Document:

Exhibit 10.3

 

NEITHER THIS SECURITY NOR THE SECURITIES AS
TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

 

COMMON STOCK PURCHASE WARRANT

 

OZOP SURGICAL CORP.

 

Warrant Shares: 36,666

Date of Issuance: February 5, 2019 (“Issuance
Date”)

 

This COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received (in connection with the funding of purchase price
of $49,500.00, for the first tranche of $55,000.00 under the $165,000.00 convertible promissory note issued to the Holder (as defined
below) on February 5, 2019) (the “Note”), Crown Bridge Partners, LLC (including any permitted and registered
assigns, the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and
the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from Ozop Surgical Corp.,
a Nevada corporation (the “Company”), 36,666 shares of Common Stock (as defined below) (the “Warrant
Shares”) at the Exercise Price per share then in effect (whereby such number may be adjusted from time to time pursuant
to the terms and conditions of this Warrant).

 

Capitalized terms used
in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of this Warrant
or in Section 13 below. For purposes of this Warrant, the term “Exercise Price” shall mean $1.50 subject to
adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise Period”
shall mean the period commencing on the Issuance Date and ending on 5:00 p.m. eastern standard time on the three-year anniversary
thereof.

 

1. EXERCISE
OF WARRANT.

 

(a) Mechanics
of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole or
in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant, to the Company or the
Company’s transfer agent. The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. On or before the second calendar day (the “Warrant Share Delivery Date”)
following the date on which the Holder has delivered the Exercise Notice to the Company or the Company’s transfer agent,
and upon receipt by the Company of payment to the Company of an amount equal to the applicable Exercise Price multiplied by the
number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate Exercise Price”
and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire transfer of immediately
available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided), the Company shall
(or direct its transfer agent to) issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares
of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the
Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. If this
Warrant is submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant submitted for
exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable
and in no event later than three Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with
Section 6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under
this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

 

If the Company fails to
cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and such failure shall be
deemed an event of default under the Note.

 

If the Market Price of
one share of Common Stock is greater than the Exercise Price, then, unless there is an effective non-stale registration statement
of the Company covering the Holder’s immediate resale of the Warrant Shares without any limitation, the Holder may elect
to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant determined
in the manner described below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a Notice of Exercise,
in which event the Company shall issue to Holder a number of Common Stock computed using the following formula:

 

X = Y (A-B)

A

	Where   	X =	the number of Warrant Shares to
be issued to Holder.
	 	 	 
		Y =	the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date
of such calculation).
	 	 	 
	 	A =	the
Market Price (at the date of such calculation).
	 	 	 
	 	B =	Exercise
Price (as adjusted to the date of such calculation).

(b) No
Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise
entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market value of a
Warrant Share by such fraction.

 

(c) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set forth on
the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other persons acting as a group
together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by
the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including without
limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of
this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of
which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination.

 

For purposes of this paragraph,
in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common
Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or its transfer agent
setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the Company shall within two Trading
Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares
of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The limitations
contained in this paragraph shall apply to a successor Holder of this Warrant. The Company covenants that this Warrant is outstanding,
the Company will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights,
to provide for the issuance of Common Stock upon the full exercise of this Warrant. The Company is required at all times to have
authorized and reserved five times the number of shares that is actually issuable upon full exercise of the Warrant (based on the
Exercise Price in effect at that time)(the “Reserved Amount”). The Reserved Amount shall be increased from time to
time in accordance with the Company’s obligations hereunder.

 

2. ADJUSTMENTS.
The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a) Distribution
of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its
assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case:

 

(i) any
Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of
shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record
date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing Sale
Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution
(as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator
of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date;
and

 

(ii) the
number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to
receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided,
however, that in the event that the Distribution is of shares of common stock of a company (other than the Company) whose common
stock is traded on a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”),
then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of
Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into
the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had
the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product
of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms
of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance with the first part of this clause
(ii).

 

(iii) For
the avoidance of doubt, no adjustment shall occur when shares of outstanding Common Stock are merged proportionally across all
stockholders to form a smaller number of outstanding shares of Common Stock.

 

(b) Anti-Dilution
Adjustments to Exercise Price. If the Company or any Subsidiary thereof, as applicable,
at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice,
or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common
Stock or securities entitling any person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including
but not limited to under the Note), at an effective price per share less than the then Exercise Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, elimination
of an applicable floor price for any reason in the future (including but not limited to the passage of time or satisfaction of
certain condition(s)), reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled or potentially entitled to receive shares of
Common Stock at an effective price per share which is less than the Exercise Price at any time while such Common Stock or Common
Stock Equivalents are in existence, such issuance shall be deemed to have occurred for less than the Exercise Price on such date
of the Dilutive Issuance (regardless of whether the Common Stock or Common Stock Equivalents are (i) subsequently redeemed or retired
by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price), then
the Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price, and the number
of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking
into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment (for the
avoidance of doubt, the aggregate Exercise Price prior to such adjustment is calculated as follows: the total number of Warrant
Shares multiplied by the initial Exercise Price in effect as of the Issuance Date). Such adjustment shall be made whenever such
Common Stock or Common Stock Equivalents are issued, regardless of whether the Common Stock or Common Stock Equivalents are (i)
subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised
at such Base Share Price by the holder thereof (for the avoidance of doubt, the Holder may utilize the Base Share Price even if
the Company did not actually issue shares of its common stock at the Base Share Price under the respective Common stock Equivalents).
The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common
Stock Equivalents subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange
price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of
clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence
of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares
based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

 

3. FUNDAMENTAL
TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company with or
into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any
tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities,
cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any
such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any additional consideration
(the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger,
consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the
extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant
into Alternate Consideration.

 

4. NON-CIRCUMVENTION.
The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good
faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common
Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved,
free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented
by this Warrant (without regard to any limitations on exercise).

 

5. WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not
entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

6. REISSUANCE.

 

(a) Lost,
Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b) Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date.

 

7. TRANSFER.

 

(a) Notice
of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant
Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving
such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer may be effected
without registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall
notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received
upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company;
provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting
restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent
further transfers which would be in violation of Section 5 of the Securities Act and applicable state securities laws; and provided
further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached hereto as Exhibit B
and such other documents and make such representations, warranties, and agreements as may be required solely to comply with the
exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b) If
the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this
Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder will limit
its activities in respect to such transfer or disposition as are permitted by law.

