Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”), made as of this 21st day of January, 2022 (the “Effective
Date”), is entered into by Ekso Bionics Holdings, Inc., a Nevada corporation (the “Company”), and Steven
Sherman (the “Executive”).

 

WHEREAS, the Company desires
to employ the Executive, and the Executive desires to be employed by the Company.

 

NOW, THEREFORE, in consideration
of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1             Employment
Period. The term of employment under this Agreement (the “Employment Period”) shall be the period beginning
on the Effective Date and ending on the first anniversary thereof, unless earlier terminated as provided in Section 4.

 

2             Title;
Capacity.

 

2.1            The
Executive shall serve as Chief Executive Officer of the Company. The Executive shall be subject to the supervision of, and shall have
such authority as is delegated to the Executive by, the Board of Directors of the Company (the “Board”). The Executive
hereby accepts such employment and agrees to undertake the duties and responsibilities inherent in such position and such other duties
and responsibilities as the Board shall from time to time reasonably assign to the Executive. The Executive shall continue to serve on
the Board until the Executive resigns or is otherwise removed or ceases to so serve: provided, however, that the Executive shall not be
entitled to any additional compensation for his service on the Board during the Employment Period. For avoidance of doubt, the Executive
will continue to vest in his outstanding equity awards so long as he remains employed by the Company or continues to serve as a director
of the Board.

 

2.2            The
Executive shall be based at the Company’s headquarters in Richmond, California, or such other place or places as the Board and the
Executive shall mutually agree. The parties acknowledge that the Executive may be required to travel in connection with the performance
of his duties hereunder.

 

2.3            The
Executive recognizes that during the period of the Executive’s employment hereunder, the Executive owes an undivided duty of loyalty
to the Company, and the Executive will use the Executive’s good faith efforts to promote and develop the business of the Company
and its subsidiaries (the Company’s subsidiaries from time to time, together with any other affiliates of the Company, the “Affiliates”).
The Executive shall devote all of the Executive’s business time, attention and skills to the performance of the Executive’s
services as an executive of the Company. Recognizing and acknowledging that it is essential for the protection and enhancement of the
name and business of the Company and the goodwill pertaining thereto, the Executive shall perform the Executive’s duties under this
Agreement professionally, in accordance with the applicable laws, rules and regulations and such standards, policies and procedures
established by the Company and the industry from time to time.

 

    - 1 -

     

    

 

2.4            Notwithstanding
the foregoing, the Executive (i) may devote a reasonable amount of his time to civic, community, or charitable activities, (ii) may
devote a reasonable amount of time to investing the Executive’s personal assets in such a manner as will not require significant
services to be rendered by the Executive in the operation of the affairs of the companies in which investments are made, and (iii) may
serve as a member of the board of directors or equivalent body of such companies and other organizations as are disclosed by the Executive
to, and approved by, the Board, in each case so long as the Executive’s responsibilities with respect thereto do not conflict or
interfere with the faithful performance of his duties to the Company.

 

3             Compensation
and Benefits.

 

3.1            Salary.
Effective as of the Effective Date, the Company shall pay the Executive an annual base salary at the rate of $453,000 per year during
the Employment Period (the “Base Salary”). In lieu of cash salary payments, during the Employment Period, the Company
shall recommend that the Compensation Committee of the Board (the “Committee”) grant the Executive an award of restricted
shares of the Company’s common stock or restricted stock units (the “Equity Award”) within 30 days following
the beginning of the Employment Period, under the Company’s Amended and Restated 2014 Equity Incentive Plan (the “EIP”).
The number of shares subject to the Equity Award shall be determined by dividing the Base Salary by the closing trading price of the Company’s
common stock on the Effective Date. The Equity Award shall vest in 12 equal monthly installments, subject to the Executive’s continued
employment with the Company through each applicable vesting date (except as otherwise provided under Section 4). Required tax withholdings
on the Equity Award will be satisfied, at Executive’s option, by (i) Executive reimbursing the Company for the amount required
to be withheld, (ii) the Company withholding otherwise deliverable shares having a Fair Market Value (as defined in the EIP) equal
to the amount required to be withheld, or (iii) a combination of (i) and (ii).

 

3.2            Bonus.
The Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) in an amount up to 75% of his Base
Salary (the “Target Bonus Amount”). The Executive’s Annual Bonus (if any) shall be in such amount as the Board
may determine in its sole discretion. The Board may or may not determine that all or any portion of the Annual Bonus shall be earned upon
the achievement of operational, financial or other milestones established by the Board. Any Annual Bonus earned by the Executive pursuant
to this Section 3.2 shall be paid in the form of shares of the Company’s common stock issued under the EIP, with the number
of shares determined by dividing the amount of the Annual Bonus earned by the Executive by the average closing trading price of the Company’s
common stock over the 30 trading days prior to the date of payment, which shall be not later than March 15 after the calendar year
to which it relates. Executive may have additional opportunity for equity grants beginning at 6 months after the Effective Date based
on Executive and Company performance metrics as determined by the Compensation Committee and approved by the Board. Required tax withholdings
on the Annual Bonus will be satisfied, at Executive’s option, by (i) Executive reimbursing the Company for the amount required
to be withheld, (ii) the Company withholding otherwise deliverable shares having a Fair Market Value (as defined in the EIP) equal
to the amount required to be withheld, or (iii) a combination of (i) and (ii).

 

3.3            Additional
Equity Awards. Any additional equity awards that may be granted to the Executive shall be determined by the Board in its sole discretion.

 

    - 2 -

     

    

 

3.4            Insurance
and Other Benefits. During the Employment Period, the Executive and the Executive’s dependents shall be entitled to participate
in any employee benefit plans, whether or not funded by means of insurance, subject to the same terms and conditions applicable to other
employees, as the same may be adopted and/or amended from time to time (the “Benefits”). The Executive shall be bound
by all of the policies and procedures relating to Benefits established by the Company from time to time.

