Document:

Exhibit 10.1

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

This
Amended and Restated Employment Agreement (the “Agreement”) is made and effective as of July 1, 2021 (the “Effective
Date”) by and between Amergent Hospitality Group Inc., a Delaware corporation (“Amergent” or the “Company”)
and Frederick L. Glick, an individual (the “Executive”). This Agreement amends, replaces and supersedes in its entirety that
certain employment agreement by and between Executive and Sonnet Biotherapeutics Inc., fka Chanticleer Holdings, Inc. dated February
16, 2018 and assumed by Amergent on March 30, 2020 (“Original Agreement”).

 

WHEREAS,
Amergent desires to enter into this Agreement to induce Executive to continue in his position as President of Amergent, and Executive
desires to continue in his position as President of Amergent subject to the terms and conditions of this Agreement.

 

NOW,
THEREFORE, intending to be legally bound and in consideration of the mutual provisions set forth in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Section
1 Employment. Amergent hereby employs the Executive and the Executive hereby accepts such employment, in accordance with the terms
and conditions set forth in this Agreement. By executing this Agreement, Executive represents and warrants to Amergent that (i) the Executive
is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof will
not conflict with or result in the breach by him of any agreement to which he is a party or by which he may be bound; (ii) the Executive
has not violated, and in connection with his employment with Amergent will not violate, any non-solicitation, non-competition, or other
similar covenant or agreement of a prior employer by which he is bound; and (iii) in connection with his employment with Amergent, the
Executive will not use any confidential or proprietary information he may have obtained in connection with employment with any prior
employer.

 

Section
2 Term. The Executive’s employment with Amergent under this Agreement will commence on the Effective Date and continue through
June 30, 2024 (“Term”). Executive’s employment with the Company shall be on an “at-will” basis.

 

Section
3 Position. The Executive will be employed as the President of Amergent and will report to the Chief Executive Officer. The Executive
will have the duties and responsibilities customarily attendant to the position of President. Executive will also have such other duties
and responsibilities that are commensurate with his position as specifically delegated to him from time to time by the Chief Executive
Officer. Executive shall be subject to the Bylaws, policies, practices, procedures and rules of the Company, currently existing and as
may be modified from time to time, including those policies and procedures set forth in the Company’s Code of Conduct and Ethics.
Executive’s principal place of employment shall be in Oceanside, California; provided that Executive may be required under business
circumstances to travel outside the location of his principal employment in connection with performing his duties under this Agreement.

 

    	 

    	 

    

 

Section
4 Restrictive Covenants; Representations.

 

4.1
Loyal Performance. During the Executive’s employment with Amergent, the Executive will devote his full business time and
attention to the performance of his duties as President and will perform his duties and carry out his responsibilities as President in
a diligent and businesslike manner. Nothing in this Section 4.1, however, will prevent the Executive from engaging in additional activities
in connection with personal investments that do not conflict with his duties under this Agreement or from serving in a non-management
capacity with any for profit or not for profit organization that does not conflict with his duties under this Agreement.

 

4.2
Confidentiality; Return of Property.

 

(a)
Executive acknowledges that: (i) the Confidential Information (as hereinafter defined) is a valuable, special, and unique asset of the
Company, the unauthorized disclosure or use of which could cause substantial injury and loss of profits and goodwill to the Company;
(ii) Executive is in a position of trust and subject to a duty of loyalty to the Company, and (iii) by reason of his employment and service
to the Company, Executive will have access to the Confidential Information. Executive, therefore, acknowledges that it is in the Company’s
legitimate business interest to restrict Executive’s disclosure or use of Confidential Information for any purpose other than in
connection with Executive’s performance of Executive’s duties for the Company, and to limit any potential misappropriation
of such Confidential Information by Executive. Executive agrees to keep secret and to treat confidentially all of the Confidential Information
(as defined below), and not to, without the express prior written consent of Amergent or in connection with the good faith performance
of his duties to Amergent, directly or indirectly, (i) divulge, disclose or intentionally make accessible any Confidential Information
to any other Person (as defined below) or assist any other Person or entity in improperly using any Confidential Information or (ii)
use any Confidential Information for his own purposes or for the benefit of any other Person (except when required to do so by a court
of competent jurisdiction, by any governmental agency having supervisory authority over the business of Amergent, or by any administrative
body or legislative body (including a committee thereof) with jurisdiction to order the Executive to divulge, disclose or make accessible
such Confidential Information; provided, however, that, in the event that the Executive is so required to disclose Confidential
Information, the Executive shall, if legally permitted to do so, prior to making any such disclosure, provide Amergent with prompt written
notice of such requirement so that Amergent may seek an appropriate protective order); provided, further, that, during the Employment
Period, the Executive may utilize any Confidential Information in the course of performing his services under this Agreement. All Confidential
Information is and shall remain the property of Amergent. For purposes of this Agreement, “Person” shall mean an individual,
a partnership, a corporation, a limited liability company, an association, a joint stock company, an estate, a trust, a joint venture,
an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

 

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(b)
For purposes of this Agreement, “Confidential Information” shall mean any and all proprietary information, trade secrets,
know-how or other information of Amergent or concerning the affairs of Amergent (whether tangible or intangible and whether or not such
information is in writing or other physical form), including, but not limited to, data, plans, concepts, programs, procedures, innovations,
inventions, improvements, information regarding customers, financial information, costs, prices, earnings, systems, sources of supply,
marketing, prospective and executed contracts, budgets, business plans and other business arrangements, information on the performance,
identities, capabilities, performance strength and weaknesses, and compensation arrangements of particular managerial or technical employees
of Amergent; provided, however, that Confidential Information will not include any information that (i) has been published in a form
generally available to the public prior to the date Executive proposes to disclose or use such information (ii) was known to Executive
or the public prior to its disclosure to Executive; (iii) becomes generally known to the public subsequent to disclosure to Executive
through no wrongful act of Executive or any representative of Executive; or (iii) Executive is required to disclose by applicable law,
regulation or legal process. Confidential Information will not be deemed to have been published merely because individual portions of
the information have been separately published, but only if all material features comprising such information have been published in
combination.

 

(c)
Upon termination of the Executive’s employment, the Executive shall promptly return to Amergent any car, cell phone, mobile device,
laptop or other property provided to the Executive by Amergent, and any Confidential Information or proprietary information of Amergent
that remains in the Executive’s possession (“Amergent Property”); provided, however, that nothing in this Agreement
or elsewhere shall prevent the Executive from retaining and utilizing documents and information relating to his personal benefits, entitlements
and obligations, documents relating to his personal tax obligations. If the Executive discovers Amergent Property in his possession after
the termination of his employment he shall notify Amergent and promptly either deliver the same to Amergent or destroy it as directed
by Amergent.

 

4.3
Non-Solicitation.

 

(a)
Customer Non-Solicitation. During his employment with Amergent and for a period of two years thereafter, to the full extent permitted
by law, Executive will not, whether directly or indirectly, solicit, communicate with, or otherwise contact any of the Company’s
customers, with whom Executive had material contact during Executive’s employment with the Company, within San Diego County, California,
for the purpose of conducting any business with them which is substantially similar to the business conducted by the Company. “Material
contact” means (a) actual contact with customers, such as through the provision of services or sales visits or calls, (b) coming
to know confidential information about a Company customer, such as by obtaining pricing and sales information, or (c) directing or coordinating
other Executives in calling, servicing, or soliciting customers. Executive warrants that the above restrictions will not prevent Executive
from earning a living, and that they are necessary to protect the trade secrets of the Company, as Executive’s solicitation would
necessarily involve Executive’s use of the Company’s trade secrets.

 

(b)
Employee Non-Solicitation. During his employment with Amergent and for a period of two years thereafter, to the full extent permitted
by law, Executive will not directly or indirectly
solicit or induce, or encourage another entity or person to solicit or induce any person employed by the Company or any person retained
by the Company as an independent contractor, with whom Executive had business dealings or contact or about whom Executive acquired confidential
information during Executive’s employment with the Company, to terminate an employment relationship or contract with the Company
or to obtain employment with another entity or person besides the Company.

 

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4.4
Cooperation. The Executive agrees that, following any termination of the Executive’s employment, the Executive will continue
to provide reasonable cooperation to Amergent and/or any of its subsidiaries and its or their respective counsel in connection with any
investigation, administrative proceeding, or litigation relating to any matter that occurred during the Executive’s employment
in which the Executive was involved or of which the Executive has knowledge. As a condition of such cooperation, Amergent shall reimburse
the Executive for reasonable out-of-pocket expenses incurred at the request of Amergent and shall compensate Executive at a daily rate
equal to his daily rate of compensation at the time of termination of his employment. The Executive also agrees that, in the event that
the Executive is subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony or provide
documents (in a deposition, court proceeding, or otherwise) that in any way relates to the Executive’s employment by Amergent,
the Executive will, if legally permitted, give prompt notice of such request to Amergent and, unless legally required to do so, will
make no disclosure until Amergent subsidiaries has had a reasonable opportunity to contest the right of the requesting person or entity
to such disclosure.

