Document:

Exhibit 10.4

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

 

THIS REGISTRATION RIGHTS AND
LOCK-UP AGREEMENT (this “Agreement”), dated
as of [__], 2022, is made and entered into by and among Quantum Computing Inc., a Delaware corporation (the “Company”),
and certain parties set forth on Schedule 1 hereto (collectively with any person or entity who hereafter becomes a party to this
Agreement pursuant to Section 6.2 or Section 6.11 of this Agreement, the “Holders”
and each, a “Holder”). Capitalized terms used
but not otherwise defined herein shall have the meanings given such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company
has entered into that certain Agreement and Plan of Merger, dated as of May [__], 2022 (as it may be amended, supplemented or otherwise
modified from time to time, the “Merger Agreement”),
by and among the Company, QPhoton, Inc., a Delaware corporation, Yuping Huang and the other parties thereto; and

 

WHEREAS, pursuant to
and in accordance with the terms and conditions set forth in the Merger Agreement, the Holders received shares of Common Stock (as defined
below), shares of Series B Preferred Stock (as defined below) and warrants to purchase shares of Common Stock (each, a “Warrant”).

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company,
(a) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or
Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not
misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed, declared effective
or used, as the case may be, (c) the Company has a bona fide business purpose for not making such information public, and (d) such
disclosure (i) would be reasonably likely to have an adverse impact on the Company, (ii) could reasonably be expected to have a material
adverse effect on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization
or similar transaction or (iii) relates to information the accuracy of which has yet to be determined by the Company or which is the subject
of an ongoing investigation or inquiry; provided that the Company takes all reasonable action as necessary to promptly make such
determination and conclude such investigation or inquiry.

 

     

     

    

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“Average Daily
Volume” means the average of the daily trading volume of the Common Stock as reported by The NASDAQ Capital Market (provided
that if the Common Stock is not then listed on the NASDAQ Capital Market, as reported by such trading market on which the Common Stock
is then traded) for the five (5) Trading Days immediately preceding such determination of Average Daily Volume.

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Merger
Agreement” shall have the meaning given in the Recitals hereto.

 

“Closing”
shall have the meaning given in the Merger Agreement.

 

“Closing
Date” shall have the meaning given in the Merger Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” means the Company’s shares of common stock, par value $0.0001 per share.

 

“Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Daily Transfer
Limit” means as of any Trading Day, ten percent (10%) of the Average Daily Volume calculated as of the immediately preceding
Trading Day.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

“EDGAR”
shall have the meaning given in Section 3.5.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.

 

    2

     

    

 

“Lock-up”
shall have the meaning given in Section 5.1.

 

“Lock-up
Period” shall mean the period beginning on the Closing Date and ending on the date that is twelve (12) months after
the Closing Date.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Other Coordinated
Offering” shall have the meaning given in Section 2.4.1.

 

“Permitted
Transferees” shall mean, with respect to any Holder and their Permitted Transferees, which include (a) prior
to the expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities
prior to the expiration of the Lock-up Period pursuant to Section 5.2 and (b) after the expiration of the Lock-up
Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance with
any applicable agreement between such Holder and/or their respective Permitted Transferees and the Company and any transferee thereafter.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) any outstanding (i) Common Stock, (ii) Common Stock issued or issuable upon conversion
of the Series B Preferred Stock, subject to the terms of the Series B Preferred Stock Certificate of Designation) of the Company and (iii)
Common Stock issued or issuable upon exercise of the Warrant, in each case, held by a Holder immediately following the Closing (including
any securities distributable pursuant to the Merger Agreement), and (b) any other equity security of the Company or any of its subsidiaries
issued or issuable with respect to any securities referenced in clause (a) above by way of a stock dividend or stock split or in
connection with a recapitalization, merger, consolidation, spin-off, reorganization or similar transaction; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities upon the earliest to occur of:
(A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement by the applicable
Holder; (B) (i) such securities shall have been otherwise transferred (other than to a Permitted Transferee), (ii) new certificates
for such securities not bearing (or book entry positions not subject to) a legend restricting further transfer shall have been delivered
by the Company and (iii) subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such
securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 or any
successor rule promulgated under the Securities Act (but with no volume or other restrictions or limitations including as to manner or
timing of sale or current public information requirements); (E) such securities have been sold without registration pursuant to Section
4(a)(1) of the Securities Act or Rule 145 promulgated under the Securities Act or any successor rules promulgated under the Securities
Act; and (F) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public
securities transaction.

 

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“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, Prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the documented, out-of-pocket expenses of a Registration, including, without limitation, the
following:

 

(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any national securities exchange on which the Common Stock are then listed;

 

(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel
for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

(C)
printing, messenger, telephone and delivery expenses;

 

(D)
reasonable fees and disbursements of counsel for the Company;

 

(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration;

 

(F)
in an Underwritten Offering, reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the
Demanding Holders (not to exceed $75,000 without the consent of the Company);

 

(G)
the costs and expenses of Company relating to analyst and investor presentations

 

(H)
or any “road show” undertaken in connection with the Registration and/or marketing of the Registrable Securities; and

 

(I)   
any other fees and disbursements customarily paid by the issuers of securities.

 

“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holders” shall have the meaning given in Section 2.1.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

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“Series B Preferred
Stock” shall mean shares of the Company’s Series B Convertible Preferred Stock, par value $0.0001 per share.

 

“Series B Preferred
Stock Certificate of Designation” means that the Company’s Certificate of Designation of the Series B Preferred Stock,
dated [___], 2022.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission
in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement.

 

“Subsequent
Shelf Registration Statement” shall have the meaning given in Section 2.1.2.

 

“Trading Day”
means any day on which the Common Stock is traded on the principal securities exchange or securities market on which the Common Stock
is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

“Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect
to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c)
public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

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ARTICLE
II

 

REGISTRATIONS AND OFFERINGS

 

2.1
Shelf Registration.

 

2.1.1
Filing. Within ninety (90) calendar days following the Closing Date, the Company shall submit to or file with the Commission
a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf”) or a Registration Statement
for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”), if the Company is then eligible to use a Form S-3
Shelf, in each case, covering the resale of all the Registrable Securities (determined as of two (2) business days prior to such submission
or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf declared effective as
soon as practicable after the filing thereof, but no later than the earlier of (a) the one hundred fifth (105th) calendar day (or one
hundred thirty fifth (135th) calendar day if the Commission notifies the Company that it will “review” the Registration Statement)
following Closing and (b) the tenth (10th) business day after the date the Company is notified (orally or in writing, whichever
is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review
(such earlier date, the “Effectiveness Deadline”); provided, however, that if such Effectiveness Deadlines
falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadlines shall be extended to
the business day on which the Commission is open for business. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit, subject
to Article V, the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of
the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf,
the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration Statement)
to a Form S-3 Shelf as soon as practicable after the Company is eligible to use a Form S-3 Shelf. The Company’s obligation under
this Section 2.1.1, shall, for the avoidance of doubt, be subject to Section 3.4.

 

2.1.2
Subsequent Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while
Registrable Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts
to as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially
reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially
reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal
of any order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business
days prior to such filing). If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts
to (i) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable
after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement
(as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer at the time of filing (as
defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep
such Subsequent Shelf Registration Statement continuously effective, available for use to permit, subject to Article V, the Holders named
therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time
as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration Statement shall be on Form S-3 to the extent
that the Company is eligible to use such form at the time of filing. Otherwise, such Subsequent Shelf Registration Statement shall be
on another appropriate form. The Company’s obligation under this Section 2.1.2, shall, for the avoidance of doubt, be subject
to Section 3.4.

 

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2.1.3
Additional Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities
that are not registered for resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall promptly
use its commercially reasonable efforts to cause, subject to Article V, the resale of such Registrable Securities to be covered by either,
at the Company’s option, any then available Shelf (including by means of a post-effective amendment) or by filing a Subsequent Shelf
Registration Statement and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf
Registration Statement shall be subject to the terms hereof; provided, however, that the Company shall only be required
to cause such additional Registrable Securities to be so covered twice per calendar year for the Holders.

 

2.1.4
Requests for Underwritten Shelf Takedowns. Subject to Section 3.4, at any time and from time to time when an effective
Shelf is on file with the Commission, a Holder (a Holder being in such case, a “Demanding
Holder”) may request, subject to Article V, to sell all or any portion of its Registrable Securities in an Underwritten
Offering that is registered pursuant to the Shelf (each, an “Underwritten
Shelf Takedown”); provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown
if such offering shall include, subject to Article V, Registrable Securities proposed to be sold by the Demanding Holder, either individually
or together with other Demanding Holders, with a total offering price of at least $15.0 million in the aggregate (the “Minimum
Takedown Threshold”); provided that, with respect to all remaining Registrable Securities held by the Demanding
Holder no Minimum Takedown Threshold shall apply. All requests for Underwritten Shelf Takedowns shall be made by giving written notice
to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown.
Subject to Section 2.4.4, a majority-in-interest of the Demanding Holders shall have the right to select the Underwriters
for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject to the Company’s
prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Holders may demand not more than one (1) Underwritten
Shelf Takedowns pursuant to this Section 2.1.4 within any six (6) month period. For the avoidance of doubt, the Company shall not
be required to effect an aggregate of more than two (2) Underwritten Shelf Takedowns pursuant to this Section 2.1.4 in any
twelve (12) month period. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Underwritten Offering
pursuant to any then effective Registration Statement, including a Form S-3, that is then available for such offering.