 

3.5            Vacation;
Personal Days. During the Employment Period, the Executive shall be eligible to accrue and use paid vacation leave in accordance with
and subject to the terms of the Company’s written vacation policy for management employees, as in effect from time to time. The
Executive shall be entitled to paid personal days on a basis consistent with the Company’s other senior executives, as determined
by the Board.

 

3.6            Reimbursement
of Expenses. The Company shall reimburse the Executive for all reasonable travel, entertainment and other expenses incurred or paid
by the Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement,
in accordance with policies and procedures, and subject to limitations, adopted by the Company from time to time (which policies, procedures
and limitations shall comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)),
or qualify for exemption from said Section 409A.

 

3.7            Withholding.
All compensation payable to the Executive shall be subject to applicable withholding and reporting for taxes.

 

4             Termination
of Employment; Compensation Due Upon Employment Termination. The Executive’s employment with the Company shall be entirely “at-will,”
meaning that either the Executive or the Company may terminate such employment relationship, at any time for any reason or for no reason
at all, by delivery of written notice of employment termination to the other party subject to the post-employment restrictions and covenants
set forth in this Agreement including such restrictions and covenants set forth in Sections 5, 6 and 7. As used in the this Agreement,
termination of employment shall have the meaning ascribed to “separation from service” under Section 409A of the Code
and Treasury Regulations promulgated thereunder, including Treas. Reg. Sec. 1.409A-1(h)(1). The Executive’s right to compensation
for periods after the date his employment with the Company terminates shall be determined in accordance with the provisions of Sections
4.1 through 4.5 below:

 

4.1            Voluntary
Termination By the Executive; Termination for any Reason following Employment Period. The Executive may terminate his employment
at any time upon 30 days’ prior written notice to the Company and the Company shall have no obligation to make any payment to the
Executive in accordance with the provisions of Section 3, except as otherwise required by applicable law or the terms of any Benefits
plan, for periods after the date on which the Executive’s employment with the Company terminates. Additionally, for avoidance of
doubt, the Executive shall not be entitled to any payments or benefits under Section 4.2 due to the expiration of the Employment
Period or due to any termination of Executive’s employment (whether such termination is by the Company or the Executive) resulting
from, or occurring after, expiration of the Employment Period.

 

    - 3 -

     

    

 

4.2            Termination
By the Company without Cause.

 

(a)            If
the Executive’s employment is terminated by the Company without Cause (as defined below) during the Employment Period, the Executive
shall be entitled to receive (i) all amounts payable upon termination under Section 4.1 and (ii) subject to the Executive’s
continued compliance with Sections 5, 6 and 7 of this Agreement and the Executive’s satisfaction of the Release Condition (as defined
below), the amounts provided below:

 

		(1)	any unvested portion of any outstanding Equity Award granted pursuant to Section 3.1 shall become
fully vested upon the Release Condition becoming satisfied; and

 

		(2)	payment of a pro-rated bonus for the year of termination equal to the Target Bonus Amount multiplied by
a fraction, the numerator of which is the number of days the Executive was employed during the Employment Period and the denominator of
which is 365, payable in the form of the Company’s common stock issued under the EIP calculated in accordance with Section 3.2,
and paid on the date the Annual Bonus would have been payable to the Executive had the Executive remained employed by the Company.

 

For purposes herein, the “Release Condition”
means the Executive’s execution, delivery, and non-revocation of a general release in the form attached as Appendix A hereto
(the “Release”)within 60 days following the Executive’s termination of employment.

 

4.3            Termination
By the Company for Cause. Upon written notice to the Executive, the Company may terminate the Executive’s employment for “Cause”
if any of the following events shall occur:

 

(a)            any
act or omission that constitutes a material breach by the Executive of any of his obligations under this Agreement;

 

(b)            the
willful and continued failure or refusal of the Executive to satisfactorily perform the duties reasonably required of him as an employee
of the Company, which failure or refusal continues for more than thirty (30) days after notice is given to the Executive, such notice
to set forth in reasonable detail the nature of such failure or refusal;

 

(c)            the
Executive’s conviction of, or plea of nolo contendere to, (i) any felony or (ii) a crime involving dishonesty
or misappropriation or which could reflect negatively upon the Company or otherwise impair or impede its operations;

 

(d)            the
Executive’s engaging in any misconduct, gross negligence, act of dishonesty (including, without limitation, theft or embezzlement),
violence, threat of violence or any activity that could result in any material violation of federal securities laws, in each case, that
is injurious to the Company or any of its Affiliates;

 

(e)            the
Executive’s material breach of a written policy of the Company or the rules of any governmental or regulatory body applicable
to the Company;

 

    - 4 -

     

    

 

(f)            the
Executive’s refusal to follow the directions of the Board, unless such directions are, in the written opinion of legal counsel,
illegal or in violation of applicable regulations; or

 

(g)            any
other willful misconduct by the Executive which is materially injurious to the financial condition or business reputation of the Company
or any of its Affiliates.

 

In the event Executive is terminated for Cause,
the Company shall have no obligation to make payments to Executive in accordance with the provisions of Section 3, or, except as
otherwise required by law, to provide the benefits described in Section 3, for periods after the Executive’s employment with
the Company is terminated on account of the Executive’s discharge for Cause except for amounts payable pursuant to Section 4.1.