 

4.5
Property; Inventions and Patents.

 

(a)
Property. Executive agrees that all inventions, innovations, improvements, technical information, systems, software developments,
methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos, products, equipment, and all similar or
related information and materials (whether patentable or unpatentable) (collectively, “Inventions”) which relate to Amergent
actual or planned business, research and development, or existing or future products or services and which are conceived, developed,
or made by Executive (whether or not during usual business hours and whether or not alone or in conjunction with any other person) while
employed by Amergent (including those conceived, developed, or made prior to the date of this Agreement) together with all patent applications,
letters patent, trademark, brands, tradename and service mark applications or registrations, copyrights, and reissues thereof that may
be granted for or upon any of the foregoing (collectively referred to herein as, the “Work Product”), belong in all instances
to Amergent. Executive will promptly disclose such Work Product to Amergent and perform all actions reasonably requested by Amergent
(whether during or after the Term) to establish and confirm Amergent ownership of such Work Product (including, without limitation, the
execution and delivery of assignments, consents, powers of attorney, and other instruments) and to provide reasonable assistance to Amergent
(whether during or after the Term) in connection with the prosecution of any applications for patents, trademarks, brands, trade names,
service marks, or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Executive recognizes
and agrees that the Work Product, to the extent copyrightable, constitutes works for hire under the copyright laws of the United States
and that to the extent Work Product constitutes works for hire, the Work Product is the exclusive property of Amergent, and all right,
title, and interest in the Work Product vests in Amergent. To the extent Work Product is not works for hire, the Work Product, and all
of Executive’s right, title, and interest in Work Product, including without limitation every priority right, is hereby assigned
to the Company.

 

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(b)
Cooperation. Executive shall, during the Term and at any time thereafter, at the expense of Amergent and with no expense or potential
expense or liability to the Executive, assist and cooperate with the Company in obtaining for the Company the grant of letters patent,
copyrights, and any other intellectual property rights relating to the Work Product in the United States and/or such other countries
as the Company may designate. With respect to Work Product, Executive shall, during the Term and at any time thereafter, at the expense
of Amergent and with no expense or potential expense or liability to the Executive, execute all applications, statements, instruments
of transfer, assignment, conveyance or confirmation, or other documents, furnish all such information to the Company and take all such
other appropriate lawful actions as the Company requests that are necessary to establish Amergent ownership of such Work Product. Executive
will not assert or make a claim of ownership of any Work Product, and Executive will not file any applications for patents or copyright
or trademark registration relating to any Work Product, except on behalf of or as directed by Amergent.

 

(c)
No Designation as Inventor; Waiver of Moral Rights. Executive agrees that the Company shall not be required to designate Executive
as the inventor or author of any Work Product. Executive hereby irrevocably and unconditionally waives and releases, to the extent permitted
by applicable law, all of Executive’s rights to such designation and any rights concerning future modifications to any Work Product.
To the extent permitted by applicable law, Executive hereby waives all claims to moral rights in and to any Work Product.

 

(d)
Pre-Existing and Third Party Materials. Executive will not, in the course of employment with Amergent, incorporate into or in
any way use in creating any Work Product any pre-existing invention, improvement, development, concept, discovery, works, or other proprietary
right or information owned by Executive or in which Executive has an interest without Amergent prior written permission. Executive hereby
grants the Company a nonexclusive, royalty-free, fully-paid, perpetual, irrevocable, sublicensable, worldwide license to make, have made,
modify, use, sell, copy, and distribute, and to use or exploit in any way and in any medium, whether or not now known or existing, such
item as part of or in connection with such Work Product. Executive will not incorporate any invention, improvement, development, concept,
discovery, intellectual property, or other proprietary information owned by any party other than Executive into any Work Product without
the Company’s prior written permission.

 

(e)
Attorney-in-Fact. Executive hereby irrevocably designates and appoints Amergent and its duly authorized officers and agents as
Executive’s agent and attorney-in-fact, to act for and on Executive’s behalf to execute and file any such applications and
to do all other lawfully permitted acts as contemplated by this Section 4 above to further the prosecution and issuance of patents, copyright,
trademark, and mask work registrations with the same legal force and effect as if executed by Executive, if Amergent is unable because
of Executive’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Executive’s
signature for the purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright
or trademark registrations covering the Work Product owned by Amergent pursuant to this Section.

 

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Section
5 Compensation.

 

5.1
Base Salary. The Executive will be paid a base salary at the initial rate of two hundred and fifty thousand dollars ($250,000.00)
for the first year of the Term increasing to $256,250 during the second year of the Term and $262,656.25 during the third year of the
Term.

 

5.2
Bonus Opportunities.

 

(a)
Metric 1-SLEBITDA.

 

SLEBITDA
will be measured for each store vs. the prior year, if the aggregate is a positive number greater than 105% of the prior year, a cash
bonus will be paid equal to 10% of the increase above 105%.

 

1st
measure period -July 1, 2022

2nd
measure period- July 1, 2023

3rd
measure period- July 1, 2024

 

(b)
Metric 2- Royalties.

 

Royalties
received from all franchisees Total franchisee fees received from all franchisees vs. the prior year, if the aggregate is a positive
number greater than 110% -a cash bonus will be paid equal to 7.5% of the increase above 110%.This is not on a same-store basis but rather
total basis (therefore if the company sells additional franchises the bonus will be higher)

 

1st
measure period -July 1, 2022

2nd
measure period- July 1, 2023

3rd
measure period- July 1, 2024

 

(c)
Metric 3- Total Company EBITDA.

 

Total
Company EBITDA will be measured vs. the prior year, if the aggregate is a positive number greater than 115% of prior -a cash bonus will
be paid equal to 5% of the increase above 115%.

 

1st
measure period -July 1, 2022

2nd
measure period- July 1, 2023

3rd
measure period- July 1, 2024

 

(d)
Metric 4- Acquisition ROI.

 

10%
of the ROI from new acquisitions

This
is a one-time bonus -for each acquisition

 

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The
total cost of each acquisition (the “Acquisition Investment Amount”) is defined as the sum of (i) the total cost as defined
in the acquisition documents, (whether consideration is cash, stock, or notes ), (ii) any cash funded to the acquired companies balance
sheet by Amergent, (iii) any capital expenditures by the acquired company during the first 12 months post-acquisition, and (iv) any interest
payable during the first year post acquisition in connection with any notes incurred by Amergent to effectuate the acquisition. The Acquisition
Investment Amount will be measured against the total EBITDA contribution of the acquisition for the period of months 13-24 after the
acquisition. If the EBITDA equals 15% of the Acquisition Investment, this bonus shall equal 10% of such amount above the 15% target ROI.

 

(e)
Discretionary Bonus.

 

If
the above Bonus opportunities do not result in Executive achieving a minimum annual compensation of $350,000 in year one, $400,000 in
year two, and $450,000 in year three, the Board may in its sole discretion elect to pay Executive a bonus in an amount not to exceed
20% of Executive’s then current base salary.

 

Annual
bonus will be paid at the time ordinarily due 90 calendar days after the measure period during Term of employment.

 

5.2
Benefits. The Executive will be entitled to four weeks of paid vacation per Term year commencing the Effective Date of this Agreement
in accordance with the Company’s vacation and paid time off policy, inclusive of vacation days and sick days and excluding standard
paid Company holidays, in the same manner as paid time off days for employees of the Company generally accrue. Accrued and unused paid
time off prior to the date of this Agreement will continue to be available; provided however, accrued and unused paid time off is capped
at 300 hours and, any hours in excess of 300 hours will be forfeited. Executive and his dependents will be entitled to participate in
all medical insurance and other benefit programs in effect from time to time and available to senior executives of Amergent at levels
commensurate with Executive’s position as President and a member of the Board. The Company shall pay the cost of medical insurance
benefits for Executive and his dependents.

 

5.3
Equipment. The Company shall provide Executive with a laptop computer for his use exclusively in providing services to the Company.

 

5.4
Automobile Allowance. The Company shall provide Executive with a monthly allowance for an automobile in the amount of $750.00.

 

5.5
Cell Phone Allowance. The Company shall provide Executive with a monthly allowance for a cell phone in the amount of $125.00.

 

5.6
Expenses. Executive shall be entitled to reimbursement for expenses incurred in connection with performance of services to Amergent,
in accordance with Amergent expense reimbursement policies as in effect from time to time.

 

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5.7
Cash Signing Bonus. Company will pay to Executive twenty five thousand dollars ($25,000) in cash on the first full pay period
after this Agreement is fully executed (the “Execution Date”).

 

5.8
Equity Awards. Equity awards set forth in this Section 5.8 will be subject to the Company’s 2021 Inducement Plan (together
with award agreements thereunder, the “Plan”), attached hereto as Exhibit B and incorporated herein by reference. The equity
awards will be issued promptly upon registration of the Plan on Form S-8. Stock option awards set forth in this Section 5.8 are not an
incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.

 

(a)
Unrestricted Stock Award. Fifty thousand (50,000) unrestricted shares of common stock, $0.0001 par value, of Amergent (“Shares”).

 

(b)
Options Awards.

 

(i)
Fully Vested Option Award. Fully vested 5-year stock options to purchase 150,000 Shares at an exercise price of $2.50 per Share.

 

(ii)
Option Awards Subject to Vesting. 5-year stock options to purchase an aggregate of 300,000 Shares, 100,000 of which are exercisable
at $0.56 per Share, 100,000 of which are exercisable at $0.81 per Share, and 100,000 of which are exercisable at $1.08 per share. These
option awards vest in twelve equal installments on each of the Execution Date, October 1, 2021, January 1, 2022, April 1, 2022, July
1, 2022, October 1, 2022, January 1, 2023, April 1, 2023, July 1, 2023, October 1, 2023, January 1, 2024 and April 1, 2024. These option
awards further vest based on exercise price, with lower priced options vesting first.

 

(iii)
Future Option Award. On July 1, 2023, subject to Executive’s continued employment during the Term, the Company will grant
Executive an additional 5-year stock option to purchase 100,000 Shares at an exercise price equal to the volume weighted average price
for the 30 day period preceding July 1, 2023.

 

Section
6 Termination of Employment.

