Document:

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

TSR,
Inc. (“we,” “us,” “our,” or the “Company”) has two classes of securities registered
under Section 12 of the Securities Exchange Act of 1934, as amended: (i) common stock, par value $0.01 per share and
(ii) Preferred Stock Purchase Rights. The following description of our common stock and
Preferred Stock Purchase Rights is a summary and is qualified in its entirety by reference to our certificate
of incorporation, as amended (“Certificate”), and our amended and restated bylaws, as amended (“Bylaws,”
collectively with the Certificate, “Charter Documents”), which are incorporated by reference as exhibits to the Annual
Report on Form 10-K of which this exhibit is a part. We encourage you to read our Certificate of Incorporation, our
Bylaws and the applicable provisions of Delaware General Corporation Law, Title 8, Chapter 1 of the Delaware Code (“DGCL”),
for additional information.

 

Defined
terms used herein and not defined herein shall have the meaning ascribed to such terms in the Company’s Annual Report on
Form 10-K.

 

Description of Common Stock

 

Authorized Capital Shares

 

Our authorized capital shares consist of 12,500,000 shares of
common stock, par value $0.01 per share (“Common Stock”), and 500,000 shares of series preferred stock, par value $1.00
per share. The outstanding shares of our Common Stock are fully paid and nonassessable.

 

Voting Rights

 

Holders of Common Stock are entitled to one vote per share on
all matters voted on by the stockholders, including the election of directors. Our Common Stock does not have cumulative voting
rights.

 

Dividend Rights

 

Subject to the rights of holders of outstanding shares of preferred
stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the
Board of Directors in its discretion out of funds legally available for the payment of dividends.

 

Liquidation Rights

 

Subject to any preferential rights of outstanding shares of
preferred stock, holders of Common Stock will share ratably in all assets legally available for distribution to our stockholders
in the event of the Company’s dissolution, liquidation or winding-up.

 

Other Rights and Preferences

 

Our Common Stock has no sinking fund or redemption provisions
or preemptive, conversion or exchange rights.

 

Listing

 

The Common Stock is listed on the NASDAQ Capital Market under
the trading symbol TSRI.

 

Anti-Takeover Provisions

 

The Charter Documents and the DGCL contain certain provisions
that may discourage an unsolicited takeover of the Company or make an unsolicited takeover of the Company more difficult. The following
are some of the more significant anti-takeover provisions that are applicable to the Company:

 

    	 		 

     

    

 

Business Combinations with Interested Stockholders

 

Delaware Anti-Takeover Law

 

In general, Section 203 of the DGCL prohibits a Delaware corporation
with a class of voting stock listed on a national securities exchange or held of record by 2,000 or more stockholders from engaging
in a “business combination” with an “interested stockholder” for a three-year period following the time
that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A
“business combination” includes, among other things, a merger, asset or stock sale or other transaction resulting in
a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates
and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of
the corporation’s voting stock. Under Section 203, a business combination between a corporation and an interested stockholder
is prohibited unless it satisfies one of the following conditions:

 

		●	Before the stockholder became an interested stockholder, the board of directors approved either the business combination or
the transaction which resulted in the stockholder becoming an interested stockholder;

 

		●	Upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans,
in some instances; or

 

		●	At or after the time the stockholder became an interested stockholder, the business combination was approved by the board of
directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least
two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

 

The DGCL permits a corporation to opt out of, or choose not
to be governed by, its anti-takeover statute by expressly stating so in its original certificate of incorporation (or subsequent
amendment to its certificate of incorporation or bylaws approved by its stockholders). The Certificate does not contain a provision
expressly opting out of the application of Section 203 of the DGCL; therefore, the Company is subject to the anti-takeover statute.

 

Special Meetings of Stockholders; No Stockholder Action
by Written Consent; and Advance Notice of Stockholder Business Proposals and Nominations

 

The Bylaws provide that special meetings of the Company’s
stockholders may only be called by the president of the Company, a majority of the board of directors or stockholders owning at
least forty percent (40%) in amount of the entire outstanding voting stock of the Company. The Certificate provides that action
may only be taken by stockholders at an annual or special meeting and may not be taken by written consent. The Bylaws provide an
advance written notice procedure with respect to stockholder proposals of business and stockholder nominations of candidates for
election as directors. Stockholders at an annual meeting are able to consider only the proposals and nominations specified in the
notice of meeting or otherwise brought before the meeting by or at the direction of the board of directors or by a stockholder
that has delivered timely written notice in proper form to the Company of the business to be brought before the meeting.

 

Classified Board of Directors

 

The Certificate provides that the Company’s board of directors
is divided into three classes of directors serving staggered three-year terms. The classification of directors may make it more
difficult for stockholders to change the composition of the board of directors in a short period of time. The Certificate also
provide that any amendment of the second paragraph of Article Fifth, which provides for the classified board of directors, requires
the affirmative vote of two-thirds of the outstanding voting stock.