 

4.4            Non-Performance
by the Executive. Without limiting the rights of the Company or the Executive under Sections 4.1, 4.2, or 4.3 to terminate the Executive’s
employment, in the event that the Executive fails or refuses to discharge his duties to the Company for a period of 90 consecutive
calendar days (excluding period of paid vacation leave), then the Executive shall be deemed to have resigned from employment effective
as of the first day of such 90-day period, and the Executive’s rights upon such separation from service shall be determined in accordance
with Section 4.1; provided, however, that if such failure is due to the Executive’s disability, as
hereinafter defined, then the Executive’s entitlement to compensation and benefits during and after such period, and to reinstatement
upon or after the completion of such period, shall be governed by the Company’s employee benefit plans and personnel policies with
respect to disability-based leaves of absence by management employees including, without limitation, the Company’s policies with
respect to accommodation of qualified individuals with disabilities and Benefit plans, if any, providing short-term or long-term disability
benefits. For purposes of this Agreement, the term “disability” means any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months that:
(a) renders the Executive unable to engage in any substantial gainful activity, or (b) causes the Executive to receive income
replacement benefits for a period of not less than three months under an accident and health plan of the Company covering the Executive.
The effective date of an individual’s disability shall be the earliest of (x) the first day for which the Executive is eligible
to receive income replacement benefits under the Company’s short-term disability plan based on an absence from work due to the impairment
later determined (for purposes of this Section 4.5) to be a disability, (y) the first date on which the impairment later determined
(for purposes of this Section 4.5) to constitute a disability caused the Executive to be absent from work, or (z) the commencement
date, for purposes of the Company’s long-term disability benefits plan, of the impairment later determined (for purposes of this
Section 4.5) to constitute a disability. A determination of disability within the meaning of the preceding clause “(a)”
shall be made by a physician satisfactory to both the Executive and the Company; provided, however, that if the
Executive and the Company do not agree on a physician, the Executive and the Company shall each select a physician and those two physicians
together shall select a third physician, whose determination as to a permanent disability shall be binding on all parties.

 

4.5            Death.
The Executive’s employment hereunder shall terminate upon the death of the Executive. The Company shall have no obligation to make
payments to the Executive in accordance with the provisions of Section 3, or, except as otherwise required by law or the terms of
any applicable benefit plan, to provide the benefits described in Section 3 for periods after the date of the Executive’s death.

 

    - 5 -

     

    

 

4.6            Notice
of Termination. Any termination of employment by the Company or the Executive shall be communicated by a written “Notice of
Termination” to the other party hereto given in accordance with Section 14 of this Agreement. In the event of a termination
by the Company for Cause, the Notice of Termination shall (a) indicate the specific termination provision in this Agreement relied
upon, (b) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated and (c) specify the effective date of termination if other than the date of such notice,
provided that the effective date of employment termination may not be earlier than the date of such notice. The failure by the Executive
or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive
any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting
such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

 

4.7            Resignation
from Directorships and Officerships. The termination of the Executive’s employment for any reason will constitute the Executive’s
resignation from (a) any director, officer or employee position the Executive has with the Company or any of its Affiliates, and
(b) all fiduciary positions (including as a trustee) the Executive holds with respect to any employee benefit plans or trusts established
by the Company. The Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance, unless otherwise
required by any plan or applicable law.

 

5            Interference
with Business; Use of Confidential or Proprietary Information.

 

5.1            During
the Employment Period and for a period of 12 months following termination of the Executive’s employment with the Company, the Executive
shall not interfere with the business of the Company by soliciting, or attempting to recruit, persuade, solicit or hire, any employee
or independent contractor of, or consultant to, the Company and/or its Affiliates, to leave the employment thereof (or service provider
relationship thereto), whether or not any such employee, independent contractor or consultant is party to a written agreement.

 

5.2            At
no time shall the Executive use or disclose Confidential Information, as defined in Section 7, to communicate with or in the course
of communications with any customer or client of the Company or any of its Affiliates, with whom the Company or any of its Affiliates
had significant contact during the term of this Agreement, provided however that the foregoing shall not prevent the Executive from using
Confidential Information for the benefit of the Company during the term of the Executive’s employment with the Company.

 

5.3            The
Executive shall execute and comply with the terms of such restrictive covenants as the Company may request from its executive and management
employees from time to time on a reasonable and uniform basis including, without limitation, the terms of the Employee Invention Assignment
and Confidentiality Agreement between the Company and the Executive, dated October 30, 2018 (the “Confidentiality Agreement”).

 

    - 6 -

     

    

 

5.4            The
Executive recognizes and agrees that because a violation by the Executive of his obligations under this Section will cause irreparable
harm to the Company that would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right
to injunctive relief to prevent or restrain any such violation, without the necessity of posting a bond or demonstrating actual damages.

 

5.5            The
Executive expressly agrees that the character, duration and scope of the covenants set forth in Section 5.1, 5.2, and in the
Confidentiality Agreement are reasonable in light of the circumstances as they exist at the date upon which this Agreement has been executed.
However, should a determination nonetheless be made by a court of competent jurisdiction at a later date that the character or duration
of such covenants are unreasonable in light of the circumstances as they then exist, then it is the intention of the Executive, on the
one hand, and the Company, on the other, that such covenants shall be construed by the court in such a manner as to impose only those
restrictions on the conduct of the Executive which are reasonable in light of the circumstances as they then exist and necessary to assure
the Company of the intended benefit of the covenant.

 

6             Inventions
and Patents. The Executive acknowledges that all inventions, innovations, improvements, know-how, plans, development, methods, designs,
analyses, specifications, software, drawings, reports and all similar or related information (whether or not patentable or reduced to
practice) which related to any of the Company’s actual or proposed business activities and which are created, designed or conceived,
developed or made by the Executive during the Executive’s past or future employment by the Company or any Affiliates, or any predecessor
thereof (“Work Product”), belong to the Company, or its Affiliates, as applicable. Any copyrightable work falling within
the definition of Work Product shall be deemed a “work made for hire” and ownership of all right title and interest shall
rest in the Company. The Executive hereby irrevocably assigns, transfers and conveys, to the full extent permitted by law, all right,
title and interest in the Work Product, on a worldwide basis, to the Company to the extent ownership of any such rights does not automatically
vest in the Company under applicable law. The Executive will promptly disclose any such Work Product to the Company and perform all actions
requested by the Company (whether during or after employment) to establish and confirm ownership of such Work Product by the Company (including,
without limitation, assignments, consents, powers of attorney and other instruments). The obligations of this Section 6 shall be
in additions to any obligations imposed under instruments executed by the Executive pursuant to Section 5.3.

 

7             Confidentiality.

 

7.1            The
Executive understands that the Company and/or its Affiliates, from time to time, may impart to the Executive Confidential Information,
as hereinafter defined, whether such information is written, oral, electronic or graphic.

