Document:

EX-4.4

 Exhibit 4.4 

RISK RETENTION AGREEMENT, dated as of April 25, 2017 (this “Agreement”), by and among DISCOVER BANK, a Delaware banking
corporation (“Discover Bank”), DISCOVER FUNDING LLC, a Delaware limited liability company (“Discover Funding”), and DISCOVER CARD EXECUTION NOTE TRUST, a Delaware statutory trust (the “Issuer”).

 W I T N E S S E T H: 

WHEREAS, Discover Bank and Discover Funding have entered into a Receivables Sale and Contribution Agreement, dated as of December 22,
2015 (the “Receivables Sale and Contribution Agreement”), pursuant to which Discover Bank sells to Discover Funding Receivables arising under certain Accounts; 

WHEREAS, Discover Bank, Discover Funding, and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
have entered into a Third Amended and Restated Pooling and Servicing Agreement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Pooling and Servicing Agreement”) and an Amended and
Restated Series Supplement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Series Supplement”), pursuant to which Discover Card Master Trust I issued a Series 2007-CC Collateral Certificate (the “Collateral Certificate”); 
 WHEREAS, Discover Bank
and the Issuer have entered into a Collateral Certificate Transfer Agreement, dated as of July 26, 2007 (as amended, restated, supplemented or otherwise modified, the “Collateral Certificate Transfer Agreement”), pursuant to
which Discover Bank conveyed to the Issuer all of its right, title and interest in and to the Collateral Certificate; 
 WHEREAS, the Issuer
and U.S. Bank National Association (the “Indenture Trustee”) have entered into an Amended and Restated Indenture, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the
“Indenture”), and the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Indenture Supplement”), pursuant to the
Issuer has issued and may from time to time issue notes; and 
 WHEREAS, Discover Funding intends to cause the Issuer to issue the Class A(2017-4) Notes pursuant to the Indenture and the Terms Document, dated as of April 25, 2017, between the Issuer and the Indenture Trustee. 

NOW, THEREFORE, it is hereby agreed by and between Discover Bank, Discover Funding and the Issuer as follows: 

1.    DEFINITIONS. All capitalized terms used but not defined herein shall have the meanings given to such terms in
the Terms Document and, if not defined therein, in the Indenture and, if not defined therein, in the Pooling and Servicing Agreement. The following capitalized terms shall have the following meanings: 

“AIFM Regulation” means Commission Delegated Regulation (EU) No. 231/2013. 

 “Applicable Investor” means each holder of a beneficial interest in any Class A(2017-4) Note that is (i) an EEA credit institution or investment firm subject to the CRR, including any consolidated group affiliate thereof; (ii) an EEA insurer or reinsurer subject to the
Solvency II Regulation; or (iii) an EEA alternative investment fund manager to which the AIFM Regulation applies. 

“CRR” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, as
supplemented by the CRR Delegated Regulation. 
 “CRR Delegated Regulation” means Commission Delegated Regulation (EU)
No. 625/2014. 
 “EEA” means the European Economic Area. 

“EU Retention Rules” means: (i) Articles 404 – 410 (inclusive) of CRR; (ii) Articles 50 – 56 (inclusive)
of the AIFM Regulation; and (iii) Articles 254 – 257 (inclusive) of the Solvency II Regulation, each as in effect as of the date hereof, together with any guidance published in relation thereto including any regulatory and/or implementing
technical standards in effect as of the date hereof. 
 “Solvency II Regulation” means Commission Delegated Regulation ((EU
No. 2015/35). 
 2.    REPRESENTATIONS. Discover Bank represents and warrants to the Issuer and the
Indenture Trustee (solely for the benefit of the Applicable Investors) that as of the date hereof: 
 (a) Discover Bank has
full corporate power and authority to execute and deliver this Agreement and perform the terms and provisions hereof; 
 (b)
The execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action, and do not require any approval or consent of any governmental agency or authority; and 

(c) This Agreement is the valid, binding and enforceable obligation of Discover Bank, except as the same may be limited by
receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles. 