 

6.1
Termination by Amergent. Amergent may terminate the Executive’s employment with Amergent for Cause or without Cause. Termination
by Amergent for Cause will be effective immediately on the day Amergent gives written notice of such termination to the Executive. For
purposes of this Agreement, “Cause” means (i) a breach by Executive of his fiduciary duties to the Company; (ii) Executive’s
breach of this Agreement which is materially and demonstrably injurious to the Company, which, if curable, remains uncured or continues
after 30 days’ notice by the Company thereof; (iii) the commission of (A) any crime constituting a felony in the jurisdiction in
which committed, (B) any crime involving moral turpitude (whether or not a felony), or (C) any other criminal act involving embezzlement,
misappropriation of money, fraud, theft, or bribery (whether or not a felony); (iv) illegal or controlled substance abuse or insobriety
by Executive that interferes with the performance of the Executive’s duties to the Company; (v) Executive’s material negligence
or dereliction in the performance of, or failure to perform Executive’s duties of employment with the Company which is materially
and demonstrably injurious to the Company, provided such duties and services are within Executive’s control, which remains uncured
or continues after 30 days’ written notice by the Company thereof or failure recurs following any such correction; (vi) any conduct,
action or behavior by Executive that is materially and demonstrably damaging to the Company, whether to the business interests, finance
or reputation, which remains uncured or continues after 30 days’ written notice by the Company thereof or failure recurs following
any such correction or (vii) a disqualifying event causing Company “bad actor” disqualification under Rule 506(d) of the
Securities Act of 1933, as amended.

 

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6.2
Termination by the Executive. The Executive may terminate his employment with Amergent for Good Reason or without Good Reason,
by written notice to Amergent effective no earlier than 30 days after the date of such notice of termination is other than for Good Reason
(provided that Amergent shall have the right to waive such 30-day notice period and accelerate termination to any date on or after the
date of such notice) and effective upon the expiration of the cure period described below in this Section 6.2 if termination is for Good
Reason. During any period between receipt of notice of termination from the Executive, Amergent may suspend, reduce, or otherwise modify
any or all of Executive’s authority, duties, and responsibilities, and may require the Executive’s absence from Amergent
offices without any such suspension, reduction, modification, or requirement constituting grounds for Good Reason. “Good Reason”
means (i) a material diminution in Executive’s authority, duties, position or responsibilities, provided that, for the avoidance
of doubt, a change in title, duties, responsibilities or authority that arises from a reorganization or integration shall not be construed
to be a material diminution if the duties, responsibilities and authority after the change are reasonably comparable in the aggregate
to those existing prior to the change (ii) a material reduction of Executive’s base salary or other compensation, (ii) a relocation
of Executive’s principal office to a location more than fifty (50) miles from Executive’s office location in Oceanside, California
(excluding reasonable business travel required as part of Executive’s duties), (iii) the failure of the Company or any successor
to honor any material term of this Agreement, (iv) the modification or termination of any bonus arrangement under this Agreement without
Executive’s written consent, or a Change in Control (defined below).

 

“Change
in Control” as used herein means any (i) any individual, entity or group (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1933) (a “Person”), excluding Oz Rey LLC, its affiliates or assigns, acquires beneficial ownership,
directly or indirectly (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (a “Beneficial Owner”), of more
than fifty percent of the combined voting power of the then issued and outstanding shares of the voting common stock of the Company (the
“Voting Stock”), (ii) the occurrence of a merger, consolidation, reorganization, share exchange or similar corporate transaction,
whether or not the Company is the surviving corporation, other than a transaction which would result in the Voting Stock outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) at least fifty percent of the voting stock of the Company or such surviving entity immediately after such transaction,
or (iii) the sale, transfer or disposition of all or substantially all of the business and assets of the Company to any third party that
is not an affiliate of the Company sharing common control.

 

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An
event described in this Section 6.2 will not constitute Good Reason unless the Executive provides written notice to Amergent of the Executive’s
intention to resign for Good Reason and specifying the event or circumstance giving rise to Good Reason within 30 calendar days of its
initial existence and Amergent does not cure such breach or action within 30 calendar days after the date of the Executive’s notice
and Executive actually terminates his employment within thirty 30 calendar days after the expiration of the remedy period without remedy
of the Good Reason by Amergent

 

6.3
Death and Disability. The Executive’s employment under this Agreement will terminate upon the Executive’s death. In
addition, Amergent may terminate the Executive’s employment with Amergent by written notice to the Executive due to Disability.
For purposes of this Agreement, “Disability” means that the Executive has been unable, with or without reasonable
accommodation and due to physical or mental incapacity, to substantially perform the essential functions of his duties for 90 consecutive
calendar days.

 

6.4
Termination of Agreement. This Agreement will terminate when all obligations of the parties under this Agreement have been satisfied.

 

6.5
Resignations. Upon any termination of the Executive’s employment hereunder for any reason or no reason, except as may otherwise
be requested by Amergent in writing, the Executive agrees that he will resign from any and all directorships, committee memberships and
any officer positions that he holds with Amergent or any of its subsidiaries.

 

Section
7 Remuneration upon Termination of Employment.

 

7.1
Termination by Amergent without Cause, by the Executive for Good Reason. If the Executive’s employment with Amergent is
terminated pursuant to Section 6.1 by Amergent without Cause, pursuant to Section 6.2 by the Executive for Good Reason, the Executive
will be entitled to the following, payable at the termination of the Garden Leave Period (defined in Section 7.4), if applicable:

 

(a)
accrued and unpaid compensation and benefits (including, without limitation, accrued vacation or paid time off that has not been forfeited,
and then unreimbursed expenses) through the date of termination of Employment (the “Accrued Benefits”);

 

(b)
any and all rights he may have as a holder of vested equity interests in Amergent or under any applicable plan, program, or arrangement
of Amergent, including the vested awards under the Initial Option Award and RSA Award (“Vested Equity Awards”);

 

(c)
cash payment of $50,000, after deduction of standard payroll taxes and deductions (“Severance Amount”);

 

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(d)
To the extent permitted by applicable law, subject to the Executive’s election of COBRA continuation coverage under Amergent group
health plan, on the first regularly scheduled payroll date of each month for a term of 12 months, Amergent will pay the Executive an
amount equal to the COBRA premium cost for Executive and its dependents (“COBRA Payments”); provided, that such payments
shall cease in the event that the Executive becomes eligible to receive any comparable health benefits, including through a spouse’s
employer. Executive will notify Amergent of Executive’s eligibility for health benefits within 15 calendar days of such eligibility;

 

(e)
accelerated vesting of all unvested outstanding equity awards; and

 

(f)
payment of non-discretionary bonus as if employee had been employed by the Company until next measure period to be paid at the time ordinarily
due 90 calendar days after the measure period adjusted pro-rata for partial year of employment.

 

7.2
Termination by Amergent for Cause, by the Executive without Good Reason. If the Executive’s employment with Amergent is
terminated any time for Cause, or by the Executive any time without Good Reason, the Executive will be entitled to the Accrued Benefits
and Vested Equity Awards, payable at the termination of the Garden Leave Period, if applicable. 

 

7.3
Termination as a Result of Death or Disability. In the event of the termination of the Executive’s employment with Amergent
pursuant to Section 6.3 as a result of death or Disability, the Executive or the Executive’s heirs will be entitled to the Accrued
Benefits, the Severance Amount, the COBRA Payments and the Vested Equity Awards.

 

7.4
Garden Leave.

 

(a)
Garden Leave. The parties agree that there will be a period of garden leave in the event of an applicable termination of Executive’s
employment with the Company during a term of this Agreement in accordance with the provisions of this Section 7.4 (referred to herein
as the “Garden Leave Period”). It is the intention of the parties that the Garden Leave Period will constitute a period of
employment with the Company.

 

(b)
Garden Leave Period. Except as otherwise provided in Section 7.4(g), the parties agree that there will be a Garden Leave Period
of 90 days in the event of (i) Executive’s resignation from the Company without Good Reason, (ii) a termination of Executive’s
employment by the Company without Cause, or (iii) a termination of Executive’s employment due to the expiration of the Term of
Employment without renewal. The provisions of this Section will not apply to a termination of Executive’s employment by the Company
for Cause, a termination by Executive for Good Reason, or a termination due to Executive’s Disability.

 

(c)
Advance Notice. If during the term of this Agreement Executive intends to resign from employment with the Company without Good
Reason or if the Company intends to terminate Executive’s employment with the Company without Cause, Executive or the Company,
as applicable, agrees to notify the other party of such intention at least 90 days in advance of the intended effective date of the employment
termination.

 

    	11

    	 

    

 

(d)
Status of Employment; Compensation and Benefits. During the Garden Leave Period, Executive will continue to be an employee of
the Company, will continue to be paid the same level of base salary as would otherwise be in effect during such period, and will be eligible
to continue to participate in the Company’s benefits programs in accordance with their terms.

 

(e)
Company Rights during Garden Leave Period. During the Garden Leave Period, the Company will have the right, in its discretion,
to take any of the following actions (in any combination), and in no case will such action or actions taken during the Garden Leave Period
constitute the basis for Executive to resign for Good Reason as provided in Section 7.1 of this Agreement or otherwise be considered
a violation of this Agreement:

 

(i)
Require Executive to perform any portion or all of Executive’s duties (to the extent commensurate with Executive’s position)
and/or to refrain from performing any portion or all of Executive’s duties on behalf of the Company;

 

(ii)
Require Executive to use accrued but unused paid time off during a period in which Executive is directed to refrain from performing any
services for the Company;

 

(iii)
Require Executive, as reasonably requested by the Company, to assist the Company in transitioning Executive’s duties and client
or customer relationships to one or more successors;

 

(iv)
Appoint one or more other individuals to a position having duties and responsibilities that fully or in part are substantially similar
to Executive’s duties to act jointly with Executive during the Garden Leave Period with respect to such duties and responsibilities;

 

(v)
Require Executive to resign from any board of directors, committee, or other appointed roles within the Company organization and/or to
cease being an authorized signatory or representative of the Company;

 

(vi)
Require Executive not to contact any customers, clients, employees, independent contractors, or vendors of the Company with respect to
business of the Company;

 

(vii)
Require Executive to work from home to the extent reasonably practicable; or

 

(viii)
Refuse Executive’s entry to any or all premises of the Company, suspend or terminate Executive’s authorized access to any
information technology system of the Company, and/or suspend or terminate Executive’s authorized access to any confidential or
proprietary information of the Company.

