Document:

Exhibit 10.14

 

MONEYLION INC.

 

OUTSIDE DIRECTOR COMPENSATION PROGRAM

 

Adopted and approved November 8, 2021

 

MoneyLion Inc. (the “Company”) believes
that the granting of equity and cash compensation to members of its Board of Directors (the “Board,” and members of
the Board, “Directors”) represents a powerful tool to attract, retain and reward Directors who are not employees
of the Company or its subsidiaries (“Outside Directors”). This Outside Director Compensation Program (the “Program”) is
intended to formalize the Company’s program regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise
defined herein, capitalized terms used in this Program will have the meaning given such term in the MoneyLion Inc. 2021 Omnibus Incentive
Plan (as amended from time to time, the “Plan”). Outside Directors will be solely responsible for any tax obligations
they incur as a result of the equity and cash payments received under this Program.

 

		1.	Cash Compensation

 

The following annual cash compensation
for Outside Directors is payable quarterly in arrears on a prorated basis.

 

GENERAL BOARD ANNUAL RETAINER

 

Annual cash compensation for the general
services of Outside Directors is as follows:

 

Outside Director: $40,000 general
annual retainer

 

NON-EXECUTIVE BOARD CHAIR RETAINER:

 

In addition to the annual
cash retainer described above, the Outside Director who serves as the non-executive chair of the Board will also receive a $35,000 annual
cash retainer in recognition of service as the non-executive chair.

 

COMMITTEE ANNUAL RETAINERS

 

In addition to the annual cash
retainers described above, each Outside Director will also receive annual cash retainers in recognition of their service on the committees
of the Board as follows:

 

	Committee	 	Chair	 	 	Member	 
	Risk & Compliance	 	$	20,000	 	 	$	10,000	 
	Audit	 	$	20,000	 	 	$	10,000	 
	Compensation	 	$	12,000	 	 	$	6,000	 
	Nominating & Governance	 	$	8,000	 	 	$	4,000	 

 

     

    

    

 

NO MEETING FEES

 

There are no per meeting attendance
fees for attending any meetings of the Board or committees of the Board.

 

DEFERRED COMPENSATION

 

Subject to compliance with
applicable law and timing requirements adopted by the Board, Outside Directors may elect to receive additional equity compensation in
lieu of cash compensation.

 

		2.	Equity Compensation

 

Outside Directors will also
be eligible to receive the following Awards:

 

(a)   Initial
Award. On or as soon as reasonably practicable following the commencement date of each Outside Director’s service on the Board
(the “Start Date”), such Outside Director will be automatically granted an award of RSUs with a grant date fair value
of $300,000 (the “Initial Award”). The Initial Award will vest in equal quarterly installments until it is fully vested
on the third anniversary of the Start Date, subject to the Outside Director’s continued service on the Board through each applicable
vesting date.

 

(b)   Annual
Award. On the day of each annual meeting of the Company’s shareholders (“Annual Meeting”), each Outside Director
will be automatically granted an award of RSUs with a grant date fair value of $150,000 (the “Annual Award”). The Annual
Award will vest in equal quarterly installments until it is fully vested on the one-year anniversary
of the date of grant, subject to the Outside Director’s continued service on the Board
through the vesting date. Notwithstanding the foregoing, an Outside Director will not receive an Annual Award if he or she received an
Initial Award in the same calendar year.

 

		3.	Other Compensation
and Benefits; Compensation Limit

 

Outside Directors may also
be eligible to receive other compensation and benefits, including reasonable personal benefits and perquisites, as determined by the Board
or its applicable delegate from time to time.

 

In no event will the total
amount of cash and equity compensation provided to any Outside Director exceed $750,000 in any calendar year.

 

    2

     

    

 

		4.	Change in Control

 

In the event of a Change in
Control, each Outside Director will fully vest in his or her outstanding Company equity awards, including any Initial Award or Annual
Award, subject to the Outside Director’s continued service on the Board through the date of the Change in Control.

 

		5.	Travel Expenses

 

Each Outside Director’s
reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company.

 

		6.	Additional Provisions

 

All provisions of the Plan
not inconsistent with this Program will apply to Awards granted to Outside Directors.

 

		7.	Adjustments

 

In the event that the Board
or its applicable delegate determines that, as a result of any extraordinary dividend or other extraordinary distribution (other than
an ordinary dividend or distribution), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, or
other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles,
an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Program, then the Board or its applicable delegate will, subject to the applicable provision of the Plan and applicable law,
adjust the number of Shares issuable pursuant to Awards granted under this Program.

 

		8.	Section 409A

 

In no event will cash compensation
or expense reimbursement payments under this Program be paid after the later of (i) the 15th day of the 3rd month following the end
of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable, or (ii) the 15th
day of the 3rd month following the end of the calendar year in which the compensation is earned or expenses are incurred, as applicable,
in compliance with the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended,
and the final regulations and guidance thereunder, as may be amended from time to time (together, “Section 409A”).
It is the intent of this Program that this Program and all payments hereunder be exempt from or otherwise comply with the requirements
of Section 409A so that none of the compensation to be provided hereunder will be subject to the additional tax imposed under Section 409A,
and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company reimburse an
Outside Director for any taxes imposed or other costs incurred as a result of Section 409A.

 

		9.	Revisions

 

The Board, in its discretion,
may change and otherwise revise the terms of Initial Awards or Annual Awards granted under this Program, including, without limitation,
the number of Shares and the type of Award subject thereto. For the avoidance of doubt, the Board or its applicable delegate may, in its
sole discretion, grant additional awards, compensation and benefits to Outside Directors as the Administrator deems appropriate.