3.    COVENANTS. Discover Bank hereby confirms, represents and warrants to and agrees with, and irrevocably and
unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of each Applicable Investor, in connection with the EU 

  
 2 

 
Retention Rules, on an ongoing basis, so long as any Class A(2017-4) Notes remain Outstanding and the EU Retention Rules remain in effect in the form
effective on the date of issuance of the Class A(2017-4) Notes, that: 
 (a)
Discover Bank, as “originator” for the purposes of the EU Retention Rules, currently retains, and on an ongoing basis will retain, a material net economic interest that is not less than 5% of the nominal value of the securitized exposures,
in a form that is intended to qualify as an originator’s interest as provided in option (b) of each of Article 405(1) of the CRR, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation, by holding all the
membership interest in Discover Funding, which in turn holds all or part of the Transferor Interest (the “Retained Interest”); 

(b) Discover Bank will not (and will not permit Discover Funding or any of its other affiliates to) allow the retained interest
to be subject to any credit risk mitigation, short position or other hedge or to be sold if, as a result, Discover Bank would not retain a material net economic interest in an amount that is not less than 5% of the nominal value of the securitized
exposures, except to the extent permitted in accordance with Article 405(1) of the CRR (as supplemented by Article 12 of the CRR Delegated Regulation), Article 51(1) of the AIFM Regulation and Article 254 of the Solvency II Regulation; 

(c) Discover Bank will not change the manner in which it retains its net economic interest in the securitized exposures while
the Class A(2017-4) Notes are outstanding, except under exceptional circumstances in accordance with Article 405(1) of the CRR (as supplemented by Article 10 of the CRR Delegated Regulation), Article
51(1) of the AIFM Regulation and Article 254 of the Solvency II Regulation; and 
 (d) Discover Bank will provide ongoing
confirmation of Discover Bank’s continued compliance with its obligations described in (a) and (b) above in or concurrently with the delivery of each Certificateholders’ Monthly Statement. 

4.    AGREEMENTS OF DISCOVER FUNDING. Discover Funding hereby acknowledges the terms and conditions of this
Agreement and, further, covenants that it will not sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest other than as directed by Discover Bank and as permitted in accordance with the terms of this
Agreement. 
 5.    LIMITATION OF LIABILITY. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by
Wilmington Trust Company not individually or personally but solely as Owner Trustee under the Amended and Restated Trust Agreement, dated as of December 22, 2015 (the “Trust Agreement”), between Discover Funding LLC and
Wilmington Trust Company, and in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Wilmington Trust Company
individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all 

  
 3 

 
such liability, if any, being expressly waived by the parties to this Agreement and by any person claiming by, through or under them and (iv) under no circumstances will Wilmington Trust
Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any
related documents. 
 (b) Notwithstanding anything to the contrary contained herein or in any other document or agreement
relating to the Class A(2017-4) Notes, in no event shall Discover Bank or Discover Funding be liable to the Indenture Trustee, the Issuer, the Owner Trustee, any Applicable Investor or any
other Noteholder, or responsible for, losses in respect of the Class A(2017-4) Notes or any interest therein, including, without limitation any loss of value of any Class A(2017-4) Note or any interest therein, due to the failure of the Retained Interest and compliance by Discover Bank and Discover Funding with the terms of this Agreement to satisfy the EU Retention Rules or
other similar or equivalent provisions now or hereafter in effect. 
 6.    MISCELLANEOUS. 

(a) THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

(b) EACH OF THE PARTIES HERETO (AND EACH APPLICABLE INVESTOR BY ACCEPTING THE BENEFITS HEREOF) HEREBY AGREES TO THE EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

(c) All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
telecopies, email, telegraphic, telex or cable communication) and mailed, emailed (with “PDF” attachment in the case of any signed notice or communication), telecopied with receipt confirmed by telephone, telegraphed, telexed, cabled or
delivered, as to each party hereto, at its address set forth below or at such other address as shall be designated by such party in a written notice to the other party hereto. All such notices and communications shall, when mailed, emailed,
telecopied, telegraphed, telexed or cabled, be effective when deposited in the mail, emailed, telecopied, delivered to the telegraph company, confirmed by telex answer back or delivered to the cable company, respectively. 

