising prior to the date of this Waiver and Release. By execution of this document, I do not waive or release or
otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company
which occur after the date of the execution of this Waiver and Release.

 

 

	 	 	 	 
	Employee’s Printed Name	 	Company Representative	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Employee’s Signature	 	Company’s Execution Date	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Employee’s Signature Date	 	Employee’s Social Security Number	 

 

 

    11Exhibit 10.1

    

     

    

    
      WEBBANK LONG-TERM INCENTIVE AGREEMENT

       

      This Long-Term Incentive Agreement (this “Agreement”) is made this 10th day of March, 2020, effective as of January 1, 2018 (the “Grant
          Date”), by and between WebFinancial Holding Corporation, a Delaware corporation (“WFHC”), the indirect parent corporation of WebBank, a Utah corporation (the “Company”),
        and Jack Howard (“Grantee”).

       

      WHEREAS, Grantee was appointed as the Executive Chairman of the Company effective February 15, 2018, replacing John McNamara who resigned from that position; and

       

      WHEREAS, Mr. McNamara previously had been offered a Long-Term Incentive Agreement with the Company, substantially similar to this Agreement, providing an incentive compensation opportunity based on the Company’s Net
        Income (defined in Section 1 below) over the three-year period 2018-2020, which opportunity was not provided to Mr. McNamara upon his resignation; and

       

      WHEREAS, WFHC desires to provide Grantee with substantially the same long-term incentive compensation opportunity that had been offered to Mr. McNamara for the Executive Chairman role in accordance with the terms and
        conditions of this Agreement, and Grantee is willing to accept such Award (defined in Section 1 below) on such terms and conditions.

       

      NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, Grantee and WFHC have agreed and do hereby agree as follows:

       

      1.           Definitions.  For purposes of this Agreement,

       

      a.           “Affiliate” of a Person shall mean any other Person that directly or indirectly, through one or more intermediaries,
        controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
        direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

       

      b.           “Award” shall mean the right to receive an amount in cash corresponding to the Company’s Net Income or, if applicable, an
        amount representing the increase in value of the Company as reflected in a Change in Control, Corporate Transaction or Initial Public Offering in accordance with Section 2 below.

       

      c.           “Award Percentage” shall mean 3.5%.

       

      d.           “Base Amount” shall be an amount, to be used solely for purposes of Sections 2(b), 2(c), and 4(b) of this Agreement,
        determined by the Board and separately communicated in writing to the Grantee, increased by the amount of any additional capital received by the Company in exchange for newly issued shares of Company common stock and decreased by the amount of (i)
        any cash dividends and/or asset dividends paid by the Company, and (ii) amounts paid by the Company to purchase its own stock, after the date hereof and prior to the date Plan Fair Value is being determined.

       

      
        
          

      

      
      e.           “Board” shall mean the Board of Directors of WFHC, as constituted at any time.

       

      f.            “Cause” shall mean (i) Grantee’s breach of any material term of this Agreement; (ii) Grantee’s commission of any act of fraud, embezzlement or dishonesty; (iii) Grantee’s, unauthorized use or disclosure of Confidential Information (defined below)
        or trade secrets of the Company or its Affiliates; (iv) the conviction of Grantee or, or plea by Grantee of nolo contendere to, any felony or any other crime involving dishonesty or moral turpitude; or (v) any other intentional misconduct by
        Grantee adversely affecting the business or affairs of the Company or its Affiliates in a material manner.  No act or omission shall constitute Cause unless the Board provides to Grantee (A) a written notice that
          clearly and fully describes the particular acts or omissions which the Board reasonably believes in good faith constitute Cause, and (B) an opportunity, within fifteen (15) days following his receipt of such notice, to meet in person with the
          Board to explain or defend the alleged acts or omissions relied upon by the Board and, to the extent practicable, to cure such acts or omissions.