 

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2.1.5
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good
faith, advises the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect
to such Underwritten Shelf Takedown (the “Requesting Holders”)
(if any) in writing that the percentage, relative to the total outstanding Common Stock of the Company, of Registrable Securities that
the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities
that the Company desires to sell and all other Common Stock or other equity securities, if any, that have been requested to be sold in
such Underwritten Offering pursuant to separate written contractual piggy-back registration rights held by any other stockholders, exceeds
the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of such securities, as applicable (the “Maximum
Number of Securities”), then the Company shall include, subject to Article V, in such Underwritten Offering, before
including any Common Stock or other equity securities proposed to be sold by Company or by other holders of Common Stock or other equity
securities, the Registrable Securities of (i) first, the Demanding Holders that can be sold without exceeding the Maximum Number of Securities
(pro rata based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten
Shelf Takedown and the aggregate number of Registrable Securities that all of the Demanding Holders have requested be included in such
Underwritten Shelf Takedown) and (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (i), the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Requesting
Holder (if any) has requested be included in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that
all of the Requesting Holders have requested be included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum
Number of Securities.

 

2.1.6
Withdrawal. Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for
marketing such Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown
shall have the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten
Shelf Takedown; provided that a Holder may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown
Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the Holders
or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall constitute
a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 2.1.4, unless such
Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there is
more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if a Holder elects to
continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown
shall instead count as an Underwritten Shelf Takedown demanded by such Holder, as applicable, for purposes of Section 2.1.4.
Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had
elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible
for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under this Section 2.1.6,
other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of the second sentence of this
Section 2.1.6.

 

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2.2
Reserved.

 

2.3
Market Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade
or Other Coordinated Offering), if requested by the managing Underwriters, each Holder (and for which it is customary for such Holder
to agree to a lock-up), agrees that, to the extent such Holder participates in such Underwritten Offering, it shall not Transfer any Common
Stock or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior
written consent of the Company, during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning
on the date of pricing of such offering, except as expressly permitted by such lock-up agreement or in the event the managing Underwriters
otherwise agree by written consent. Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters to such
effect (in each case on substantially the same terms and conditions as all such Holders).

 

2.4
Block Trades; Other Coordinated Offerings.

 

2.4.1
Notwithstanding any other provision of this Article II, but subject to Section 3.4 and Article V, at any time and
from time to time when an effective Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten
registered offering not involving a “roadshow,” an offer commonly known as a “block trade” (a “Block
Trade”), or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution
agent, whether as agent or principal (an “Other Coordinated Offering”), in each case, (x) with a total offering
price of at least $20.0 million in the aggregate or (y) with respect to all remaining Registrable Securities held by the Demanding
Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five (5)
business days prior to the day such offering is to commence and the Company shall use its commercially reasonable efforts to facilitate
such Block Trade or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable
Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the
Company and any Underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation
of the registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.

 

2.4.2
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block
Trade or Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated
Offering shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers,
sales agents or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Block Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.4.2.

 

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2.4.3
Notwithstanding anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated
Offering initiated by a Demanding Holder pursuant to this Agreement.

 

2.4.4
The Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers,
sales agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one
or more reputable nationally recognized investment banks).

 

2.4.5
A Demanding Holder in the aggregate may demand no more than (i) one (1) Block Trade pursuant to this Section 2.4 within
any six (6) month period or (ii) two (2) Block Trades or Other Coordinated Offerings pursuant to this Section 2.4 in any twelve
(12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.4
shall not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2.1.4 hereof.

 

ARTICLE
III

 

COMPANY PROCEDURES

 

3.1
General Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable
efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall:

 

3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration
Statement or have ceased to be Registrable Securities;

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by any Holder that holds at least five percent (5%) of the Registrable Securities registered
on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration
Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan
of distribution set forth in such Registration Statement or supplement to the Prospectus or have ceased to be Registrable Securities;

 

3.1.3
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

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3.1.4
notify each seller of Registrable Securities promptly after it receives notice of the time when the Registration Statement has
been declared effective and when any post-effective amendments and supplements thereto become effective;

 

3.1.5
furnish counsel for the Underwriter(s), if any, and upon written request, for the sellers of the Registrable Securities in such
Registration Statement with copies of any written comments from the Commission or any written request by the Commission for amendments
or supplements to a Registration Statement or Prospectus;

 

3.1.6
prior to any public offering of Registrable Securities, use best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or
approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then
otherwise so subject;

 

3.1.7
cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the
Company are then listed;

 

3.1.8
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.9
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such stop order should be issued;

 

3.1.10
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus, including any document that is to be incorporated by reference into such Registration Statement or Prospectus
(or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange Act, and the rules and
regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order to reduce the number of days
that sales are suspended pursuant to Section 3.4), furnish, upon request, a copy thereof to each seller of such Registrable Securities
or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein);

 

    11

     

    

 

3.1.11
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in
effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4;

 

3.1.12
in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or
sales agent pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type, permit
a representative of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade,
Other Coordinated Offering or other sale pursuant to such Registration, if any, and any attorney, consultant or accountant retained by
such Holders or Underwriter to participate, at each such person’s or entity’s own expense, in the preparation of the Registration
Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such
representative, Underwriter, financial institution, attorney, consultant or accountant in connection with the Registration; provided,
however, that such representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance
reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.13
obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration
(subject to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company’s
independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily
covered by “comfort” letters for a transaction of its type as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders;

 

3.1.14
in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or
sales agent pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration,
to the extent customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the Company for the
purposes of such Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if any, and the Underwriters,
if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the participating
Holders, broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and
negative assurance letters;

 

    12

     

    

 

3.1.15
in the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or
sales agent pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement,
in usual and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such offering or sale;

 

3.1.16
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then in
effect);

 

3.1.17
with respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make
available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested
by the Underwriter in such Underwritten Offering; and

 

3.1.18
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating
Holders, consistent with the terms of this Agreement, in connection with such Registration.

 

Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if such Underwriter,
broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering or other offering
involving a registration as an Underwriter, broker, sales agent or placement agent, as applicable.

 

3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3
Requirements for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the
contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel,
that it is necessary or advisable to include such information in the applicable Registration Statement or Prospectus and such Holder continues
thereafter to withhold such information. In addition, no person or entity may participate in any Underwritten Offering or other offering
for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (i) agrees
to sell such person’s or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting or other agreements and other customary documents as may be reasonably required under the terms of such underwriting, sales,
distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities as a result
of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.

 

    13

     

    

 

3.4
Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1
Upon receipt of written notice from the Company that: (a) a Registration Statement or Prospectus contains a Misstatement; (b) any
request by the Commission for any amendment or supplement to any Registration Statement or Prospectus or for additional information or
of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of the securities covered by such Registration Statement or Prospectus, such Registration Statement or Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading; or (c) upon any suspension by the Company, pursuant to a written insider trading compliance program
adopted by the Board, of the ability of all “insiders” covered by such program to transact in the Company’s securities
because of the existence of material non-public information, each of the Holders shall forthwith discontinue disposition of Registrable
Securities pursuant to such Registration Statement covering such Registrable Securities until (x) in the case of (a) or (b), it has received
copies of a supplemented or amended Prospectus (it being understood that the Company hereby covenants to prepare and file such supplement
or amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing by the Company that the
use of the Prospectus may be resumed, or (y) in the case of (c), until the restriction on the ability of “insiders” to transact
in the Company’s securities is removed, and, if so directed by the Company, each such Holder will deliver to the Company all copies,
other than permanent file copies then in such Holder’s possession, of the most recent Prospectus covering such Registrable Securities
at the time of receipt of such notice.

 

3.4.2
Subject to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such
Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or
(c) in the good faith judgment of the majority of the Board, such Registration be detrimental to the Company and the majority of
the Board concludes as a result that it is advisable to defer such filing, initial effectiveness or continued use at such time, the Company
may, upon giving prompt written notice of such action to the Holders (which notice shall not specify the nature of the event giving rise
to such delay or suspension), delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest
period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights
under this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their
use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities until such Holder
receives written notice from the Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain
the confidentiality of such notice and its contents.

 

    14

     

    

 

3.4.3
Subject to Section 3.4.4, (a) during the period starting with the date that is sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date that is one hundred and twenty (120) days after the effective date
of, a Company-initiated Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable
efforts to maintain the effectiveness of the applicable Shelf Registration, or (b) if, pursuant to Section 2.1.4, Holders
have requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly
underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered
offering pursuant to Section 2.1.4 or 2.4.

 

3.4.4
The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2
or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, for not more than
ninety (90) consecutive calendar days and not more than twice for not more than one hundred eighty (180) total calendar days, during any
twelve (12)-month period.

 

3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly
filed or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”)
shall be deemed to have been furnished or delivered to the Holders pursuant to this Section 3.5. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act (or any successor rule then in effect). Upon the request of any Holder, the
Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

3.6
Rule 144. With a view to make available to the Holders the benefits of Rule 144 promogulated under the Securities Act, the
Company covenants that it will (a) make available at all times information necessary to comply with Rule 144, if such Rule is available
with respect to resales of the Registrable Securities under the Securities Act, and (b) take such further action as the Holders may reasonably
request, all to the extent required from time to time to enable them to sell all Registrable Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 promogulated under the Securities Act (if available with respect
to resales of the Registrable Securities), as such rule may be amended from time to time. Upon request of any Holder, the Company will
deliver to such Holder a written statement as to whether the Company has complied with such information requirement, and, if not, the
specific reasons for non-compliance.