  
 4 

 If to Discover Bank: 

12 Read’s Way 
 New
Castle, Delaware 19720 
 Attention: Secretary 

If to Discover Funding: 
 12
Read’s Way 
 New Castle, Delaware 19720 

Attention: Secretary 
 If to
the Issuer: 
 c/o Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 

(d) Neither this Agreement nor any term or provision hereof may be changed, waived, discharged or terminated except by a
writing signed by a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced. 

(e) Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or
unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 

Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or
unenforceable in any particular jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in
any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 To the
extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. 

(f) This Agreement constitutes the entire agreement and understanding of the parties with respect to the matters addressed
herein, and this Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters. 

(g) The Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the representations, warranties
and covenants contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its entry into this Agreement. 

  
 5 

 (h) The Indenture Trustee is a third party beneficiary of this Agreement solely
for the purpose of obtaining the benefit of the representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder. For the avoidance of doubt, in no event shall the
Indenture Trustee have any responsibility to monitor compliance with or be charged with knowledge of the EU Retention Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever for any violation of such EU Retention
Rules or such similar provisions now or hereafter in effect or for any breach of any term of this Agreement. 

  
 6 

 Discover Bank, Discover Funding and the Issuer have caused this Agreement to be duly executed by
their respective officers as of the date first above written. 
  

					
	DISCOVER BANK
			
		 	By:	 	  

		 	Name:	 	Michael F. Rickert
		 	Title:	 	Vice President, Chief Financial Officer and Assistant Treasurer
	
	DISCOVER FUNDING LLC
			
		 	By:	 	  

		 	Name:	 	Michael F. Rickert
		 	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	 DISCOVER CARD EXECUTION NOTE TRUST

		
	By:	 	 Wilmington Trust Company, not in its individual capacity, but solely as Owner
Trustee

			
		 	By:	 	  

		 	Name:	 	
		 	Title:Consulting Agreement

EXHIBIT 10.57

December 15, 2015

Fred Leonberger, PhD

Principal 

EOvation Advisors LLC

1058 North Tamiami Trail

Suite 108-146

Sarasota, FL 34236

RE:

Consulting Agreement

Dear Fred:

THIS AGREEMENT (the “Agreement”) is made and entered into on December 15, 2015, effective January 1, 2016 by and between Lightwave Logic Inc., a Nevada Corporation (the “Company”) and EOvation Advisors, LLC, a Florida limited liability company (the “Consultant”).  The Company and the Consultant shall hereinafter collectively be referred to as the “Parties” and generically as a “Party.” 

ARTICLE ONE 

RETENTION

1.1

Duties.

The scope of consulting services to serve as a Senior Advisor to the Company to be provided is detailed in Exhibit A, attached herewith.  By mutual consent, the scope of these services maybe modified as necessary and will be in writing. 

Consultant shall perform the services necessary to complete his duties hereunder in a timely and professional manner consistent with industry standards, and at a location, place and time, which Consultant deems appropriate. Consultant’s duties hereunder are non-assignable.

Consultant agrees to use best efforts to segregate work performed under this Agreement from all work done at, or for, any such other person, company, corporation, other commercial enterprise, and/or other institution.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

Consultant agrees to comply with all applicable laws and regulations relating to its performance of services pursuant to this Agreement.

1.2

Term.

The term of this Agreement shall be 12 months (January 1, 2016 through December 31, 2016) as detailed in Exhibit A, attached herewith.  By mutual consent, the term maybe modified as necessary and will be in writing. The termination of this Agreement for any reason at any time shall not affect the Consultant’s continuing obligations to the Company under Articles Three thru Seven.

ARTICLE TWO

CONSULTANT’S COMPENSATION

2.1

Compensation.

As compensation for the services provided to the Company by the Consultant under this Agreement, Company shall pay Consultant pursuant to the Statement of work attached as Exhibit A and Warrant Agreement, Exhibit E. The Statement of work may be revised by mutual written agreement. Invoices submitted by the 5th working day of the following month will be paid within 15 days after invoices have been received and approved.

Consultant is solely obligated to formally report as his income all compensation received from Company for Consultant's services. Consultant agrees to indemnify Company and hold it harmless to the extent Consultant is alleged or determined to be obligated or liable to pay any tax, including but not limited to payroll, FICA and social security withholding, and unemployment, disability and/or worker's compensation insurance or similar item in connection with any payment made to Consultant. Consultant shall not be entitled to compensation from Company except as set forth in this Agreement and in no event shall Consultant be entitled to any fringe benefits available to employees of Company. Consultant waives any rights Company may now or in the future have in such fringe benefits even if Consultant is later deemed a "common law employee."