       

      g.           “Change in Control” shall mean the consummation of any transaction pursuant to which one or more persons acting as a group
        (within the meaning of Code Section 409A), acquires directly or indirectly, beneficial ownership of securities (i) possessing more than 50% of the total combined voting power of the Company’s outstanding securities, and (ii) possessing the right to
        nominate or elect at least 50% of the members of the Company’s board of directors, provided that in no event shall the consummation of such a transaction be deemed to constitute a “Change in Control” unless such transaction constitutes a “change in
        the ownership” of the Company within the meaning of Code Section 409A.

       

      h.           “Code” shall mean the U.S. Internal Revenue Code of 1986, as it may be amended from time to time.  Any reference to a section
        of the Code shall be deemed to include a reference to any regulations and other guidance promulgated thereunder.

       

      i.            “Company” shall have the meaning set forth in the Preamble hereto.

       

      j.            “Confidential Information” shall mean all information, documents and materials, in whatever form or media and whether
        tangible, intangible, or electronic, relating to the Company’s business plans, trade secrets, know how, risk assessments, due diligence processes, testing and monitoring compliance processes and data, site visit construct and reports, marketing and
        sales programs, financial results of operations, earnings estimates, audits, examiners reports or other confidential or proprietary information which is not generally known or available to the public.  Confidential Information shall also include,
        but is not limited to: (A) documents and other information relating to the identities, addresses, telephone numbers, email addresses, other contact information, and objectives of, the Company’s clients, customers, and prospects, as well as lists of
        such customers, (B) the identities of the suppliers and vendors of products utilized by the Company, as well as the terms and conditions associated with the business relationships between the Company and such suppliers and vendors, (C) documents
        and other information relating to the sales, costs, profits, markets, marketing strategies, business plans, policies and procedures, business ideas, trade secrets, methods of operation, and training documents of the Company, and (D) contracts of
        the Company.

       

      
        2

        
          

      

      k.           “Corporate Transaction” shall mean either of the following stockholder-approved transactions to which the Company is
        directly or indirectly a party:

       

      (i)          A merger, sale, or consolidation pursuant to which one or more persons acting as a group (within the meaning of Code Section 409A), acquires indirectly or directly ownership of securities possessing more
        than 50% of the total combined voting power of the Company’s outstanding securities; or

       

      (ii)         The sale, transfer or other disposition of all or substantially all of the Company’s assets to a person or more than one person acting as a group (within the meaning of Code Section 409A) in complete
        liquidation or dissolution of the Company (other than a transfer or other disposition to a person that directly or indirectly controls, is controlled by, or is under common control with, the Company).

       

      Notwithstanding the foregoing, in no event will a “Corporate Transaction” be deemed to occur unless such transaction constitutes either a “change in the ownership” of the Company or a “change in the ownership of a
        substantial portion” of the Company’s assets, each within the meaning of Code Section 409A.

       

      l.            “Disability” shall mean that Grantee is unable to engage in any substantial gainful activity by reason of any medically
        determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.  For purposes of this definition, Grantee’s “Disability” shall be determined
        by the Board based on medical evidence acceptable to the Board; provided, however, that Grantee shall be deemed to be under a “Disability” for purposes of this definition if Grantee has been determined to be totally disabled by the Social Security
        Administration.

       

      m.          “Fiscal Year” shall mean the calendar year.

       

      n.           “GAAP” shall mean United States generally accepted accounting principles, as in effect from time to time, consistently
        applied.

       

      o.           “Initial Public Offering” shall mean an underwritten initial public offering pursuant to an effective registration statement
        under the Securities Act of 1933, as amended.

       

      p.           Net Income” shall mean the Company’s taxable income less taxes, determined for financial accounting purposes using GAAP. Net
        Income shall be adjusted to take into account warrants or other equity interests held by the Company which have not been included in the Company’s Net Income but instead have been included in its retained earnings.