 

Authority of the Board of Directors

 

Under the Certificate, the Company’s board of directors
has the authority to establish one or more series of preferred stock and to fix the powers, preferences, rights and limitations
of such series, without seeking stockholder approval. In addition, under the Bylaws, the Company’s board of directors has
the right to determine the number of directors on the Company’s board of directors. Under the Certificate, the Board has
the right to fill vacancies on the board of directors (including a vacancy created by an increase in the size of the board of directors)
and has the authority to make, amend and repeal the Bylaws.

 

    	 	2	 

     

    

 

Description of Preferred Stock Purchase
Rights

 

On August 29, 2018, the
Board of Directors of the Company declared a dividend of one preferred share purchase right (a “Right”), payable on
August 29, 2018, for each share of Common Stock of the Company outstanding on August 29, 2018 (the “Record Date”) to
the stockholders of record on that date. In connection with the distribution of the Rights, the Company entered into a Rights Agreement,
dated as of August 29, 2018, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent, as amended
and restated in the Amended and Restated Rights Agreement, dated as of September 3, 2019 (“Rights Agreement”). Each
Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Class A Preferred Stock Series
One, par value $0.01 per share (“Preferred Stock”), of the Company at a price of $24.78 per one one-hundredth of a
share of Preferred Stock represented by a Right (the “Purchase Price”), subject to adjustment.

 

The Rights are in all
respects subject to and governed by the provisions of the Rights Agreement. The following description of the Rights Agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the Rights Agreement, a copy of which
is filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 3, 2019,
and is incorporated herein by reference.

 

Distribution Date; Exercisability;
Expiration

 

Initially, the Rights will be attached
to all certificates for shares of Common Stock and no separate certificates evidencing the Rights (“Rights Certificates”)
will be issued. Until the Distribution Date (as defined below), the Rights will be transferred with and only with shares of Common
Stock. As long as the Rights are attached to the shares of Common Stock, the Company will issue one Right with each new share of
Common Stock so that all such shares of Common Stock will have Rights attached.

 

The Rights will separate and begin
trading separately from the Common Stock, and Rights Certificates will be caused to evidence the Rights, on the earlier to occur
of (a) the Close of Business (as such term is defined in the Rights Agreement) on the tenth day following a public announcement,
or the public disclosure of facts indicating, that a Person (as such term is defined in the Rights Agreement), group of affiliated
or associated Persons or any other Person with whom such Person is Acting in Concert (as defined below) has acquired Beneficial
Ownership (as defined below) of 5% or more of the outstanding Common Stock (an “Acquiring Person”) (or, in the event
an exchange is effected in accordance with Section 27 of the Rights Agreement and the Board of Directors determines that a
later date is advisable, then such later date) or (b) the Close of Business on the tenth Business Day (as such term is
defined in the Rights Agreement) (or such later date as may be determined by action of the Board of Directors prior to such time
as any Person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer the consummation of which
would result in the Beneficial Ownership by a Person or group of 5% or more of the outstanding Common Stock (the earlier of such
dates, the “Distribution Date”). A Distribution Date shall not occur solely as a result of any request by any of the
Investor Parties (as defined in the Rights Agreement) calling for a special meeting pursuant to the Company’s bylaws. As
soon as practicable after the Distribution Date, unless the Rights are recorded in book-entry or other uncertificated form, the
Company will prepare and cause the Right Certificates to be sent to each record holder of Common Stock as of the Close of Business
on the Distribution Date. 

 

An “Acquiring Person” will
not include (i) the Company, (ii) any Subsidiary (as such term is defined in the Rights Agreement) of the Company, (iii)
any employee benefit plan or employee stock plan of the Company or any Subsidiary of the Company, or any trust or other entity
organized, appointed, established or holding Common Stock for or pursuant to the terms of any such plan, or (iv) any Person
who or which, at the time of the first public announcement of the Rights Agreement, is a Beneficial Owner of 5% or more of the
Common Shares then outstanding (a “Grandfathered Stockholder”). However, if a Grandfathered Stockholder becomes, after
such time, the Beneficial Owner of any additional shares of Common Stock (regardless of whether, thereafter or as a result thereof,
there is an increase, decrease or no change in the percentage of shares of Common Stock then outstanding beneficially owned by
such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon such
acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more
of the Common Stock then outstanding. In addition, upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership
below 5%, such Grandfathered Stockholder will cease to be a Grandfathered Stockholder. In the event that after the time of the
first public announcement of the Rights Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered
Stockholder is deemed to be the Beneficial Owner of Common Stock expires, terminates or no longer confers any benefit to or imposes
any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement,
arrangement or understanding with respect to the same or different shares of Common Stock that confers Beneficial Ownership of
Common Stock shall be considered the acquisition of Beneficial Ownership of additional shares of Common Stock by the Grandfathered
Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement unless, upon such
acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more
of the Common Stock then outstanding.