2.2

Reimbursement for Business Expenses.  

Subject to the prior written approval of the Company, the Company shall promptly pay or reimburse Consultant for all reasonable business expenses incurred by Consultant in performing 

Consultant's duties and obligations under this Consulting Agreement, but only if Consultant properly accounts for expenses in accordance with the Company’s policies. 

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

ARTICLE THREE

TRADE SECRETS/INTELLECTUAL PROPERTY RIGHTS

3.1.

Proprietary Information. 

Consultant agrees during the term of this Agreement and thereafter that it will take all steps reasonably necessary to hold Company’s Proprietary Information (as defined below) in trust and confidence, will not use Proprietary Information in any manner or for any purpose not expressly set forth in this Agreement, and will not disclose any such Proprietary Information to any third party without first obtaining Company’s express written consent on a case-by-case basis. By way of illustration but not limitation “Proprietary Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”); and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding the skills and compensation of other employees of Company. Notwithstanding the other provisions of this Agreement, nothing received by Consultant will be considered to be Company Proprietary Information if (1) it has been published or is otherwise readily available to the public other than by a breach of this Agreement; (2) it has been rightfully received by Consultant from a third party without confidential limitations; (3) it has been independently developed for Consultant by personnel or agents having no access to the Company Proprietary Information; or (4) it was known to Consultant prior to its first receipt from Company.

Consultant and Company agree to keep this consulting assignment confidential to Company unless mutually agreed or disclosure is required by regulatory agencies 

3.2. 

Third Party Information. 

Consultant understands that Company has received and will in the future receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Company’s part to maintain the confidentiality of such information and use it only for certain limited purposes. Consultant agrees to hold Third Party Information on confidence and not to disclose to anyone (other than Company personnel who need to know such information in connection with their work for Company) or to use, except in connection with Consultant’s work for Company, Third Party Information unless expressly authorized in writing by an officer of Company.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

3.3. 

No Conflict of Interest. 

Consultant agrees during the term of this Agreement not to accept work or enter into a contract or accept an obligation, inconsistent or incompatible with Consultant’s obligations under this Agreement or the scope of services rendered for Company. Consultant warrants that to the best of his knowledge, there is no other existing contract or duty on Consultant’s part inconsistent with this Agreement, unless a copy of such contract or a description of such duty is attached to this Agreement as Exhibit B. Consultant further agrees not to disclose to Company, or bring onto Company’s premises, or induce Company to use any confidential information that belongs to anyone other than Company or Consultant.

3.4. 

Disclosure of Work Product. 

As used in this Agreement, the term “Work Product” means any Invention, whether or not patentable, and all related know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software or other copyrightable or patentable works, information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers. Consultant agrees to disclose promptly in writing to Company, or any person designated by Company, all Work Product which is solely or jointly conceived, made, reduced to practice, or learned by Consultant in the course of any work performed for Company herein or otherwise (“Company Work Product”). Consultant represents that any Work Product relating to Company’s business or any Project which Consultant has made, conceived or reduced to practice at the time of signing this Agreement 

(“Prior Work Product”) has been disclosed in writing to Company and attached to this Agreement as Exhibit C. If disclosure of any such Prior Work Product would cause Consultant to violate any prior confidentiality agreement, Consultant understands that it is not to list such Prior Work Product in Exhibit C but it will disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs, and the fact that full disclosure as to such Prior Work Product has not been made for that reason. A space is provided in Exhibit C for such purpose.

3.5. 

Ownership of Work Product. 

Consultant shall specifically describe and identify in Exhibit C all technology which (a) Consultant intends to use in performing under this Agreement, (b) is either owned solely by Consultant or licensed to Consultant with a right to sublicense and (c) is in existence in the form of a writing or working prototype prior to the Effective Date (“Background Technology”). Consultant agrees that any and all Inventions conceived, written, created or first reduced to practice in the performance of work under this Agreement shall be the sole and exclusive property of Company. 

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

3.6.

Assignment of Company Work Product. 