 

    	12

    	 

    

 

(f)
Executive Responsibilities. During the Garden Leave Period, Executive will:

 

(i)
Maintain contact with the Company and make himself available to provide such services as may be reasonably requested that are commensurate
with Executive’s position or otherwise contemplated by this Section 7.4(e);

 

(ii)
Continue to comply with all other terms of Executive’s employment with the Company, including, without limitation, obligations
of good faith, loyalty, confidentiality, fiduciary duties, and the restrictive covenants set forth in this Agreement;

 

(iii)
Not make any unauthorized public statements regarding the Company or its operations; and

 

(iv)
Not commence employment with any other employer.

 

(g)
Early Termination of Garden Leave Period. Notwithstanding anything herein to the contrary, during a Garden Leave Period, the Company
may elect to terminate the Garden Leave Period and Executive’s employment immediately at any time if (i) the Company terminates
Executive’s employment for Cause pursuant to Section 7.2 of this Agreement or (ii) Executive fails to make reasonable efforts to
follow any directive of the Company or fulfill any of Executive’s responsibilities as contemplated by the foregoing provisions
of this Section and, if curable, Executive fails to cure such failure within a reasonable period (not to exceed 15 days) after being
notified of the failure.

 

7.4
Release. The payment of severance set forth in subsections 7.1 (c), (d), (e) and/or (f) shall be conditioned upon the Executive’s
(or, if applicable the Executive’s estate’s or legal representative’s) execution, delivery to Amergent, and non-revocation
of a release of claims (the “Release of Claims”) in substantially the form attached to this Agreement as Exhibit
A within 30 days following the date of the Executive’s termination of employment hereunder. Further, to the extent that any
portion of the Severance Amount or COBRA Payments constitutes “nonqualified deferred compensation” for purposes of Section
409A of the Code (as defined below), any payment of any amount otherwise scheduled to occur prior to the thirtieth (30th) day following
the date of the Executive’s termination of employment hereunder, but for the condition on executing the Release of Claims as set
forth herein, shall not be made until the first regularly scheduled payroll date following such thirtieth (30th) day, after which any
remaining installment of the Severance Amount or the COBRA Payments, as applicable, shall thereafter be provided to Executive according
to the applicable schedule set forth herein. With respect to any portion of the Severance Amount or COBRA Payments that does not constitute
“nonqualified deferred compensation” for purposes of Section 409A of the Code (as defined below), any payment of any amount
otherwise scheduled to occur following the date of the Executive’s termination of employment hereunder, but for the condition on
executing the Release of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following the
date such Release of Claims is timely executed and the applicable revocation period has ended, after which the entire Severance Amount
and any unpaid installments of the COBRA Payments, as applicable, shall thereafter be provided to Executive according to the applicable
schedule set forth herein. Each payment of the Severance Amount or COBRA Payments shall be deemed to be a separate payment for purposes
of Section 409A of the Code.

 

    	13

    	 

    

 

Section
8  General Provisions.

 

8.1
Notices. All notices and other communications under this Agreement must be in writing and are deemed duly delivered when (a) delivered
if delivered personally or by recognized overnight courier service (costs prepaid), (b) sent by facsimile with confirmation of transmission
by the transmitting equipment (or, the first business day following such transmission if the date of transmission is not a business day)
(c) sent by electronic mail with receipt acknowledged by the recipient via email reply, or (d) received or rejected by the addressee,
if sent by certified or registered mail, return receipt requested; in each case to the following addresses or facsimile numbers and marked
to the attention of the individual (by name or title) designated below (or to such other address, facsimile number or individual as a
party may designate by notice to the other parties in writing):

 

If
to the Executive:

 

Frederick
L. Glick

2320
Littler Lane

Oceanside,
CA 92056

Email:
fred@sparkteamhospitality.com

 

If
to Amergent:

 

Attention
Michel D. Pruitt

Amergent
Hospitality Group Inc.

Post
Office Box 470695

Charlotte,
NC 28247 

Email:
mp@amergenthg.com

Facsimile:
704-366-2463 

 

8.2
Amendment. This Agreement may not be amended, supplemented or otherwise modified except in a writing signed by the Executive and
an authorized officer of Amergent (other than the Executive).

 

    	14

    	 

    

 

8.3
Waiver and Remedies. The Executive and Amergent may (a) extend the time for performance of any of the obligations or other acts
of the other party, (b) waive any inaccuracies in the representations and warranties of the other party contained in this Agreement or
in any certificate, instrument or document delivered pursuant to this Agreement or (c) waive compliance with any of the covenants, agreements
or conditions for the benefit of such party contained in this Agreement. Any such extension or waiver will be valid only if set forth
in a written document signed on behalf of the party against whom the waiver or extension is to be effective. No extension or waiver will
apply to any time for performance, inaccuracy in any representation or warranty, or noncompliance with any covenant, agreement or condition,
as the case may be, other than that which is specified in the written extension or waiver. No failure or delay by a party in exercising
any right or remedy under this Agreement or any of the documents delivered pursuant to this Agreement, and no course of dealing between
the parties, operates as a waiver of such right or remedy, and no single or partial exercise of any such right or remedy precludes any
other or further exercise of such right or remedy or the exercise of any other right or remedy. Any enumeration of a party’s rights
and remedies in this Agreement is not intended to be exclusive, and a party’s rights and remedies are intended to be cumulative
to the extent permitted by law and include any rights and remedies authorized in law or in equity. Because Executive’s services
are special, unique, and extraordinary and because Executive has access to Confidential Information and Work Product, the parties hereto
agree that money damages may be an inadequate remedy for any breach of Section 4 of this Agreement. Therefore, in the event of a breach
or threatened breach of Section 4 of this Agreement, the Company, or any of its successors or assigns may, in addition to other rights
and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or
injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other
security).

 

8.4
Entire Agreement. This Agreement, the Indemnification Agreement by and between the parties dated July 10, 2020 (“Indemnification
Agreement”) and the Plan constitute the entire agreement between the Executive and Amergent with respect to its subject matter
and supersede any prior understandings, agreements or representations between the parties, written or oral, with respect to the subject
matter of this Agreement. This Agreement amends, replaces and supersedes in its entirety the Original Agreement. In the event of any
conflict between the terms of this Agreement and the terms of the Plan, Executive shall receive such compensation, benefits or remuneration
which in Executive’s sole discretion is more favorable to Executive.

 

8.5
Assignment and Successors. This Agreement binds and benefits the parties and their respective heirs, executors, administrators,
successors and assigns, except that the Executive may not assign any rights under this Agreement without the prior written consent of
Amergent and Amergent may not assign this Agreement or any of its rights or obligations hereunder without the prior written consent of
the Executive except in the case of an assignment of this Agreement to a successor to all or substantially all of the business and assets
of Amergent and its subsidiaries or any business division thereof or a restructuring of Amergent. The Executive’s obligations under
this Agreement are personal to the Executive and may not be delegated.

 

8.6
Severability. If any provision of this Agreement is held invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions of this Agreement are not affected or impaired in any way and the parties agree to negotiate in good faith
to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision that achieves, to the greatest
lawful extent under this Agreement, the economic, business and other purposes of such invalid, illegal or unenforceable provision. A
court of competent jurisdiction, if it determines any provision of this Agreement to be unreasonable in scope, time or geography, is
hereby authorized by the Executive and Amergent to enforce the same in such narrower scope, shorter time or lesser geography as such
court determines to be reasonable and proper under all the circumstances.

 

    	15

    	 

    

 

8.7
Governing Law; Jurisdiction. The validity, interpretation, performance and enforcement of this Agreement shall be governed by
the laws of the North Carolina without giving effect to any choice of law rules or other conflicting provision or rule that would cause
the laws of any jurisdiction to be applied. Each party agrees and submits to the exclusive jurisdiction of the state and federal courts
sitting in Mecklenberg County, North Carolina, in any action or proceeding arising out of or relating to this Agreement and agree that
all claims in respect of the action or proceeding may be heard and determined in any such court; provided however, the Company will pay
Executive’s travel costs incurred as a result of any action or proceeding arising out of or relating to this Agreement. Each party
further agrees that personal jurisdiction over it may be effected by service of process by registered or certified mail addressed as
provided in Section 8.1 and that when so made shall be as if served upon it personally. Notwithstanding the foregoing, Amergent, in its
sole discretion, may bring a proceeding for temporary or permanent injunctive relief or for any other relief in the state or federal
courts of the California where Executive resides, and, in all cases Executive consents to be subject to the jurisdiction of the courts
of California or the courts of the state where Executive resides for any disputes related to this Agreement.

 

8.8
Drafting Presumption. In the event of any ambiguity or dispute regarding the definition or meaning of any word, phrase, or other
verbiage, or the construction of any provision in this Agreement, there shall be no presumption favoring the definition, meaning or construction
propounded by a particular party based upon which party (or which party’s attorney) drafted the word, verbiage or provision at
issue, and same will be deemed mutually drafted.

 

8.9
Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the
extent necessary to the intended preservation of such rights and obligations and to the extent that any performance is required following
termination or expiration of this Agreement.

 

8.10
Withholding. All amounts paid pursuant to this Agreement shall be subject to withholding for taxes (federal, state, local, non-U.S.
or otherwise) to the extent required by applicable law.