       

      q.           “Person” shall mean an individual, corporation, partnership, joint venture, limited liability company, governmental
        authority, unincorporated organization, trust, association or other entity.

       

      r.            “Separation from Service” shall mean the termination of Grantee’s Service for any reason, whether voluntary or involuntary,
        with or without Cause, and shall be a “separation from service” within the meaning of Code Section 409A.

       

      
        3

        
          

      

      s.            “Service” shall mean Grantee’s service to WFHC and the Company as the Company’s Executive Chairman.

       

      t.            “Transaction Value” shall mean (i), in connection with a Change in Control or Corporate Transaction, the fair market value
        of the then outstanding common stock of the Company as a whole taking into account the fair market value of the consideration, if any, distributed or otherwise paid with respect to the Company’s common stock or assets in connection with such Change
        in Control or Corporate Transaction or (ii) in connection with an Initial Public Offering, the fair market value of the common stock of the Company based on the offering price in the Initial Public Offering.

       

      u.           “Vesting Percentage” shall mean the percent to which the Award is vested in accordance with Section 3
        below.

       

      v.           “WFHC” shall have the meaning set forth in the Preamble hereto.

       

      2.           Grant of Award.  Subject to the terms and conditions set forth in this Agreement, WFHC grants to Grantee, as of the
        Grant Date, an Award of the greatest of the following, to the extent applicable:

       

      a.           The sum of Net Income for each Fiscal Year, or portion thereof, during the period from January 1, 2018 to December 31, 2020 (or such shorter term ending on Grantee’s
        Separation from Service as provided by Section 4(a) or upon a Change in Control or Corporate Transaction), multiplied by the Award Percentage and Vesting Percentage, payable at such time as set forth in Section 4(a), (b), (c) or (d) below, as
        applicable;

       

      b.           Only in the event of an Initial Public Offering prior to the “Third Year Anniversary” (as defined in Section 4(d) below) and while Grantee is in Service as of such
        date, an amount equal to the Award Percentage multiplied by the difference between (i) the Transaction Value as of the date of the Initial Public Offering, and (ii) the Base Amount, payable at such time as set forth in Section 4(a), (b), (c) or (d)
        below, as applicable; or

       

      c.           Only in the event of a Change in Control or Corporate Transaction prior to the Third Year Anniversary and while Grantee is in Service as of such date, an amount
        equal to the Award Percentage multiplied by the difference between (i) the Transaction Value as of the date the Award becomes payable pursuant to Section 4(b) below, and (ii) the Base Amount.

       

      Notwithstanding anything else to the contrary, unless the Board grants an exception, Grantee shall not be entitled to the Award Percentage of Net Income in accordance with Section 2(a) above for any Fiscal Year in which the Company fails to
        achieve at least 80% of the budgeted Net Income for such year as approved by the Company’s board of directors (or 80% of the pro rata portion of the budgeted Net Income with respect to determination of eligibility for Award Percentage for a partial
        Fiscal Year).

       

      3.           Vesting of the Award.  The Award shall be 100% vested on December 31, 2020; provided that Grantee is in Service as of
        such date.  Anything else to the contrary notwithstanding, the Award shall be 100% vested upon the occurrence of any of the following (a) Change in Control, (b) Corporate Transaction, (c) an Initial Public Offering, (d) Separation from Service by
        WFHC or the Company without Cause, or (e) the Disability or death of Grantee.