 

    	 	3	 

     

    

 

“Beneficial Ownership”
is defined in the Rights Agreement to include any securities that a Person or any of such Person’s Affiliates or Associates
(as such terms are defined in the Rights Agreement) (a) beneficially owns, directly or indirectly, within the meaning of Rules
13d-3 or 13d-5 promulgated under the Exchange Act, (b) has the right to acquire or vote pursuant to any agreement, arrangement
or understanding (except under limited circumstances), (c) which are directly or indirectly beneficially owned by any other
Person with which such Person has any agreement, arrangement or understanding for the purpose of acquiring, holding or voting such
securities, or obtaining, changing or influencing control of the Company, or with whom such Person is Acting in Concert (as defined
below), or (d) in respect of which such Person has a Derivative Position (as such term is defined in the Rights Agreement).

 

The Rights Agreement provides that
a Person shall be deemed to be “Acting in Concert” with another Person if such Person knowingly acts (whether or not
pursuant to an express agreement, arrangement or understanding) in concert or in parallel with such other Person, or towards a
common goal with such other Person, relating to (a) acquiring, holding, voting or disposing of voting securities of the Company
or (b) changing or influencing the control of the Company or in connection with or as a participant in any transaction having
that purpose or effect, where (i) each Person is conscious of the other Person’s conduct or intent and this awareness
is an element in their decision-making processes and (ii) at least one additional factor supports a determination by the Board
of Directors that such Persons intended to act in concert or in parallel. A Person who is Acting in Concert with another Person
shall also be deemed to be Acting in Concert with any third Person who is also Acting in Concert with such other Person.

 

The Rights are not exercisable until
the Distribution Date. The Rights will expire on the Close of Business on August 29, 2021 (the “Expiration Date”).

 

Flip-in Event

 

If a Person or group becomes an Acquiring
Person at any time after the date of the Rights Agreement (with certain limited exceptions), the Rights will become exercisable
for shares of Common Stock (in lieu of shares of Preferred Stock) having a value equal to two times the exercise price of the Right.
From and after the announcement that any Person has become an Acquiring Person, if the Rights evidenced by a Rights Certificate
are or were acquired or beneficially owned by an Acquiring Person or any Associate or Affiliate of an Acquiring Person or any other
Person with whom such Person is Acting in Concert, such Rights shall become void, and any holder of such Rights shall thereafter
have no right to exercise such Rights. If the Board of Directors so elects, the Company shall deliver upon payment of the exercise
price of a Right an amount of cash or securities equivalent in value to the shares of Common Stock issuable upon exercise of a
Right.

 

Exchange

 

At any time after any Person becomes
an Acquiring Person and prior to the acquisition by any Person or group of a majority of the outstanding Common Stock, the Board
of Directors may exchange the Rights (other than Rights owned by such Person or group which have become void), in whole or in part,
at an exchange ratio of one share of Common Stock per Right (subject to adjustment).

 

Flip-over Event

 

If, at any time after a Person becomes
an Acquiring Person, (a) the Company consolidates with, or merges with and into, any other Person; (b) any Person consolidates
with the Company, or merges with and into the Company, and the Company is the continuing or surviving corporation of such merger
and, in connection with such merger, all or part of the Common Stock are or will be changed into or exchanged for stock or other
securities of any other Person (or the Company) or cash or any other property; or (c) 50% or more of the Company’s consolidated
assets or Earning Power (as defined in the Rights Agreement) are sold, then proper provision will be made so that each holder of
a Right will thereafter have the right to receive, upon the exercise thereof at the then current exercise price of the Right, that
number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two
times the exercise price of the Right.

 

Redemption

 

At any time prior to the Close of Business
on the earlier of (a) the tenth day following the Stock Acquisition Date or (b) the Expiration Date, the Board of Directors may
redeem the Rights in whole, but not in part, at a price of $0.01 per Right (the “Redemption Price”). The “Stock
Acquisition Date” is the first date on which there is a public announcement by the Company or an Acquiring Person that an
Acquiring Person has become such, or such earlier date as a majority of the Board of Directors becomes aware of the existence of
an Acquiring Person. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as
the Board of Directors in its sole discretion may establish. Immediately upon the action of the Board of Directors ordering the
redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to
receive the Redemption Price.

 

    	 	4	 

     

    

 

Amendment

 

The terms of the Rights may be amended
by the Board of Directors without the consent of the holders of the Rights.