 

8.11
Counterparts. This Agreement may be executed in counterparts delivered by facsimile, electronic mail (including any electronic
signature complying with the U.S. Federal E-SIGN Act of 2000) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes. All counterparts shall be construed together
and shall constitute a single Agreement.

 

    	16

    	 

    

 

8.12
Code Section 409A Compliance; Parachute Payments. 

 

(a)
Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the
benefits set forth herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the published guidance thereunder (“Section 409A”). A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts
or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under
Section 409A unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes
of any such provision of this Agreement, references to a “termination,” “Termination Date,” or like terms shall
mean “separation from service.” Notwithstanding any provision of this Agreement to the contrary, if Executive is a “specified
employee” within the meaning of Section 409A, any payments or arrangements due upon a termination of Executive’s employment
under any arrangement that constitutes a “nonqualified deferral of compensation” within the meaning of Section 409A and which
do not otherwise qualify under the exemptions under Treas. Regs. Section 1.409A-1 (including without limitation, the short-term deferral
exemption or the permitted payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided on the
earlier of (a) the date which is six months after Executive’s “separation from service” for any reason other than death,
or (b) the date of Executive’s death. This Agreement may be amended without requiring Executive’s consent to the extent necessary
(including retroactively) by the Company in order to preserve compliance with Section 409A. The preceding shall not be construed as a
guarantee of any particular tax effect for Executive’s compensation and benefits and the Company does not guarantee that any compensation
or benefits provided under this Agreement will satisfy the provisions of Section 409A. After any Termination Date, Executive shall have
no duties or responsibilities that are inconsistent with having a “separation from service” within the meaning of Section
409A as of the Termination Date and, notwithstanding anything in the Agreement to the contrary, distributions upon termination of employment
of nonqualified deferred compensation may only be made upon a “separation from service” as determined under Section 409A
and such date shall be the Termination Date for purposes of this Agreement. Each payment under this Agreement or otherwise shall be treated
as a separate payment for purposes of Section 409A. In no event may Executive, directly or indirectly, designate the calendar year of
any payment to be made under this Agreement which constitutes a “nonqualified deferral of compensation” within the meaning
of Section 409A and to the extent an amount is payable within a time period, the time during which such amount is paid shall be in the
discretion of the Company.

 

(b)
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of
Section 409A. To the extent that any reimbursements are taxable to Executive, such reimbursements shall be paid to Executive on or before
the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. Reimbursements shall
not be subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives in one taxable
year shall not affect the amount of such reimbursements that Executive receives in any other taxable year.

    	17

    	 

    

 

(c)
Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any
of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive or for the Executive’s
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute
Payments”) within the meaning of Section 280G of the Code and would, but for this Section 8.12(c) be subject to the excise tax
imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest
or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation
shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments after payment of the Excise Tax
to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise
Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the
minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced
Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign
income, employment and excise taxes. Any such reduction shall be made in accordance with Section 409A of the Code and the Covered Payments
shall be reduced in a manner that maximizes the Executive’s economic position. In applying this principle, the reduction shall
be made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject
to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. Any determination
required under this Section 8.12(c), including whether any payments or benefits are parachute payments, shall be made by the Company
in its sole discretion. The Executive shall provide the Company with such information and documents as the Company may reasonably request
in order to make a determination under this Section 8.12(c). The Company’s determination shall be final and binding on the Executive.

 

8.13
Voluntary Execution; Representations. Executive acknowledges that (a) he or she has been represented by independent counsel of
his or her own choosing concerning this Agreement and has been advised to do so by the Company, and (b) he or she has read and understands
this Agreement, is competent and of sound mind to execute this Agreement, is fully aware of the legal effect of this Agreement, and has
entered into it freely based on his or her own judgment and without duress.

 

8.14
Indemnification; D&O Insurance; Legal Fees and Expenses. The Indemnification Agreement dated July 10, 2020, which remains
in full force and effect. Furthermore, the Company shall continue to provide and pay for D&O insurance in the amount of no less than
$5,000,000 per claim arising out of or related to Executive’s position with the Company as an officer. In the event either party
hereto institutes any legal proceeding for the enforcement or interpretation of this Agreement or because of any alleged dispute, breach,
default or misrepresentation in connection with or arising out of the provisions of this Agreement, the prevailing party shall be entitled
to receive such party’s reasonable attorneys’ fees and costs incurred in such proceeding in addition to any other relief
to which such party may be entitled.

 

[Signature
page follows]

 

    	18

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

	 	AMERGENT HOSPITALITY GROUP, INC.
	 	 	 
	 	By:	                         
	 	Name:
    	Michael
    D. Pruitt
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	Date:
    	 
	 		
	 	 Frederick L. Glick
	 	 	 
	 	Date:	

 

[Signature
page to Employment Agreement]

 

    	19

    	 

    

 

Exhibit
A

RELEASE

 

KNOW
ALL MEN BY THESE PRESENTS: That the undersigned, Frederick L. Glick (“Executive”), on behalf of himself and his heirs, legal
representatives, administrators, executors, successors and assigns, and each of them, for good and valuable consideration received as
set forth in the Employment Agreement dated as of _________, 2021 (the “Employment Agreement”) between Amergent, Inc., a
Delaware corporation (the “Company”), does hereby unconditionally, knowingly, and voluntarily release and forever discharge
the Company, and its present and former related companies, subsidiaries and affiliates, and all of their present and former executives,
officers, managers, directors, owners, members, shareholders, partners, employees, agents, and attorneys, including in their individual
capacity, and each of its and their successors and assigns (hereinafter collectively the “Released Parties”), from any and
all known or unknown claims, demands, actions or causes of action that now exist or may arise in the future, based upon events occurring
or omissions on or before the date of the execution of this Release, including, but not limited to any and all claims whatsoever pertaining
in any way to Executive’s employment at the Company or with any of the Released Parties or the termination of Executive’s
employment, including, but not limited to, any claims under: (1) the Americans with Disabilities Act; the Family and Medical Leave Act;
Title VII of the Civil Rights Act; 42 U.S.C. Section 1981; the Older Workers Benefit Protection Act; the Age Discrimination in Employment
Act of 1967, as amended (the “ADEA”); the Employee Retirement Income Security Act of 1974; the Civil Rights Act of 1866,
1871, 1964, and 1991; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; the Vietnam Veteran’s Readjustment Assistance
Act of 1974; the Occupational Safety and Health Act; and the Immigration Reform and Control Act of 1986; and any and all other federal,
state, local or foreign laws, statutes, ordinances, or regulations pertaining to employment, discrimination or pay; (2) any state tort
law theories under which an action could have been brought, including, but not limited to, claims of negligence, negligent supervision,
training and retention or defamation; (3) any claims of alleged fraud and/or inducement, or alleged inducement to enter into this Release;
(4) any and all other tort claims; (5) all claims for attorneys’ fees and costs; (6) all claims for physical, mental, emotional,
and/or pecuniary injuries, losses and damages of every kind, including but not limited to earnings, punitive, liquidated and compensatory
damages, and employee benefits; (7) any and all claims whatsoever arising under any of the Released Parties’ express or implied
contract or under any federal, state, local, or foreign law, ordinance, or regulation, or the Constitution of any State or the United
States; (8) any and all claims whatsoever against any of the Released Parties for wages, bonuses, benefits, fringe benefits, vacation
pay, or other compensation or for any damages, fees, costs, or benefits, in each case, except to the extent Executive has vested rights
in any of the same; and (9) any and all claims whatsoever to reinstatement (collectively, the “Released Claims”);
provided, however, that, notwithstanding anything to the contrary contained herein, this Release shall not cover and the Released Claims
shall extend to any rights or claims, if any, of Executive (A) as a holder of equity interests in the Company, (B) to indemnification
or advancement of expenses, (C) under Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, (D) under any profit-sharing
and/or retirement plans or benefits in which Executive has vested rights, or (E) under Section 7 of the Employment Agreement. Executive
also intends that this Release operate as a general release of any and all claims to the fullest extent permitted by law and a waiver
of all unknown claims of the type being released hereunder.

 

    	20

    	 

    

 

Section
1542 of the Civil Code of the State of California states:

 

“A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing
the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Notwithstanding
the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of all Releasees with respect
to claims in California and all other jurisdictions, Executive expressly acknowledges that this is intended to include
not only claims that are known, anticipated, or disclosed, but also claims that are unknown, unanticipated, and undisclosed.

 

Executive
acknowledges that the Severance Amount and the COBRA Payments are in addition to anything of value to which Executive already is entitled
from the Company and constitutes good and valuable consideration for this Release.

 

Executive
represents and warrants that he has not previously filed, and to the maximum extent permitted by law agrees that he will not file, a
complaint, charge, or lawsuit against any member of the Released Parties regarding any of the claims released herein. If, notwithstanding
this representation and warranty, the Executive has filed or files such a complaint, charge, or lawsuit, he agrees that he shall cause
such complaint, charge, or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of
such complaint, charge, or lawsuit, including without limitation the attorneys’ fees of any member of the Released Parties against
whom he has filed such a complaint, charge, or lawsuit. This paragraph shall not apply, however, to a claim of age discrimination under
the ADEA or to any nonwaivable right to file a charge with the United States Equal Employment Opportunity Commission (the “EEOC”);
provided, however, that if the EEOC were to pursue any claims relating to the Executive’s employment with Company,
the Executive agrees that he shall not be entitled to recover any monetary damages or any other remedies or benefits as a result and
that this Release and Section 7 of the Employment Agreement will control as the exclusive remedy and full settlement of all such claims
by the Executive.