 

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ARTICLE
IV

 

INDEMNIFICATION AND CONTRIBUTION

 

4.1
Indemnification.

 

4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors,
managers, directors, trustees, equityholders, beneficiaries, affiliates and agents and each person or entity who controls such Holder
(within the meaning of the Securities Act), against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without
limitation, reasonable and documented outside attorneys’ fees or other expenses incurred in connection with investigating or defensing
such claim, loss, liability, damage or action) resulting from (i) any untrue or alleged untrue statement of material fact contained in
or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state
securities law except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company
by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person or
entity who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with
respect to the indemnification of the Holder.

 

4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
(or cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”)
and, to the extent permitted by law, shall indemnify the Company, its directors, officers and agents and each person or entity who controls
the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including,
without limitation, reasonable and documented outside attorneys’ fees) resulting from any untrue or alleged untrue statement of
material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue statement is contained in (or not contained in, in the
case of an omission) any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided,
however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities,
and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by
such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall
indemnify the Underwriters, their officers, directors and each person or entity who controls such Underwriters (within the meaning of
the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

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4.1.3
Any person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or
entity’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall
survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

4.1.5
If the indemnification provided under Section 4.1 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission),
such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder
under this Section 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving
rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be
deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above, any legal
or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this Section 4.1.5. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 4.1.5 from any person or entity who was not guilty
of such fraudulent misrepresentation.

 

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ARTICLE
V

 

LOCK-UP

 

5.1
Lock-Up. Notwithstanding anything to the contrary in this Agreement and subject to Section 5.2, each Holder agrees
that it shall not Transfer any Registrable Securities prior to the end of the Lock-up Period (the “Lock-up”);
provided, however, that, commencing on the date that is six (6) months after the Closing Date and ending on the expiration of the Lock-up
Period (the “Restricted Trading Period”), each Holder may Transfer a number of shares of Common Stock up to
such Holder’s Pro Rata Share (as defined in the Merger Agreement) of the Daily Transfer Limit. For purposes of this Section 5.1,
Schedule 1 sets forth each Holder’s Pro Rata Share that should be applied to the Daily Transfer Limit to determine the permissible
number of shares that may be resold up to the Daily Transfer Limit. For purposes of clarity and to avoid ambiguity, the following is an
illustrative example of the calculation of the Daily Transfer Limit during the Restricted Trading Period. Example: Holder A has 200 shares
representing 20% of the total number of outstanding shares issued as merger consideration to all Holders. The Average Daily Volume for
the preceding five (5) Trading Days was 100,000. Therefore the applicable Daily Transfer Limit for such Holder would be 2,000 (i.e., for
the Trading Day in question during the Restricted Period, such Holder would be entitled to resell up to 2,000 shares).

 

5.2
Permitted Transferees. Notwithstanding the provisions set forth in Section 5.1, each Holder may Transfer Registrable
Securities during the Lock-up Period (including, for the avoidance of doubt, a number of Registrable Securities in excess of the Daily
Transfer Limit) (a) to (i) the Company’s officers or directors, (ii) any affiliates or family members of the Company’s officers
or directors, or (iii) any direct or indirect partners, members or equity holders of such Holder, or any related investment funds or vehicles
controlled or managed by such persons or entities or their respective affiliates, (b) in the case of an individual, by gift to a member
of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family
or an affiliate of such person or entity, or to a charitable organization, (c) in the case of an individual, by virtue of laws of descent
and distribution upon death of the individual, (d) in the case of an individual, pursuant to a qualified domestic relations order, (e)
in the case of a trust, by distribution to one or more of the permissible beneficiaries of such trust, (f) to the partners, members or
equity holders of such Holder by virtue of the Holder’s organizational documents, as amended, upon dissolution of the Holder, (g)
to the Company, or (h) in connection with a liquidation, merger, stock exchange, reorganization, tender offer approved by the Board or
a duly authorized committee thereof or other similar transaction which results in all of the Company’s stockholders having the right
to exchange their Common Stock for cash, securities or other property subsequent to the Closing Date. The parties acknowledge and agree
that any Permitted Transferee of a Holder shall (x) be subject to the transfer restrictions set forth in this ARTICLE V with respect
to the Registrable Securities upon and after acquiring such Registrable Securities, and (y) execute a joinder to this Agreement in the
form of Exhibit A attached hereto.

 

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ARTICLE
VI

 

MISCELLANEOUS

 

6.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) recorded mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by hand delivery, or electronic mail. Each notice or communication that
is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in
the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by
courier service, hand delivery or electronic mail, at such time as it is delivered to the addressee (with the delivery receipt or the
affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this
Agreement must be addressed, if to the Company, to: Quantum Computing Inc., 215 Depot Court, Suite 215, Leesburg, VA 20175, Attention:
Robert Liscouski or by email, and, if to any Holder, at such Holder’s address, electronic mail address as set forth in the Company’s
books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties
hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 6.1.

 

6.2
Assignment; No Third Party Beneficiaries.

 

6.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

6.2.2
Subject to Section 6.2.4 and Section 6.2.5, this Agreement and the rights, duties and obligations of a Holder hereunder
may be assigned in whole or in part to such Holder’s Permitted Transferees to which it transfers Registrable Securities; provided
that with respect to the Holders, the rights hereunder that are personal to such Holders may not be assigned or delegated in whole or
in part, except that each of the Holders shall be permitted to transfer its rights hereunder as the Holders to one or more affiliates
of such Holder or any direct or indirect partners, members or equity holders of such Holder (it being understood that no such transfer
shall reduce or multiply any rights of such Holder or such transferees).

 

6.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

6.2.4
This Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly
set forth in this Agreement and Section 6.2.

 

6.2.5
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 6.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and
provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement, including the joinder
in the form of Exhibit A attached hereto). Any transfer or assignment made other than as provided in this Section 6.2
shall be null and void. Notwithstanding any of the foregoing to the contrary, no Warrant shall be assigned or transferred except in accordance
with the terms of such Warrant.

 

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6.3
Counterparts. This Agreement may be executed in multiple counterparts (including PDF counterparts), each of which shall
be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

6.4
Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AND (2) THE
VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

6.5
Waiver of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE,
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN
ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER
OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
(b) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY
AND (d) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 6.5.

 

6.6
Arbitration. Each of the parties irrevocably and unconditionally agrees that any proceeding based upon, arising out of or
related to this Agreement or any of the transactions contemplated hereby (each, a “Related Proceeding”) shall be finally
settled by binding arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce by three arbitrators.
Any Related Proceeding shall be decided by a panel of three (3) arbitrators seated in New York, New York. Each arbitrator must be (a)
an attorney with significant experience in negotiating complex commercial transactions, or a judge seated on, or retired from, a U.S.
federal court sitting in the Southern District of New York and (b) neutral and independent of each party. The parties agree, pursuant
to Article 30(2)(b) of the Rules of Arbitration of the International Chamber of Commerce, that the Expedited Procedure Rules shall apply
irrespective of the amount in dispute. The arbitrators may enter a default decision against any party who fails to participate in the
arbitration proceedings with respect to any Related Proceeding. The language of the proceeding shall be English. The decision of the arbitrators
on the points in dispute will be final, unappealable and binding, and judgment on the award may be entered in any court having jurisdiction
thereof. The parties and the arbitrators will keep confidential, and will not disclose to any person, except the parties’ respective
representatives (who shall keep any such information confidential as provided in this sentence), or as may be required by applicable law
or any order of a governmental entity of competent jurisdiction, the existence of any Related Proceeding under this Section 6.6, the referral
of any such Related Proceeding to arbitration or the status or resolution thereof. The initiation of any Related Proceeding pursuant to
this Section 6.6 will toll the applicable statute of limitations for the duration of any such Related Proceeding.

 

    20

     

    

 

6.7
Amendments and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the
total Registrable Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified; provided, that, any amendment hereto or waiver
hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner
that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course
of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company
in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company.
No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise
of any other rights or remedies hereunder or thereunder by such party.

 

6.8
Term. This Agreement shall terminate with respect to any Holder, on the date that such Holder no longer holds any Registrable
Securities. The provisions of Section 3.5 and Article IV shall survive any termination.

 

6.9
Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable
Securities held by such Holder in order for the Company to make determinations hereunder.

 

6.10   
Severability. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable
in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

6.11 Entire
Agreement. This Agreement constitutes the full and entire agreement and understanding between the parties with respect to the
subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.

 

6.12 Adjustments.
If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend, combination or
reclassification, or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate
adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and
obligations hereunder shall continue with respect to the Registrable Securities as so changed.

 

[SIGNATURE PAGES FOLLOW]

 

    21

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Registration Rights and Lock-Up Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	QUANTUM COMPUTING INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Registration Rights and Lock-Up Agreement to be executed as of the date first written above.

 

	 	HOLDERS:
	 	 	 
	 	YUPING HUANG
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Registration Rights and Lock-Up Agreement to be executed as of the date first written above.