 

    - 7 -

     

    

 

7.2            For
purposes of this Agreement, “Confidential Information” means information, which is used in the business of the Company
or its Affiliates and (a) is proprietary to, about or created by the Company or its Affiliates, (b) gives the Company or its
Affiliates some competitive business advantage or the opportunity of obtaining such advantage or the disclosure of which could be detrimental
to the interests of the Company or its Affiliates, (c) is designated as confidential information by the Company or its Affiliates,
is known by the Executive to be considered confidential by the Company or its Affiliates, or from all the relevant circumstances should
reasonably be assumed by the Executive to be confidential and proprietary to the Company or its Affiliates, or (d) is not generally
known by non-Company personnel. Such Confidential Information includes, without limitation, the following types of information and other
information of a similar nature (whether or not reduced to writing or designated as confidential):

 

(a)            internal
personnel and financial information of the Company or its Affiliates, vendor information (including vendor characteristics, services,
prices, lists and agreements), purchasing and internal cost information, internal service and operational manuals, and the manner and
methods of conducting the business of the Company or its Affiliates;

 

(b)            marketing
and development plans, price and cost data, price and fee amounts, pricing and billing policies, bidding, quoting procedures, marketing
techniques, forecasts and forecast assumptions and volumes, and future plans and potential strategies of the Company or its Affiliates
which have been or are being discussed;

 

(c)            names
of customers and their representatives, contracts (including their contents and parties), customer services, and the type, quantity, specifications
and content of products and services purchased, leased, licensed or received by customers of the Company or its Affiliates; and

 

(d)            confidential
and proprietary information provided to the Company or its Affiliates by any actual or potential customer, government agency or other
third party (including businesses, consultants and other entities and individuals).

 

The Executive hereby acknowledges the Company’s
exclusive ownership of such Confidential Information.

 

7.3            The
Executive agrees as follows: (1) only to use the Confidential Information to provide services to the Company and its Affiliates;
(2) only to communicate the Confidential Information to fellow employees, agents and representatives of the Company and its Affiliates
on a need-to-know basis; and (3) not to otherwise disclose or use any Confidential Information, except as may be required by law
or otherwise authorized by the Board. Upon demand by the Company or upon termination of the Executive’s employment, the Executive
will deliver to the Company all manuals, photographs, recordings and any other instrument or device by which, through which or on which
Confidential Information has been recorded and/or preserved, which are in the Executive’s possession, custody or control. Notwithstanding
the foregoing, pursuant to 18 U.S.C. Section 1833(b), the Executive shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation
of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

7.4            The
Executive’s obligations under this Section 7 shall be in addition to his obligations under (i) any instruments executed
by the Executive pursuant to Section 5.3, and/or (ii) any policy of general application to employees or limited application
to executive or management employees established by the Company and as in effect from time to time with respect to confidential information
and the Executive agrees to comply with all such policies as a condition of employment.

 

    - 8 -

     

    

 

8             Executive’s
Representation. The Executive hereby represents that the Executive’s entry into this Agreement and performance of the services
hereunder will not violate the terms or conditions of any other agreement to which the Executive is a party.

 

9             Governing
Law/Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of California (without
reference to the conflicts of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision
of this Agreement shall be commenced only in a court of the County of Contra Costa, State of California (or, if appropriate, a federal
court located within California and having jurisdiction of the area including Contra Costa County), and the Company and the Executive
each consents to the jurisdiction of such a court. The Company and the Executive each hereby irrevocably waive any right to a trial by
jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement.

 

10            Public
Company Obligations; Litigation and Regulatory Cooperation; Indemnification.

 

10.1            The
Executive acknowledges that the Company is a public company, shares of whose common stock have been registered under the US Securities
Act of 1933, as amended (the “Securities Act”), and whose common stock is or will be registered under the Exchange
Act, and that this Agreement will be subject to the public filing requirements of the Exchange Act. In addition, both parties acknowledge
that the Executive’s compensation and perquisites (each as determined by the rules of the US Securities and Exchange Commission
(the “SEC”) or any other regulatory body or exchange having jurisdiction) (which may include benefits or regular or
occasional aid/assistance, such as recreation, club memberships, meals, education for his family, vehicle, lodging or clothing, occasional
bonuses or anything else he receives, during the Employment Period, in cash or in kind) paid or payable or received or receivable under
this Agreement or otherwise, and his transactions and other dealings with the Company, will be required to be publicly disclosed. The
Company covenants and agrees to provide the Executive, through internal or external legal counsel to the Company, with reasonable assistance
with respect to any filings required under the Exchange Act during the Employment Period; provided, for the avoidance of doubt, the Company
and its counsel shall be entitled to rely on any statements or representations made by Executive regarding such filings assume no liability
with respect to any such filings by virtue of this sentence.

 

10.2            The
Executive acknowledges and agrees that the applicable insider trading rules, transaction reporting rules, limitations on disclosure of
non-public information and other requirements set forth in the Securities Act, the Exchange Act and rules and regulations promulgated
by the SEC may apply to this Agreement and the Executive’s employment with the Company.

 

    - 9 -

     

    

 

10.3            During
and after the Employment Period, the Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims
now in existence or which may be brought in the future against or on behalf of the Company or any Affiliates that relate to events or
occurrences that transpired while the Executive was employed by the Company or any Affiliates; provided, however,
that such cooperation shall not materially and adversely affect the Executive or expose the Executive to an increased probability of civil
or criminal litigation. The Executive’s cooperation in connection with such claims or actions shall include, but not be limited
to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company or any of
its Affiliates at mutually convenient times. During and after the Employment Period, the Executive also shall cooperate fully with the
Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or
review relates to events or occurrences that transpired while the Executive was employed by the Company or any of its Affiliates. The
Company shall reimburse the Executive for all out-of-pocket costs and expenses incurred in connection with the Executive’s performance
under this Section 10.3, including, but not limited to, reasonable attorneys’ fees and costs.

