Document:

Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) between Synthetic Biologics, Inc., a Nevada corporation, (the “Company”),
and Steven A. Shallcross (the “Executive”) is effective as of January 3, 2022 (the “Effective Date”)
and replaces and supersedes the employment agreement between the Executive and the Company dated December 6, 2018 as amended December
5, 2019 (the “Prior Agreement”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Executive has been employed by the Company as its Chief Executive Officer and Chief Financial Officer pursuant to the terms of the
Prior Agreement;

 

WHEREAS,
the Company desires to continue to employ the Executive as its President and Chief Executive Officer and as its Chief Financial Officer
and the Executive desires to accept such employment, on the terms and conditions set forth in this Agreement; and

 

WHEREAS,
the Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall replace the Prior Employment
Agreement in its entirety.

 

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

 

1.            
EMPLOYMENT.

 

(a)              
TERMINATION OF PRIOR EMPLOYMENT AGREEMENT. Effective as of 11:59 p.m. on the day immediately prior to the Effective Date,
the Prior Employment Agreement shall automatically terminate and be of no further force and effect.

 

(b)              
EMPLOYMENT TERM. The Company hereby offers to continue to employ the Executive, and the Executive hereby accepts continued
employment by the Company, upon the terms and conditions set forth in this Agreement, until the termination of the Executive’s
employment in accordance with Section 10 below, as applicable (the “Employment Term”). The Executive shall
be employed for three years unless there is an earlier termination in accordance with Section 10 below.

 

2.            
POSITION & DUTIES. During the Employment Term, the Executive shall serve as the Company’s President, Chief
Executive Officer and Chief Financial Officer. As President, Chief Executive Officer and Chief Financial Officer, the Executive shall
have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar
capacities in similarly sized companies and such other duties and responsibilities as the Company’s Board of Directors (the “Board”)
shall designate that are consistent with the Executive’s position as President, Chief Executive Officer and Chief Financial Officer,
including directing, supervising and having responsibility for all aspects of the operations and general affairs of the Company as directed
by the Board. The Executive shall report to, and be subject to, the lawful direction of the Board. During the Employment Term, the Executive
shall use his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to the Executive hereunder
and devote all of the Executive’s business time (excluding periods of vacation and other approved leaves of absence) to the performance
of the Executive’s duties with the Company. During the Term, the Executive shall also serve, without additional compensation, as
a member of the Board and the board of directors of the Company’s subsidiaries and in such other executive-level positions or capacities
as may, from time to time, be reasonably requested by the Board.

 

     

     

    

 

3.           
LOCATION. Unless the parties otherwise agree in writing, at all times during the Employment Term, the Executive’s
principal place of business for performance of the services under this Agreement shall be in Rockville, Maryland.

 

4.           
BASE SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”)
at an annual rate of $585,000, payable semi-monthly in accordance with the regular payroll practices of the Company. The Executive’s
Base Salary shall be subject to review and adjustment from time to time by the Board (or a committee thereof) in its sole discretion,
but may not be decreased. The base salary as determined herein from time to time shall constitute “Base Salary” for purposes
of this Agreement.

 

5.           
ANNUAL BONUS. With respect to each calendar year during the Employment Term (beginning in the year of the Effective
Date), the Executive will be eligible to earn a cash annual performance bonus (the “Annual Bonus”). Beginning
in the 2022 calendar year and for each full calendar year thereafter, the Executive will be eligible for an Annual Bonus of up to fifty
percent (50%) of the Base Salary. The Annual Bonus will be based upon the Board’s assessment of the Executive’s performance
and the Company’s attainment of targeted goals as set by the Board in its sole discretion. The Annual Bonus, if any, will be subject
to applicable payroll deductions and withholdings. Following the close of each calendar year, the Board will determine whether the Executive
has earned the Annual Bonus, and the amount of any Annual Bonus, based on the set criteria. No amount of the Annual Bonus is guaranteed,
and the Executive must be an employee in good standing through the end of the applicable calendar year to be eligible to receive an Annual
Bonus; no partial or prorated bonuses will be provided. The Annual Bonus, if earned, will be paid on or about December 1, but no later
than December 31, of the applicable calendar year for which the Annual Bonus is being measured. The Executive’s eligibility for
an Annual Bonus is subject to change in the discretion of the Board (or any authorized committee thereof). In addition, the Executive
will also be eligible to receive annual equity awards pursuant to the Company’s incentive equity plans, such awards (including
the number and type of awards), if any, to be in the sole discretion of the Board.

 

6.           
EQUITY. In accordance with the terms of the various Option Grant Agreements entered into between the Executive and
the Company (collectively, the “Grant Agreements”), the Executive has been granted options to purchase an aggregate
of One Million Eight Hundred Eight Thousand Five Hundred Seventy Five (1,808,575) shares of the Company’s publicly traded common
stock (the “Grant”) subject to the terms of the Company’s 2020 Stock Incentive Plan, 2001 Stock Incentive
Plan, 2007 Stock Incentive Plan, 2010 Stock Incentive Plan and 2020 Stock Incentive Plan (the “Plans”) and
the related Grant Agreements between the parties. Except as specifically provided herein, the provisions of the Grant Agreements and
the Executive’s rights with respect to the grants thereunder shall continue.