 

	 	HOLDERS:
	 	 	 
	 	The Trustees of the Stevens Institute of Technology
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Registration Rights and Lock-Up Agreement to be executed as of the date first written above.

 

	 	HOLDERS:
	 	 	 
	 	BV Advisory Partners, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Schedule 1

 

Holders

 

	Holder	 	Shares	 	 	Pro Rata Share %	 
	Yuping Huang	 	 	29,646,680.00	 	 	 	81.00	%
	The Trustees of the Stevens Institute of Technology	 	 	3,294,078.46	 	 	 	9.00	%
	BV Advisory Partners, LLC	 	 	3,660,084.54	 	 	 	10.00	%
	Total	 	 	36,600,843.00	 	 	 	100.00	%

 

     

     

    

 

Exhibit A

 

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The undersigned is executing
and delivering this joinder (this “Joinder”)
pursuant to the Registration Rights Agreement, dated as of [__], 2022 (as the same may hereafter be amended, the “Registration
Rights Agreement”), among Quantum Computing Inc., a Delaware corporation (the “Company”),
and the other persons or entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings
provided in the Registration Rights Agreement.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities
in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein.

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.

 

	 	 
	 	Signature of Stockholder
	 	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 	 
	 	Address: 	            
	 	 
	 	 

 

Agreed and Accepted as of

____________, 20__

 

Quantum Computing Inc.

 

	By:	 	 
	Name: 	 	 
	Its:Exhibit 10.5

 

QUANTUM COMPUTING INC.

215 Depot Court, SE

Leesburg, VA 20175

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is made as of the 15 day of June, 2022 (the “Effective Date”), between Dr. Yuping Huang (“Executive”)
and Quantum Computing Inc. (the “Company”), a Delaware corporation.

 

WHEREAS, the Company desires
for the Executive to serve as the Company’s Chief Quantum Officer as well as a member of the Board of Directors and the Executive
is willing to continue to serve in the foregoing positions on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE in consideration
of the mutual covenants and promises contained herein and other good and valuable considerations, the sufficiency of which is hereby acknowledged,
the Company and the Executive hereby agree as follows:

 

1. Effective
Date and Term of Employment. The initial term of this Agreement shall begin on the Effective Date and shall continue until the earlier
of: (a) the date on which it is terminated pursuant to terms of this Agreement; or (b) three (3) years following the Effective Date (the
“Term”).

 

2. Duties
and Responsibilities. The Executive agrees to work for the Company as its performing all of the duties and responsibilities inherent
in such position. As the Chief Quantum Officer the Executive shall report to the Company’s CEO. The Executive shall devote reasonable
best efforts in the performance of the foregoing services. The Company acknowledges that Executive is currently a full-time professor
at Stevens Institute of Technology (“Stevens”). Executive hereby provides the Company with an acknowledgement from Stevens
in conjunction with the intellectual property and employment arrangement, which is attached as Exhibit A (“Acknowledgement”).

 

3. Compensation
and Benefits.

 

3.1 Salary.
The Company shall pay Executive an annual base salary of Four Hundred Thousand Dollars ($400,000.00) payable in twice monthly installments
in accordance with the Company’s customary payroll cycle (the “Base Salary”). The Base Salary thereafter shall be subject
to annual review and adjustment, as determined by the Board (or the Compensation Committee of the Board) in its sole discretion, provided,
however, that the Base Salary may not be decreased without the Executive’s consent unless the compensation payable to all executives
of the Company is also similarly reduced.

 

3.2 Stock
Options. The Company will grant to Executive options to purchase 400,000 shares of common stock, which shall vest as follows (i) 100,000
options shall vest immediately upon grant (ii) 100,000 options shall vest on the 12-month anniversary of the date of grant, (iii) 100,000
options shall vest on the 24-month anniversary of the date of grant and (iv) 100,000 options shall vest on the 36-month anniversary of
the date of grant. The stock options will be granted in a separate document, which will set forth the terms and conditions of the option
grant.

 

     

     

    

 

3.3 Annual
Incentive. For the fiscal year ending December 31, 2022 and in subsequent fiscal years, Executive will be eligible to receive an annual
cash bonus in an amount up to thirty percent (30%) of Base Salary, subject to Executive achieving the performance milestones that are
established and approved by the Board of Directors within 60 days following the beginning of such fiscal year, as set forth on Exhibit
B, hereto. The bonus, if payable, shall be calculated and paid within ninety (90) days after the end of the fiscal year in which such
bonus was earned; provided, however, that the Company may delay the calculation and payment of any portion of such bonus
which is based on the attainment of a revenue, earnings or similar milestone until the completion of the audit of the Company’s
financial statements for the fiscal year in question, but in no event later than March 31 of the calendar year following the fiscal year
for which the bonus is payable. Executive must be employed by the Company through the end of the fiscal year for which the bonus is earned
in order to receive the bonus.

 

3.4 Long-Term
Incentives. The Company may from time to time establish incentive programs, including but not limited to stock options, and the Executive
will be eligible to participate in such incentive programs under terms to be set when such programs are approved by the Board and Shareholders.

 

3.5 Fringe
Benefits. Executive shall be entitled to participate in all bonus and benefit programs that the Company establishes and makes available
to its executive employees, if any, to the extent that Executive’s position, tenure, salary, age, health and other qualifications
make Executive eligible to participate, including, but not limited to health care plans, short and long term disabilities plans, life
insurance plans, retirement plans, and all other benefit plans from time to time in effect. Executive shall also be entitled to take unlimited
fully paid annual leave in accordance with Company policy.

 

3.6 Reimbursement
of Certain Expenses. Executive shall be reimbursed for such reasonable and necessary business expenses incurred by Executive while
Executive is employed by and acting on behalf of the Company, which are directly related to the furtherance of the Company’s
business, including compensation under the Company’s standard policies if Executive uses his personal vehicle for Company business
where such business is more than one hundred fifty (150) miles from the Company’s main offices or Executive’s home, wherever
such trip commences.  The Executive must submit any request for reimbursement no later than fifteen (15) days following the
date that such business expense is incurred in accordance with the Company’s reimbursement policy regarding same and business expenses
must be substantiated by appropriate receipts and documentation.  The Company may request additional documentation or a further explanation
to substantiate any business expense submitted for reimbursement, and retains the discretion to approve or deny a request for reimbursement.
If a business expense reimbursement is not exempt from Section 409A of the Code, any reimbursement in one calendar year shall
not affect the amount that may be reimbursed in any other calendar year and a reimbursement (or right thereto) may not be exchanged
or liquidated for another benefit or payment.  Any business expense reimbursements subject to Section 409A of the Code shall be made
no later than the end of the calendar year following the calendar year in which such business expense is incurred by the Executive.

 

3.7 Indemnification.
The Company shall continue to indemnify Executive to the fullest extent permitted under applicable law, the Company’s Articles of
Organization and the Company’s By-laws, each as they may be amended from time to time. The Executive shall be insured under the
Company’s Directors’ and Officers’ liability policy in the same manner as other senior executives of the Company for
as long as Executive is an officer or director of the Company and as long as the Company maintains such policy in force. Such indemnity
and insurance shall survive the termination of Executive’s employment by the Company.

 

    2

     

    

 

 

4.  Termination
of Employment Period. Executive’s employment under the terms of this agreement may terminate upon the occurrence of any of the
following:

 

4.1 Termination
for Cause. For the purposes of this Agreement, “Cause” is defined as any of the following: (1) material breach or failure
of Executive to perform or observe any of the terms of this Agreement; (2) willful failure to abide by the policies of the Employer; (3)
conviction of, or guilty plea to, a felony (other than traffic violations but including, without limitation, theft, fraud, embezzlement,
or dishonesty); (4) gross negligence or misconduct in the performance of Executive’s duties; (5) Executive’s refusal or substantial
failure to satisfactorily perform his duties in connection with this Agreement for reasons unrelated to any accident, injury or disability
of the Executive; (6) any conduct by the Executive which is materially detrimental or injurious to the Company or its reputation; (7)
Executive’s illegal use or abuse of drugs, alcohol, or other related substances that is materially injurious to the Company or (8)
a violation of his duties of Confidentiality or a breach of any of the Restrictive Covenants set forth in Section 6 of this Agreement.
With respect to Cause ground (3), Employer may immediately terminate Executive’s employment. With respect to all other Cause grounds,
Employer may terminate the Executive by providing written Notice of Termination specifying the reasons for termination and if Executive
shall fail to cure same within ten (10) calendar days of his receiving such notice, his employment shall terminate at the end of such
ten (10) day period.

 

4.2  Voluntary
Termination by the Company. At the election of the Company, without Cause.

 

4.3  Death
or Disability. Upon the death or disability of Executive. As used in this Agreement, “disability” shall occur when Executive,
due to a physical or mental disability, for a period of 120 days in the aggregate, whether or not consecutive, during any 365-day period,
is unable, with or without an accommodation, to perform the essential functions of the services contemplated under this Agreement.

 

4.4  Termination
for Good Reason. Subject to the notice and cure periods set forth in Section 5.5, at the election of Executive for “Good Reason”
(as defined below), upon written notice by the Executive to the Company.

 

4.5  Voluntary
Termination by Executive. At the election of Executive, without Good Reason, upon not less than 30 days prior written notice by him/her
to the Company.