 

Preferred Stock Rights

 

The Preferred Stock will not be redeemable.
Each share of Preferred Stock will be entitled to a receive, when, as and if declared by the Board of Directors, (a) cash dividends
in an amount per share (rounded to the nearest cent) equal to 100 times the aggregate per share amount of all cash dividends declared
or paid on the Common Stock and (b) a preferential quarterly cash dividend (the “Preferential Dividends”) in an amount
equal to $50.00 per share of Preferred Stock less the per share amount of all cash dividends declared on the Preferred Stock pursuant
to clause (a) of this sentence. Each share of Preferred Stock will entitle the holder thereof to 100 votes per share, voting together
with the holders of the Common Stock as a single class, except as otherwise provided in the Certificate of Designations of Class
A Preferred Stock Series One filed by the Company with the Delaware Secretary of State on August 29, 2018 or the Company’s
Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated By-laws. In the event of any consolidation,
merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities,
cash and/or any other property, then in any such case each outstanding share of Preferred Stock shall at the same time be similarly
exchanged for or changed into the aggregate amount of stock, securities, cash and/or other property (payable in like kind), as
the case may be, for which or into which each share of Common Stock is changed or exchanged, multiplied by 100. Upon any voluntary
or involuntary liquidation, dissolution or winding up of the Company, (a) no distribution shall be made to the holders of shares
of stock ranking junior to the Preferred Stock unless the holders of the Preferred Stock shall have received the greater of (i)
$100 per share of Preferred Stock plus an amount equal to accrued and unpaid dividends and distributions thereon or (ii) an amount
equal to 100 times the aggregate amount to be distributed per share to holders of the Common Stock, and (b) no distribution shall
be made to the holders of stock ranking on a parity upon liquidation, dissolution or winding up with the Preferred Stock unless
simultaneously therewith distributions are made ratably on the holders of the Preferred Stock and all other shares of such parity
stock in proportion to the total amounts to which the holders of shares of Preferred Stock are entitled under clause (a)(i) of
this sentence and to which the holders of such parity shares are entitled, in each case upon such liquidation, dissolution or winding
up.

 

The foregoing rights are protected
by customary anti-dilution provisions.

 

The foregoing description of the rights
of the Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designations
of Class A Preferred Stock Series One.

 

Rights of Holders

 

Until a Right is exercised, the holder
thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive
dividends.

  

 

5Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”), dated as of the 11th day of July, 2018 (the “Effective Date”),
is entered into by and between TSR Consulting Services, Inc., a New York corporation, with offices at 400 Oser Avenue, Hauppauge,
New York 11788 (the “Company”) and Thomas Salerno, an individual residing at 600 West Saddle River Road, Upper
Saddle River, NJ 07458 (“Employee”).

 

WITNESSETH:

 

WHEREAS,
Employee has been employed by the Company since on or about June 27, 2011;

 

WHEREAS,
the Company desires to continue to employ Employee as its New Jersey Branch Office Manager, and Employee desires to accept such
continued employment by the Company, on the terms and conditions set forth in this Agreement; and

 

WHEREAS,
the Company and Employee each believe it is in their respective best interests to enter into this Agreement setting forth the
mutual understandings and agreements reached between the Company and Employee with respect to Employee’s continued employment
with the Company.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

1. Employment
and Acceptance. During the Term (as defined in Section 3 below), the Company agrees continue to employ Employee, and
Employee accepts such continued employment, in each case, upon the terms and conditions set forth in this Agreement.

 

2. Position,
Duties and Responsibilities. During the Term, Employee shall continue to serve as the Company’s New Jersey Branch Office
Manager and Employee agrees, subject to the direction and authority of the President and Chief Executive Officer of TSR, Inc.,
a Delaware Corporation (the “Parent”), to perform the duties consistent with such position and such other duties
as may be reasonably assigned to him from time to time by the Parent’s President and Chief Executive Officer and/or such
President and Chief Executive Officer’s nominee. Employee shall continue to report to the Parent’s President and Chief
Executive Officer and/or such President and Chief Executive Officer’s nominee. Employee will devote his full time, attention,
knowledge and skills, faithfully, diligently and to the best of his ability, in furtherance of the business of the Parent and
its subsidiaries (including, without limitation, the Company) and to promote the interests of the Parent and its subsidiaries
(including, without limitation, the Company). Employee shall at all times be subject to, observe and carry out such rules, and
regulations as the Parent and/or the Company from time to time shall establish.