 

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7.           
 EMPLOYEE BENEFITS.

 

(a)              
BENEFIT PLANS. The Executive shall, in accordance with Company policy and the terms of the applicable Company benefit plan
documents, be eligible to participate in any benefit plan or arrangement, including health, life and disability insurance, retirement
plans and the like, that may be in effect from time to time and made available to the Company’s senior management. All matters
of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The
Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in
the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices,
this Agreement shall control.

 

(b)              
VACATION. The Executive shall be entitled to twenty-two (22) days paid vacation and sick leave per year in accordance with
the Company’s policies and shall be entitled to accrue ten (10) days of vacation time during the Employment Term in accordance
with the Company’s vacation policy. Vacation is to be taken at such intervals as shall be appropriate and consistent with the proper
performance of the Executive’s duties hereunder. The existing vacation accrued for the past four (4) years to date not to exceed
sixty (60) days will rollover into this Agreement.

 

(c)              
SUPPLEMENTAL DISABILITY BENEFITS. During the Employment Term, the Company will pay for the applicable premiums for the
Executive’s coverage under its existing supplemental disability policy.

 

(d)              
GENERAL EXPENSE REIMBURSEMENTS. The Company will reimburse the Executive for all reasonable business expenses, including
travel, computer and cellular phone costs that the Executive incurs in performing the services hereunder pursuant to the Company’s
usual expense reimbursement policies and practices, following submission by the Executive of reasonable documentation thereof. All reimbursements
provided under this Agreement shall be made in accordance with the requirements of Section 409A (as defined below) to the extent that
such reimbursements are subject to Section 409A, including, as applicable, the requirements that (i) any reimbursement is for expenses
incurred during the Employment Term, (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the
expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before
the last day of the calendar year following the calendar year in which the expense was incurred, and (iv) the right to reimbursement
is not subject to liquidation or exchange for any other benefit.

 

(e)              
INDEMNIFICATION. The Company shall provide the Executive with full advance indemnification to the extent permitted by Nevada
law, including indemnification for activities at all subsidiaries.

 

8.            
CONFIDENTIALITY AND POST-EMPLOYMENT OBLIGATIONS. Executive agrees that the Company’s form of Proprietary Information,
Inventions, Non-Solicitation and Non-Competition Agreement dated February 27, 2017 (the “Confidentiality Agreement”),
which Executive had executed remains in full force and effect. The Confidentiality Agreement may be amended by the parties from time
to time without regard to this Agreement.

 

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The
Confidentiality Agreement contains provisions that are intended by the parties to survive and do survive termination of this Agreement.

 

9.            
OUTSIDE ACTIVITIES DURING EMPLOYMENT.

 

(a)              
NO ADVERSE INTERESTS. The Executive agrees not to acquire, assume or participate in, directly or indirectly, any position,
investment or interest known by him to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise during
the Employment Term without the consent of the Board. Except with the prior written consent of the Board, during the Employment Term
the Executive will not undertake or engage in any other employment, occupation or business enterprise. Notwithstanding the foregoing,
nothing shall not prevent the Executive from participating in charitable, civic, educational, professional, community or industry affairs
or, with prior approval of the Board, serving on the board of directors or advisory boards of other companies; provided that such
activities or services do not (i) create a conflict with his employment hereunder; (ii) materially interfere with the performance of
his duties; or (iii) violate the terms of the Confidentiality Agreement.

 

(b)              
NONCOMPETITION. Other than as permitted by Section 9(a), during the Employment Term and for the one year period thereafter
(the “Non-Competition Period”), except on behalf of the Company, the Executive will not directly or indirectly,
whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever
engage in, become financially interested in, participate in, be employed by or have any business connection with any other person, corporation,
firm, partnership or other entity whatsoever which competes with the Company, anywhere throughout the world, in any line of business
engaged in (or planned to be engaged in) by the Company other than de minimis stock holdings in public companies; provided,
however, that anything above to the contrary notwithstanding, he may own, as a passive investor, securities of any competitor corporation,
so long as his direct holdings in any one such corporation shall not in the aggregate constitute more than one percent (1%) of the voting
stock of such corporation, and provided that the Executive promptly discloses to the Board any such participation, other than
such de minimis stock holdings.

 

(c)              
NONSOLICITATION. During the Non-Competition Period, Executive shall not, directly
or indirectly, (i) induce or attempt to induce or aid others in inducing anyone working at or for the Company to cease working at or
for the Company, or in any way interfere with the relationship between the Company and anyone working at or for the Company except in
the proper exercise of Executive’s authority or (ii) in any way interfere with the relationship between the Company and any customer,
supplier, licensee or other business relation of the Company.

 

(d)              
SCOPE.  If, at the time of enforcement of this Section 9, a court shall hold that the duration, scope, area or
other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope,
area or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

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(e)            
INDEPENDENT AGREEMENT.  The covenants made in this Section 9 shall be construed as an agreement independent of any other
provisions of this Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or
cause of action of Executive against the Company or any of its affiliates, whether or not predicated upon the terms of this Agreement,
shall not constitute a defense to the enforcement of these covenants.