 

(c) Any
transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant under
Sections 4.1 and 4.3 (subject, however, to the limitations set forth in Section 4.2), 4.4 and 4.5 of the Purchase Agreement (registration
rights, expenses, and indemnity).

 

8. NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with prompt written notice
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment
and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to
the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such
notice being provided to the Holder.

 

9. AMENDMENT
AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

10. GOVERNING
LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by, and construed in accordance with,
the internal laws of the State of Nevada, without giving effect to the conflicts-of-law principles
thereof.

 

11. ACCEPTANCE.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

12. CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a) “Nasdaq”
means www.Nasdaq.com.

 

(b) “Closing
Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on the Principal
Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq, or
(ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security
as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask
prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for
a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(c) “Common
Stock” means the Company’s common stock, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

(d) “Common
Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at any time Common
Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is at any time
convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

(e) “Dilutive
Issuance” is any issuance of Common Stock or Common Stock Equivalents described in Section 2(c) above; provided, however,
that a Dilutive Issuance shall not include any Exempt Issuance.

 

(f) “Exempt
Issuance” means the issuance of (i) shares of Common Stock or options to officers or directors of the Company pursuant
to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Company or
a majority of the members of a committee of non-employee directors established for such purpose, (ii) securities issued pursuant
to acquisitions approved by a majority of the disinterested directors of the Company, (iii) shares of Common Stock issued in connection
with regularly scheduled dividend payments on any preferred stock of the Company, and (iv) shares of Common Stock issued pursuant
to any real property leasing arrangement or financing from a national bank approved by the Board of Directors of the Company.

 

(g) “Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(h) “Market
Price” means the highest traded price of the Common Stock during the sixty Trading Days prior to the date of the respective
Exercise Notice.

 

(i) “Trading
Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the
Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on
any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

 

* * * * * * *

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

 

OZOP SURGICAL CORP.

 

 

 

__________________________

Name: Michael Chermak

Title: Chief Executive Officer

 

 

    	 

    	 

    

EXHIBIT A

 

EXERCISE NOTICE

 

(To be executed by the registered holder to
exercise this Common Stock Purchase Warrant)

 

 

The
Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant
Shares”) of Ozop Surgical Corp., a Nevada corporation (the “Company”), evidenced by the attached copy of the
Common Stock Purchase Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Warrant.

 

		1.	Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made
as (check one):

 

		☐	a cash exercise with respect to _________________ Warrant Shares; or
	 	☐	by cashless exercise pursuant to the Warrant.

 

		2.	Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the
applicable Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

		3.	Delivery of Warrant Shares. The Company shall deliver to the holder __________________ Warrant
Shares in accordance with the terms of the Warrant.

 

 

 

Date: _______________

 

 

_____________________________

(Print Name of Registered Holder)

 

 

By: __________________________

Name: ________________________

Title: _________________________

 

    	 

    	 

    

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

(To be signed only upon authorized transfer
of the Warrant)

 

 

For
Value Received, the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase _______________
shares of common stock of Ozop Surgical Corp., to which the within Common Stock Purchase Warrant relates and appoints ____________________,
as attorney-in-fact, to transfer said right on the books of Ozop Surgical Corp. with full power of substitution and re-substitution
in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions
of the within Warrant.

 

 

 

Dated: __________________

 

 

______________________________

(Signature) *

  

______________________________

(Name)

  

______________________________

(Address)

  

______________________________

(Social Security or Tax Identification
No.)

 

 

 

* The signature on this Assignment of Warrant
must correspond to the name as written upon the face of the Common Stock Purchase Warrant in every particular without alteration
or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate
your position(s) and title(s) with such entity.Exhibit 10.2

 

AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN AGREEMENT

 

This Amended and Restated
Supplemental Executive Retirement Plan Agreement (the "Agreement"), is made and entered into as of the 18th day
of November 2015, by and between The Farmers National Bank of Emlenton, located in Emlenton, Pennsylvania (hereinafter referred
to as the "Employer"), and Jennifer A. Roxbury (hereinafter referred to as the "Executive").

 

WITNESSETH:

 

WHEREAS, the Executive
is employed by the Employer;

 

WHEREAS, the Employer
recognizes the valuable services the Executive has performed for the Employer and wishes to encourage the Executive's continued
employment and to provide the Executive with additional incentive to achieve corporate objectives;

 

WHEREAS, the Executive
and the Employer previously entered into a supplemental executive retirement plan agreement dated as of August 30, 2012 (the “Prior
Agreement”);

 

WHEREAS, the Executive
and the Employer now desire to amend and restate the Prior Agreement to (a) provide for vested early termination benefits prior
to September 30, 2017, (b) provide that the restrictive covenants in Section 7.10 shall be applicable following a Change in Control,
(c) reduce the time period that the restrictive covenants in Section 7.10 shall be applicable in the event of a Separation from
Service prior to a Change in Control, and (d) make certain other changes;

 

WHEREAS, the Employer
wishes to provide the terms and conditions upon which the Employer shall pay additional retirement benefits to the Executive;

 

WHEREAS, the Employer
and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code Section 409A;
and

 

WHEREAS, the Employer
intends this Agreement shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified
deferred compensation arrangement, maintained primarily to provide supplemental retirement benefits for the Executive, a member
of select group of management or highly compensated employee of the Employer.

 

NOW THEREFORE, in consideration
of the premises and of the mutual promises herein contained, the Employer and the Executive agree as follows:

 

    	 	1	 

     

    

 

ARTICLE 1

DEFINITIONS

 

For the purpose of
this Agreement, the following phrases or terms shall have the indicated meanings:

 

1.1           "Accrued
Benefit" means the dollar value of the liability that should be accrued by the Employer, under Generally Accepted Accounting
Principles, for the Employer's obligation to the Executive under this Agreement, calculated by applying Accounting Standards Codification
710-10 and the Discount Rate.

 

1.2           "Administrator"
means the Board or its designee.

 

1.3           "Affiliate"
means any business entity with whom the Employer would be considered a single employer under Sections 414(b) and 414(c) of the
Code. Such term shall be interpreted in a manner consistent with the definition of "service recipient'' contained in Code
Section 409A.