 

     

     

    

 

3. Term.
This Agreement and Employee’s employment hereunder shall be for a period (such period shall be referred to herein as the
“Term”) commencing on the Effective Date and, subject to earlier termination as provided in Section 6
below, ending on July 10, 2021 (the “Expiration Date”). As also set forth in Section 6(g) below, if
Employee remains employed by Company after the Expiration Date, any such continued employment will be on an “at-will”
basis and this Agreement will have no further effect on Employee’s employment or the Company’s obligations to Employee
with respect to his employment or the termination thereof.

 

4. Compensation
and Benefits.

 

(a) Base
Salary. As full compensation for Employee’s services hereunder, the Company will pay to Employee a salary (the “Base
Salary”) at the rate of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000) on an annualized basis, payable in
equal installments in arrears no less frequently than semi-monthly.

 

(b) Bonus.
In addition to Base Salary, for each fiscal year ending during the Term, Employee shall continue to be eligible for an annual
bonus (the “Annual Bonus”), the amount of which shall be determined in the discretion of the Company. The Annual
Bonus shall be payable by the Company to Employee within 120 days following the end of the fiscal year with respect to which such
Annual Bonus relates, subject to Employee’s continued employment with the Company from the date hereof through the date
that is the day immediately following the last day of such applicable fiscal year.

 

(c) Car
Allowance. During the Term, Employee shall continue to receive a car allowance in the amount of $1,300 per month.

 

(d)
 Group Benefits. During the Term, Employee shall be entitled to participate in
all group benefit plans and programs generally made available by the Company to employees of the Company, to the extent permissible
under the general terms and provisions of such plans or programs and in accordance with the provisions thereof. The Company may
amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to benefit costs without
notice in its discretion.

 

(e)Paid
Time Off. During the Term, Employee shall continue to be entitled to paid vacation days and/or other paid time off in accordance
with the Company’s policies with respect to such vacation days and/or other paid time off in place from time to time.

 

5. Expenses.
The Company shall reimburse Employee for all expenses reasonably incurred by him in connection with the performance of his duties
hereunder and in connection with the business of the Company, upon the submission to the Company of appropriate vouchers therefore
and approval thereof by the Treasurer of the Company. Such reimbursements shall be subject to the expense reimbursement policies
of the Company, which are in effect from time to time.

 

    2

     

    

 

6. Events
of Termination. This Agreement and Employee’s employment hereunder shall terminate upon the occurrence of any one or
more of the following events:

 

(a) Death.
In the event of Employee’s death, this Agreement and Employee’s employment hereunder shall automatically terminate
on the date of death.

 

(b) Disability.
To the extent permitted by law, in the event of Employee’s physical or mental disability that prevents Employee from performing
the essential functions of Employee’s duties under this Agreement (with or without reasonable accommodation) for a period
of at least 90 consecutive days in any 12-month period or 120 non-consecutive days in any 12-month period, the Company may terminate
Employee’s employment hereunder upon giving written notice of termination to Employee.

 

(c) Termination
by Employer for Cause. The Company may, at its option, terminate this Agreement and Employee’s employment hereunder
for Cause (as defined below) upon giving notice of termination to Employee. As used in this Agreement, “Cause”
shall mean Employee’s (i) conviction of, or guilty plea or plea of no contest to, a felony or other crime involving dishonesty,
theft or moral turpitude, (ii) commission of a fraudulent, illegal or dishonest act in respect of the Parent, its subsidiaries
(including, without limitation, the Company) or any of their respective clients/customers, (iii) willful misconduct or gross negligence
that is, or reasonably could be expected to be, injurious (monetarily or otherwise) to the business, operations or reputation
of the Parent and/or any of its subsidiaries (including, without limitation, the Company), (iv) willful violation of a federal,
state or local law or regulation applicable to the business of the Parent and/or any of its subsidiaries (including, without limitation,
the Company), (v) material violation of the Parent’s and/or the Company’s policies or procedures in effect from time
to time, (vi) material failure to satisfactorily perform Employee’s duties as assigned to Employee from time to time, (vii)
breach of the terms of the Covenants Agreement (as defined in Section 8 below), or (viii) other material breach of Employee’s
representations, warranties, covenants and other obligations under this Agreement; provided, however, to the extent
that any violation, failure or breach described in clauses (v), (vi), or (viii) is subject to cure (as determined by the Company
in its reasonable discretion), then such violation, failure or breach shall not constitute “Cause” unless the
Company provides Employee with written notice of such violation, failure or breach and Employee fails to cure such violation,
failure or breach within ten (10) days of receipt of such notice.

 

(d) Without
Cause by Employer. The Company may, at its option, at any time terminate this Agreement and Employee’s employment hereunder
for no reason or for any reason whatsoever (other than for Cause or as a result of Employee’s death or Disability) by giving
written notice of termination to Employee.