 

10.          
TERMINATION. The Executive’s employment and the Employment Term shall terminate on the first of the following
to occur:

 

(a)              
DISABILITY. Upon the 30th day following the Executive’s receipt of notice of the Company’s termination
due to Disability (as defined in this Section); provided that, the Executive has not returned to full-time performance of his
duties within thirty (30) days after receipt of such notice. If the Company determines in good faith that the Executive’s
Disability has occurred during the term of this Agreement, it will give the Executive written notice of its intention to terminate his
employment.  For purposes of this Agreement, “Disability” shall occur when the Board determines that the
Executive has become physically or mentally incapable of performing the essential functions of his job duties under this Agreement with
or without reasonable accommodation, for ninety (90) consecutive days or one hundred twenty (120) nonconsecutive days in any twelve (12)
month period, subject to any applicable law. For purposes of this Section, at the Company’s request, the Executive agrees to make
himself available and to cooperate in a reasonable examination by an independent qualified physician selected by the Board.

 

(b)              
DEATH. Automatically on the date of death of the Executive.

 

(c)              
CAUSE. Immediately upon written notice by the Company to the Executive of a termination for Cause. For purposes of this
Agreement, “Cause” shall mean the occurrence of any of the following events, as determined by the Board in
its sole and absolute discretion: (i) gross insubordination, acts of embezzlement or misappropriation of funds, fraud, dereliction of
fiduciary obligations; (ii) conviction of a felony or other crime involving moral turpitude, dishonesty or theft (including entry of
a nolo contendere plea); (iii) willful unauthorized disclosure of confidential information belonging to the Company or entrusted
to the Company by a client; (iv) material violation of any provision of this Agreement, of any Company policy, and/or of the Confidentiality
Agreement, which, to the extent it is curable by the Executive, is not cured by the Executive within thirty (30) days of receiving written
notice of such violation by the Company; (v) being under the influence of drugs (other than prescription medicine or other medically-related
drugs to the extent that they are taken in accordance with their directions) during the performance of the Executive’s duties under
this Agreement; (vi) engages in conduct that violates the Company’s non-discrimination/harassment policy and warrants termination;
(vii) willful failure to perform his written assigned tasks, where such failure is attributable to the fault of the Executive which,
to the extent it is curable by the Executive, is not cured by Executive within thirty (30) days of receiving written notice of such violation
by the Company.

 

(d)              
WITHOUT CAUSE. Upon written notice by the Company to the Executive of an involuntary termination without Cause and other
than due to death or Disability.

 

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(e)              
 WITH GOOD REASON. Upon the Executive’s notice following the end of the Cure Period (as defined in this Section).
For purposes of this Agreement, “Good Reason” for the Executive to terminate his employment hereunder shall
mean the occurrence of any of the following events without the Executive’s consent: (i) a material reduction in the Executive’s
Base Salary (other than an across-the-board decrease in base salary applicable to all executive officers of the Company); (ii) a material
breach of this Agreement by the Company; (iii) a material reduction in the Executive’s duties, authority and responsibilities relative
to the Executive’s duties, authority, and responsibilities in effect immediately prior to such reduction; or (iv) the relocation
of the Executive’s principal place of employment, without the Executive’s consent, in a manner that lengthens his one-way
commute distance by fifty (50) or more miles from his then-current principal place of employment immediately prior to such relocation;
provided, however, that, any such termination by the Executive shall only be deemed for Good Reason pursuant to this definition
if: (1) the Executive gives the Company written notice of his intent to terminate for Good Reason within thirty (30) days following the
first occurrence of the condition(s) that he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the
Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”);
and (3) the Executive voluntarily terminates his employment within thirty (30) days following the end of the Cure Period.

 

(f)               
WITHOUT GOOD REASON. Upon the expiration of the Transition Period (as defined in this Section) unless otherwise provided
by the Company as provided herein, the Executive shall provide thirty (30) days’ prior written notice (the “Transition
Period”) to the Company of the Executive’s intended termination of employment without Good Reason (“Voluntary
Termination”). During the Transition Period, the Executive shall assist and advise the Company in any transition of business,
customers, prospects, projects and strategic planning, and the Company shall continue to pay Executive’s Base Salary and benefits
through the end of the Transition Period. The Company may, in its sole discretion, upon five (5) days prior written notice to the Executive,
make such termination of employment effective earlier than the expiration of the Transition Period (“Early Termination Right”),
but it shall pay the Executive’s Base Salary and benefits through the earlier of: the end of the Transition Period, or the date
that the Executive accepts full-time employment or a full-time consulting engagement from a third party.

 

11.         
CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided under this Agreement to the Executive
shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the plans,
policies or programs of the Company or its affiliates as may be in effect from time to time. Subject to satisfaction of each of the conditions
set forth in Section 12, the following amounts and benefits shall be due to the Executive. Any Accrued Amounts (as defined in Section
11(a)) shall be payable on the next regularly scheduled Company payroll date following the date of termination or earlier if required
by applicable law.