 

The Board may also amend,
alter, suspend or terminate this Program at any time and for any reason. No amendment, alteration, suspension or termination of this Program
will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise
mutually agreed between the Outside Director and the Company. Termination of this Program will not affect the Board’s or the Administrator’s
ability to exercise the powers granted to it under the Plan with respect to Awards granted under the Plan pursuant to this Program prior
to the date of such termination.

 

 

3aimd_ex10i.htm

EXHIBIT 10(I)
  
 THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM, THE REQUIREMENTS OF SUCH ACT OR SUCH LAWS.
  
 NON-CONVERTIBLE PROMISSORY NOTE
  
 	 Principal Amount: $800,000
	 Issue Date: March 4, 2022

  
 For value received, Ainos, Inc., a Texas corporation (the “Company”), promises to pay to Ainos, Inc., a Cayman Islands corporation (the “Holder”), the principal amount of $800,000 (the “Principal Amount”).  Intrest 1.85% per annum, on unpaid principal and accrued interest from date of this Promissory Note (this “Note”). This Note is subject to the following terms and conditions.
  
 1. Maturity. The entire unpaid principal sum of this Note will be payable on February 28, 2023 (the “Maturity Date”). Notwithstanding the foregoing, the entire unpaid principal sum of this Note shall become immediately due and payable upon the commission of any act of bankruptcy by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the property or assets of the Company.
  
 2. Conversion.  This Note is a non-convertible promissory note and shall not be converted, in whole or in part, into the common stock of the Company.
  
 3. Payment Terms. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing to the Company. This Note may be prepaid by the Company in whole or in part, without the prior written consent of the Holder
  
 4. Transfer; Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer this Note without the prior written consent of the Company, except for transfers to its affiliates. Subject to the preceding sentence, this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new promissory note for the same principal amount will be issued to, and registered in the name of, the transferee.
  
 5.  Status of Note. This Note is a direct, general and unconditional obligation of the Company, and constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms subject, as to enforcement, to bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a stockholder of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder.
  
 5. Governing Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Texas, without giving effect to principles of conflicts of law.
  
 6. Notices. Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile or e-mail, or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address, facsimile number or e-mail as set forth below or as subsequently modified by written notice.
  
  
 NON-CONVERTIBLE PROMISSORY NOTE – AINOS INC (USA) TO AINOS INC (KY) – March 2022
 Page 1 of 3 
 	 
	
	

	 

  
 7. Covenants. In addition to the other covenants and agreements of the Company set forth in this Note, the Company covenants and agrees that so long as this Note shall be outstanding:
  
 7.1 Payment of Note. The Company will punctually, according to the terms hereof, on the Maturity Date, pay or cause to be paid all amounts due under this Note.
  
 7.2 Notice of Default. If any one or more events occur which constitute or which, with the giving of notice or the lapse of time or both, would constitute an Event of Default or if the Holder shall demand payment or take any other action permitted upon the occurrence of any such Event of Default, the Company will forthwith give notice to the Holder, specifying the nature and status of the Event of Default or other event or of such demand or action, as the case may be.
  
 7.3 Compliance with Laws. The Company will comply in all material respects with all applicable laws, except where the necessity of compliance therewith is contested in good faith by appropriate proceedings
  
 7.4 Use of Proceeds. The Company shall use the proceeds of this Note for general working capital.
  
 8. Remedies.
  
 8.1 Events of Default. “Event of Default” wherever used herein means any one of the following events:
  
 	  
	 (a)
	 Default in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest), this Note when and as the same shall become due and payable, subject to a ten (10) day cure period;

	  
	  
	  

	  
	 (b)
	 Default in the performance or observance of any covenant or agreement of the Company in this Note (other than a covenant or agreement a default in the performance of which is specifically provided for elsewhere in this Note, and the continuance of such default for a period of ten (10) days after there has been given to the Company by the Holder a written notice specifying such default and requiring it to be remedied;

	  
	  
	  

	  
	 (c)
	 The entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) calendar days;

	  
	  
	  

	  
	 (d)
	 The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the U.S. Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;

	  
	  
	  

	  
	 (e)
	 The Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any material part of the indebtedness of the Company; or

	  
	  
	  

	  
	 (f)
	 It becomes unlawful for the Company to perform or comply with its obligations under this Note.

  
 NON-CONVERTIBLE PROMISSORY NOTE – AINOS INC (USA) TO AINOS INC (KY) – March 2022
 Page 2 of 3 
 	 
	
	

	 

  
 8.2 Effects of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note is paid in full.
  
 8.3 Remedies Not Waived; Exercise of Remedies. No course of dealing between the Company and the Holder or any delay in exercising any rights hereunder shall operate as a waiver by the Holder. No failure or delay by the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by applicable law.
  
 9. Amendments and Waivers. Any term of this Note may be amended or waived only with the written consent of the Company and the Holder. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon the Company, the Holder and each transferee of this Note.
  
 10. Stockholders, Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for any amounts due or payable pursuant to this Note.
  
 11. Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.
  
 This Note is executed and delivered as of the date first set forth above.
  
 COMPANY:
  
 	 Ainos, Inc., a Texas corporation
	
	 	 	 
	By:	/s/	
	  
	Chun-Hsien Tsai, CEO	 

  
 HOLDER :
  
 	 Ainos, Inc., a Cayman Islands corporation
	
	 	 	 
	By:	/s/	
	  
	Chun-Hsien Tsai, CEO	 

  
  
 NON-CONVERTIBLE PROMISSORY NOTE – AINOS INC (USA) TO AINOS INC (KY) – March 2022
 Page 3 of 3

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