Except for Consultant’s rights in the Background Technology, Consultant irrevocably assigns to Company all right, title and interest worldwide in and to the Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary Rights”). Consultant retains no rights to use the Company Work Product and agrees not to challenge the validity of Company’s ownership in the Company Work Product. 

3.7. 

Waiver or Assignment of Other Rights. 

If Consultant has any rights to the Company Work Product that cannot be assigned to Company, Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Company with respect to such rights, and agrees, at Company’s request and expense, to consent to and join in any action to enforce such rights. If Consultant has any right to the Company Work Product that cannot be assigned to Company or waived by Consultant, Consultant unconditionally and irrevocably grants to Company during the term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple levels of sublicensees, to reproduce, create derivative works of, distribute, publicly perform and publicly display by all means now known or later developed, such rights.

3.8. 

Assistance. 

Consultant agrees to cooperate with Company or its designee(s), both during and after the term of this Agreement, in the procurement and maintenance of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed necessary by Company to carry out the purpose of this Agreement. Consultant agrees to execute upon Company’s request a signed transfer of copyright to Company in the form attached to this Agreement as Exhibit D for all Company Work Product subject to copyright protection, including, without limitation, computer programs, notes, sketches, drawings and reports.

3.9. 

Enforcement of Proprietary Rights. 

Consultant will assist Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights relating to Company Work Product in any and all countries. To that end Consultant will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such 

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

Proprietary Rights and the assignment thereof. In addition, Consultant will execute, verify and deliver assignments of such Proprietary Rights to Company or its designee. Consultant’s obligation to assist Company with respect to Proprietary Rights relating to such Company Work Product in any and all countries shall continue beyond the termination of this Agreement, but Company shall compensate Consultant at a reasonable rate after such termination for the time actually spent by Consultant at Company’s request on such assistance.

3.10. 

Execution of Documents. 

In the event Company is unable for any reason, after reasonable effort, to secure Consultant’s signature on any document needed in connection with the actions specified in the preceding sections 3.8 and 3.9, Consultant hereby irrevocably designates and appoints Company and its duly authorized officers and agents as its agent and attorney in fact, which appointment is coupled with an interest, to act for and in its behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by Consultant. Consultant hereby waives and quitclaims to Company any and all claims, of any nature whatsoever, which Consultant now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to Company.

ARTICLE FOUR

CONSULTANT REPRESENTATIONS AND WARRANTIES

Consultant hereby represents and warrants that (a) the Company Work Product will be an original work of Consultant and any third parties will have executed assignment of rights reasonably acceptable to Company; (b) neither the Company Work Product nor any element thereof will infringe the Intellectual Property Rights of any third party; (c) neither the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances or encroachments; (d) Consultant will not grant, directly or indirectly, any rights or interest whatsoever in the Company Work Product to third parties; (e) Consultant has full right and power to enter into and perform this Agreement without the consent of any third party; (f) Consultant will take all necessary precautions to prevent injury to any persons (including employees of Company) or damage to property (including Company’s property) during the term of this Agreement; (g) Consultant agrees to abide by any and all rules, policies and procedures as communicated to Consultant by the Company; (h) to the extent required by law, the Project shall be performed by individuals duly licensed and authorized by law to work on the Project; and (h) should Company permit Consultant to use any of Company’s equipment, tools, or facilities during the term of this Agreement, such permission shall be gratuitous and Consultant shall be responsible for any injury to any person (including death) or damage to property (including Company’s property) arising out of use of such equipment, tools 

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

or facilities, whether or not such claim is based upon its condition or on the alleged negligence of Company in permitting its use.

ARTICLE FIVE

INDEMNIFICATION

Consultant will indemnify and hold harmless Company, its officers, directors, employees, sublicensees, customers and agents from any and all claims, losses, liabilities, damages, expenses and costs (including attorneys’ fees and court costs) which result from a breach or alleged breach of any representation or warranty of Consultant (a “Claim”) set forth in Article Four of this Agreement, provided that Company gives Consultant written notice of any such Claim and Consultant has the right to participate in the defense of any such Claim at its expense. From the date of written notice from Company to Consultant of any such Claim, Company shall have the right to withhold from any payments due Consultant under this Agreement the amount of any defense costs, plus additional reasonable amounts as security for Consultant’s obligations under this Article Five.