 

(a)              
DISABILITY. Upon employment termination due to Disability, the Company shall pay or provide the Executive: (i) any unpaid
Base Salary through the date of termination and any accrued vacation; (ii) any unpaid Annual Bonus earned with respect to any calendar
year ending on or preceding the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through the date of termination;
and (iv) all other payments and benefits to which the Executive may be entitled under the terms of any applicable compensation arrangement
or benefit, equity or perquisite plan or program or grant or this Agreement, including but not limited to any applicable insurance benefits
(collectively, “Accrued Amounts”). In addition, upon the Executive’s termination due to Disability, the
Executive shall be entitled to exercise any vested equity award(s) granted to the Executive for a period equal to the shorter of: (i)
six (6) months after termination, or (ii) the remaining term of the award(s).

 

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(b)              
DEATH. In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate (or
to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled to
any Accrued Amounts, including but not limited to proceeds from any Company sponsored life insurance programs. In addition, upon the
Executive’s death, the Company will extend the time period that the Executive’s estate (or to the extent a beneficiary has
been designated in accordance with a program, the beneficiary under such program) shall be entitled to exercise any vested equity award(s)
granted to the Executive for a period equal to the shorter of: (i) six (6) months after termination, or (ii) the remaining term of the
award(s).

 

(c)              
TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment should be terminated (i) by the Company
for Cause, or (ii) by the Executive without Good Reason, the Company shall pay to the Executive any Accrued Amounts only, and shall not
be obligated to make any additional payments to the Executive. In addition, upon the Executive’s termination by the Company for
Cause, or by the Executive for Good Reason, all options not exercised shall terminate.

 

(d)              
TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated by the Company
without Cause (and not due to Disability or death) or by the Executive for Good Reason, then the Company shall pay or provide the Executive
with the Accrued Amounts and subject to compliance with Section 12:

 

i.                       
continued payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment Term
(ignoring any decrease in Base Salary that forms the basis for Good Reason), for a period of twelve (12) months following the termination
date (the “Severance Period”) on the Company’s regular payroll dates; provided, however, that
any payments otherwise scheduled to be made prior to the effective date of the General Release (namely, the date it can no longer be
revoked) shall accrue and be paid in the first payroll date that follows such effective date with subsequent payments occurring on each
subsequent Company payroll date;

 

ii.                       
if the Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s
group health plans following such termination, then the Company shall pay the COBRA premiums necessary to continue the Executive’s
and his covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date
until the earliest of (i) twelve (12) months following the termination date; (ii) the date when the Executive becomes eligible for substantially
equivalent health insurance coverage in connection with new employment or self-employment; or (iii) the date the Executive ceases to
be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through
the earlier of (i)-(iii), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company
determines that its payment of COBRA premiums on the Executive’s behalf would result in a violation of applicable law (including
but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay the Executive on the last day of each remaining
month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax
withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without
regard to the Executive’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of
the COBRA Payment Period. Nothing in this Agreement shall deprive the Executive of his rights under COBRA or ERISA for benefits under
plans and policies arising under his employment by the Company; and

 

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iii.                       
all unvested stock options and other equity awards shall immediately vest and Executive shall be entitled to exercise any vested
equity awards for a period equal to the shorter of: (i) eighteen (18) months after termination, or (ii) the remaining term of the award(s).

 

If
the Executive’s employment by the Company is terminated by the Company without Cause (and not due to Disability or death) or by
the Executive for Good Reason, then the Executive will be eligible to receive additional severance benefits including, but not limited
to, a pro-rata portion of the Executive’s Annual Bonus, as determined by the Board of Directors, for the performance year in which
the Executive’s termination occur.

 

12.         
CONDITIONS. Any payments or benefits made or provided pursuant to Section 11 (other than Accrued Amounts) are
subject to the Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s, or in the
event of the Executive’s Disability, the guardian’s):

 

(a)              
compliance with the provisions of Section 8 hereof;

 

(b)              
delivery to the Company of an executed waiver and general release of any and all known and unknown claims, and other provisions
and covenants, in the form acceptable to the Company (which shall be delivered to the Executive within five (5) business days following
the termination date) (the “General Release”) within 21 days of presentation thereof by the Company to the
Executive (or a longer period of time if required by law), and permitting the General Release to become effective in accordance with
its terms; and

 

(c)              
delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates
and employee benefit plans effective as of the termination date.

 

Notwithstanding
the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Amounts)
shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive having revoked
such General Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen (15) days of the expiration
of such revocation period without the occurrence of a revocation by the Executive (or such later date as may be required under Section
19 of this Agreement). Nevertheless (and regardless of whether the General Release has been executed by the Executive), upon any termination
of the Executive’s employment, the Executive shall be entitled to receive any Accrued Amounts, payable after the date of termination
in accordance with the Company’s applicable plan, program, policy or payroll procedures. Notwithstanding anything to the contrary
in this Agreement, if any severance pay or benefits are deferred compensation under Section 409A (as defined below), and the period during
which the Executive may sign the General Release begins in one calendar year and the first payroll date following the period during which
the Executive may sign the General Release occurs in the following calendar year, then the severance pay or benefit shall not be paid
or the first payment shall not occur until the later calendar year.