 

(e) Termination
by Employee. Employee may terminate this Agreement and Employee’s employment hereunder for any reason or no reason by
giving thirty (30) days prior written notice of termination to the Company; provided, however, the Company reserves
the right, upon written notice to Employee, to accept Employee’s notice of resignation and to accelerate such notice and
make Employee’s resignation effective immediately, or on such other date prior to Employee’s intended last day of
work as Employee deems appropriate. It is understood and agreed that Employer’s election to accelerate Employee’s
notice of resignation shall not be deemed an involuntary termination by Employer for purposes of Section 7(b) below or
otherwise.

 

(f) Mutual
Agreement. This Agreement and Employee’s employment hereunder may be terminated at any time by the mutual agreement
of Employer and Employee.

 

    3

     

    

 

(g) Expiration
of Term. This Agreement and Employee’s employment hereunder shall automatically terminate on the Expiration Date. In
the event that Employee remains employed by the Company following the Expiration Date, such continued employment with the Company
shall be on an “at-will” basis and this Agreement will have no further effect on Employee’s employment or the
Company’s obligations to Employee with respect to his employment or the termination thereof.

 

7. Effect
of Termination.

 

(a) Accrued
Obligations. If this Agreement and Employee’s employment hereunder terminates pursuant to any of the provisions set
forth in Section 6 above, then, except as specifically set forth in Section 7(b) below, the Company’s sole
obligation to Employee (or Employee’s estate, heirs, executors, administrators, representatives and assigns) under this
Agreement or otherwise shall be to: (i) pay to Employee (or, if applicable, Employee’s estate) any Base Salary earned, but
not yet paid, through the effective date of such termination (the “Termination Date”), payable in accordance
with Employer’s standard payroll practices; (ii) reimburse Employee (or, if applicable, Employee’s estate) for any expenses
incurred by Employee through the Termination Date in accordance with Section 5 above; and (iii) pay and/or provide any
amounts or benefits that are vested amounts or vested benefits or that Employee is otherwise entitled to receive under any plan,
program, policy or practice on the Termination Date, in accordance with such plan, program, policy, or practice (clauses (i),
(ii), and (iii) of this sentence are collectively referred to herein as the “Accrued Obligations”).

 

(b) Qualifying
Termination. Notwithstanding Section 7(a) above, if the termination of this Agreement and Employee’s employment
hereunder constitutes a Qualifying Termination (as defined below), then, in addition to Employee’s Accrued Obligations and
subject to Section 7(c) below:

 

(i) the
Company shall be obligated to pay to Employee a severance payment (the “Severance Payment”) equal to the sum
of (A) one (1) year of Employee’s Base Salary (at the rate in effect on the Termination Date) plus (B) one (1) times the
amount of the Annual Bonus paid to Employee in the prior fiscal year (collectively, the “Severance Payment”).
The Severance Payment shall be paid to Employee in a lump sum on the next regular Company pay date following the 60th
day after the Termination Date; and

 

    4

     

    

 

(ii) if
Employee timely elects to continue and maintain group health plan coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company will reimburse Employee for a portion of the healthcare continuation
payments under COBRA actually paid by Employee for the coverage period ending on the earlier of (A) the one (1) year anniversary
of the Termination Date, and (B) the date Employee becomes eligible to obtain healthcare coverage from a new employer (“COBRA
Assistance Period”), which portion will be equal to (x) the amount of the monthly health care premium payment under
COBRA actually paid by Employee for COBRA coverage during the COBRA Assistance Period, less (y) the amount Employee would have
been required to contribute toward health insurance coverage during the COBRA Assistance Period if Employee had remained an active
employee of the Company (the “COBRA Assistance”). Employee agrees to immediately inform the Company if he becomes
eligible to obtain alternate healthcare coverage from a new employer prior to the one (1) year anniversary of the Termination
Date. Employee also agrees to remit to the Company, on a monthly basis and within thirty (30) days of the date of payment by Employee,
paid invoices for each such monthly COBRA premium for which Employee seeks reimbursement pursuant to this Section 7(b)(ii)
and such reimbursement (to the extent required pursuant to this Section 7(b)(ii)) shall be made to Employee within
thirty (30) days following the Company’s receipt of each such invoice. Employee understands that if he wishes to continue
to obtain COBRA coverage after the one (1) year anniversary of the Termination Date, Employee will not receive reimbursement form
the Company for any portion of the cost of such additional COBRA coverage. Notwithstanding anything set forth herein to the contrary,
if and to the extent that the Company may not provide such COBRA Assistance without incurring tax penalties or violating any requirement
of the law, the Company shall use its commercially reasonable best efforts to provide to Employee substantially similar assistance
in an alternative manner provided that the cost of doing so does not exceed the cost that the Company would have incurred had
the COBRA Assistance been provided in the manner described above.

 

As
used herein, the following terms shall have the respective meaning set forth below:

 

(i)
“Board” means the board of directors of the Parent.