 

Executive
agrees not to make disparaging, critical or otherwise detrimental comments to any person or entity concerning the Released Parties; the
products, services or programs provided or to be provided by the Released Parties; the business affairs or the financial condition of
the Released Parties; or the circumstances surrounding Executive’s employment and/or termination of employment from Company. Company
agrees to cause its executive and senior management teams not to take any action, or encourage others to take any action, to disparage
or criticize Executive.

 

Executive
acknowledges that he has been given the opportunity to review and consider this Release for twenty-one (21) days from the date he received
a copy. If he elects to sign before the expiration of the twenty-one (21) days, Executive acknowledges that he will have chosen, of his
own free will without any duress, to waive his right to the full twenty-one (21) day period.

 

    	21

    	 

    

 

Executive
may revoke this Release after signing it by giving written notice to the Company’s Board of Directors, within seven (7) days after
signing it (the “Revocation Period”). This Release, provided it is not revoked, will be effective on the eighth (8th) day
after execution. The Executive acknowledges and agrees that if he revokes this Release during the Revocation Period, this Release will
be null and void and of no effect, and neither the Company nor any other Released Party will have any obligations to pay the Executive
the amounts under Section 7 of the Employment Agreement.

 

Executive
acknowledges that he has consulted with an attorney prior to signing this Release and that he has no knowledge of any facts or circumstances
that give rise or could give rise to any claims under any of the laws listed in this Release.

 

Executive
is signing this Release knowingly, voluntarily and with full understanding of its terms and effects. Executive is signing this Release
of his own free will without any duress, being fully informed and after due deliberation. Executive voluntarily accepts the consideration
provided to him for the purpose of making full and final settlement of all claims referred to above. This Release shall be governed by
and construed in accordance with the laws of the State of North Carolina.

 

IN
WITNESS WHEREOF, Executive has duly executed this Release

effective
as of ___________________, 20__.

 

_____________________________

Frederick
L. Glick

 

    	22

    	 

    

 

Exhibit
B

 

    	23Exhibit 4.1

  

KIROMIC BIOPHARMA, INC.

2021 OMNIBUS EQUITY INCENTIVE PLAN

 

Section
1.              Purpose
of Plan.

 

The name of the Plan is the Kiromic BioPharma, Inc.
2021 Omnibus Equity Incentive Plan. The purposes of the Plan are to (i) provide an additional incentive to selected employees, directors
and independent contractors of the Company or its Affiliates whose contributions are essential to the growth and success of the Company,
(ii) strengthen the commitment of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully
and diligently perform their responsibilities and (iv) attract and retain competent and dedicated individuals whose efforts will
result in the long-term growth and profitability of the Company. To accomplish these purposes, the Plan provides that the Company may
grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards or any combination of the
foregoing.

 

Section
2.              Definitions.

 

For purposes of the Plan, the following terms shall
be defined as set forth below:

 

(a)           
“Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee
in accordance with Section 3 hereof.

 

(b)          
“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Person specified as of any date of determination.

 

(c)           
“Applicable Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal
and state securities laws, including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and
the applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time.

 

(d)          
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based
Award granted under the Plan.

 

(e)           
“Award Agreement” means any written notice, agreement, contract or other instrument or document evidencing an
Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator
shall determine, consistent with the Plan.

 

(f)           
“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

 

(g)          
“Board” means the Board of Directors of the Company.

 

(h)          
“Bylaws” mean the bylaws of the Company, as may be amended and/or restated from time to time.

 

(i)            “Cause”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the
Participant or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause” means
(i) the conviction, guilty plea or plea of “no contest” by the Participant to any felony or a crime involving moral
turpitude or the Participant’s commission of any other act or omission involving dishonesty or fraud, (ii) the
substantial and repeated failure of the Participant to perform duties of the office held by the Participant, (iii) the
Participant’s gross negligence, willful misconduct or breach of fiduciary duty with respect to the Company or any of its
Subsidiaries or Affiliates, (iv) any breach by the Participant of any restrictive covenants to which the Participant is
subject, and/or (v) the Participant’s engagement in any conduct which is or can reasonably be expected to be materially
detrimental or injurious to the business or reputation of the Company or its Affiliates. Any voluntary termination of employment or
service by the Participant in anticipation of an involuntary termination of the Participant’s employment or service, as
applicable, for Cause shall be deemed to be a termination for Cause.

 

     

     

    

 

(j)            
“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off,
spin-out, repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary
distribution (whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation,
(iii) combination or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator
determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.

 

(k)           
“Change in Control” means the first occurrence of an event set forth in any one of the following paragraphs
following the Effective Date:

 

(1)               
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person which were acquired directly from the Company or any Affiliate thereof) representing more than fifty
percent (50%) of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (i) of paragraph (3) below; or

 

(2)               
the date on which individuals who constitute the Board as of the Effective Date and any new director (other than a director whose
initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election
by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved
or recommended cease for any reason to constitute a majority of the number of directors serving on the Board; or

 

(3)               
there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or
other entity, other than (i) a merger or consolidation (A) which results in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined voting
power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation
and (B) following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board
of directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger
or consolidation is then a Subsidiary, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of
the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its
Affiliates) representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities;
or

 

(4)                the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than
(A) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, more than
fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company
following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately
prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of
the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

 

     

     

    

 

Notwithstanding the foregoing, (i) a Change in Control shall not
be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following
which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same
proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction
or series of transactions and (ii) to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of
the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to any Award that constitutes deferred compensation
under Section 409A of the Code only if a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. For purposes of this definition
of Change in Control, the term “Person” shall not include (i) the Company or any Subsidiary thereof, (ii) a trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary thereof, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

 

(l)            
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

(m)          
“Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the
discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock
exchange on which the Common Stock is traded.

 

(n)           
“Common Stock” means the common stock of the Company, par value $0.001.

 

(o)           
“Company” means Kiromic BioPharma, Inc., a Delaware corporation (or any successor company, except as the term
 “Company” is used in the definition of “Change in Control” above).

 

(p)          
“Disability” has the meaning assigned to such term in any individual service, employment or severance agreement
or Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Disability,”
then “Disability” means that a Participant, as determined by the Administrator in its sole discretion, (i) is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Company or an Affiliate thereof.

 

(q)          
“Effective Date” has the meaning set forth in Section 17 hereof.

 

(r)           
“Eligible Recipient” means an employee, director or independent contractor of the Company or any Affiliate of
the Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required
to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation
Right means an employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect to
whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.

 

(s)           
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

     

     

    

 

(t)            
“Exempt Award” shall mean the following:

 

(1)               
 An Award granted in assumption of, or in substitution for, outstanding awards previously granted by a corporation or other entity
acquired by the Company or any of its Subsidiaries or with which the Company or any of its Subsidiaries combines by merger or otherwise.
The terms and conditions of any such Awards may vary from the terms and conditions set forth in the Plan to the extent the Administrator
at the time of grant may deem appropriate, subject to Applicable Laws.

 

(2)               
An award that an Eligible Recipient purchases at Fair Market Value (including awards that an Eligible Recipient elects to receive
in lieu of fully vested compensation that is otherwise due) whether or not the Shares are delivered immediately or on a deferred basis.

 

(u)          
“Exercise Price” means, (i) with respect to any Option, the per share price at which a holder of such Option
may purchase Shares issuable upon exercise of such Award, and (ii) with respect to a Stock Appreciation Right, the base price per
share of such Stock Appreciation Right.

 

(v)           
“Fair Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair
market value as determined by the Administrator in its sole discretion; provided, that, (i) if the Common Stock or other security
is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on
such date, or if no shares were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock
on such exchange, or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value
on any date shall be the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding
date on which there was a sale of such share in such market.

 

(w)          
“Free Standing Rights” has the meaning set forth in Section 8.

 

(x)           
“Good Reason” has the meaning assigned to such term in any individual service, employment or severance agreement
or Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Good Reason,”
 “Good Reason” and any provision of this Plan that refers to “Good Reason” shall not be applicable to such Participant.

 

(y)           
“Grandfathered Arrangement” means an Award which is provided pursuant to a written binding contract in effect
on November 2, 2017, and which was not modified in any material respect on or after November 2, 2017, within the meaning of
Section 13601(e)(2) of P.L. 115.97, as may be amended from time to time (including any rules and regulations promulgated thereunder).

 

(z)            
“Incentive Compensation” means annual cash bonus and any Award.

 

(aa)         
“ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning
of Section 422 of the Code.

 

(bb)        
“Nonqualified Stock Option” shall mean an Option that is not designated as an ISO.

 

(cc)         
“Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option”
as used in the Plan includes the terms “Nonqualified Stock Option” and “ISO.”

 

(dd)        
“Other Stock-Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be
denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but
not limited to, unrestricted Shares, dividend equivalents or performance units, each of which may be subject to the attainment of performance
goals or a period of continued provision of service or employment or other terms or conditions as permitted under the Plan.

 

(ee)         
“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s
authority provided for in Section 3 below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors
and administrators, as the case may be.

 

     

     

    

 

(ff)          
 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof.

 

(gg)        
“Plan” means this 2021 Omnibus Equity Incentive Plan.

 

(hh)        
“Prior Plan” means the Company’s 2017 Incentive Stock and Award Plan, as in effect immediately prior to
the Effective Date

 

(ii)           
“Related Rights” has the meaning set forth in Section 8.

 

(jj)           
“Restricted Stock” means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse
at the end of a specified period (or periods) of time and/or upon attainment of specified performance objectives.

 

(kk)         
“Restricted Period” has the meaning set forth in Section 9.

 

(ll)           
“Restricted Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of
a specified restricted period (or periods) of time and/or upon attainment of specified performance objectives.

 

(mm)        
“Rule 16b-3” has the meaning set forth in Section 3.

 

(nn)         
“Section 16 Officer” means any officer of the Company whom the Board has determined is subject to the reporting
requirements of Section 16 of the Exchange Act, whether or not such individual is a Section 16 Officer at the time the determination to
recoup compensation is made.