 

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13.          
CONSEQUENCES OF A CHANGE IN CONTROL.

 

(a)              
Upon the closing of a Change in Control (as defined below), all unvested stock options and other equity awards shall immediately
vest and the time period that the Executive shall have to exercise all vested stock options and other awards that the Executive may have
under the Plan (including the Initial Grant) or any successor equity compensation plan as may be in place from time to time shall be
equal to the shorter of: (i) eighteen (18) months days after termination, or (ii) the remaining term of the award(s).

 

(b)              
If within one year after the occurrence of a Change in Control, the Executive terminates his employment with the Company for Good
Reason or the Company terminates the Executive's employment for any reason other than death, Disability or Cause, the Company (or the
then former Company subsidiary employing the Executive), or the consolidated, surviving or transferee person in the event of a Change
in Control pursuant to a consolidation, merger or sale of assets, the Executive shall be entitled to receive from the Company (i) the
portion of the Base Salary for periods prior to the effective date of termination accrued but unpaid (if any); (ii) all unreimbursed
expenses (if any), subject to Section 7(b); (iii) an aggregate amount (the “Change in Control Severance Amount”) equal to
two times the sum of the Base Salary plus an amount equal to the bonus that would be payable if the “target” level performance
were achieved under the Company's annual bonus plan (if any) in respect of the fiscal year during which the termination occurs (or the
prior fiscal year if bonus levels have not yet been established for the year of termination). The Change in Control Severance Amount
shall be paid in a lump sum, if the Change in Control event constitutes a “change in the ownership” or a “change in
the effective control” of the Company or a “change in the ownership of a substantial portion of a corporation's assets”
(each within the meaning of Section 409A), or in 48 substantially equal payments, if the Change in Control event does not so comply with
Section 409A. The lump sum amount shall be paid, or the installment payments shall commence, as applicable, on the first scheduled payroll
date (in accordance with the Company's payroll schedule in effect for the Executive immediately prior to such termination) that occurs
on or following the date that is 30 days after the Executive's termination of employment; provided, however, that the payment
of such Change in Control Severance Amount and is subject to the Executive's compliance with the
requirement to deliver the General Release contemplated pursuant to Section 12(b). Any such installment payment shall be treated as a
separate payment as defined under Treasury Regulation §1.409A-2 (b)(2). If the Executive is a “specified employee” (as
determined under the Company's policy for identifying specified employees) on the date of his “separation from service” (within
the meaning of Section 409A) and if any portion of the severance amount described in clause (iii) would be considered “deferred
compensation” under Section 409A, such severance amount shall not be paid or commence to be paid on any date prior to the first
business day after the date that is six months following the Executive's separation from service (unless any such payment(s) shall satisfy
the short-term deferral rule, as defined in Treasury Regulation §1.409A-1(b)(4), or shall be treated as separation pay under Treasury
Regulation §1.409A-1(b)(9)(iii) or §1.409A-1(b)(9)(v)). If paid in installments, the first payment that can be made shall include
the cumulative amount of any amounts that could not be paid during such six-month period. In addition, interest will accrue at the 10-year
T-bill rate (as in effect as of the first business day of the calendar year in which the separation from service occurs) on such lump
sum amount or installment payments, as applicable, not paid to the Executive prior to the first business day after the sixth month anniversary
of his separation from service that otherwise would have been paid during such six-month period had this delay provision not applied
to the Executive and shall be paid at the same time at which the lump sum payment or the first installment payment, as applicable, is
made after such six-month period. Notwithstanding the foregoing, a payment delayed pursuant to the preceding three sentences shall commence
earlier in the event of the Executive's death prior to the end of the six-month period. Upon the termination of employment with the Company
for Good Reason by the Executive or upon the involuntary termination of employment with the Company of the Executive for any reason other
than death, Disability or Cause, in either case within two years after the occurrence of a Change in Control, the Company (or the then
former Company subsidiary employing the Executive), or the consolidated, surviving or transferee person in the event of a Change in Control
pursuant to a consolidation, merger or sale of assets, shall also provide, for the period of two consecutive years commencing on the
date of such termination of employment, medical, dental, life and disability insurance coverage for the Executive and the members of
his family which is not less favorable to the Executive than the group medical, dental, life and disability insurance coverage carried
by the Company for the Executive and the members of his family at the time of termination; provided,
however, that such payments are subject to the Executive's compliance with the requirement to deliver the General Release contemplated
pursuant to Section 12(b).

 

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(c)
        For purposes of this Agreement, “Change in Control” means:

 

(i)
any person or entity becoming the beneficial owner, directly or indirectly, of securities of the Company representing fifty percent (50%)
of the total voting power of all its then outstanding voting securities;

 

(ii)
a merger or consolidation of the Company in which its voting securities immediately prior to the merger or consolidation do not represent,
or are not converted into securities that represent, a majority of the voting power of all voting securities of the surviving entity
immediately after the merger or consolidation; or

 

(iii)
a sale of substantially all of the assets of the Company or a liquidation or dissolution of the Company.