 

1.4           "Beneficiary"
means the person or persons designated in writing by the Executive to receive benefits hereunder in the event of the Executive's
death.

 

1.5           "Board"
means the Board of Directors of the Employer.

 

1.6           "Cause"
means any of the following acts or circumstances: gross negligence or gross neglect of duties to the Employer; conviction of a
felony or of a gross misdemeanor involving moral turpitude in connection with the Executive's employment with the Employer; fraud,
disloyalty, dishonesty or willful violation of any law or significant Employer policy committed in connection with the Executive's
employment and resulting in a material adverse effect on the Employer; or the Executive becoming subject to any final removal or
prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

 

1.7           "Change
in Control" means a change in the ownership of the Corporation or the Employer, a change in the effective control of the
Corporation or the Employer, or a change in the ownership of a substantial portion of the assets of the Corporation or the Employer,
in each case as provided under Code Section 409A and the regulations thereunder.

 

1.8           "Claimant"
means a person who believes that he or she is being denied a benefit to which he or she is entitled hereunder.

 

1.9           "Code"
means the Internal Revenue Code of 1986, as amended.

 

1.10         "Corporation"
means Emclaire Financial Corp.

 

1.11         "Disability"
means a condition of the Executive whereby the Executive either: (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees
of the Employer. The Administrator will determine whether the Executive has incurred a Disability based on its own good faith determination
and may require the Executive to submit to reasonable physical and mental examinations for this purpose. The Executive will also
be deemed to have incurred a Disability if determined to be totally disabled by the Social Security Administration or in accordance
with a disability insurance program, provided that the definition of disability applied under such disability insurance program
complies with the initial sentence of this Section.

 

    	 	2	 

     

    

 

1.12         "Discount
Rate" means the rate used by the Administrator for determining the Accrued Benefit. The initial Discount Rate is four
and three-quarters percent (4.75%). The Administrator may adjust the Discount Rate to maintain the rate within reasonable standards
according to Generally Accepted Accounting Principles and applicable bank regulatory guidance.

 

1.13         "Early
Termination" means Separation fromService before Normal Retirement Age except when such Separation from Service occurs
following a Change in Control or due to termination for Cause.

 

1.14         "Effective
Date" means September 1, 2012.

 

1.15         "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended.

 

1.16         "Normal
Retirement Age" means the date the Executive attains age sixty-five (65).

 

1.17         "Plan
Year" means each twelve (12) month period commencing on October 1 and ending on September 30 of each year. The initial
Plan Year shall commence on the Effective Date and end on the following September 30.

 

1.18         "Schedule
A" means the schedule attached hereto and made a part hereof. Schedule A shall be updated upon a change to any of the
benefits described in Article 2 hereof.

 

1.19         "Separation
from Service" means a termination of the Executive's employment with the Employer and its Affiliates for reasons other
than death or Disability. A Separation from Service may occur as of a specified date for purposes of the Agreement even if the
Executive continues to provide some services for the Employer or its Affiliates after that date, provided that the facts and circumstances
indicate that the Employer and the Executive reasonably anticipated at that date that either no further services would be performed
after that date, or that the level of bona fide services the Executive would perform after such date (whether as an employee or
as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide
services performed over the immediately preceding thirty-six (36) month period (or the full period during which the Executive performed
services for the Employer, if that is less than thirty-six (36) months). A Separation from Service will not be deemed to have occurred
while the Executive is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not
exceed six (6) months or, if longer, the period for which a statute or contract provides the Executive with the right to reemployment
with the Employer. If the Executive’s leave exceeds six (6) months but the Executive is not entitled to reemployment under
a statute or contract, the Executive incurs a Separation of Service on the next day following the expiration of such six (6) month
period. In determining whether a Separation of Service occurs, the Administrator shall take into account, among other things, the
definition of "service recipient" and "employer" set forth in Treasury Regulation §1.409A-1(h)(3). The
Administrator shall have full and final authority to determine conclusively whether a Separation from Service occurs, and the date
of such Separation from Service.

 

    	 	3	 

     

    

 

1.20         "Specified
Employee" means an individual that satisfies the definition of a "key employee" of the Employer as such term
is defined in Code §416(i) (without regard to Code §416(i)(5)), provided that the stock of the Employer is publicly traded
on an established securities market or otherwise, as defined in Code §1.897-l(m). If the Executive is a key employee at any
time during the twelve (12) months ending on December 31, the Executive is a Specified Employee for the twelve (12) month period
commencing on the first day of the following April.

 

ARTICLE 2

PAYMENT OF BENEFITS

 

2.1           Normal
Retirement Benefit. Upon Separation from Service after Normal Retirement Age, the Employer shall pay the Executive an annual
benefit in the amount of Forty-Five Thousand Dollars ($45,000) in lieu of any other benefit hereunder. The annual benefit will
be paid in equal monthly installments commencing the first day of the month following Separation from Service and continuing for
twenty (20) years, subject to the conditions and limitations hereinafter set forth.

 

2.2           Early
Termination Benefit. If Early Termination occurs, the Employer shall pay the Executive the Early Termination annual benefit
shown on Schedule A for the Plan Year ending immediately prior to Separation from Service in lieu of any other benefit hereunder.
As the Schedule A shows, prior to the end of the third complete Plan Year after the Effective Date (September 30, 2015), the Executive
shall not be eligible for any Early Termination benefit hereunder. The annual benefit will be paid in equal monthly installments
commencing the first day of the month following Separation from Service and continuing for five (5) years.

 

2.3           Disability
Benefit. In the event the Executive suffers a Disability prior to Normal Retirement Age, the Employer shall pay the Executive
the Disability annual benefit shown on Schedule A for the Plan Year ending immediately prior to Disability in lieu of any other
benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the first day of the month following
Normal Retirement Age and continuing for twenty (20) years.

 

2.4           Change
in Control Benefit. If a Change in Control occurs prior to Separation from Service and prior to Normal Retirement Age, the
Employer shall pay the Executive the Change in Control benefit amount shown on Schedule A for the Plan Year ending immediately
prior to the Change in Control in lieu of any other benefit hereunder. The benefit will be paid in a lump sum within ninety (90)
days following the Change in Control, with the precise date of payment within such period determined by the Employer in its sole
discretion; provided, however, that if the 90-day period commences in one calendar year and ends in the succeeding calendar year,
then the payment shall not be paid until the succeeding calendar year.