 

5.  Effect
of Termination.

 

5.1  Termination
for Cause, at the Election of Executive, or at Death or Disability. In the event that Executive’s employment is terminated for
Cause, the Company shall have no further obligations under this Agreement other than to pay to Executive Base Salary and accrued vacation
through the last day of Executive’s actual employment by the Company. In the event that Executive’s employment is terminated
upon Executive’s death or disability, or at the election of Executive, the Company shall have no further obligations under this
Agreement other than (i) to pay to Executive, in a single lump sum upon such termination, Base Salary and accrued vacation through the
last day of Executive’s actual employment by the Company.

 

    3

     

    

 

5.2  Voluntary
Termination by the Company, or for Good Reason. In the event that Executive’s employment is terminated during the term of this
Agreement without Cause, or by Executive’s resignation for Good Reason, and Executive executes a release in favor of the Company
substantially in the form annexed hereto as Exhibit C, not later than 30 days after Executive’s employment terminates, and the period
in which Executive is entitled to revoke such release has expired without any such revocation, then the Company shall continue to pay
to Executive the annual Base Salary in effect immediately prior to such termination for the twelve-month period following Executive’s
last day of employment. In addition, the Company shall continue Executive’s coverage under and its contributions towards Executive’s
health care, dental, and life insurance benefits on the same basis as immediately prior to the date of termination, except as provided
below, for the six-month period following Executive’s last day of employment. Notwithstanding the foregoing, subject to any overriding
laws, the Company shall not be required to provide any health care, dental, or life insurance benefit otherwise receivable by Executive
if Executive is actually covered or becomes covered by an equivalent benefit (at the same cost to Executive, if any) from another source.
Any such benefit made available to Executive shall be reported to the Company.

 

5.3 Notwithstanding
any other provision of this Amended Agreement with respect to the timing of payments under Section 5, if, at the time of the Executive’s
termination, the Executive is deemed to be a “specified employee” of the Company within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then only to the extent necessary to comply with the requirements of Section 409A of the Code, any payments to which the
Executive may become entitled under Section 5 which are subject to Section 409A of the Code (and not otherwise exempt from its application)
will be withheld until the first business day of the seventh month following the date of termination, at which time the Executive shall
be paid an aggregate amount equal to six months of payments otherwise due to the Executive under the terms of Section 5, as applicable.
After the first business day of the seventh month following the date of termination and continuing each month thereafter, the Executive
shall be paid the regular payments otherwise due to the Executive in accordance with the terms of Section 5, as thereafter applicable.

 

5.4  Upon
Executive’s termination without Cause during the term of this Agreement, or as a result of Executive’s resignation for Good
Reason during the term of this Agreement, all stock options granted by the Company and then held by Executive shall be accelerated and
become fully vested and exercisable as of the date of Executive’s termination.

 

    4

     

    

 

5.5  As
used in this Agreement, “Good Reason” means, without Executive’s written consent, (a) a “material diminution”
(as such term is used in Section 409A of the Code) of the duties assigned to Executive (provided, however, that no termination of Executive’s
service as a member of the Board, regardless of the reason therefore, shall constitute a “material diminution” of Executive’s
duties for purposes of this Section 5.5); or (b) a material reduction in Base Salary or other benefits (other than a reduction or change
in benefits generally applicable to all executive employees of the Company); or (d) a “Change of Control” of the Company,
as that term is defined in the Control Plan; or (e), the acquisition (other than an acquisition directly from the Company) by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then
outstanding shares of voting stock of the Company (the “Voting Stock”); provided, however, that any acquisition by the Company
or its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries of (i) 50% or more of the then
outstanding Voting Stock, or (ii) Voting Stock which has the effect of increasing the percentage of Voting Stock owned by any such individual,
entity or group to 50% or more of the then outstanding Voting Stock, shall not constitute a Change of Control. In the event Executive
resigns for Good Reason within twelve (12) months after a Change of Control or acquisition, or if the Executive is terminated without
cause within twelve (12) months after a Change of Control or acquisition, as defined in (d) or (e) above, Executive shall receive, in
addition to any severance to which he/she is entitled under § 5.2 of the Employment Agreement as amended, an additional sum equal
to twelve (12) months of his/her base salary then in effect. Notwithstanding the occurrence of any of the events enumerated in this Section
5.5, no event or condition shall be deemed to constitute Good Reason unless (i) Executive reports the event or condition which the Executive
believes to be Good Reason to the Board, in writing, within 15 days of such event or condition occurring and (ii) within 30 days after
the Executive provides such written notice of Good Reason, the Company has failed to fully correct such Good Reason and to make the Executive
whole for any such losses.

 

5.6  The
provisions of this Section 5 and the payments provided hereunder are intended to be exempt from or to comply with the requirements of
Section 409A of the Code, and shall be interpreted and administered consistent with such intent. To the extent required for compliance
with Section 409A, references in this Agreement to a “termination of employment” shall mean a “separation of service”
as defined by Section 409A. It is further intended that each installment of the payments provided hereunder shall be treated as a separate
“payment” for purposes of Section 409A. Neither the Company nor Executive shall have the right to accelerate or defer the
delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.

 

6.  Nondisclosure
and Noncompetition.

 

6.1 Proprietary
Information.

 

(a)  Executive
agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning the Company’s
business, Inventions and scientific information or financial affairs (collectively, “Proprietary Information”) is and shall
be the exclusive property of the Company. By way of illustration, but not limitation, Proprietary Information may include Company related
inventions, products, processes, methods, techniques, formulas, designs, drawings, slogans, tests, logos, ideas, practices, projects,
developments, plans, research data, financial data, personnel data, computer programs and codes, and customer and supplier lists and information,
trade secrets, business plans, investor lists and information, deal or transaction information, diagrams, flow charts and product plans,
plans for creation, prototypes, acquisition or disposition of products or publications, expansion plans, financial status, statements
and plans, products, improvements, formulas, methods of distribution, product development plans. Executive will not disclose any Proprietary
Information to others outside the Company except in the performance of his/her duties or use the same for any unauthorized purposes without
written approval by an officer of the Company, either during or after his employment. As required under and subject to the Acknowledgment,
Executive has confirmed with Stevens that he is free of any obligations to Stevens with respect to any inventions or other work product
he creates, conceives of or reduces to practice for the Company in order that it remain Company Proprietary Information and that Stevens
has no claim upon such information other than that required by federal law. Executive has documented his discussions in the Acknowledgement
letter dated June 15, 2022, to Robert Liscouski, Chief Executive Officer, Quantum Computing, Inc, attached as Exhibit A, hereto.

 

    5

     

    

 

(b)  Executive
agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, laboratory notebooks, program listings, or other
written, photographic, electronic or other material containing Proprietary Information, whether created by Executive or others, which
shall come into his custody or possession, shall be and are the exclusive property of the Company to be used by Executive only in the
performance of her/his duties for the Company.

 

(c)  Executive
agrees that his/her obligation not to disclose or use information, know-how and records of the types set forth in paragraphs (a) and (b)
above, also extends to such types of information, know-how, records and tangible property of subsidiaries and joint ventures of the Company,
customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company
or to Executive in the course of the Company’s business.

 

(d)
Return of Employer Documents and Information. The Executive will, upon any termination of his employment with the Company or upon
the Company’s earlier demand, return to the Company all Proprietary Information in his possession, directly or indirectly, that
is in written or other tangible form (together with all duplicates thereof), together with all copies, recordings, abstracts, notes, computer
diskettes, computer or computer assisted data storage or reproductions of any kind made from or about the documents and tangible items
return to the Company, or the information they contain, and that he will not retain or furnish any such Proprietary Information to any
third party. Executive will also return all Employer-provided electronic storage devices, and provide for inspection any of Executive’s
electronic storage devices used by him to conduct Company business on or before his termination of employment, or upon the Company’s
earlier demand.

 

(e)  Required
Disclosures. In the event that Executive is required to disclose any information (Proprietary Information or otherwise) to, or by,
any governmental, regulatory, or judicial authority, Executive shall give the Company prompt written notice thereof so that the Company
may seek an appropriate protective order and/or waive in writing compliance with the confidentiality provisions of this Agreement.

 

(f)  Defense
of Trade Secrets Act Notice. In accordance with 18 U.S.C. § 1833(b), nothing in this Agreement is intended to interfere with
or discourage my good faith disclosure of a trade secret or other confidential information to any governmental entity related to a suspected
violation of law.  Notwithstanding anything to the contrary in this Agreement, the federal Defend Trade Secrets Act (“DTSA”)
provides that Executive cannot be held criminally or civilly liable under any federal or state trade secret law if Executive discloses
a trade secret or other confidential information (a) in confidence to (i) any federal, state, or local government official, either directly
or indirectly, or (ii) an attorney, and solely for the purpose of reporting or investigating a suspected violation of the law; or (b)
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. DTSA further provides that
an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret
to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (a) files any document
containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

 

    6

     

    

 

(g)  Limits
on Scope of Proprietary Information. Executive understands that Confidential Information shall not include information that has become
publicly known through no wrongful act of Executive or of others who were under confidentiality obligations as to the item or items involved.
Executive understands that in the event of a dispute, Executive shall bear the burden of proving that the information that would otherwise
be Proprietary Information learned by virtue of his employment is in fact publicly known.