 

14.          
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s
heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature
of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall
be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns
and legal representatives. Any such successor or assign of the Company will be deemed substituted for the Company under the terms of
this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity
which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company.

 

    10

     

    

 

15.          
NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the date of transmission,
if delivered by confirmed facsimile, (c) on the first business day following the date of deposit if delivered by guaranteed overnight
delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail,
return receipt requested, postage prepaid, addressed as follows:

 

If
to the Company:

 

Synthetic
Biologics, Inc.

9605
Medical Center Drive, Suite 270

Rockville,
Maryland 20850

Attention:
Board of Directors

Facsimile:
(734) 332-7878

 

and
a copy (which shall not constitute notice) shall also be sent to:

 

Gracin
 & Marlow, LLP

405
Lexington Avenue, 26th Floor

New
York, New York 10174

Attention:
Leslie Marlow, Esq.

Facsimile:
(212) 208-4657

 

If
to the Executive:

 

To
the most recent address of the Executive set forth in the personnel records of the Company.

 

or
to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change
of address shall be effective only upon receipt.

 

16.          
SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between this
Agreement and any other agreement (including but not limited to any option, stock, long-term incentive or other equity award agreement),
plan, program, policy or practice (collectively, “Other Provision”) of the Company the terms of this Agreement
shall control over such Other Provision.

 

    11

     

    

 

17.         
 SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof.

 

18.         
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instruments. One or more counterparts of this Agreement may be delivered by facsimile,
with the intention that delivery by such means shall have the same effect as delivery of an original counterpart thereof.

 

19.          
SECTION 409A.

 

(a)              
Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to Section 409A of the Internal Revenue Code (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) 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. 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.

 

(b)              
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.

 

20.          
SECTION 4999 EXCISE TAX.

 

(a)              
If any payments, rights or benefits (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement
of the Executive with the Company or any person affiliated with the Company) (the “Payments”) received or to
be received by the Executive will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code
(or any similar tax that may hereafter be imposed), then, except as set forth in Section 20(b) below, the Company shall pay to the Executive
an amount in addition to the Payments (the “Gross-Up Payment”) as calculated below. The Gross Up Payment shall
be in an amount such that, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment tax
and Excise Tax on the Gross Up Payment, but before deduction for any federal, state or local income and employment tax on the Payments,
the net amount retained by the Executive shall be equal to the Payments.

 

    12

     

    

 

(b)              
The process for calculating the Excise Tax, determining the amount of any Gross-Up Payment and other procedures relating to this
Section 20, including the time period for making the Gross-Up Payment, are set forth in Appendix A attached hereto. For
purposes of making the determinations and calculations required herein, the Accounting Firm (as defined in Appendix A)
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code, provided that
the Accounting Firm shall make such determinations and calculations on the basis of “substantial authority” (within the
meaning of Section 6662 of the Code) and the Company shall use reasonable efforts to cause the Accounting Firm to provide opinions to
that effect to both the Company and Executive.

 

21.         
REPRESENTATIONS. The Executive represents and warrants to the Company that the Executive has the legal right to
enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance
with its terms and that the Executive is not a party to any agreement or understanding, written or oral, which could prevent the Executive
from entering into this Agreement or performing all of the Executive’s obligations hereunder. The Executive further represents
and warrants that he has been advised to consult with an attorney and that he has been represented by the attorney of his choosing during
the negotiation of this Agreement, that he has consulted with his attorney before executing this Agreement, that he has carefully read
and fully understand all of the provisions of this Agreement and that he is voluntarily entering into this Agreement.

 

22.         
WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state
and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

23.         
SURVIVAL. The respective obligations of, and benefits afforded to, the Company and the Executive which by their
express terms or clear intent survive termination of the Executive’s employment with the Company, including, without limitation,
the provisions of Section 8 and Sections 10 through 29, inclusive of this Agreement, will survive termination of the Executive’s
employment with the Company, and will remain in full force and effect according to their terms.

 

24.          
AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. No agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which
are not expressly set forth in this Agreement. Neither the Executive nor the Company shall be entitled to any presumption in connection
with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising
under this Agreement.

 

    13

     

    

 

25.        
 INTEGRATION. This Agreement, together with the Confidentiality Agreement and the Grant Agreements, contains the
complete, final and exclusive agreement of the parties relating to the terms and conditions of the Executive’s employment and the
termination of the Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements
or arrangements between the parties, including but not limited to the Prior Employment Agreement. The Executive acknowledges and agrees
that the Company has fully satisfied, and has no further obligations to the Executive arising under, or relating to, the Prior Employment
Agreement or any other employment or consulting arrangement or understanding or otherwise.

 

26.          
AMENDMENT. This Agreement cannot be amended or modified except by a written agreement signed by the Executive and
a duly authorized officer of the Company.

 

27.          
WAIVER. No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with
the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall
not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

 

28.         
CHOICE OF LAW. This Agreement shall be construed and interpreted in accordance with the internal laws of the State
of Nevada without regard to its conflict of laws principles.