 

(oo)        
“Shares” means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any
successor (pursuant to a merger, consolidation or other reorganization) security.

 

(pp)        
“Stock Appreciation Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to
the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares
covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(qq)         
“Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which
such first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or
a sole general partner interest or managing member or similar interest of such other Person.

 

(rr)          
“Transfer” has the meaning set forth in Section 15.

 

Section
3.              Administration.

 

(a)            
The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule
16b-3 under the Exchange Act (“Rule 16b-3”).

 

(b)           
Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority
delegated to it by the Board, shall have the power and authority, without limitation:

 

(1)               
to select those Eligible Recipients who shall be Participants;

 

(2)               
to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based
Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

     

     

    

 

(3)               
 to determine the number of Shares to be covered by each Award granted hereunder;

 

(4)               
to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including,
but not limited to, (i) the restrictions applicable to Restricted Stock or Restricted Stock Units and the conditions under which
restrictions applicable to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable
to Awards, (iii) the Exercise Price of each Option and each Stock Appreciation Right or the purchase price of any other Award, (iv) the
vesting schedule and terms applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each
Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable) any amendments to the terms and
conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the payment
schedules of such Awards and/or, to the extent specifically permitted under the Plan, accelerating the vesting schedules of such Awards);

 

(5)               
to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments
evidencing Awards;

 

(6)               
to determine the Fair Market Value in accordance with the terms of the Plan;

 

(7)               
to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination
of the Participant’s service or employment for purposes of Awards granted under the Plan;

 

(8)               
to adopt, alter and repeal such administrative rules, regulations, guidelines and practices governing the Plan as it shall from
time to time deem advisable;

 

(9)               
to construe and interpret the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under
the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers
and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan; and

 

(10)            
to prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable
non-United States laws or for qualifying for favorable tax treatment under applicable non-United States laws, which rules and regulations
may be set forth in an appendix or appendixes to the Plan.

 

(c)            Subject
to Section 5, neither the Board nor the Committee shall have the authority to (i) reprice or cancel and regrant any Award at a lower
exercise, base or purchase price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other
Awards without first obtaining the approval of the Company’s stockholders; or (ii) accelerate the vesting of any Awards (except
pursuant to Section 11).

 

(d)           All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons,
including the Company and the Participants.

 

(e)           The
expenses of administering the Plan shall be borne by the Company and its Affiliates.

 

(f)           
If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the
Plan shall be exercised by the Committee. Except as otherwise provided in the Articles of Incorporation or Bylaws of the Company, any
action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum
is duly constituted or unanimous written consent of the Committee’s members.

 

     

     

    

 

Section
4.              Shares
Reserved for Issuance Under the Plan.

 

(a)           
Subject to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards
granted under the Plan shall be equal to 200,000 shares, plus the number of shares of Common Stock reserved, but unissued, under the Prior
Plan; provided, that, shares of Common Stock issued under the Plan with respect to an Exempt Award shall not count against
such share limit. Following the Effective Date, no further awards shall be issued under the Prior Plan, but all awards under the Prior
Plan which are outstanding as of the Effective Date (including any Grandfathered Arrangement) shall continue to be governed by the terms,
conditions and procedures set forth in the Prior Plan and any applicable Award Agreement.

 

(b)          
Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may
be reacquired by the Company in the open market, in private transactions or otherwise. If an Award entitles the Participant to receive
or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of
such Award against the aggregate number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are
forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the
Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination
or expiration, again be available for granting Awards under the Plan. Notwithstanding the foregoing, Shares surrendered or withheld as
payment of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained by
the Company to account for the Exercise Price of such Stock Appreciation Right) and/or withholding taxes in respect of an Award shall
no longer be available for grant under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock,
but paid or settled in cash, the number of shares of Common Stock with respect to which such payment or settlement is made shall again
be available for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled
in cash shall not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise
of any Award granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as
to which the Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for grant under
the Plan.

 

(c)           
No more than 200,000 Shares shall be issued pursuant to the exercise of ISOs.

 

Section
5.              Equitable
Adjustments.

 

In the event of any Change in Capitalization, an
equitable substitution or proportionate adjustment shall be made in (i) the aggregate number and kind of securities reserved for
issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and the Exercise Price subject to
outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of Shares or
other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Stock, Restricted Stock Units
or Other Stock-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards (including, without
limitation, any applicable performance targets or criteria with respect thereto); provided, however, that any fractional
shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined
by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization,
the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section 409A of the Code, for
the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other property having an aggregate Fair
Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award, reduced by the aggregate Exercise
Price or purchase price thereof, if any; provided, however, that if the Exercise Price or purchase price of any outstanding
Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other property covered by such Award, the
Administrator may cancel such Award without the payment of any consideration to the Participant. Further, without limiting the generality
of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder shall be made in compliance with applicable
requirements. Except to the extent determined by the Administrator, any adjustments to ISOs under this Section 5 shall be made only to
the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code. The Administrator’s
determinations pursuant to this Section 5 shall be final, binding and conclusive.

 

     

     

    

 

Section
6.              Eligibility.

 

The Participants in the Plan shall be selected from
time to time by the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

 

Section
7.              Options.

 

(a)            General. Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who
is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall
determine, in its sole discretion, including, among other things, the Exercise Price of the Option, the term of the Option and provisions
regarding exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event
the Award Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not
be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently
hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such
additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth
in the applicable Award Agreement.

 

(b)           Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its
sole discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of
the Fair Market Value of a share of Common Stock on the date of grant.

 

(c)           Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more
than ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable
provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, subject to Section 4(d) of the Plan, the Administrator
shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator,
in its sole discretion, deems appropriate.

 

(d)          
Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including
the attainment of performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator
may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise
provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion.

 

(e)           
Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying
the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased
in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect
to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any
cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in
the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved
by the Administrator and permitted by Applicable Laws or (iv) any combination of the foregoing.

 

     

     

    

 

(f)            
ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code
and the terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance
with the Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company.

 

(1)               
ISO Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant
who owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent
corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall
not exceed five (5) years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%)
of the Fair Market Value of the Shares on the date of grant.

 

(2)               
$100,000 Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of
the Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company)
exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

 

(3)               
Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately
after the date the Participant makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such
ISO. A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two
years after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO.
The Company may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares
acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding
sentence, subject to complying with any instructions from such Participant as to the sale of such Shares.

 

     

     

    

 

(g)          
Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other
rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise
thereof, and has paid in full for such Shares and has satisfied the requirements of Section 15 hereof.

 

(h)           
Termination of Employment or Service. Treatment of an Option upon termination of employment of a Participant shall be provided
for by the Administrator in the Award Agreement.

 

(i)            
Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination,
by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability
or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

 

Section
8.             
Stock Appreciation Rights.

 

(a)           
General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction
with all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or
after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at
which, grants of Stock Appreciation Rights shall be made. Each Participant who is granted a Stock Appreciation Right shall enter into
an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion,
including, among other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Stock Appreciation
Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.
The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under
the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award
Agreement.

 

(b)          
Awards; Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with
respect to the shares of Common Stock, if any, subject to a Stock Appreciation Right until the Participant has given written notice of
the exercise thereof and has satisfied the requirements of Section 15 hereof.

 

     

     

    

 

(c)           Exercise Price. The Exercise Price of Shares purchasable under a Stock Appreciation Right shall be determined by the Administrator
in its sole discretion at the time of grant, but in no event shall the exercise price of a Stock Appreciation Right be less than one
hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date of grant.

 

(d)           Exercisability.

 

(1)               
Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator in the applicable Award Agreement.

 

(2)               
Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options
to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.

 

(e)          
Payment Upon Exercise.

 

(1)               
Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number
of Shares equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified
in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

 

(2)               
A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise
and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess
of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of
Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no
longer be exercisable to the extent the Related Rights have been so exercised.

 

(3)               
Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or
in any combination of Shares and cash).

 

(f)            Termination
of Employment or Service. Treatment of an Stock Appreciation Right upon termination of employment of a Participant shall be provided
for by the Administrator in the Award Agreement.

 

(g)           Term.

 

(1)               
The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more
than ten (10) years after the date such right is granted.

 

(2)               
The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more
than ten (10) years after the date such right is granted.

 

(h)               
Other Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule
and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment,
partial Disability or other changes in the employment or service status of a Participant, in the discretion of the Administrator.

 

Section
9.              
Restricted Stock and Restricted Stock Units.

 

(a)            General.
Restricted Stock or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible Recipients
to whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made. Each Participant who is granted
Restricted Stock or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and
conditions as the Administrator shall determine, in its sole discretion, including, among other things, the number of Shares to be
awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the
period of time restrictions, performance goals or other conditions that apply to Transferability, delivery or vesting of such Awards
(the “Restricted Period”); and all other conditions applicable to the Restricted Stock and Restricted Stock
Units. If the restrictions, performance goals or conditions established by the Administrator are not attained, a Participant shall
forfeit his or her Restricted Stock or Restricted Stock Units, in accordance with the terms of the grant. The provisions of the
Restricted Stock or Restricted Stock Units need not be the same with respect to each Participant.

 

     

     

    

 

(b)           Awards
and Certificates. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted
Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; and (ii) any
such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the
terms, conditions and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing
Restricted Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that,
as a condition of any Award of Restricted Stock, the Participant shall have delivered a share transfer form, endorsed in blank, relating
to the Shares covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion,
be delivered to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With
respect to Restricted Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect
of the shares of Common Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the
Participant, or his legal representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units
Award. Notwithstanding anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at
the expiration of the Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s
sole discretion, be issued in uncertificated form. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted
Stock Units, at the expiration of the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated
or uncertificated form) to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance
with Section 409A of the Code, and such issuance or payment shall in any event be made within such period as is required to avoid the
imposition of a tax under Section 409A of the Code.