 

    	 	4	 

     

    

 

2.5           Death
During Active Service and Prior to Change in Control. In the event the Executive dies prior to becoming entitled to any other
benefit hereunder, the Employer shall pay the death benefit shown on Schedule A for the Plan Year ending immediately prior to the
Executive's death in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing
the first day of the month following the Executive's death and continuing for twenty (20) years.

 

2.6           Death
Prior to Commencement of Benefits. In the event the Executive dies after becoming entitled to a benefit hereunder but prior
to commencement of benefit payments, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer
would have paid the Executive had the Executive survived.

 

2.7           Death
Subsequent to Commencement of Benefit Payments. In the event the Executive dies while receiving payments, but prior to receiving
all payments due and owing hereunder, the Employer shall pay the Beneficiary the remaining benefits at the same time and in the
same amounts as the Employer would have paid the Executive had the Executive survived.

 

2.8           Termination
for Cause. If the Employer terminates the Executive’s employment for Cause, then the Executive shall not be entitled
to any benefits under the terms of this Agreement.

 

2.9           Restriction
on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered
a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder.
Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first
six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during
such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation
from Service, or if earlier, upon the Executive's death. All subsequent distributions shall be paid as they would have had this
Section not applied.

 

2.10         Acceleration
of Payments. Except as specifically permitted herein, no acceleration of the time or schedule of any payment may be made hereunder.
Notwithstanding the foregoing, payments may be accelerated, in accordance with the provisions of Treasury Regulation §1.409A-(j)(4)
in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements
with the federal government; (iii) in compliance with the ethics laws or conflicts of interest laws; (iv) in limited cashouts (but
not in excess of the limit under Code §402(g)(l)(B)); (v) to pay employment-related taxes; or (vi) to pay any taxes that may
become due at any time that the Agreement fails to meet the requirements of Code Section 409A.

 

    	 	5	 

     

    

 

2.11       Delays
in Payment by Employer. A payment may be delayed to a date after the designated payment date under any of the circumstances
described below, and the provision will not fail to meet the requirements of establishing a permissible payment event. The delay
in the payment will not constitute a subsequent deferral election, so long as the Employer treats all payments to similarly situated
Participants on a reasonably consistent basis.

 

(a)          Payments
subject to Code Section 162(m). If the Employer reasonably anticipates that the Employer's deduction with respect to any distribution
under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary
by the Employer to ensure that the entire amount of any distribution from this Agreement is deductible, the Employer may delay
payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the
Executive (or the Beneficiary in the event of the Executive's death) at the earliest date the Employer reasonably anticipates that
the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

 

(b)          Payments
that would violate Federal securities laws or other applicable law. A payment may be delayed where the Employer reasonably
anticipates that the making of the payment will violate Federal securities laws or other applicable law provided that the payment
is made at the earliest date at which the Employer reasonably anticipates that the making of the payment will not cause such violation.
The making of a payment that would cause inclusion in gross income or the application of any penalty provision of the Internal
Revenue Code is not treated as a violation of law.

 

(c)          Solvency.
Notwithstanding the above, a payment may be delayed where the payment would jeopardize the ability of the Employer to continue
as a going concern.

 

2.12       Treatment
of Payment as Made on Designated Payment Date. Solely for purposes of determining compliance with Code Section 409A, any payment
under this Agreement made after the required payment date shall be deemed made on the required payment date provided that such
payment is made by the latest of: (i) the end of the calendar year in which the payment is due; (ii) the 15th day of the third
calendar month following the payment due date; (iii) if the Employer cannot calculate the payment amount on account of administrative
impracticality which is beyond the Executive's control, the end of the first calendar year in which payment calculation is practicable;
and (iv) if Employer does not have sufficient funds to make the payment without jeopardizing the Employer's ability to continue
as a going concern, in the first calendar year in which the Employer's funds are sufficient to make the payment without having
such effect.

 

2.13       Facility
of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator
may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his
or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee.
Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.

 

    	 	6	 

     

    

 

2.14       Excise
Tax Limitation. Notwithstanding any provision of this Agreement to the contrary, if any benefit payment hereunder would be
treated as an "excess parachute payment" under Code Section 280G, the Employer shall reduce such benefit payment to the
extent necessary to avoid treating such benefit payment as an excess parachute payment. The Executive shall be entitled to only
the reduced benefit and shall forfeit any amount over and above the reduced amount.

 

2.15       Changes
in Form of Timing of Benefit Payments. The Employer and the Executive may, subject to the terms hereof, amend this Agreement
to delay the timing or change the form of payments. Any such amendment:

 

(a)          must
take effect not less than twelve (12) months after the amendment is made;

 

(b)          must,
for benefits distributable due solely to the arrival of a specified date, or on account of Separation from Service or Change in
Control, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally
scheduled to be made;

 

(c)          must,
for benefits distributable due solely to the arrival of a specified date, be made not less than twelve (12) months before distribution
is scheduled to begin; and

 

(d)          may
not accelerate the time or schedule of any distribution.

 

ARTICLE 3

BENEFICIARIES

 

3.1         Designation
of Beneficiaries. The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive's
death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will
revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator, and shall be effective only
when filed in writing with the Administrator during the Executive's lifetime. If the Executive names someone other than the Executive’
s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided
in a form designated by the Administrator, executed by the Executive' s spouse and returned to the Administrator. The Executive's
beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive
names a spouse as Beneficiary and the marriage is subsequently dissolved.

 

3.2         Absence
of Beneficiary Designation. In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due
to a Beneficiary, there is no living Beneficiary validly named by the Executive, the Employer shall pay the benefit payment to
the Executive’ s spouse. If the spouse is not living, then the Employer shall pay the benefit payment to the Executive's
living descendants per stirpes, and if there are no living descendants, to the Executive's estate. In determining the existence
or identity of anyone entitled to a benefit payment, the Employer may rely conclusively upon information supplied by the Executive's
personal representative, executor, or administrator.

 

    	 	7	 

     

    

 

ARTICLE 4

ADMINISTRATION

 

4.1           Administrator
Duties. The Administrator shall be responsible for the management, operation, and administration of the Agreement. When making
a determination or calculation, the Administrator shall be entitled to rely on information furnished by the Employer, Executive
or Beneficiary. No provision of this Agreement shall be construed as imposing on the Administrator any fiduciary duty under ERISA
or other law, or any duty similar to any fiduciary duty under ERISA or other law.