       

      
        4

        
          

      

      4.           Payment Rights.

       

      a.           Separation from Service.  Upon Grantee’s Separation from Service (i) by WFHC or the Company for any reason other than
        Cause, or (ii) by reason of Grantee’s death, in each instance prior to the occurrence of a Change in Control or Corporate Transaction and in each instance prior to the Third Year Anniversary described in Section 4(d) below, Grantee shall be
        entitled to receive a lump sum payment from WFHC in the amount determined pursuant to Section 2 above, which payment shall be paid as soon as practicable following such Separation from Service or death (and no later than 30 days following such
        Separation from Service or death).  Notwithstanding the foregoing, if Grantee is considered a “specified employee” within the meaning of Code Section 409A on the date of his Separation from Service, any payments due pursuant to this Section 4(a)
        upon such Separation from Service (other than as a result of death) shall, to the extent necessary to prevent adverse tax consequences to Grantee pursuant to Code Section 409A, be delayed during the six month period immediately following Grantee’s
        Separation from Service and shall be paid to Grantee on the first day the payment of such amount would not result in adverse tax consequences to Grantee under Code Section 409A.  The Award and all rights thereto shall immediately terminate in
        exchange for the payment under this Section 4(a).  Additionally, upon Grantee’s Separation from Service by WFHC or the Company for Cause or Grantee’s voluntary Separation from Service, in either case prior to payment of the Award, Grantee’s entire
        interest in the Award shall be forfeited with no further compensation due to Grantee.

       

      b.           Change in Control/Corporate Transaction.  Upon the consummation of a Change in Control or Corporate Transaction
        resulting in a payment under Section 2(c) above, such payment shall be made in lump sum no later than 30 days following the consummation of the Change in Control or Corporate Transaction.  Upon the consummation of a Change in Control or Corporate
        Transaction resulting in a payment pursuant to Section 2(c) above, if applicable, the Transaction Value shall be equitably adjusted to deduct therefrom (as so adjusted, the “Initial Amount”) any consideration
        not currently payable or available to the equity holders of the Company, including without limitation, amounts placed in escrow, holdbacks, earn outs and other contingent consideration (such items, collectively, the “Contingent Amounts”).  Grantee shall be entitled to receive a lump sum payment from the Company in an amount equal to the product of (x) the Award Percentage, and (y) the excess of the Initial Amount over the Base Amount, which
        payment shall be paid as soon as practicable following the receipt of the Initial Amount by the Company or any Affiliates in connection with such event (and no later than 30 days following the consummation of the Change in Control or Corporate
        Transaction).  If the consideration for the Change in Control or Corporate Transaction is anything other than 100% cash, a minimum of 35% of the applicable payment to Grantee shall be paid in cash and the balance may be paid in the same form as the
        consideration received by the Company or any Affiliates and/or the equity holders of such entities in such Change in Control/Corporate Transaction.  In addition to the foregoing, upon the payment of any Contingent Amounts, Grantee shall be entitled
        to receive the product of (1) the Award Percentage and (2) the excess over the Base Amount of the following: (x) the Initial Value, plus (y) the cumulative amount of all Contingent Amounts paid to the Company or any Affiliates from time to time, in
        connection with such Change in Control or Corporate Transaction, less (z) all Contingent Amounts for which payments pursuant to this sentence have previously been made.  Payments of such product of (1) and (2) in the preceding sentence shall be
        made to Grantee within 30 days of the payment of the applicable Contingent Amounts; provided that in no event shall Grantee receive any payment with respect to any Contingent Amounts received more than five years following the date of the Change in
        Control or Corporate Transaction.  The Award and all rights thereto shall immediately terminate in exchange for the payment(s) under this Section 4(b).

       

      
        5

        
          

      

      c.           Disability.  Upon the occurrence of Grantee’s Disability while Grantee is in Service as of such date but prior to the
        occurrence of a Change in Control or Corporate Transaction and prior to the Third Year Anniversary described in Section 4(d) below, Grantee shall be entitled to receive a lump sum payment from WFHC in the amount determined pursuant to Section 2(a)
        above, which payment shall be paid as soon as practicable following such Disability (and no later than 30 days following such Disability).  The Award and all rights thereto shall immediately terminate in exchange for the payment under this Section
        4(c).