 

6.2  Inventions.

 

(a)  Disclosure.
Executive shall disclose, subject to the Acknowledgement, promptly to an officer or to attorneys of the Company in writing any idea, invention,
work of authorship, whether patentable or un-patentable, copyrightable or un-copyrightable, including, but not limited to, any computer
program, software, command structure, machine code, source or object code whether compilable or not, pseudo code, flow chart, data structure,
documentation, compound, genetic or biological material, formula, manual, device, improvement, method, process, discovery, concept, algorithm,
development, secret process, machine or contribution (any of the foregoing items hereinafter referred to as an “Invention”)
Executive may conceive, make, develop or work on, in whole or in part, solely or jointly with others in conjunction with Executive’s
activities for the Company. The disclosure required by this Section applies (a) to any invention related to the general line of business
engaged in by the Company or to which the Company planned to enter during the period of Executive’s employment with the Company
and for one year thereafter; (b) with respect to all Inventions related to the business of the Company whether or not they are conceived,
made, developed or worked on by Executive during Executive’s employment with the Company; (c) whether or not the Invention was made
at the suggestion of the Company; and (d) whether or not the Invention was reduced to drawings, written description, documentation, models
or other tangible or intangible form.

 

(b)  Assignment
of Inventions to Company; Exemption of Certain Inventions. Executive hereby assigns to the Company without royalty or any other further
consideration Executive’s entire right, title and interest in and to all Inventions which Executive conceives, makes, develops or
works on during employment and for one year thereafter, except as limited by Section 6.2(a) above and those Inventions that Executive
develops entirely on Executive’s own time without using the Company’s equipment, supplies, facilities or trade secret information
unless those Inventions either (a) relate at the time of conception or reduction to practice of the Invention to the Company’s business,
or actual or demonstrably anticipated research or development of the Company; or (b) result from any work performed by Executive for the
Company. Executive agrees to execute all documents and assist in all ways necessary to effectuate the assignment of Inventions pursuant
to this Agreement, and hereby designates the Company to act as Executive’s attorney in fact to execute any document or perform any
act necessary to effectuate said assignment in the absence of the Executive or inability or refusal of the Executive to provide said assistance.

 

    7

     

    

 

(c)  Records.
Executive will make and maintain adequate and current written records of all Inventions. These records shall be and remain the property
of the Company.

 

(d)  Patents.
Executive will assist the Company in obtaining, maintaining and enforcing patents and other proprietary rights in connection with any
Invention covered by Section 6.2. Executive further agrees that his obligations under this Section shall continue beyond the termination
of his employment with the Company, but if he is called upon to render such assistance after the termination of such employment, he shall
be entitled to a fair and reasonable rate of compensation for such assistance. Executive shall, in addition, be entitled to reimbursement
of any reasonable expenses incurred at the request of the Company relating to such assistance.

 

6.3 Prior Contracts
and Inventions; Information Belonging to Third Parties. Executive represents that except for the Acknowledgement, and subject to any
exclusion called for by federal law that there are no contracts to assign Inventions between any other person or entity and Executive.
Executive further represents that (a) Executive is not obligated under any consulting, employment or other agreement which would affect
the Company’s rights or my duties under this Agreement, (b) there is no action, investigation, or proceeding pending or threatened,
or any basis therefor known to me involving Executive’s prior employment or any consultancy or the use of any information or techniques
alleged to be proprietary to any former employer, and (c) the performance of Executive’s duties as an employee of the Company will
not breach, or constitute a default under any agreement to which Executive is bound, including, without limitation, any agreement limiting
the use or disclosure of proprietary information acquired in confidence prior to engagement by the Company. Executive will not, in connection
with Executive’s employment by the Company, use or disclose to the Company any confidential, trade secret or other proprietary information
of any previous employer or other person to which Executive is not lawfully entitled.

 

6.4  Noncompetition
and Non-solicitation.

 

(a) Executive
acknowledges that

 

(i) the direct
or indirect disclosure of any Proprietary Information would place the Company at a serious competitive disadvantage and would do serious
damage, financial and otherwise, to the Company’s business;

 

(ii) by his training,
experience and expertise, the Executive’s services to the Company will be special and unique; and

 

    8

     

    

 

(iii) the Company
has provided him with additional consideration in the form of the Agreement and Plan of Merger dated May 19, 2022, by and among the Company,
Project Alpha Merger Sub I, Inc., a Delaware corporation, Project Alpha Merger Sub II, LLC, a Delaware limited liability company, QPhoton,
Inc., a Delaware corporation and Executive, in order to obtain the covenants herein;

 

(iv) if the Executive
leaves the Company’s employ to work for a competitive business, in any capacity, it would cause the Company irreparable harm. Therefore:

 

(b) Other than
Executive’s employment at Stevens, during Executive’s employment with the Company and for a period of 24 months after the
termination of Executive’s employment with the Company for any reason or for no reason, Executive will not directly or indirectly,
absent the Company’s prior written approval, render services of a business, professional or commercial nature to any other person
or entity in the area of quantum computing or such other services or products provided by the Company at the time Executive’s employment
terminates, in any geographical area where the Company does business at the time Executive’s employment terminates, whether such
services are for compensation or otherwise, whether alone or in conjunction with others, whether as an employee, consultant, or independent
contractor, or as a partner, or as a shareholder (other than as the holder of not more than 1% of the combined voting power of the outstanding
stock of a public company), officer or director of any corporation or other business entity, or as a trustee, fiduciary or in any other
similar representative capacity.

 

(c)  During
the Executive’s employment with the Company and for a period of 24 months after the termination of Executive’s employment
for any reason or for no reason, Executive will not hire, solicit, induce, encourage, or attempt to induce or encourage any employee,
independent contractor, or consultant of the Company or assist any other person or entity in its efforts to hire, solicit, induce, encourage,
or attempt to induce or encourage any employee, independent contractor, or consultant of the Company to terminate his or her employment
or relationship with the Company, or to breach any other obligation to the Company.

 

(d)  During
the Executive’s employment with the Company and for a period of 24 months after termination of Executive’s employment for
any reason or for no reason, Executive will not, directly or indirectly, conduct business with, or accept compensation from, contact,
solicit, divert, diminish or take away, or attempt to solicit, contact, divert, diminish or take away, or assist any other person or entity
in its efforts to contact, solicit, divert, diminish or take away the business or patronage of any of the clients, customers, accounts
or funding sources which were clients, customers, accounts or funding sources of the Company within the 12 months prior to the termination
of Executive’s employment, or which were active target clients, customers, accounts or funding sources, of the Company within the
12 months prior to the termination of Executive’s employment.

 

6.5  Interpretation
of Agreement. If any restriction set forth in this Section is found by any court of competent jurisdiction to be unenforceable because
it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be specifically
revised and interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

    9

     

    

 

6.6  Restrictions
Necessary. The Executive acknowledges that the restrictions set forth in this Paragraph 6 are reasonable in scope and essential to
protect the Company’s legitimate interests in safeguarding its Proprietary and Confidential Information, goodwill, customer/client/funding
and employment relationships. Executive agrees that any breach of this Section will cause the Company substantial and irrevocable damage
and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the
right to obtain preliminary and permanent injunctive relief (without the need to post bond). The foregoing does not limit the Company’s
rights to money damages caused by lost earnings, profits and other benefits arising from such violations (which rights shall be cumulative).
The prevailing party shall be entitled to recover its reasonable attorneys’ fees in such an action. In addition, the Company’s
obligation, if any, to pay Executive the amounts set forth in Section 5.2 or 5.3 shall terminate in the event Executive materially breaches
any terms and conditions in Section 6.

 

6.7  Tolling
and other Claims. In the event the Executive should be in violation of the restrictive covenants hereinabove set forth, then any time
limitation thereof shall be extended for a period of time equal to the period of time during which such breach or breaches should occur;
and in the event it is necessary to seek relief against such breach or breaches in any court or before any arbitrator or mediator, these
restrictive covenants shall be extended for a period of time equal to the pendency of such proceedings and all subsequent court proceedings
and appeals. The existence of any claim or cause of action by the Executive against the Company, whether predicated on the Agreement or
otherwise, shall not constitute a defense to the enforcement by the Company of the foregoing restrictive covenants, but shall be resolved
separately.

 

7.  Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings,
whether written or oral relating to the subject matter of this Agreement between the Company and the Executive. For the avoidance of doubt,
however, this Agreement is in addition to, and shall not supersede any stock option agreement between the Company and Executive.

 

8.  Amendment.
This Agreement may be amended or modified only by a written instrument executed by both the Company and Executive.

 

9.  Dispute
Resolution. With the exception of a Claim for injunctive relief as provided under Section
6, any controversy, dispute, or claim arising out of or relating to this Agreement or its interpretation (each, a “Dispute”),
or arising out of or relating to Executive’s employment by the Company, unless resolved by agreement of the Parties – including
but not limited to any potential federal, state or local statutory employment claims under local or Federal Wage and Hour Laws, including
claims that could have been brought as class action, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act
and any and all state and local laws relating to employment (“Employment Disputes”)– shall be resolved solely and exclusively
as set forth in this Section.

 

    10

     

    

 

9.1 The
Parties shall submit all Employment Disputes that are able to be arbitrated as a matter of law to final and binding arbitration in New
Jersey, in accordance with the then-existing rules of the American Arbitration Association. A single arbitrator shall conduct proceedings
in accordance with the employment rules of the American Arbitration Association (“AAA”). If the Parties are unable to agree
on a single arbitrator within ten (10) days after submitting the Dispute to arbitration, then the arbitrator shall be designated by the
AAA. The arbitrator shall schedule the arbitration hearing to occur remotely or at a location within 60 miles of Executive’s home.
The Parties shall equally share the costs associated with the arbitration, including the fees of the arbitrator and AAA. The Company and
Executive shall each bear its/his/her own attorney’s fees.