 

4.2           Administrator
Authority. The Administrator shall enforce this Agreement in accordance with its terms, shall be charged with the general administration
of this Agreement, and shall have all powers necessary to accomplish its purposes.

 

4.3           Binding
Effect of Decision. The decision or action of the Administrator with respect to any question arising out of or in connection
with the administration, interpretation or application of this Agreement and the rules and regulations promulgated hereunder shall
be final, conclusive and binding upon all persons having any interest in this Agreement.

 

4.4           Compensation,
Expenses and Indemnity. The Administrator shall serve without compensation for services rendered hereunder. The Administrator
is authorized at the expense of the Employer to employ such legal counsel and/or recordkeeper as it may deem advisable to assist
in the performance of its duties hereunder. Expense and fees in connection with the administration of this Agreement shall be paid
by the Employer.

 

4.5           Employer
Information. The Employer shall supply full and timely information to the Administrator on all matters relating to the Executive's
compensation, death, Disability or Separation from Service, and such other information as the Administrator reasonably requires.

 

4.6           Termination
of Participation. If the Administrator determines in good faith that the Executive no longer qualifies as a member of a select
group of management or highly compensated employees, as determined in accordance with ERISA, the Administrator shall have the right,
in its sole discretion, to cease further benefit accruals hereunder.

 

4.7           Compliance
with Code Section 409A. The Employer and the Executive intend that the Agreement comply with the provisions of Code Section
409A to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year prior to the year in which amounts
are actually paid to the Executive or Beneficiary. This Agreement shall be construed, administered and governed in a manner that
affects such intent, and the Administrator shall not take any action that would be inconsistent therewith.

 

    	 	8	 

     

    

 

ARTICLE 5

CLAIMS AND REVIEW PROCEDURES

 

5.1         Claims
Procedure. A Claimant who has not received benefits under this Agreement that he or she believes should be distributed shall
make a claim for such benefits as follows.

 

(a)          Initiation
- Written Claim. The Claimant initiates a claim by submitting to the Administrator a written claim for the benefits. If such
a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such
notice was received by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the
event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.

 

(b)          Timing
of Administrator Response. The Administrator shall respond to such Claimant within ninety (90) days after receiving the claim.
If the Administrator determines that special circumstances require additional time for processing the claim, the Administrator
can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end of the
initial ninety (90) day period, that an additional period is required. The notice of extension must set forth the special circumstances
and the date by which the Administrator expects to render its decision.

 

(c)          Notice
of Decision. If the Administrator denies part or all of the claim, the Administrator shall notify the Claimant in writing of
such denial. The Administrator shall write the notification in a manner calculated to be understood by the Claimant. The notification
shall set forth: (i) the specific reasons for the denial; (ii) a reference to the specific provisions of this Agreement on which
the denial is based; (iii) a description of any additional information or material necessary for the Claimant to perfect the claim
and an explanation of why it is needed; (iv) an explanation of this Agreement's review procedures and the time limits applicable
to such procedures; and (v) a statement of the Claimant's right to bring a civil action under ERISA Section 502(a) following an
adverse benefit determination on review.

 

5.2         Review
Procedure. If the Administrator denies part or all of the claim, the Claimant shall have the opportunity for a full and fair
review by the Administrator of the denial as follows.

 

(a)          Initiation
- Written Request. To initiate the review, the Claimant, within sixty (60) days after receiving the Administrator's notice
of denial, must file with the Administrator a written request for review.

 

(b)          Additional
Submissions - Information Access. The Claimant shall then have the opportunity to submit written comments, documents, records
and other information relating to the claim. The Administrator shall also provide the Claimant, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations)
to the Claimant's claim for benefits.

 

    	 	9	 

     

    

 

(c)          Considerations
on Review. In considering the review, the Administrator shall take into account all materials and information the Claimant
submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

(d)          Timing
of Administrator Response. The Administrator shall respond in writing to such Claimant within sixty (60) days after receiving
the request for review. If the Administrator determines that special circumstances require additional time for processing the claim,
the Administrator can extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to
the end of the initial sixty (60) day period, that an additional period is required. The notice of extension must set forth the
special circumstances and the date by which the Administrator expects to render its decision.

 

(e)          Notice
of Decision. The Administrator shall notify the Claimant in writing of its decision on review. The Administrator shall write
the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: (a) the specific reasons
for the denial; (b) a reference to the specific provisions of this Agreement on which the denial is based; (c) a statement that
the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant (as defined in applicable ERISA regulations) to the Claimant's claim for benefits; and (d) a statement
of the Claimant's right to bring a civil action under ERISA Section 502(a).

 

ARTICLE 6

AMENDMENT AND TERMINATION

 

6.1           Agreement
Amendment Generally. Except as provided in Section 6.2, this Agreement may be amended only by a written agreement signed by
both the Employer and the Executive.

 

6.2           Amendment
to Ensure Proper Characterization of Agreement. Notwithstanding anything in this Agreement to the contrary, the Agreement may
be amended by the Employer at any time, if found necessary in the opinion of the Employer, (i) to ensure that the Agreement is
characterized as a plan of deferred compensation maintained for a select group of management or highly compensated employees as
described under ERISA, (ii) to conform the Agreement to the requirements of any applicable law or (iii) to comply with the written
instructions of the Employer's auditors or banking regulators.

 

6.3           Agreement
Termination Generally. Except as provided in Section 6.4, this Agreement may be terminated only by a written agreement signed
by the Company and the Executive. Such termination shall not cause a distribution of benefits under this Agreement. Rather, upon
such termination, benefit distributions will be made at the earliest distribution event permitted under Article 2.

 

    	 	10	 

     

    

 

6.4           Effect
of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section
409A and Treasury Regulation §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the
Agreement. In the event of such a complete termination, the Employer shall pay the Accrued Benefit to the Executive. Such complete
termination of the Agreement shall occur only under the following circumstances and conditions.

 

(a)          Corporate
Dissolution or Bankruptcy. The Employer may terminate and liquidate this Agreement within twelve (12) months of a corporate
dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A),
provided that all benefits paid under the Agreement are included in the Executive's gross income in the latest of: (i) the calendar
year which the termination occurs; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture;
or (iii) the first calendar year in which the payment is administratively practicable.