 

(ii) “Change
in Control” means:

 

(A) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934 (the “Exchange Act”) which is not currently a person who controls (within the meaning of Rule 12b-2
promulgated under the Exchange Act), individually or as a member of a group, the Parent, is or becomes (other than, directly or
indirectly, as a result of (1) the death of either Joseph Hughes or Winifred Hughes or (2) the transfer of securities of the Parent
by Joseph Hughes and/or Winifred Hughes to (x) any entity owned or controlled, directly or indirectly, by Joseph Hughes and/or
Winifred Hughes or (y) a trust or similar vehicle) the “beneficial owner” (as defined in Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, of securities of the Parent representing more than 50% of the combined voting power
of the Parent’s then outstanding securities; provided, however, Christopher Hughes and/or any of his Affiliates (as
defined in Rule 405 promulgated under the Exchange Act), individually or as a group, becoming, or any group in which Christopher
Hughes and/or any of his Affiliates is a member becoming, the beneficial owner, directly or indirectly, of securities of the Parent
representing more than 50% of the combined voting power of the Parent’s then outstanding securities shall not constitute
a “Change in Control” under this clause (A) or otherwise;

 

    5

     

    

 

(B) the
consummation of a merger or consolidation involving the Parent resulting in a change of ownership of a majority of the outstanding
shares of capital stock of the Parent; provided, however, the consummation of a merger or consolidation involving the Parent
that results in either Christopher Hughes and/or any of his Affiliates (individually or as a group) becoming, or any group in
which Christopher Hughes and/or any of his Affiliates is a member becoming, the beneficial owner, directly or indirectly, of a
majority of the shares of capital stock of the Parent (or, if the Parent is not the surviving entity, of a majority ownership
in the surviving entity) shall not constitute a “Change in Control” under this clause (B) or otherwise

 

(C) the
shareholders of the Parent approve a plan of liquidation or dissolution of the Parent;

 

(D) the
sale or disposition by the Parent of all or substantially all the Parent’s assets; provided, however, the sale or
disposition by the Parent of all or substantially all of its assets either (1) to Christopher Hughes and/or his Affiliates or
(2) to any group in which Christopher Hughes and/or any of his Affiliates is a member, shall not constitute a Change in Control
under this clause (D) or otherwise; or

 

(E) the
Incumbent Directors of the Parent for any reason cease to constitute at least a majority of the Board.

 

(iii) “Director”
means a member of the Board.

 

(iii) “Incumbent
Directors” means the individuals who, on the Effective Date, constitute the Board; provided that any individual
becoming a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a
vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director. No individual initially
elected or nominated as a Director as a result of an actual or threatened election contest with respect to Directors or as a result
of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent
Director.

 

(v) “Qualifying
Termination” means a Without Cause Termination that occurs both (A) prior to the Expiration Date and (B) upon,
or within one (1) year following, the consummation of a Change in Control.

 

(vi) “Without
Cause Termination” means the involuntary termination of Employee’s employment by the Company other than
(A) for Cause, (B) as a result of Employee’s death or Disability or (C) due to the expiration of the Term.

 

(c) Release.
The Company’s obligation to provide the Severance Payment and COBRA Assistance to Employee pursuant to Section 7(b)
above shall be contingent upon Employee executing a general release of all claims against the Parent, its subsidiaries (including,
without limitation, the Company) and their respective officers, directors, shareholders, partners, members, employees, agents
and related parties (the “Release”) in a form satisfactory to the Company and such Release becoming effective
(and no longer subject to revocation) within sixty (60) days of the Termination Date.

 

    6

     

    

 

8. Covenants
Agreement. The Company and Employee entered in a Maintenance of Confidence and Non-Compete Agreement made on the 16th
day of June, 2011 (the “Covenants Agreement”), the terms of which are hereby expressly incorporated into
this Agreement; provided, however, that Employee’s obligations under the Covenants Agreement shall continue
in effect upon the expiration or earlier termination of this Agreement, in each case, pursuant to the terms of the Covenants Agreement.

 

9. Confidentiality/Non-Disclosure.
Without limitation of Employee’s obligations under the Covenants Agreement, Employee shall hold in a fiduciary capacity
for the benefit of the Company all information, knowledge and data relating to or concerned with its operations, sales, business
and affairs (whether acquired by Employee prior to or following the Effective Date), and he shall not, at any time hereafter,
use (for any purpose) any such information, knowledge or data or disclose or divulge any such information, knowledge or data to
any person, firm or company other than the Company or its designees or except as may otherwise be required in connection with
the business and affairs of the Company.