 

Any Employment Claims that cannot
be arbitrated as a matter of law shall be tried in a court of competent jurisdiction in New Jersey without a jury. THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY AND EMPLOYEE WAIVES THE RIGHT TO ARBITRATE OR OTHERWISE LITIGATE CLASS ACTIONS
AGAINST THE COMPANY.

 

Executive understands that nothing herein
precludes the Executive from filing administrative charges with the Equal Employment Opportunity Commission (EEOC) or similar federal,
state, or local agency, but that upon receipt of any right-to-sue letter or similar administrative decision, Executive shall submit the
dispute to arbitration as set forth above.

 

This Agreement to arbitrate shall be
specifically enforceable under the prevailing arbitration laws of the State of New Jersey. The award rendered by the arbitrators shall
be final and judgment may be entered upon the award in any court of the State of New Jersey having jurisdiction over the matter. Nothing
in this section shall be read to preclude the Company from seeking injunctive relief as described below.

 

Executive acknowledges and agrees that
a breach or threatened breach by the Executive of the obligations pursuant to this Agreement – including without limitation the
confidentiality, restrictive covenant provisions and inventions provisions in Section 6 of this Agreement – will cause the Company
irreparable harm, the amount of which will be impossible to estimate or determine and that cannot be adequately compensated. Accordingly,
notwithstanding the Parties’ agreement to arbitrate Employment Disputes between them, if dispute arises between the Parties related
to breaches or threatened breaches of Section 6 of this Agreement, the Company shall be entitled to immediately or at any time thereafter
seek injunctive relief with respect to such dispute in any court of competent jurisdiction in the State of New Jersey and shall be entitled
to such injunctive relief without the need to post a bond. A judicial proceeding seeking injunctive relief hereunder shall not be stayed
or delayed pending the outcome of any arbitration proceeding. The Company’s commencement of an action seeking injunctive relief
hereunder, or the fact that the Company obtains such injunctive relief, shall not be deemed a waiver by the Company of any other right,
remedy, claim, or defense of any kind and shall not preclude the Company from pursuing arbitration pursuant to this Agreement.

 

10.  Notices.
Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing and shall be deemed
given if delivered personally or by commercial messenger or courier service, or mailed by U.S. registered or certified mail (return receipt
requested), or sent via facsimile (with receipt of confirmation of complete transmission) to the party at the party’s last known address
or facsimile number or at such other address or facsimile number as the party may have previously specified by like notice. If by mail,
delivery shall be deemed effective three business days after mailing in accordance with this Section.

 

11. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns,
including any corporation into which the Company may be merged or which may succeed to its assets or business, provided, however, that
the obligations of Executive are personal and shall not be assigned by her/him.

 

12.  Miscellaneous.

 

12.1  No
Waiver. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any
other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed
as a bar or waiver of any right on any other occasion.

 

12.2  Severability.
In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability
of the remaining provisions shall in no way be affected or impaired thereby.

 

12.3  Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument and facsimile signatures delivered by fax or e-mail transmission shall be treated as originals.

 

12.4 Choice of Law.
This Agreement shall be interpreted and enforced in accordance with the laws of the State of New Jersey, without regard to its conflict-of-law
principles.

 

[Signature page follows]

 

    11

     

    

 

IN WITNESS WHEREOF,
each of the Company and Executive has executed this Amendment as of the date first above written.

 

	 	QUANTUM COMPUTING INC.
	 	 
	 	By: 	
	 	 	Name: 	Robert Liscouski
	 	 	Title: 	Chief Executive Officer
	 	 
	 	Date Executed: June 15, 2022
	 	 
	 	By: 	
	 	 	Name: Dr. Yuping Huang
	 	 	 
	 	Date Executed: June 15, 2022

 

[Signature page for employment agreement]

 

    12

     

    

 

Exhibit A

 

Acknowledgement

(Attached as a separate file)

 

    13

     

    

 

Exhibit B

 

Performance Goals for 2022

 

		1.	Establish cloud computing services based on EQC and RQC

 

		2.	Develop demos and prototypes for quantum lidar technology

 

		3.	Develop demos for quantum biomedical imaging

 

		4.	Work with leadership to build strong technical team and state-of-the-art
quantum R&D facility.

 

		5.	Support product revenue opportunities

 

    14

     

    

 

Exhibit C

 

RELEASE, WAIVER,
AND REAFFIRMATION OF RESTRICTIVE COVENANT

 

THIS Release, Waiver,
and Reaffirmation of Restrictive Covenant (the “Agreement”) is entered into by and between Quantum Computing Inc (the
“Company”) and __________________ (the “Executive”), an individual residing at ___________________ (collectively,
the “Parties”).

 

WHEREAS, as a result
of the termination of the Employment Agreement between Executive and the Company, entered into between the Parties on _____________ (the
“Employment Agreement”), Executive is required to execute a Release, Waiver, and Reaffirmation of Restrictive Covenants, in
order to receive post-termination considerations contained in the Employment Agreement that Executive otherwise would not be entitled
to;

 

THEREFORE, for good
and valuable consideration, the Parties agree as follows:

 

1. Separation Payment.

 

(a) In consideration
for signing this Agreement and provided that Executive executes, delivers in a timely manner and does not exercise his right to revoke
this Agreement, the Company will pay Executive _______________ (the “Separation Payment”), in the manner set forth in Section
__ of the Employment Agreement.

 

(b) Executive acknowledges
that he would not receive the Separation Payment but for the termination of his employment and his execution of the Agreement. Executive
acknowledges that he is not entitled to any further salary, benefits or other payments except earned but unpaid wage payments through
his last date of employment and payment for any accrued unused vacation days in accordance with Company policy.

 

2. General Release
of Claims by Executive. In consideration of payments under the Employment Agreement and for other
good and valuable consideration, Executive, on his own behalf and on behalf of his heirs, executors, administrators, successors and assigns,
hereby forever releases and discharges the Company and its past, present, and future officers, directors, shareholders, trustees, joint
venturers, partners, parent companies, Executives, representatives, consultants, attorneys, successors, assigns, subsidiaries and affiliates,
(the “Company Releasees”) from any and all claims (including claims for attorneys’ fees and costs), charges, actions,
and causes of action which he may presently have against the Company Releasees or any of them, whether known or not, based on anything
which has happened up to the present. The Release includes, but is not limited to claims of/for: breach of contract (whether written
or oral, express or implied, arising out of any offer letter or similar document, Employee handbook, personnel manual or employment policy);
promissory estoppel or unjust enrichment; compensatory and/or punitive damages; public policy; tort, including without limitation, defamation;
wrongful discharge or termination; negligence; impairment of economic opportunity or loss of business opportunity; fraud or misrepresentation
(negligent or intentional); breach of the covenant of good faith and fair dealing; unfair labor practices; discrimination and retaliation;
claims of violation of Age Discrimination in Employment Act (“ADEA”), as amended, the Older Worker Benefits Protection Act;
Title VII of the Civil Rights Act of 1964, as amended (“TITLE VII”); the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) (excluding claims for vested benefits); the Americans With Disabilities Act (“ADA”) as amended;
the Family and Medical Leave Act (“FMLA”); the Uniformed Services Employment and Reemployment Rights Act (“USERRA”);
the National Labor Relations Act (“NLRA”); the Worker Adjustment and Retraining Notification Act (“WARN”); the
New Jersey Law Against Discrimination (“LAD”); the New Jersey Conscientious Executive Protection Act (“CEPA”);
the New Jersey Family Leave Act (“FLA”); the New Jersey Wage and Hour laws; the New Jersey Millville Dallas Airmotive Plant
Job Loss Notification Act; the Constitution of the United States and any State Constitutions; any other federal, state or local anti-discrimination
law; any federal, state or local whistle-blowing law; any other federal, state or local family and/or medical leave law; any other federal,
state or local wage and hour law; benefits including any Company provided plan or program; distributions of income or profit; ownership,
stock, stock options, equity or otherwise; reimbursement; wages, commissions or bonuses; incentive compensation; salary continuation
benefits; vacation, sick or other leave time; retirement, pension and/or profit sharing plans (excluding claims for vested benefits);
relating to Executive’s application for hire, employment, or termination thereof, as well as any claims which Executive may have
arising under or in connection with any and all local, state or federal ordinances, statutes, rules, regulations, executive orders or
common law, from the beginning of the world up to and including the date of Executive’s execution of this Release (“Executive’s
Released Claims”).

 

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3. Representations
and Covenant Not to Sue. Executive represents that he has not filed or caused to be filed any claim,
complaint, or action against the Company or any other Company Releasees in any forum or form and that he is not presently a party to
any such claim, complaint, or action. To the extent permitted by law, at no time subsequent to the execution of this Agreement will Executive
file, maintain, or execute upon, or cause or permit the filing or maintenance or execution upon, in any state, federal or foreign court,
or before any local, state, federal or foreign administrative agency, or any other tribunal, any judgment, charge, claim or action of
any kind, nature and character whatsoever, known or unknown, which Executive may now have or has ever had against the Company or any
other Company Releasees that is based in whole or in part on any matter covered by the Releases herein. Executive further represents
that he will not participate voluntarily in any action brought by any third party against the Company or any other Releasees. Further,
Executive agrees to waive his right to recover monetary damages or other individual relief in any such charge, complaint, or lawsuit
filed by anyone else on his behalf.