 

(b)          Change
in Control. The Employer may terminate and liquidate this Agreement by taking irrevocable action to terminate and liquidate
within the thirty (30) days preceding or the twelve (12) months following a Change in Control. This Agreement will then be treated
as terminated only if all substantially similar arrangements sponsored by the Employer which are treated as deferred under a single
plan under Treasury Regulation §1.409A-1(c) (2) are terminated and liquidated with respect to each participant who experienced
the Change in Control so that the Executive and any participants in any such similar arrangements are required to receive all amounts
of compensation deferred under the terminated arrangements within twelve (12) months of the date the Employer takes the irrevocable
action to terminate the arrangements.

 

(c)          Discretionary
Termination. The Employer may terminate and liquidate this Agreement provided that: (i) the termination does not occur proximate
to a downturn in the financial health of the Employer; (ii) all arrangements sponsored by the Employer and Affiliates that would
be aggregated with any terminated arrangements under Treasury Regulation §1.409A-1(c) are terminated; (iii) no payments, other
than payments that would be payable under the terms of this Agreement if the termination had not occurred, are made within twelve
(12) months of the date the Employer takes the irrevocable action to terminate this Agreement; (iv) all payments are made within
twenty-four (24) months following the date the Employer takes the irrevocable action to terminate and liquidate this Agreement;
and (v) neither the Employer nor any of its Affiliates adopt a new arrangement that would be aggregated with any terminated arrangement
under Treasury Regulation §1.409A-1(c) if the Executive participated in both arrangements, at any time within three (3) years
following the date the Employer takes the irrevocable action to terminate this Agreement.

 

    	 	11	 

     

    

 

ARTICLE 7

MISCELLANEOUS

 

7.1           No
Effect on Other Rights. This Agreement constitutes the entire agreement between the Employer and the Executive as to the subject
matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein.
Nothing contained herein will confer upon the Executive the right to be retained in the service of the Employer nor limit the right
of the Employer to discharge or otherwise deal with the Executive without regard to the existence hereof.

 

7.2           State
Law. To the extent not governed by ERISA, the provisions of this Agreement shall be construed and interpreted according to
the internal law of the Commonwealth of Pennsylvania without regard to its conflicts of laws principles.

 

7.3           Validity.
In case any provision of this Agreement shall be illegal or invalid for any reason, said illegality or invalidity shall not affect
the remaining parts hereof, but this Agreement shall be construed and enforced as if such illegal or invalid provision had never
been inserted herein.

 

7.4           Nonassignability.
Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

 

7.5           Unsecured
General Creditor Status. Payment to the Executive or any Beneficiary hereunder shall be made from assets which shall continue,
for all purposes, to be part of the general, unrestricted assets of the Employer and no person shall have any interest in any such
asset by virtue of any provision of this Agreement. The Employer's obligation hereunder shall be an unfunded and unsecured promise
to pay money in the future. In the event that the Employer purchases an insurance policy insuring the life of the Executive to
recover the cost of providing benefits hereunder, neither the Executive nor the Beneficiary shall have any rights whatsoever in
said policy or the proceeds therefrom.

 

7.6           Life
Insurance. If the Employer chooses to obtain insurance on the life of the Executive in connection with its obligations under
this Agreement, the Executive hereby agrees to take such physical examinations and to truthfully and completely supply such information
as may be required by the Employer or the insurance company designated by the Employer.

 

7.7           Unclaimed
Benefits. The Executive shall keep the Employer informed of the Executive's current address and the current address of the
Beneficiary. If the location of the Executive is not made known to the Employer within three years after the date upon which any
payment of any benefits may first be made, the Employer shall delay payment of the Executive's benefit payment(s) until the location
of the Executive is made known to the Employer; however, the Employer shall only be obligated to hold such benefit payment(s) for
the Executive until the expiration of three (3) years. Upon expiration of the three (3) year period, the Employer may discharge
its obligation by payment to the Beneficiary. If the location of the Beneficiary is not made known to the Employer by the end of
an additional two (2) month period following expiration of the three (3) year period, the Employer may discharge its obligation
by payment to the Executive's estate. If there is no estate in existence at such time or if such fact cannot be determined by the
Employer, the Executive and Beneficiary shall thereupon forfeit all rights to any benefits provided under this Agreement.

 

    	 	12	 

     

    

 

7.8         Suicide
or Misstatement. No benefit shall be distributed hereunder if the Executive commits suicide within two (2) years after the
Effective Date, or if an insurance company which issued a life insurance policy covering the Executive and owned by the Employer
denies coverage (i) for material misstatements of fact made by the Executive on an application for life insurance, or (ii) for
any other reason.

 

7.9         Removal.
Notwithstanding anything in this Agreement to the contrary, the Employer shall not distribute any benefit under this Agreement
if the Executive is subject to a final removal or prohibition order issued pursuant to Section 8(e) of the Federal Deposit Insurance
Act. Furthermore, any payments made to the Executive pursuant to this Agreement shall, if required, comply with 12 U.S.C. 1828,
FDIC Regulation 12 CFR Part 359 and any other regulations or guidance promulgated thereunder.

 

7.10       Competition
after Separation from Service. The Executive shall forfeit all rights to any further benefits hereunder if the Executive, without
the prior written consent of the Employer, violates any of the following restrictive covenants.

 

(a)         Non-compete
provision. During (x) the period that the Executive is employed by the Employer, (y) the period of three years following the
Executive’s Separation from Service if such event occurs prior to a Change in Control, and (z) the period of six months following
a Change in Control if no Separation from Service has occurred prior to such Change in Control, the Executive shall not, directly
or indirectly, either as an individual or as a proprietor, stockholder, partner, officer, director, employee, agent, consultant
or independent contractor of any individual, partnership, corporation or other entity (excluding an ownership interest of three
percent (3%) or less in the stock of a publicly-traded company):

 

(i)          become
employed by, participate in, or become connected in any manner with the ownership, management, operation or control of any bank,
savings and loan or other similar financial institution if the Executive’s responsibilities will include providing banking
or other financial services within twenty-five (25) miles of any office maintained by the Employer as of the date of the termination
of the Executive's employment; provided that the foregoing shall not prevent the Executive from owning for passive investment purposes
less than five percent (5%) of the publicly traded voting securities of any company engaged in the banking, financial services,
insurance, brokerage or other business similar to or competitive with the Employers (so long as the Executive has no power to manage,
operate, advise, consult with or control the competing enterprise and no power, alone or in conjunction with other affiliated parties,
to select a director, manager, general partner, or similar governing official of the competing enterprise other than in connection
with the normal and customary voting powers afforded the Executive in connection with any permissible equity ownership);