 

10. Remedies;
Fees, Expenses and Costs. The parties hereto acknowledge that Employee’s services are unique and that, in the event
of a breach by Employee of any of his obligations under this Agreement (including, without limitation, Employee’s obligations
under the Covenants Agreement), the Company will not have an adequate remedy at law. Accordingly, in the event of any such breach
or threatened breach by Employee, the Company shall be entitled to such equitable and injunctive relief as may be available to
restrain Employee from the violation of the provisions thereof. Nothing herein shall be construed as prohibiting the Company from
pursuing any other remedies at law or in equity for such breach or threatened breach, including the recovery of damages and the
immediate termination of the employment of Employee hereunder. Further, the prevailing party in any dispute under this Agreement
(including, without limitation, the Covenants Agreement) shall be entitled to recover from the losing party all fees, expenses
and costs (including without limitation, attorneys’ fees and expenses) incurred by the prevailing party in connection with
such dispute.

 

11. Entire
Agreement. This Agreement, together with the Covenants Agreement, constitute the entire agreement of the parties hereto with
respect to the subject matter hereof and no amendment or modification hereof shall be valid or binding unless made in writing
and signed by the party against whom enforcement thereof is sought.

 

12. Notices.
Any notice required, permitted or desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have
been sufficiently given or served for all purposes if delivered in person or sent by certified mail, return receipt requested,
postage and fees prepaid as follows:

 

If
to the Company at:

 

TSR
Consulting Services, Inc.

400
Oser Avenue Suite 150

Hauppauge,
New York 11788

Attention:
Christopher Hughes, President

 

    7

     

    

 

If
to Employee at:

 

Mr.
Thomas Salerno

600
West Saddle River Road

Upper
Saddle River, NJ 07458

 

Either
of the parties hereto may at any time and from time to time change the address to which notice shall be sent hereunder by notice
to the other party given under this Section 12. The date of the giving of any notice sent by mail shall be the date of
the posting of the mail.

 

13. Section
409A.

 

(a) If
at the time of any separation from service, Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Internal Revenue Code of 1986 (as amended) (the “Code”) and regulations thereunder, to the minimum extent
required to satisfy Section 409A(a)(2)(B)(i) of the Code and regulations thereunder, any payment or provision of benefits to Employee
in connection with his separation from service (as determined for purposes of Section 409A of the Code) shall be postponed and
paid in a lump sum on the first business day following the date that is six months after Employee’s separation from service
(or the date of Employee’s death if earlier) (the “409A Deferral Period”), and the remaining payments
due to be made in installments or periodically after the 409A Deferral Period shall be made as otherwise scheduled.

 

(b) References
under this Agreement to Employee’s termination of employment shall be deemed to refer to the date upon which Employee has experienced
a “separation from service” within the meaning of Section 409A of the Code. All payments made under this Agreement
shall constitute “separate payments” for purposes of Section 409A of the Code. To the extent any reimbursements or in-kind
benefits due to Employee under this Agreement constitute "deferred compensation" under Section 409A of the Code, any
such reimbursements or in-kind benefits shall be paid to Employee in a manner consistent with Treas. Reg. Section 1.409A-3(i)(l)(iv).

 

14. No
Assignment; Binding Effect. Neither this Agreement nor the right to receive any payments hereunder may be assigned by Employee.
This Agreement shall be binding upon Employee, his heirs, executors and administrators and upon the Company, its successors and
assigns.

 

15. Waiver.
No course of dealing nor any delay on the part of the Company in exercising any rights hereunder shall operate as a waiver of
any such rights. No waiver of any default or breach of this Agreement shall be deemed a continuing waiver or a waiver of any other
breach or default.

 

16. Governing
Law. This Agreement shall be governed, interpreted and construed in accordance with the laws of the State of New York applicable
to agreements entered into and to be performed entirely therein.

  

17. Severability.
If any clause, paragraph, section or part of this Agreement shall be held or declared to be void, invalid or illegal, for any
reason, by any court of competent jurisdiction, such provisions shall be ineffective but shall not in any way invalidate or affect
any other clause, paragraph, section or part of this Agreement.

 

18. Withholding.
Notwithstanding any other provision of this Agreement, the Company may withhold from amounts payable under this Agreement all
federal, state, local and foreign taxes that are required to be withheld by applicable laws or regulations.

 

19. No
Conflicting Agreement. Employee acknowledges that he is not subject to any agreement, which would in any way restrict him
from carrying out his employment as contemplated hereunder.

 

    8

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day in year first above written.

  

	EMPLOYEE:	 
	 	 
	/s/ Thomas Salerno 7/19/18	 
	Thomas Salerno	 

 

	COMPANY:	 
	 	 
	TSR Consulting Services, Inc.	 
	 	 
	By: 	/s/ Christopher Hughes	 
	Name:  	Christopher Hughes	 
	Title: 	President	 

 

 

9

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