 

10.4            The
Company shall maintain in full force and effect a policy, consistent with industry standards for similarly situated publicly traded companies,
for indemnification of executive employees, including the Executive, from and against liability or cost arising out of or associated with
an action or proceeding to procure a judgment against the Executive by reason of the fact that the Executive is or was an officer, director
or employee of the Company.

 

11            Section 409A.
Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein are subject
to Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”).
Severance benefits shall not commence until the Executive has a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each installment
of severance benefits is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance
benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4),
1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available and the Executive is, upon separation from service,
a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax
consequences under Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six
(6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. To the extent
that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes
of Code Section 409A, (A) all such expenses or other reimbursements hereunder shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by Executive, (B) any right to such reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses eligible
for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year. The parties acknowledge that the exemptions from application of Section 409A
to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will
trigger payment of severance benefits may preclude the ability of severance benefits provided under this Agreement to qualify for an exemption.
It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be
interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the
Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue
Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

 

    - 10 -

     

    

 

12            280G
Cap. In no event shall any of the payments and benefits to be made, or provided, to the Executive pursuant to this Agreement and other
payments or benefits, if applicable, to be made, or provided, to the Executive in connection with an event described in Section 280G(b)(2)(A)(i) of
the Code (collectively referred to as the “Change in Control Benefits”) including, to the extent applicable, payments
or benefits to which the Executive is entitled upon a Change in Control (as defined in the EIP), constitute, in the aggregate, a “parachute
payment” under Section 280G of the Code. If the Change in Control Benefits result in a “parachute payment” under
Code Section 280G, the Change in Control Benefits shall be reduced to an amount, the value of which is $1.00 less than an amount
equal to three (3) times the Executive’s “base amount” as determined in accordance with Section 280G of the
Code. The reduction in payments and/or benefits will occur in the following order: (1) first, reduction of cash payments, in reverse
order of scheduled payment date (or if necessary, to zero), (2) then, reduction of non-cash and non-equity benefits provided to the
Executive, on a pro rata basis (or if necessary, to zero) and (3) then, cancellation of the acceleration of vesting of equity award
compensation in the reverse order of the date of grant of the Executive’s equity awards.

 

13            Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
thereof and supersedes and cancels any and all previous agreements, written and oral, regarding the subject matter hereof between the
parties hereto. This Agreement shall not be changed, altered, modified or amended, except by a written agreement signed by both parties
hereto.

 

14            Notices.
All notices, requests, demands and other communications called for or contemplated hereunder shall be in writing and shall be deemed to
have been given when delivered to the party to whom addressed or when sent by telecopy (if promptly confirmed by registered or certified
mail, return receipt requested, prepaid and addressed) to the parties, their successors in interest, or their assignees at the following
addresses, or at such other addresses as the parties may designate by written notice in the manner aforesaid:

 

		(a)	to the Company at:

 

Ekso Bionics Holdings, Inc.

1414 Harbour Way South, Suite 1201

Richmond, CA 94804

 

Attn: Jack Glenn, CFO

Fax: +1-510-927-2647

 

		(b)	to the Executive at:

 

Steven Sherman

***

***

 

    - 11 -

     

    

 

All such notices, requests and other communications
will (i) if delivered personally to the address as provided in this Section, be deemed given upon delivery, (ii) if delivered
by facsimile transmission to the facsimile number as provided for in this Section, be deemed given upon facsimile confirmation, (iii) if
delivered by mail in the manner described above to the address as provided for in this Section 14, be deemed given on the earlier
of the third business day following mailing or upon receipt and (iv) if delivered by overnight courier to the address as provided
in this Section, be deemed given on the earlier of the first business day following the date sent by such overnight courier or upon receipt
(in each case regardless of whether such notice, request or other communication is received by any other person to whom a copy of such
notice is to be delivered pursuant to this Section). Either party may, by notice given to the other party in accordance with this Section,
designate another address or person for receipt of notices hereunder.

 

15            Severability.
If any term or provision of this Agreement, or the application thereof to any person or under any circumstance, shall to any extent be
invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under circumstances other
than those as to which it is invalid or unenforceable, shall be considered severable and shall not be affected thereby, and each term
of this Agreement shall be valid and enforceable to the fullest extent permitted by law. The invalid or unenforceable provisions shall,
to the extent permitted by law, be deemed amended and given such interpretation as to achieve the economic intent of this Agreement.

 

16            Waiver.
The failure of any party to insist in any one instance or more upon strict performance of any of the terms and conditions hereof, or to
exercise any right or privilege herein conferred, shall not be construed as a waiver of such terms, conditions, rights or privileges,
but same shall continue to remain in full force and effect. Any waiver by any party of any violation of, breach of or default under any
provision of this Agreement by the other party shall not be construed as, or constitute, a continuing waiver of such provision, or waiver
of any other violation of, breach of or default under any other provision of this Agreement.

 

17            Successors
and Assigns. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation
of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights
and obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter effect a reorganization,
or consolidate with or merge into any other person or entity, or transfer all or substantially all of its properties or assets to any
other person or entity. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, and their respective
successors, executors, administrators, heirs and permitted assigns.

 

18            Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute
one and the same instrument. Additionally, a facsimile counterpart of this Agreement shall have the same effect as an originally executed
counterpart.

 

19            Headings.
Headings in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect.

 

    - 12 -

     

    

 

20            Opportunity
to Seek Advice. The Executive acknowledges and confirms that he has had the opportunity to seek such legal, financial and other advice
and representation as he has deemed appropriate in connection with this Agreement, that the Executive is fully aware of its legal effect,
and that Executive has entered into it freely based on the Executive’s judgment and not on any representations or promises other
than those contained in this Agreement.

 

21            Attorney’s
Fees. In the event that either party seeks to enforce its rights under this Agreement before a court of competent jurisdiction with
respect to such enforcement action and prevails in such enforcement action, than the prevailing party shall be entitled to reasonable
attorney’s fees and court costs associated with such enforcement action. Without limiting the foregoing, the preceding sentence
shall apply without regard to whether the prevailing party is a plaintiff or defendant in an enforcement action.