 

    	 	13	 

     

    

 

(ii)         participate
in any way in hiring or otherwise engaging, or assisting any other person or entity in hiring or otherwise engaging, on a temporary,
part-time or permanent basis, any individual who was employed by the Employer as of the date of termination of the Executive's
employment (excluding those employees whose employment is terminated by the Employer);

 

(iii)        assist,
advise, or serve in any capacity with, representative or otherwise, any third party in any action against the Employer or transaction
involving the Employer;

 

(iv)        sell,
offer to sell, provide banking or other financial services, assist any other person in selling or providing banking or other financial
services, or solicit or otherwise compete for (whether by mail, telephone, personal meeting or any other means, excluding general
solicitations of the public that are not based in whole or in part on any list of customers of the Employer or any of its Affiliates
or successors), either directly or indirectly, any orders, contract, or accounts for services of a kind or nature like or substantially
similar to the financial services performed or financial products sold by the Employer (the preceding hereinafter referred to as
"Services"), to or from any person or entity from whom the Executive or the Employer, to the knowledge of the Executive
provided banking or other financial services, sold, offered to sell or solicited orders, contracts or accounts for Services during
the three (3) year period immediately prior to the termination of the Executive's employment;

 

(v)         divulge,
disclose, or communicate to others in any manner whatsoever, any confidential information of the Employer, to the knowledge of
the Executive, including, but not limited to, the names and addresses of customers or prospective customers, of the Employer, as
they may have existed from time to time, of work performed or services rendered for any customer, any method and/or procedures
relating to projects or other work developed for the Employer, earnings or other information concerning the Employer. The restrictions
contained in this subsection (v) apply to all information regarding the Employer, regardless of the source that provided or compiled
such information. Notwithstanding anything to the contrary, all information referred to herein shall not be disclosed unless and
until it becomes known to the general public from sources other than the Executive.

 

(b)        Value
of Non-compete for Purposes of Code Section 280G. For purposes of Code Section 280G, the Employer shall ascribe a value to
the restrictive covenants imposed upon the Executive pursuant to Section 7.10(a), with such value to not exceed one-half of the
Executive’s annual compensation as of the date of the Change in Control.

 

    	 	14	 

     

    

 

(c)          Judicial
Remedies. In the event of a breach or threatened breach by the Executive of any of the provisions of Section 7.10(a), the Executive
recognizes the substantial and immediate harm that a breach or threatened breach will impose upon the Employer, and further recognizes
that in such event monetary damages may be inadequate to fully protect the Employer. Accordingly, in the event of a breach or threatened
breach by the Executive of any of the provisions of Section 7.10(a), the Executive consents to the Employer's entitlement to such
ex parte, preliminary, interlocutory, temporary or permanent injunctive, or any other equitable relief, protecting and fully
enforcing the Employer's rights hereunder and preventing the Executive from further violating any of the Executive's obligations
set out herein. The Executive expressly waives any requirement, based on any statute, rule of procedure, or other source, that
the Employer post a bond as a condition of obtaining any of the above-described remedies. Nothing herein shall be construed as
prohibiting the Employer from pursuing any other remedies available to the Employer at law or in equity for such breach or threatened
breach, including the recovery of damages from the Executive and the recoupment of all or part of the lump sum Change in Control
benefit paid pursuant to Section 2.4 of this Agreement. The Executive expressly acknowledges and agrees that: (i) the restrictions
set forth in Section 7.10(a) are reasonable in terms of scope, duration, geographic area and otherwise; (ii) the protections afforded
the Employer in Section 7.10(a) are necessary to protect its legitimate business interest; (iii) the restrictions set forth in
Section 7.10(a) will not be materially adverse to the Executive's employment with the Employer; and (iv) the Executive's agreement
to observe such restrictions forms a material part of the consideration for this Agreement.

 

(d)          Overbreadth
of Restrictive Covenant. It is the intention of the parties that if any restrictive covenant in this Agreement is determined
by a court of competent jurisdiction to be overly broad, then the court should enforce such restrictive covenant to the maximum
extent permitted under the law as to area, breadth and duration.

 

7.11       Notice.
Any notice, consent or demand required or permitted to be given to the Employer or Administrator under this Agreement shall be
sufficient if in writing and hand-delivered or sent by registered or certified mail to the Employer's principal business office.
Any notice or filing required or permitted to be given to the Executive or Beneficiary under this Agreement shall be sufficient
if in writing and hand-delivered or sent by mail to the last known address of the Executive or Beneficiary, as appropriate. Any
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or
on the receipt for registration or certification.

 

7.12       Headings
and Interpretation. Headings and sub-headings in this Agreement are inserted for reference and convenience only and shall not
be deemed part of this Agreement. Wherever the fulfillment of the intent and purpose of this Agreement requires and the context
will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

 

7.13       Alternative
Action. In the event it becomes impossible for the Employer or the Administrator to perform any act required by this Agreement
due to regulatory or other constraints, the Employer or Administrator may perform such alternative act as most nearly carries out
the intent and purpose of this Agreement and is in the best interests of the Employer, provided that such alternative act does
not violate Code Section 409A.

 

    	 	15	 

     

    

 

7.14         Coordination
with Other Benefits. The benefits provided for the Executive or the Beneficiary under this Agreement are in addition to any
other benefits available to the Executive under any other plan or program for employees of the Employer. This Agreement shall supplement
and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly provided herein.

 

7.15         inurement.
This Agreement shall be binding upon and shall inure to the benefit of the Employer, its successors and assigns, and the Executive,
the Executive’s successors, heirs, executors, administrators, and the Beneficiary.

 

7.16         Tax
Withholding. The Employer may make such provisions and take such action as it deems necessary or appropriate for the withholding
of any taxes which the Employer is required by any law or regulation to withhold in connection with any benefits under the Agreement.
The Executive shall be responsible for the payment of all individual tax liabilities relating to any benefits paid hereunder.