       

      d.           Third Year Anniversary.  In the event the Award does not become payable pursuant to Sections 4(a), (b), or (c) and
        remains outstanding on the third anniversary of the Grant Date (January 1, 2021) (the “Third Year Anniversary”), Grantee shall be entitled to receive a lump sum payment from WFHC in the amount determined
        pursuant to Section 2(a) above, which payment shall be paid as soon as practicable following the Third Year Anniversary (and no later than 30 days following such date).  The Award and all rights thereto shall immediately terminate in exchange for
        the payment under this Section 4(d).

       

      e.           No Other Payment Rights.  No payment shall be made (and no amounts shall be retained for future payment) with respect
        to the Award, except as set forth in this Section 4.  Other than in connection with the applicable event described in Section 4(a), (b), (c), or (d), Grantee shall have no rights to receive any payments in respect of the Award or the Award
        Percentage granted hereunder.  Grantee shall have no further rights under this Agreement following payment pursuant to Section 4(a), (b), (c) or (d).

       

      f.           General Release.  Prior to, and as a precondition to Grantee’s receipt of the payment of any Award, if requested by
        the Company or WFHC, Grantee shall execute (and not revoke) a general release of the Company, WFHC, their respect Affiliates, subsidiaries, and its and their officers, directors, employees, agents, successors and assigns in a form acceptable to
        WFHC within 60 days of the applicable payment event described in Section 4(a), (b), (c), or (d). Notwithstanding any provision in this Agreement to the contrary, if the 60 day period following the applicable payment event described in Section 4(a),
        (b), (c), or (d) ends in a calendar year after the year in which the applicable payment event falls, payment of the award hereunder shall commence or be made no earlier than the first day of such later calendar year.

       

      5.           Limited Transferability.  This Award may not be transferred or assigned, in whole or in part, by Grantee other than
        by will or by the laws of descent and distribution following Grantee’s death and, during Grantee’s lifetime, may only be due and payable to Grantee.

       

      
        6

        
          

      

      6.           Effect of Separation from Service.

       

      a.           In the event of the Grantee’s Separation from Service (i) by WFHC or the Company for any reason other than for Cause, or (ii)  by reason of Grantee’s death, the
        Award shall immediately terminate in exchange for payment therefore as described in Section 4(a).

       

      b.           Notwithstanding anything in this Agreement to the contrary, in the event of Grantee’s Separation from Service by WFHC or the Company for Cause or Grantee’s voluntary
        Separation from Service, in either case prior to any payment event in Section 4(a), (b), (c), or (d) being triggered, the Award and all rights thereto shall immediately terminate and be cancelled and forfeited without payment of any consideration.

       

      7.           Adjustment in Award Percentage.  No change will be made to the Award Percentage.

       

      8.           Withholding.  The amounts payable to Grantee (or successors) under this Agreement shall be reduced by the amount that
        WFHC is required to withhold with respect to such payments under the then applicable provisions of the Code, and state or local or other tax laws.  Any such withheld amounts shall be treated for purposes of this Agreement as having been paid to
        Grantee.  In the event that any amounts payable under this Agreement are payable in the form of equity securities, the Board shall permit Grantee to satisfy his or her tax withholding obligation by directing WFHC to withhold from those equity
        securities otherwise issuable to Grantee a number of equity securities having a fair value (as determined in good faith by the Board) equal to such tax withholding obligation.  The Board may also condition delivery to Grantee of any payment
        hereunder on the payment by Grantee to WFHC, in cash, of any tax withholding applicable to payment.

       

      9.           Stockholder Rights.  The holder of this Award shall not have any stockholder rights with respect to the Award and/or
        the Award Percentage, which shall only entitle Grantee to the payments described herein.

       

      10.          No Segregation of Assets.  WFHC shall not segregate any assets in connection with or as a result of this Agreement. 
        The rights of Grantee to benefits under this Agreement shall be solely those of a general, unsecured creditor of WFHC.  Grantee agrees and acknowledges that WFHC (and no other person or entity) shall have sole liability for payment, if any, due
        under this Agreement.