 

29.         
DISPUTE RESOLUTION. To ensure the rapid and economical resolution of disputes that may arise in connection with
the Executive’s employment with the Company, the Executive and the Company both agree that any and all disputes, claims, or causes
of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance,
or interpretation of this Agreement, the Executive’s employment with the Company, or the termination of the Executive’s employment
from the Company, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted
by law, by final, binding and confidential arbitration conducted in Delaware by JAMS, Inc. (“JAMS”) or its
successors. Both the Executive and the Company acknowledge that by agreeing to this arbitration procedure, each waives the right to
resolve any such dispute through a trial by jury or judge or administrative proceeding.  Any such arbitration proceeding will be
governed by JAMS’ then applicable rules and procedures for employment disputes, which can be found at http://www.jamsadr.com/rules-clauses/,
and which will be provided to the Executive upon request. In any such proceeding, the arbitrator shall: (i) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue
a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The
Executive and the Company each shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law;
provided, however, that in no event shall the arbitrator be empowered to hear or determine any class or collective claim of any
type. Nothing in this Agreement is intended to prevent either the Company or the Executive from obtaining injunctive relief in court
to prevent irreparable harm pending the conclusion of any such arbitration pursuant to applicable law. The Company shall pay all filing
fees in excess of those which would be required if the dispute were decided in a court of law, and shall pay the arbitrator’s fees
and any other fees or costs unique to arbitration. Notwithstanding the foregoing, nothing in this Section 29 shall prevent the Company
from seeking and obtaining a judicial junction in a court of competent jurisdiction to enforce a violation of Section 8 (and the Agreement
referenced in Section 8) or 9 of this Agreement. Executive hereby agrees to waive a jury and filing of a bond for any such action by
the Company.

 

    14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first written above.

 

	 	SYNTHETIC
    BIOLOGICS, INC.
	 	 
	 	 
	 	By:	/s/
    T. J. Swope
	 	Name:
    T. J. Swope
	 	Title:
    Secretary
	 	 
	 	 
	 	Date:
    January 3, 2022
	 	 
	 	 
	 	/s/
    Steven A. Shallcross
	 	Steven
    A. Shallcross
	 	 
	 	 
	 	 
	 	Date:
    January 3,2022

 

    15

     

    

 

APPENDIX
A

 

TAX
GROSS-UP PAYMENT RULES AND PROCEDURES

 

1.            
Subject to Paragraph 3 below, all determinations required to be made under Section 20 of this Agreement, including whether a Gross-Up
Payment is required and the amount of such Gross-Up Payment, shall be made by an accounting firm (the “Accounting Firm”)
selected in accordance with Paragraph 2 below. The Company shall use reasonable efforts to cause the Accounting Firm to provide detailed
supporting calculations both to the Company and Executive within 15 business days before the event that results in the potential for
an excise tax liability for the Executive, which could include but is not limited to a Change in Control and the subsequent vesting of
any cash payments or awards, or the Executive’s termination of employment, or such earlier time as is required by the Company.
The initial Gross-Up Payment, if any, as determined pursuant to this Paragraph 1, shall be paid on the Executive’s behalf to the
applicable taxing authorities by no later than the date the Executive is required to remit the taxes to such taxing authority. If the
Accounting Firm determines that no Excise Tax is payable to the Executive, the Company shall use reasonable efforts to cause the Accounting
Firm to furnish the Executive with a written report indicating that he has substantial authority not to report any Excise Tax on his
federal income tax return. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the
uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder,
it is possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Paragraph
3 below and the Executive thereafter is required to make a payment or additional payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such Underpayment, increased by all applicable interest and penalties
associated with the Underpayment, shall be promptly paid by the Company to or for the benefit of the Executive. For purposes of determining
the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal income
taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes on earned income at the highest
marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of Termination, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

2.            
The Accounting Firm shall be a public accounting firm proposed by the Company and agreed upon by the Executive. If the Executive
and the Company cannot agree on the firm to serve as the Accounting Firm within ten (10) days after the date on which the Company proposed
to the Executive a public accounting firm to serve in such capacity, then the Executive and the Company shall each select one accounting
firm and those two firms shall jointly select the accounting firm to serve as the Accounting Firm within ten (10) days after being requested
by the Company and the Executive to make such selection. The Company shall pay the fees of the Accounting Firm.

 

    16

     

    

 

3.            
 The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require
the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than fifteen
(15) business days after the Executive knows of such claim and shall apprise the Company of the nature of such claim and the date on
which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the period ending on the
date that any payment of taxes with respect to such claim is due or the thirty (30) day period following the date on which the Executive
gives such notice to the Company, whichever period is shorter. If the Company notifies the Executive in writing prior to the expiration
of such period that it desires to contest such claim, the Executive shall (i) give the Company any information reasonably requested by
the Company relating to such claim, (ii) take such action in connection with contesting such claim as the Company shall reasonably request
in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company, (iii) cooperate with the Company in good faith in order effectively to contest such claim, and (iv)
permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and
pay directly all costs and expenses (including attorneys’ fees and any additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including
interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without limitation
of the foregoing provisions of this Paragraph 3, the Company shall control all proceedings taken in connection with such contest and,
at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority
in respect to such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however,
that if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment
to Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax
and income tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment
of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to
such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised
by the Internal Revenue Service or any other authority.