 

4. Use and Return
of Property and Equipment. Executive acknowledges and affirms that he has returned to Company any
property of Company in his possession or control which refer or relate to Company’s business, or which are otherwise the property
of Company including, but not limited to, all confidential and proprietary business information and documents, financial documents and
files, papers, records, documents, letters, invoices, notes, memoranda, keys, customer and supplier lists, customer and supplier materials
or documents, computers, computer data, office equipment, business equipment office keys, corporate credit card(s), building passes,
and employment records, property or copies thereof, regardless of the form or medium retained or stored in (including electronic or digital
form). Executive shall promptly provide the Company with a written list of any and all passwords, usernames, code words, and similar
electronic access codes (collectively, “Security Codes”) used by him in connection with his employment by the Company. Executive
shall indicate on the written list the software, computer, web site or other electronic gateway to which each listed Security Code applies.
By signing this Agreement, Executive affirms that he has, in fact, returned to Company all such records, property or copies referred
to in this paragraph, including, but not limited to, office keys, corporate credit card(s), building passes, and any business equipment
previously issued to his, and Executive has not retained copies or duplicates of same.

 

5. Reaffirmation
of Restrictive Covenant and Confidentiality Obligations. The covenants set forth in Paragraph 6
of the Employment Agreement are fully incorporated herein and Executive reaffirms their validity, enforceability and scope. Paragraph
6 of the Employment Agreement is specifically not superseded by this Separation Agreement and Release notwithstanding any representation
to the contrary herein.

 

    16

     

    

 

6. Confidentiality.
The terms of this Agreement shall remain STRICTLY CONFIDENTIAL. Executive and the Company each agree not to disclose any information
regarding the existence or substance of the Agreement, except that Executive may disclose such information to his spouse, accountant,
tax advisor, or an attorney with whom Executive chooses to consult regarding his consideration of this Agreement, and the Company may
disclose such information to its Officers, Directors, Senior Executives, HR staff, any of its Employees who have a business reason to
know its contents, its internal and outside accounting, tax, and legal advisors (collectively, “Permitted Disclosures”),
but only on the condition that all persons to whom a Permitted Disclosure is made agree to be bound by the confidentiality provisions
of this Agreement. Executive and the Company each acknowledge and agree that disclosure of any of the terms and conditions of this Agreement
in violation of this paragraph shall constitute and be deemed to be a material breach of this Agreement. Executive and the Company each
affirm that as of the date of this Agreement he or it has not disclosed any of the terms of this Agreement, except as heretofore required
by legitimate business and/or legal needs. However, nothing in this Agreement shall be interpreted to restrict the Parties’ right and/or
obligation: (a) to testify truthfully in any judicial proceeding; or (b) to cooperate fully and provide information as requested in any
investigation by a governmental agency or commission.

 

7. Non-Disparagement.

 

(a) Executive agrees
that he will not make any disparaging remarks, written or verbal (including, but not limited to, via the Internet and social media),
intended to adversely affect or having a foreseeable result of adversely affecting the Company or the services provided or the good name
or reputation of its owners, officers, Executives, or any of the Company Releasees. Failure to comply with the non-disparagement of terms
requirements of this paragraph will constitute a forfeiture of the Separation Payments set forth in Paragraph 5.

 

(b) However, nothing
in this Agreement shall be interpreted to restrict the Parties’ right and/or obligation: (a) to testify truthfully in any judicial proceeding;
or (b) to cooperate fully and provide information as requested in any investigation by a governmental agency or commission.

 

8. Executive Rights.
Notwithstanding anything else herein, this Agreement is not intended to preclude Executive from (1) enforcing the terms of this Agreement;
(2) challenging the validity of this Agreement; (3) filing a charge or participating in any investigation or proceeding conducted by
the Equal Employment Opportunity Commission or the National Labor Relations Board or comparable state or local agency; or (4) initiating
communications directly with, or responding to any inquiry from, or providing testimony before, the SEC, FINRA, any other self- regulatory
organization or any other state or federal regulatory authority, regarding this settlement or its underlying facts or circumstances or
any other matter. 

 

    17

     

    

 

9. Governing Law
and Resolution of Disputes. This Agreement shall be governed by and interpreted in accordance with
the laws of the State of New Jersey, without regard to the conflicts of laws provisions of any state. Any dispute pertaining to this
Agreement shall be brought only in a state or federal court of competent jurisdiction located within the State of New Jersey. Executive
and the Company agree to subject themselves to the exclusive personal jurisdiction of those courts. The parties shall each be entitled
to seek injunctive relief in accordance with applicable law for breaches (including anticipated breaches) of this Agreement. Executive
agrees that the mailing by registered, certified, or overnight mail of any process to the Executive’s last known address shall
constitute lawful and valid service or process thereof. In the event that any such suit is filed, Executive shall not raise and hereby
waives the defenses of jurisdiction over the person and jurisdiction over the subject matter, including venue. Any dispute arising out
of this Agreement or between the parties shall be tried without a jury.

 

10. Entire Agreement.
This Agreement, and the surviving sections of the Employment Agreement sets forth the entire Agreement between the parties and fully
supersedes any prior Agreements or understandings between the parties. Executive acknowledges that he has not relied on any representations,
promises, or agreements of any kind made to Executive in connection with his decision to accept this Agreement, except for those set
forth in this Agreement.

 

11. Amendment.
This Agreement may not be modified, altered, or changed except upon express written consent of both parties. In signing this Agreement,
the parties hereto represent and warrant that they are not relying on any statements, representations, or promises made by the other
party or their agent(s) except as specifically set forth herein.

 

12. Attorneys’
Fees. Executive and the Company shall each bear his and its own costs, including attorneys’
fees, incurred in connection with this Agreement.

 

13. Capacity.
The Company represents and warrants that the undersigned has the authority to act on behalf of it and to bind the Company to this Agreement.
Executive represents and warrants that he has the capacity to act on his own behalf and to bind himself to this Agreement.

 

14. Assignments.
Except as otherwise herein expressly provided, this Agreement shall inure to the benefit of and be binding upon Executive, his heirs,
successors, and executors and shall inure to the benefit of the Company. Executive represents and warrants that he has not assigned or
in any other manner conveyed any right or claim that he has or may have to any third party, and Executive shall not assign or convey
to any assignee for any reason any right or claim covered by this Agreement, or the consideration, monetary or other, to be received
by him hereunder. The Company may assign its rights and obligations under this Agreement to any third party in its discretion provided
that there is no breach of the Confidentiality provision set forth above.

 

    18

     

    

 

15. Non-Waiver.
The failure of the Company or Executive to insist upon the performance of any of the terms and conditions of this Agreement or the failure
of the Company or Executive to prosecute any breach of this Agreement, shall not be construed or considered a waiver of any such term
or condition of this Agreement; to wit, the entire Agreement shall remain in full force and effect as if no such forbearance or failure
of performance had occurred. 

 

16. OWBPA Waiver.
Executive acknowledges and confirms that he is waiving any claims under the ADEA as amended by the Older Workers Benefit Protection Act
(“OWBPA”) and that:

 

(a) he is receiving
consideration which is in addition to anything of value to which he otherwise would have been entitled; and

 

(b) this Agreement
is written in a manner understood by Executive and that he fully understands the terms of this Agreement and enters into it voluntarily
without any coercion on the part of any person or entity; and

 

(c) he was given
adequate time to consider all implications and to freely and fully consult with and seek the advice of whomever he deemed appropriate
and has done so; and

 

(d) he acknowledges
and confirms that he was not eligible to participate in any other separation offer from the Company; and

 

(e) he was advised
in writing, by way of this Agreement, to consult an attorney before signing this Agreement; and

 

(f) he has a period
of twenty-one (21) days commencing from the date he receives this Agreement to consider it and return the signed Agreement to _________________.
Executive may voluntarily execute and deliver the Agreement prior the expiration of the twenty-one (21) day period. Executive will have
seven days from the date he signs this Agreement to revoke the Agreement. Any revocation of this Agreement must be in writing and received
by _________ before the expiration of the seven day revocation period. This Agreement will not become effective or enforceable until
receipt of Executive’s executed Agreement and the expiration of the seven (7) day revocation period. Executive’s signature
below indicates that he is entering into this Agreement freely, knowingly and voluntarily, with a full understanding of its terms. If
Executive fails to execute and deliver this Agreement in a timely manner, or if Executive signs and then revokes this Agreement, he will
not be entitled to the Separation Payment provided herein.

 

HAVING ELECTED TO EXECUTE HIS RELEASE, TO
FULFILL THE PROMISES, AND TO RECEIVE THE PAYMENTS, SET FORTH ABOVE, EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS
INTO THIS RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST THE COMPANY.

 

    19

     

    

 

The parties hereto knowingly
and voluntarily executed this Release, Waiver, and Reaffirmation of Restrictive Covenant as of the date set forth below.

 

	EXECUTIVE	 	Q Photon, Inc.
	 	 	 
	 	 	 
	 	 	 
	DATE:	            	 	DATE:	 

 

 

20

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