 

7.17         Aggregation
of Agreement. If the Employer offers other non-account balance deferred compensation plans, this Agreement and those plans
shall be treated as a single plan to the extent required under Code Section 409A.

 

IN WITNESS WHEREOF,
the Executive and a representative of the Employer have executed this Agreement as of the date first written above.

 

	Executive:	 	Employer:
	 	 	 	 
	/s/Jennifer A. Roxbury	 	By:	/s/William L. Marsh
	Jennifer A. Roxbury	 	Its:	Chairman, President and CEO

 

By execution hereof,
Emclaire Financial Corp. consents to and agrees to be bound by the terms and conditions of this Agreement.

 

	Attest:	 	Corporation:
	 	 	 	 
	/s/Linda L. Bartley	 	By:	/s/William C. Marsh
	 	 	Its:	Chairman, President and CEO

 

    	 	16	 

     

    

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
AGREEMENT

 

Beneficiary Designation

 

I, Jennifer A. Roxbury, designate the following
as Beneficiary under this Agreement:

 

	Primary
	  	 	 	%
	  	 	 	%
	 
	Contingent
	  	 	 	%
	  	 	 	%

 

I understand that I
may change this beneficiary designation by delivering a new written designation to the Administrator, which shall be effective
only upon receipt by the Administrator prior to my death. I further understand that the designation will be automatically revoked
if the Beneficiary predeceases me or if I have named my spouse as Beneficiary and our marriage is subsequently dissolved.

 

	Signature:	 	Date: 	 	 

  

SPOUSAL CONSENT (Required only if Administrator
requests and someone other than spouse is named Beneficiary)

 

I consent to the beneficiary designation
above. I also acknowledge that if I am named Beneficiary and my marriage is subsequently dissolved, the beneficiary designation
will be automatically revoked.

 

	Spouse Name:	 	 	 

 

	Signature:	 	Date: 	 	 

  

Received by the Administrator this ___
day of ________, 201_

 

	By:	 	 
	Title:	 	 

 

    	 	17	 

     

    

 

Supplemental Executive Retirement Plan

Schedule A

Jenn Roxbury

 

	Birth
                                         Date: 08/26/1969

                                                                                   
 Plan
Anniversary Date: 09/30/2016

                                                                                                                                                                                                                            
 Normal
Retirement: 08/26/2034, Age 65

                                                                                                                                                                                                                                                                                                                                                                     
 Normal
Retirement Payment: Monthly for 20 Years
	 	Early
                                         Termination

                                                                                                                           
 Amount
                                         Payable Monthly
 for 5 Years at
 Separation from Service
	 	 	Disability

                                                                                                                           
 Amount
                                         Payable Monthly
 for 20 Years at Normal

                                         Retirement Age
	 	 	Change
                                         in Control

                                                                                                                           
 Amount
                                         Payable in a Lump
 Sum Upon Change in

                                         Control
	 	 	Death

                                                                                                                           
 Amount
                                         Payable Monthly
 for 20 Years Upon

                                         Death
	 
	Values
    as of	 	Age	 	Annual Benefit1	 	 	Annual Benefit2	 	 	Lump
Sum Benefit3	 	 	Annual Benefit2	 
	Oct 2015	 	46	 	11,188	 	 	9,450	 	 	237,631	 	 	3,854	 
	Sep 2016	 	47	 	 	15,182	 	 	 	12,230	 	 	 	249,167	 	 	 	5,230	 
	Sep 2017	 	48	 	 	19,369	 	 	 	14,881	 	 	 	261,264	 	 	 	6,673	 
	Sep 2018	 	49	 	 	23,761	 	 	 	17,409	 	 	 	273,948	 	 	 	8,186	 
	Sep 2019	 	50	 	 	28,365	 	 	 	19,820	 	 	 	287,247	 	 	 	9,772	 
	Sep 2020	 	51	 	 	33,193	 	 	 	22,120	 	 	 	301,192	 	 	 	11,436	 
	Sep 2021	 	52	 	 	38,255	 	 	 	24,313	 	 	 	315,815	 	 	 	13,180	 
	Sep 2022	 	53	 	 	43,563	 	 	 	26,405	 	 	 	331,147	 	 	 	15,009	 
	Sep 2023	 	54	 	 	49,129	 	 	 	28,400	 	 	 	347,223	 	 	 	16,926	 
	Sep 2024	 	55	 	 	54,965	 	 	 	30,302	 	 	 	364,080	 	 	 	18,937	 
	Sep 2025	 	56	 	 	61,084	 	 	 	32,117	 	 	 	381,756	 	 	 	21,045	 
	Sep 2026	 	57	 	 	67,501	 	 	 	33,847	 	 	 	400,289	 	 	 	23,256	 
	Sep 2027	 	58	 	 	74,228	 	 	 	35,497	 	 	 	419,722	 	 	 	25,574	 
	Sep 2028	 	59	 	 	81,283	 	 	 	37,071	 	 	 	440,099	 	 	 	28,004	 
	Sep 2029	 	60	 	 	88,680	 	 	 	38,572	 	 	 	461,465	 	 	 	30,552	 
	Sep 2030	 	61	 	 	96,436	 	 	 	40,003	 	 	 	483,868	 	 	 	33,225	 
	Sep 2031	 	62	 	 	104,568	 	 	 	41,369	 	 	 	507,359	 	 	 	36,027	 
	Sep 2032	 	63	 	 	113,096	 	 	 	42,671	 	 	 	531,990	 	 	 	38,964	 
	Sep 2033	 	64	 	 	122,037	 	 	 	43,912	 	 	 	557,817	 	 	 	42,045	 
	Aug 2034	 	65	 	 	130,614	 	 	 	45,000	 	 	 	582,591	 	 	 	45,000	 

 

The first line represents the initial plan values as of the
plan implementation date of October 01, 2015.

 

1 The
annual benefit amount will be distributed in 12 equal monthly payments for a total of 60 monthly payments. 

 2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 240 monthly payments.

 3 Note that accounting rules may require an additional accrual at the time this benefit is triggered.

 

IF THERE IS A CONFLICT BETWEEN THIS SCHEDULE A AND THE AGREEMENT,
THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL
BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.

 

	Jenn Roxbury  	/s/ Jenn Roxbury	 	By	/s/ William C. Marsh
	Date 	11-18-15	 	Title 	Chairman, President & CEO 
	 	 	 	Date	11-18-15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]