 

22            Effect
of Termination. Upon termination of this Agreement, all obligations and provisions of this Agreement shall terminate except with respect
to any accrued and unpaid monetary obligation and except for the provisions of Section 5 through (and inclusive of) 21 hereof.

 

[Remainder of Page Intentionally Left Blank]

 

    - 13 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year set forth above.

 

	 	EKSO BIONICS HOLDINGS, INC.
	 	 
	 	/s/ Stanley Stern
	 	 
	 	By: 	Stanley Stern
	 	 	 
	 	Title: 	Director, as authorized by the Board of Directors
	 	 
	 	 
	 	 
	 	Steven Sherman
	 	 
	 	/s/ Steven Sherman

 

    - 14 -

     

    

 

Appendix A

 

Release Agreement

 

This Release Agreement (the
 “Agreement”) is entered into by and between Ekso Bionics Holdings, Inc. (the “Company”) and
Steven Sherman (“Executive”) (collectively, “Parties”).

 

RECITALS

 

WHEREAS, the Company and Executive
have determined that Executive’s last day of employment with the Company will be __________ (the “Date of Termination”)
in accordance with the terms of the Employment Agreement by and between Executive and the Company, dated January 20, 2022 (the “Employment
Agreement”); and

 

WHEREAS, capitalized terms
used but not defined herein shall have the meanings ascribed to such terms in the Employment Agreement.

 

ACCORDINGLY, the Parties agree
as follows:

 

1.            Termination.
Executive’s employment with the Company and any other position held with the Company or any Affiliate shall cease effective as of
the Date of Termination. “Affiliate” means any entity that directly or indirectly controls, is controlled by, or is
under common control with the Company.

 

2.            General
Release. Executive and Executive’s representatives, heirs, successors, and assigns do hereby completely release and forever
discharge the Company, any Affiliate, and its and their present and former shareholders, officers, directors, agents, employees, attorneys,
successors, and assigns (collectively, “Released Parties”) from all claims, rights, demands, actions, obligations,
liabilities, and causes of action of every kind and character, known or unknown, which Executive may have now or in the future arising
from any act or omission or condition occurring on or prior to the Effective Date (as defined below) (including, without limitation, the
future effects of such acts, omissions, or conditions), whether based on tort, contract (express or implied), or any federal, state, or
local law, statute, or regulation (collectively, the “Released Claims”). By way of example and not in limitation of
the foregoing, Released Claims shall include any claims arising under the Fair Labor Standards Act, the National Labor Relations Act,
the Family and Medical Leave Act, Executive Retirement Income Security Act of 1974, the Americans with Disabilities Act, Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act, and the California
Family Rights Act, the California Labor Code, all as amended, along with their implementing regulations, as well as any claims asserting
wrongful termination, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of
emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic
advantage, defamation, invasion of privacy, and claims related to disability. Released Claims shall also include, but not be limited to,
any claims for severance pay, bonuses, sick leave, vacation pay, life or health insurance, or any other benefit. Executive likewise releases
the Released Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims or otherwise. Notwithstanding
the foregoing, Released Claims shall not include (i) any claims based on obligations created by or reaffirmed in this Agreement;
(ii) any vested retirement benefits or vested equity, or (iii) any claims which by law cannot be released, including without
limitation unemployment compensation claims and workers’ compensation claims (the settlement of which would require approval by
the California Workers’ Compensation Appeals Board), (iv) any claim for indemnification under California Labor Code §
2802, the Employment Agreement, the Company’s bylaws or certificate of incorporation, or any agreement providing for indemnification
of Executive, (v) any claims for coverage under any D&O or other similar insurance policy or (vi) as set forth in Section 6
below.

 

    - 15 -

     

    

 

3.            Section 1542
Waiver. Executive understands and agrees that the Released Claims include not only claims presently known to Executive, but also include
all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character
that would otherwise come within the scope of the Released Claims as described in Section 2, above. Executive understands that Executive
may hereafter discover facts different from what Executive now believes to be true, which if known, could have materially affected this
Agreement, but Executive nevertheless waives any claims or rights based on different or additional facts. Executive knowingly and voluntarily
waives any and all rights or benefits that Executive may now have, or in the future may have, under the terms of Section 1542 of
the California Civil Code, which provides as follows:

 

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.

 

4.            Covenant
Not to Sue. Executive shall not bring a civil action in any court (or file an arbitration claim) against the Company or any other
Released Party asserting claims pertaining in any manner to the Released Claims. Executive understands that this Section 4 does not
prevent Executive from filing a charge with or participating in an investigation by a governmental administrative agency; provided,
that, except for awards made pursuant to a government-administered whistleblower award program as set forth in Section 6 below, Executive
hereby waives any right to receive any monetary award resulting from such a charge or investigation.

 

5.            Age
Discrimination Claims. Executive understands and agrees that, by entering into this Agreement, Executive (i) is waiving any rights
or claims Executive might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act;
(ii) has received consideration beyond that to which Executive was previously entitled; (iii) has been advised to consult with
an attorney before signing this Agreement; and (iv) has been offered the opportunity to evaluate the terms of this Agreement for
not less than twenty-one (21) days prior to execution of the Agreement. Executive may revoke this Agreement (by written notice to
the Company’s Chief Executive Officer at the Company’s notice address set forth in the Employment Agreement) for a period
of seven (7) days after execution of the Agreement, and it shall become enforceable only upon the expiration of this revocation period
without prior revocation by Executive. Executive understands and agrees that any notice of resignation must be delivered in a manner such
that it is received by the Company’s Chief Executive Officer by the end of the seventh (7th) day after Executive executes
this Agreement; and, further, if any modifications are made to this Agreement before Executive executes it, the twenty-one (21) day consideration
period will not restart on account of those modifications.