ARTICLE SIX

GOVERNMENT OR THIRD PARTY CONTRACTS

6.1

Government Contracts. 

In the event that Consultant shall perform services under this Agreement in connection with any Government contract in which Company may be the supplier, prime contractor or subcontractor, Consultant agrees to abide by all laws, rules and regulations relating thereto. To the extent that any such law, rule or regulation requires that a provision or clause be included in this Agreement, Consultant agrees that such provision or clause shall be added to this Agreement and the same shall then become a part of this Agreement.

6.2

Security. 

In the event the services of the Consultant should require Consultant to have access to Department of Defense classified material, or other classified material in the possession of Company’s facility, such material shall not be removed from Company’s facility. Consultant agrees that all work performed under this Agreement by Consultant which involves the use of classified material mentioned above shall be performed in a secure fashion (consistent with applicable law and regulations for the handling of classified material) and only at Company’s facility.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

6.3

Ownership. 

Consultant also agrees to assign all of its right, title and interest in and to any Work Product to a Third Party, including without limitation the United States, as directed by Company.

ARTICLE SEVEN

COVENANT NOT TO COMPETE/NON-SOLICITATION OF CUSTOMERS

Consultant agrees that Consultant will not, at any time within a period of twenty-four (24) months after the termination of this Agreement, without the prior written approval of the Company’s board of directors, directly within the United States or its territories, engage in any business activity directly competitive with the Company’s optical polymer materials business  at the time of termination. In addition, Consultant agrees that during such non-competition period he will not solicit directly, any employee or customer (for polymer materials) of the Company who was such at the time of Consultant's employment hereunder.  If the provisions 

of this Article Seven should ever be adjudicated to exceed the time, geographic or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic or other limitations permitted by applicable law.

ARTICLE EIGHT

INJUNCTIVE RELIEF

The parties acknowledge that disclosure or unauthorized use of any Confidential Information by each other may give rise to irreparable injury to each party, its subsidiaries and/or affiliated companies. Accordingly, the parties or such other party may seek and obtain injunctive relief against the breach or threatened breach of the foregoing undertakings, in addition to any other legal remedies which may be available.

ARTICLE NINE

NOTICES

All notices, demands or other written communications hereunder shall be in writing, and unless otherwise provided, shall be deemed to have been duly given on the first business day after mailing by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

TO CONSULTANT:

Fred Leonberger

Principal

EOvation Advisors LLC

1058 Tamiami Trail

Suite 108-146

Sarasota Fl 34236

860-305-1278

TO THE COMPANY:

James S. Marcelli

President & COO

Lightwave Logic, Inc.

1831 Lefthand Circle

Suite C

Longmont, CO 80501

720-340-4949

in each case, with copies to such other addresses or to such other persons as any Party shall designate to the others for such purposes in manner hereinabove set forth.

ARTICLE TEN

MISCELLANEOUS

This Agreement shall be binding upon and shall inure to the benefit of the Company’s successors, transferees, and assigns. Any amendment to this Agreement must be in writing signed by Consultant and the Company. The Company and Consultant acknowledge that any amendment of this Agreement (including, without limitation, any extension of this Agreement or any change from the terms of Article 2 in the consideration to be provided to Consultant with respect to services to be provided hereunder) or any departure from the terms or conditions hereof with respect to Consultant’s consulting services for the Company is subject to the Company’s and Consultant’s prior written approval. This Agreement supersedes any prior consulting or other similar agreements between Consultant and the Company with respect to the subject matter hereof. There is no other agreement governing or affecting the subject matter hereof. All notices hereunder shall be deemed to have been given, if made in writing, when mailed, postage prepaid, to the parties at the addresses set forth above, or to such other addresses as a party shall specify to the other. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. Nothing in this Agreement shall be construed or shall constitute a partnership, joint venture, employer-employee relationship or lessor-lessee relationship but, rather, the relationship established pursuant hereto is that of principal and independent contractor.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

The Company agrees that Fred Leonberger will be covered by the Company’s D&O insurance.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

			
	 
	Lightwave Logic, Inc.:

	 
	 
	 

	 
	By:  

	/s/ James S. Marcelli

	 
	 
	James S. Marcelli,

	 
	 
	President & COO

	 
	 
	 

	 
	 
	 

	 
	By:  

	/s/ Fred Leonberger

	 
	 
	Fred Leonberger, PhD

	 
	 
	Principal

	 
	 
	EOvation Advisors, LLC

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

EXHIBIT A

STATEMENT OF WORK

CY2016

Goal: Working with LWLG management and Board of Directors, assess and advise on photonic markets, technology and business opportunities, and for those that are most promising, help facilitate strategic relationships/acquisitions and/or the development and introduction of photonic products.