 

(c)          
Restrictions and Conditions. The Restricted Stock or Restricted Stock Units granted pursuant to this Section 9 shall be
subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator
at the time of grant or, subject to Section 409A of the Code where applicable, thereafter:

 

(1)               
The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive
such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion,
including, but not limited to, the attainment of certain performance goals, the Participant’s termination of employment or service
with the Company or any Affiliate thereof, or the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change
in Control, the outstanding Awards shall be subject to Section 11 hereof.

 

(2)               
Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company
with respect to Restricted Stock during the Restricted Period; provided, however, that dividends declared during the Restricted
Period with respect to an Award, shall only become payable if (and to the extent) the underlying Restricted Stock vests. Except as provided
in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to Shares subject
to Restricted Stock Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an
amount equal to dividends declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock Units
shall, unless otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares in respect
of the related Restricted Stock Units are delivered to the Participant. Certificates for Shares of unrestricted Common Stock may, in the
Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect
of such Restricted Stock or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine.

 

     

     

    

 

(3)               
 The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service as a director
or independent contractor to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be set
forth in the Award Agreement.

 

(d)           Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant
thereof) that any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator
in connection with the Award.

 

Section
10.            Other
Stock-Based Awards.

 

Other Stock-Based Awards may be issued under the
Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the individuals to
whom and the time or times at which such Other Stock-Based Awards shall be granted. Each Participant who is granted an Other Stock-Based
Award shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine,
in its sole discretion, including, among other things, the number of shares of Common Stock to be granted pursuant to such Other Stock-Based
Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in shares of Common Stock, cash or other property),
or the conditions to the vesting and/or payment or settlement of such Other Stock-Based Awards (which may include, but not be limited
to, achievement of performance criteria) and all other terms and conditions of such Other Stock-Based Awards. In the event that the Administrator
grants a bonus in the form of Shares, the Shares constituting such bonus shall, as determined by the Administrator, be evidenced in uncertificated
form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such
Participant as soon as practicable after the date on which such bonus is payable. Notwithstanding anything set forth in the Plan to the
contrary, any dividend or dividend equivalent Award issued hereunder shall be subject to the same restrictions, conditions and risks of
forfeiture as apply to the underlying Award.

 

Section
11.            Change
in Control.

 

Unless otherwise determined by the Administrator
and evidenced in an Award Agreement, notwithstanding Section 4(d) of the Plan, in the event that (a) a Change in Control occurs,
and (b) the Participant is employed by the Company or any of its Affiliates immediately prior to the consummation of such Change in Control
then upon the consummation of such Change in Control, the Administrator, in its sole and absolute discretion, may:

 

(a)                
provide that any unvested or unexercisable portion of any Award carrying a right to exercise become fully vested and exercisable;
and

 

(b)               
cause the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under
the Plan to lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall
be deemed to be fully achieved at target performance levels.

 

If the Administrator determines in its discretion
pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation Rights in connection with a Change in
Control, the Administrator shall also have discretion in connection with such action to provide that all Options and/or Stock Appreciation
Rights outstanding immediately prior to such Change in Control shall expire on the effective date of such Change in Control.

 

Section
12.             Amendment and Termination.

 

The Board may amend, alter or terminate the
Plan at any time, but no amendment, alteration or termination shall be made that would impair the rights of a Participant under any
Award theretofore granted without such Participant’s consent. The Board shall obtain approval of the Company’s
stockholders for any amendment that would require such approval in order to satisfy the requirements of any rules of the stock
exchange on which the Common Stock is traded or other Applicable Law. Subject to Section 3(c), the Administrator may amend the terms
of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately
preceding sentence, no such amendment shall materially impair the rights of any Participant without his or her consent.

 

     

     

    

 

Section
13.             Unfunded Status of Plan.

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall
give any such Participant any rights that are greater than those of a general creditor of the Company.

 

Section
14.            Withholding Taxes.

 

Each Participant shall, no later than the date as
of which the value of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay
to the Company, or make arrangements satisfactory to the Administrator regarding payment of an amount up to the maximum statutory tax
rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the Company. The obligations of the
Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted
by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash
is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable
withholding tax requirements related thereto. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the
Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related taxes
to be withheld and applied to the tax obligations; provided, that, with the approval of the Administrator, a Participant
may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery of Shares or other property,
as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case, having a value not exceeding the
applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted shares of Common Stock shall be
valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any fractional share amounts
resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered
pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by Applicable
Laws, to satisfy its withholding obligation with respect to any Award.

 

Section
15.             Transfer
of Awards.

 

Until such time as the Awards are fully vested and/or
exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation, transfer, charge,
pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien
on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof
in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator,
which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic
benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio and shall not create
any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein
transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares or other
property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately
preceding sentence, an Option or a Stock Appreciation Right may be exercised, during the lifetime of the Participant, only by the Participant
or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian or legal representative.

 

Section
16.             Continued Employment or Service.

 

Neither the adoption of the Plan nor the grant of
an Award shall confer upon any Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof,
as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment
or service of any of its Eligible Recipients at any time.

 

     

     

    

 

Section 17.             Effective Date.

 

The Plan was approved by the Board on April 28, 2021
and shall be adopted and become effective on the date that it is approved by the Company’s stockholders (the “Effective
Date”).

 

Section
18.             Electronic Signature.

 

Participant’s electronic signature of an Award
Agreement shall have the same validity and effect as a signature affixed by hand.

 

Section
19.            Term
of Plan.

 

No Award shall be granted pursuant to the Plan on
or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

 

Section
20.             Securities Matters and Regulations.

 

(a)                
Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award
granted under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities
laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.
The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant
to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such
legends, as the Administrator, in its sole discretion, deems necessary or advisable.

 

(b)               
Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award
shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval
has been effected or obtained free of any conditions not acceptable to the Administrator.

 

(c)                
In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement
under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant
to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired
by such Participant is acquired for investment only and not with a view to distribution.

 

Section
21.             Section 409A of the Code.

 

The Plan as well as payments and benefits under
the Plan are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and,
accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything
contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under
Section 409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for
purposes of the Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be
considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of
Section 409A of the Code. Any payments described in the Plan that are due within the “short term deferral period”
as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Law requires otherwise.
Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other amounts payable under any plan,
program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would
result in the imposition of any individual tax and penalty interest charges imposed under Section 409A of the Code, the
settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is
six (6) months following such separation from service (or death, if earlier). Each amount to be paid or benefit to be provided
under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company makes
no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with
Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.
The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

 

     

     

    

 

Section
22.             Notification of Election Under Section 83(b) of the Code.

 

If any Participant shall, in connection with the
acquisition of shares of Common Stock under the Plan, make the election permitted under Section 83(b) of the Code, such Participant
shall notify the Company of such election within ten (10) days after filing notice of the election with the Internal Revenue Service.

 

Section
23.           
No Fractional Shares.

 

No fractional shares of Common Stock shall be issued
or delivered pursuant to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or
paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

Section
24.            Beneficiary.

 

A Participant may file with the Administrator a written
designation of a beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation.
If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed
to be the Participant’s beneficiary.

 

Section
25.            Paperless Administration.

 

In the event that the Company establishes, for itself
or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using
an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may
be permitted through the use of such an automated system.

 

Section
26.            Severability.

 

If any provision of the Plan is held to be invalid
or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision
had not been included in the Plan.

 

Section
27.            Clawback.

 

(a)           If
the Company is required to prepare a financial restatement due to the material non-compliance of the Company with any financial
reporting requirement, then the Committee may require any Section 16 Officer to repay or forfeit to the Company, and each
Section 16 Officer agrees to so repay or forfeit, that part of the Incentive Compensation received by that Section 16
Officer during the three-year period preceding the publication of the restated financial statement that the Committee determines was
in excess of the amount that such Section 16 Officer would have received had such Incentive Compensation been calculated based
on the financial results reported in the restated financial statement. The Committee may take into account any factors it deems
reasonable in determining whether to seek recoupment of previously paid Incentive Compensation and how much Incentive Compensation
to recoup from each Section 16 Officer (which need not be the same amount or proportion for each Section 16 Officer),
including any determination by the Committee that a Section 16 Officer engaged in fraud, willful misconduct or committed
grossly negligent acts or omissions which materially contributed to the events that led to the financial restatement. The amount and
form of the Incentive Compensation to be recouped shall be determined by the Committee in its sole and absolute discretion, and
recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute discretion, through the cancellation of
vested or unvested Awards, cash repayment or both.

 

     

     

    

 

(b)           
Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any Applicable Laws, government
regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant
to such Applicable Law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to
any such law, government regulation or stock exchange listing requirement).

 

Section
28.             Governing
Law.

 

The Plan shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.

 

Section
29.             Indemnification.

 

To the extent allowable pursuant to applicable law,
each member of the Board and the Administrator and any officer or other employee to whom authority to administer any component of the
Plan is designated shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or
she may be a party or in which he or she may be a party or in which he or she may be involved by reason of any action or failure to act
pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or
proceeding against him or her; provided, however, that he or she gives the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such individuals may be entitled pursuant to the Company’s Articles
of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

Section
30.            
Titles and Headings, References to Sections of the Code or Exchange Act.

 

The titles and headings of the sections in the Plan
are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall
control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 

Section
31.            
Successors.

 

The obligations of the Company under the Plan shall
be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company,
or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

Section
32.            
Relationship to other Benefits.

 

No payment pursuant to the Plan shall be taken into account in determining
any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or other benefit plan of the Company or
any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

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