 

    - 16 -

     

    

 

6.            Protected
Rights; Defend Trade Secrets Act Notification.

 

(a)            Executive
is advised and understands that nothing in this Agreement prevents Executive from filing a charge with, or participating in an investigation,
by or reporting an alleged violation of law to a governmental administrative agency such as the U.S. Equal Employment Opportunity Commission,
the U.S. National Labor Relations Board, or the U.S. Securities and Exchange Commission; provided, that Executive waives any
right to receive any monetary award resulting from such a report, charge or investigation, except pursuant to a government administered
whistleblower award program.

 

(b)            The
Company hereby provides Executive with notice that 18 U.S.C. § 1833(b) states as follows:

 

“An individual shall not be held
criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal.”

 

Accordingly, notwithstanding
anything to the contrary in this Agreement or in the Company’s Proprietary Information Agreement, Executive understands that Executive
has the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole
purpose of reporting or investigating a suspected violation of law. Executive understands that Executive also has the right to disclose
trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public
disclosure. Executive understands and acknowledges that nothing in this Agreement nor in the Company’s Proprietary Information Agreement
is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed
by 18 U.S.C. § 1833(b).

 

7.            Non-admission.
The Parties understand and agree that the furnishing of the consideration for this Agreement shall not be deemed or construed at any time
or for any purpose as an admission of liability by the Company. The liability for any and all claims is expressly denied by the Company.

 

8.            Entire
Agreement. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement among the Parties hereto
with regard to the subject matter hereof and thereof. This Agreement is entered into without reliance on any promise or representation,
written or oral, other than those expressly contained or referenced herein.

 

9.            Amendments;
Waivers. This Agreement may not be amended except by an instrument in writing, signed by each of the Parties. No failure to exercise
and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of
any other right, remedy, or power provided herein or by law or in equity.

 

    - 17 -

     

    

 

10.            Successors
and Assigns. Executive represents that Executive has not previously assigned or transferred any claims or rights released by Executive
pursuant to this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective heirs,
successors, attorneys, and permitted assigns. This Agreement shall also inure to the benefit of any Released Party.

 

11.            Governing
Law. This Agreement shall be governed by and construed in accordance with the law of the State of California, without regard to conflict
of laws provisions. Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced
only in a court of the County of Contra Costa, State of California (or, if appropriate, a federal court located within California and
having jurisdiction of the area including Contra Costa Country), and the Company and Executive each consents to the jurisdiction of such
a court. The Company and Executive each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement.

 

12.            Interpretation.
This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any Party. By way of example
and not in limitation, this Agreement shall not be construed in favor of the Party receiving a benefit nor against the Party responsible
for any particular language in this Agreement. Captions are used for reference purposes only and should be ignored in the interpretation
of the Agreement.

 

13.            Representation
by Counsel. The Parties acknowledge that (i) they have had the opportunity to consult counsel in regard to this Agreement; (ii) they
have read and understand the Agreement and they are fully aware of its legal effect; and (iii) they are entering into this Agreement
freely and voluntarily, and based on each Party’s own judgment and not on any representations or promises made by the other Party,
other than those contained in this Agreement.

 

14.            Counterparts.
This Agreement may be executed in counterparts. True copies of such executed counterparts may be used in lieu of an original for any purpose.

 

15.            Effective
Date. This Agreement shall become effective on the eighth (8th) day after the date executed by Executive (the “Effective
Date”), but only if the Agreement is not revoked as provided in Section 5. If the Agreement is revoked, it shall be null
and void.

 

    - 18 -

     

    

 

The Parties have duly executed
this Agreement as of the dates noted below.

 

 

	 	 	Date:	 
	Steven Sherman	 	 	 
	 	 	 	 
	 	 	 	 
	Ekso Bionics Holdings, Inc.	 	 	 
	 	 	 	 
	By:	 	 	Date:	 
	Its:	              	 	 	 

 

    - 19 -Exhibit 10.3

 

		1414 Harbour Way S

                                                                                Suite 1201

                                                                                Richmond, CA 94804

                                                                                Office: 510-984-1761x446

                                                                                Fax: 510-550-3684

                                                                                hr@eksobionics.com

 

February 22, 2021

 

Scott G. Davis

***

***

 

Offer of Employment by Ekso Bionics, Inc.

 

Dear Scott,

 

1 am pleased to offer you
the position of EVP of Strategy and Corporate Development with Ekso Bionics, Inc. (the "Company").
You will report directly to Jack Peurach, CEO. The terms of our offer and the benefits currently provided by the Company
are as follows:

 

1.            Starting
Salary. Your starting salary will be Two Hundred Ninety- Five Thousand Dollars ($295,000.00) per year and will be subject to
review from time to time by the Company to determine whether, in the Company's judgment, your base rate should be changed. In addition,
we will provide you with a Twenty-five Thousand Dollar ($25,000) signing bonus, payable on the first payroll run after your start date.
This position is exempt from paid overtime as required by state and federal law, and therefore there is no overtime pay. Base salary
is paid per the Company's routine payroll procedures and is subject to applicable withholding required by law.

 

2.           Bonus:
You will be eligible to participate in our annual bonus program. You will be eligible for 50% of your base salary based on Company
and individual performance against milestones for the year. The bonus year is the Company's calendar year and any payments made to you
for a bonus in your first year will be pro-rated based on the period you start your employment with the Company to the end of the calendar
year. The current bonus program consists of five equal portions, one for each quarter and one for annual performance. The Company reserves
the right to amend it or any other bonus plan at its absolute discretion.

 

3.            Benefits.
You will also be eligible to participate in regular health insurance, bonus, and other employee benefit plans established by the
Company for its employees from time to time as outlined in this letter as Appendix A.

 

4.            Paid
Time Off (PTO)  - You will receive four weeks of paid vacation/health time off per
calendar year, along with paid company holiday time off. Unused PTO shall be forfeited at the close of each calendar year.