Level of effort: 2-4 days/month for 12 months, extension by mutual agreement

Specific Tasks

Opportunities based on LWLG materials

For modulators and other waveguide devices, oversee modeling efforts and work with LWLG management to develop and execute a product development plan. The plan will include product design, technology development, fab implementation, staffing, product qualification, continual market assessment, and sales and pricing strategy. Participate in other device activities, as appropriate, such as strategic planning and partnership formations, and university collaborations

For other photonic devices, assist LWLG management in market, technology and business opportunity assessments, and related planning/strategy activities. Participate in plan and product- development reviews as appropriate.

Other LWL Opportunities

Work with LWLG management to identify, assess and execute on possible business acquisitions and/or partnerships.  Execution assistance can include diligence, deal-term negotiations and integration planning.

Introduce LWLG to companies and potential partners, and serve as reference.

These specific tasks will be performed remotely as much as practical, i.e., by phone and email.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

Compensation:

EA compensation for serving as a Senior Advisor to the Company will be at rate of $1400 per 8-hr day, plus reimbursement for any pre-agreed expenses 125,000 Warrants to purchase Common Stock under the conditions set forth in Warrant #201, subject to the approval of the Board of Directors. 

Acquisition success fee:  For any LWLG acquisition that FJL is actively involved in, as agreed to by the Company and FJL, fee of 2% of portion of purchase price up to $10 million purchase price. A purchase price above $10 million will be negotiated on some form of sliding scale.

All work will be performed for EA by Fred Leonberger, unless mutually agreed 

EA invoices will be submitted monthly, by electronic means

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

EXHIBIT B

Conflict of Interest Disclosure

Consultant is presently a member of the Board of Directors of Menara Networks and RIO; each of these companies may develop photonic devices, modules and/or systems that may compete with, or be business opportunities for, Company products. At present, all of the optical products of these companies are based on inorganic (e.g., semiconductor) materials and thus believed to not be directly competitive with Company planned products.

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

EXHIBIT C

Prior Work Product Disclosure

1. Except as listed in Section 2 below, the following is a complete list of all Prior Work Product that have been made or conceived or first reduced to practice by Consultant alone or jointly with others prior to my engagement by Lightwave Logic, Inc.:

[x] No inventions or improvements.

[  ] See below:

[List other work product here]

[  ] Additional sheets attached.

2. Due to a prior confidentiality agreement, Consultant cannot complete the disclosure under Section 1 above with respect to inventions or improvements generally listed below, the proprietary rights and duty of confidentiality with respect to which Consultant owes to the following party(ies): 

Invention or Improvement Party(ies) Relationship:

1.

___________________________

2.

___________________________

3.

___________________________

[  ] Additional sheets attached.

(a)

(b)

(c)

(d)

Background Technology Disclosure

The following is a list of all Background Technology which Consultant intends to use in performing under this Agreement:

[List all background technology to be used under this Agreement here.]

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

EXHIBIT D

Assignment of Copyright

For good and valuable consideration which has been received, the undersigned sells, assigns and transfers to Lightwave Logic, Inc., a Nevada corporation, and its successors and assigns, the copyright in and to the following work, which was created by the following indicated author(s): 

Title:

Author(s):

Copyright Office Identification No. (if any):

and all of the right, title and interest of the undersigned, vested and contingent, therein and thereto.

Executed _______________________ [date].

Signature: ____________________________

Printed Name: ________________________

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

EXHIBIT E

Warrant Agreement Fred Leonberger

Lightwave Logic, Inc., 1831 Lefthand Circle, Suite C, Longmont, CO 80501

www.lightwavelogic.com, Phone:  720-340-4949

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