       

      11.          Successors and Assigns.  Except to the extent otherwise provided in Section 5 above, the provisions of this Agreement
        shall inure to the benefit of, and be binding upon WFHC and its successors and assigns and Grantee, Grantee’s permitted assigns and the legal representatives, heirs and legatees of Grantee’s estate.

       

      12.          Notices.  Any notice required to be given or delivered to the Company or WFHC under the terms of this Agreement shall
        be in writing and addressed to the Company at its principal corporate offices.  Any notice required to be given or delivered to Grantee shall be in writing and addressed to Grantee at the address indicated on the Company’s records as Grantee’s
        mailing address.  All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid, and properly addressed to the party to be notified.

       

      
        7

        
          

      

      13.         Construction.  This Agreement and the Award evidenced hereby are subject to the decisions of the Board with respect to
        any question or issue arising under this Agreement, which decisions shall be conclusive and binding on all persons having an interest in this Agreement or the Award evidenced hereby.

       

      14.         Termination and Amendment.  This Agreement may be terminated, amended or revised by mutual written consent of the
        parties hereto.

       

      15.         Arbitration.  Any dispute arising out of this Agreement shall be submitted to binding arbitration under the rules of
        the “New York Arbitration Act.”  The prevailing party in any arbitration proceeding may in the discretion of the arbitrators be awarded reasonable attorneys’ fees.

       

      16.         No Right to Continued Service.  This Agreement shall not confer upon Grantee any right to continue in Service or
        interfere in any way with the right of WFHC or the Company to terminate Grantee’s Service at any time, and nothing contained herein shall be deemed a waiver or modification of any provision contained in any other agreement between Grantee and the
        Company.

       

      17.         Governing Law.  The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the
        State of New York without resort to its conflict-of-laws rules.

       

      18.         Tax Consequences.  Grantee acknowledges that there are tax consequences in connection with the Award and the payment
        of the amounts due under the Award and that Grantee should consult a tax advisor.

       

      19.         Other Acknowledgements of Grantee.  Grantee acknowledges that Grantee has been given the opportunity to ask questions
        and receive information from WFHC concerning Grantee’s rights and obligations hereunder, and has either consulted Grantee’s own legal counsel and tax advisor regarding the advisability of entering into this Agreement or has determined not to
        consult with a legal counsel and/or tax advisor regarding this Agreement.  Grantee further acknowledges that this Agreement does not guarantee that any payment will in fact be made to Grantee hereunder, it is possible that no amount will be paid
        hereunder, and that neither WFHC nor any of its employees, officers, Affiliates, attorneys or agents has made any representation that amounts will be paid to Grantee pursuant to this Agreement.

       

      20.         Administration.  This Agreement shall be administered by the Board, which shall have complete discretion and authority
        to interpret and construe this Agreement and the Award issued hereunder, decide all questions of benefits (including underlying factual determinations), and adjudicate all claims and disputes.  The determination of the Board on the matters
        pertaining to this Agreement and/or the Award shall be final, binding, and conclusive on all interested parties.

       

      21.         Section 409A.  This Agreement is intended to be interpreted and administered in accordance with the requirements of
        Code Section 409A.  Notwithstanding anything herein to the contrary, the Company shall have no liability to Grantee or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or compliant with
        Code Section 409A are not so exempt or compliant.

       

      [Remainder of page intentionally left blank; signature page follows]

       

      
        8

        
          

      

      IN WITNESS WHEREOF, this Agreement is executed as of the date written above.

       

      	 	
              WEBFINANCIAL HOLDING CORPORATION,

            
	 	
              a Delaware corporation

            
	 	 
	 	
              By:

            	
              /s/ Douglas B. Woodworth

            
	 	
              Title:

            	
              Chief Financial Officer

            
	 	 
	 	
              GRANTEE

            
	 	 
	 	
              /s/ Jack Howard

            
	 	
              Jack Howard

            

      

      

    

    

    

    9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]