 

5.            Confidentiality.
As an employee of the Company, you will have access to certain confidential information of the Company. During your employment, you
may develop certain information or inventions that will he the Company's property. To protect the Company's interests, you will need
to sign the Company's standard "Employee Invention Assignment and Confidentiality Agreement" as a condition of your employment.
During the period that you render services to the Company, you agree to not engage in any employment, business, or activity that is in
any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful
employment, business, or activity you are currently associated with or participate in that competes with the Company. You will not assist
any other person or organization in competing with the Company or preparing to engage in competition with the Company's business or proposed
business.

 

    	 	 	 

     

    

 

6.            No
Breach of Obligations to Prior Employers. You represent that your signing of this offer letter, agreement(s) concerning
equity grants to you, if any, under the Plan (as defined below) and the Company's Employee Invention Assignment and Confidentiality
Agreement and your commencement of employment with the Company will not violate any agreement currently in place between yourself and
current or past employers.

 

7.            Equity.
We will recommend to the Board of Directors of the Company that you be granted shares of Common Stock of the Company under our 2014
Equity Incentive Plan (the "Plan") as determined by the Board of Directors on the date the board approves such
grant. This grant will be based on a compensation benchmark study that is currently underway. The expectation is that the new hire grant
will be valued at approximately $500,000 and will be structured as 50% RSUs and 50% PSUs, with 2021 Operating Plan revenue being the
target for the PSUs. These grants will vest over three years. Further details on the Plan and the specific equity grant to you will be
provided upon the Company's Board of Directors' approval. It is also expected that you will be eligible to receive future annual equity
grants consistent with the Company's executive compensation practices and commensurate with your title and position. At their discretion,
the Board of Directors and the Company may also grant additional equity for the exemplary achievement of key strategic milestones.

 

8.            Termination
by The Company without Cause.

 

(a)            If
the Company terminates your employment without Cause (as defined below) at any time, you shall be entitled to the amounts and benefits
provided below subject to your execution and delivery to the Company a Release in satisfaction of the Release Condition (as defined below):

 

		(1)	The Company shall pay to you severance in
                                            the form of salary continuation at your base salary rate in effect on the date of your employment
                                            termination, subject to the Company's regular payroll practices and required withholdings,
                                            for a period of nine (9) months (the "Severance Period") commencing
                                            on the first payroll date on which the Release Condition is satisfied if such termination
                                            occurs on or after the first anniversary of the start date of your employment (the "Effective
                                            Date"). If such termination occurs before the Effective Date's first anniversary,
                                            the Severance Period shall equal six (6) months. To the extent that any severance payments
                                            are deferred compensation under Section 409A of the Code, and are not otherwise exempt
                                            from the application of Section 409A, then, if the period during which you may consider
                                            and sign the Release spans two (2) calendar years, the payment of severance will not
                                            be made or begin until the second calendar year; and

 

		(2)	For the duration of the applicable Severance Period, continuation of or reimbursement for your participation
in (i) the Company's group health plan on the same terms applicable to similarly situated active employees during the applicable
Severance Period provided you were participating in such plan immediately prior to the date of employment termination; and (ii) each
other Benefit program to the extent permitted under the terms of such program.

 

9.            Termination
by The Company for Cause. Upon written notice to you, the Company may terminate your employment for "Cause"
if any of the following events shall occur:

 

		(a)	any act or omission that constitutes a material breach by you of any of your  obligations under this letter.

 

    	 	2	 

     

    

 

(b)            the
willful and continued failure or refusal of you to satisfactorily perform the duties reasonably required of you as an employee of the
Company, which failure or refusal continues for more than thirty (30) days after notice given to you, such notice to set forth in reasonable
detail the nature of such failure or refusal.

 

(c)            your
conviction of, or plea of nolo contendere to, (i) any felony
or (ii) a crime involving dishonesty or misappropriation, or which could reflect negatively upon the Company or otherwise impair
or impede its operations.

 

(d)            your
engaging in any misconduct, gross negligence, an act of dishonesty (including, without limitation, theft, or embezzlement), violence,
the threat of violence, or any activity that could result in any material violation of federal securities laws, in each case that is harmful
to the Company or any of its affiliates.

 

(e)            your
material breach of a written policy of the Company or the rules of any governmental or regulatory body applicable to the Company.

 

(f)            your
refusal to follow the directions of the CEO or the Board, unless such directions are, in the written opinion of legal counsel, illegal
or in violation of applicable regulations; or

 

(g)            any
other willful misconduct by you that is materially harmful to the company's financial condition or business reputation or any of its affiliates.

 

10.            Authorization
to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three
(3) business days of starting your new position, you will need to present documentation demonstrating that you have the authorization
to work in the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike,
you may contact our personnel office.

 

11.            Reference
and Background Checks. This offer is contingent upon satisfactory verification of criminal, education, driving, and employment
background. This offer can be rescinded based upon data received in the verification.

 

12.            Entire
Agreement. Once accepted, this offer constitutes the entire agreement between you and the
Company concerning the subject matter hereof. It supersedes all prior offers, negotiations, and agreements, if any, whether written or
oral, relating to such subject matter. You acknowledge that neither the Company nor its agents have made any promise, representation,
or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement to induce you to execute
the agreement. You acknowledge that you have executed this agreement in reliance only upon such promises, representations and warranties
as are contained herein.

 

13.            Acceptance.
This offer will remain open until March 1, 2021. If you decide to accept our offer and hope you will, please sign the enclosed
copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and
agreed to the terms and conditions of this offer letter and the attached documents if any. Should you have anything else that you wish
to discuss, please do not hesitate to call me.

 

    	 	3	 

     

    

 

We look forward to the opportunity to welcome you to the Company.

 

		 	Sincerely,
	 	 	 
	 	 	/s/ Jack Peurach	2/22/21
	 	 	Jack Peurach (CEO)

 

 

I have read and understood
this offer letter. With this acknowledgment, I accept and agree to the terms set forth above and further acknowledge that no other
commitments were made to me as part of my employment offer except expressly set forth herein.

 

	 	 	 
	/s/ Scott G. Davis	 	Date signed:	2/22/2021
	Scott G. Davis	 	 	 

 

Start Date: Your first day of employment
is scheduled for April 1, 2021.

 

    	 	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]