 

4.            
If, after the receipt by the Executive of an amount advanced by the Company pursuant to Paragraph 3 above, the Executive becomes
entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements
of Paragraph 3), promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes
applicable thereto).

 

    17Exhibit 10.1

 

Execution
Version

 

AMENDMENT AND CONFIRMATION
AGREEMENT

 

This AMENDMENT AND CONFIRMATION
AGREEMENT (this “Agreement”) is entered into as of December 29, 2021, among COMMNET FINANCE, LLC,
a Delaware limited liability company (“Borrower”), COMMNET WIRELESS, LLC, a Delaware limited liability company
(“Commnet Wireless”), in its individual capacity, as Originator and as Servicer, ATN INTERNATIONAL, INC.,
a Delaware corporation, as Limited Guarantor (in such capacity, “Limited Guarantor”; and together with the Borrower
and Commnet Wireless, each a “Transaction Party” and collectively, the “Transaction Parties”),
COBANK, ACB (“CoBank”), as Administrative Agent (in such capacity, the “Administrative Agent”)
and each of the financial institutions executing this Agreement and identified as a Lender on the signature pages hereto (collectively,
the “Lenders”).

 

RECITALS

 

WHEREAS, Borrower,
Commnet Wireless, Limited Guarantor, the Administrative Agent and the Lenders are party to that certain Credit Agreement, dated as of
March 26, 2020 (as amended, modified, or supplemented from time to time, the “Credit Agreement”);

 

WHEREAS, in connection
with the Credit Agreement, the Transaction Parties entered into various other Credit Documents (as defined in the Credit Agreement);
and

 

WHEREAS, Borrower
has requested and the Lenders have agreed, subject to the terms and conditions provided herein, to certain amendments with respect to
the Credit Documents as more fully described herein.

 

NOW, THEREFORE, in
consideration of the foregoing and the agreements set forth in this Agreement, the parties hereto hereby agree as follows:

 

SECTION 1. Defined
Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement
(for the avoidance of doubt, after giving effect to the amendments in Section 2).

 

SECTION 2.
Amendments.     Effective as of the First Amendment Effective Date,
the parties hereto hereby agree to amend the Credit Documents, as follows:

 

(A)            Notwithstanding
anything to the contrary in the Credit Agreement or any other Credit Document, the Adjusted LIBOR Rate will not be available as an interest
rate option with regard to any Loan under the Credit Agreement. The parties hereto acknowledge that no LIBOR Rate Loan is outstanding
as of the First Amendment Effective Date.

 

(B)            Section 1.1
of the Credit Agreement is amended by adding the following new defined term in alphabetical order:

 

     

     

    

 

“First Amendment Effective Date” means
December 29, 2021.

 

(C)            Section 1.1
of the Credit Agreement is amended by amending and restating the following defined terms as follows:

 

“Applicable
Margin” means 2.50% for LIBOR Rate Loans, 1.50% for Base Rate Loans advanced prior to the First Amendment Effective Date, and
1.75% for Base Rate Loans advanced on or after the First Amendment Effective Date.

 

“Contract”
means the Network Build and Maintenance Agreement between Commnet Wireless and AT&T, dated as of July 31, 2019, including all
exhibits and addendums appended thereto, in each case, as amended by that certain First Amendment to Network Build and Maintenance Agreement,
dated as of August 6, 2020, and as further amended by that certain Second Amendment to Network Build and Maintenance Agreement,
dated as of May 4, 2021, and, subject to Section 6.5, as may be further amended, modified or supplemented.

 

“Delayed
Draw Commitment Termination Date” means the earlier to occur of (a) December 31, 2022 and (b) the Termination
Date.

 

“Permitted
Annual Distribution Amount” means, as of an Annual Distribution Date, an amount equal to (a) the amount then on deposit
in the Collection Account minus (b) estimated operating expenses of the Borrower for the next twelve months as set forth
in the Forecasted Cash Flow Statement minus (c) the greater of (I) 10% of the outstanding principal balance of
all Loans as of such date and (II) an amount equal to three months of schedule principal and interest payments with respect to all
Loans then outstanding (for purposes of such calculation, assuming each Loan accrues interest at its applicable Weighted Effective Fixed
Interest Rate).

 

“Quoted
Rate” means a fixed annual interest rate to be quoted by the Administrative Agent, which rate shall be calculated by adding
2.75% to the Lenders' cost of funds (as determined by the Lenders in their sole discretion).

 

(D)            Section 3.3(a) of
the Credit Agreement is amended by replacing “2021” with “2022”.

 

    2

     

    

 

 (E)            Section 6.5 of the Credit Agreement is amended and restated as follows:

 

6.5 Material Contracts
and Organizational Documents. The Borrower shall not (a) enter into any Material Contract with any Person, (b) agree to
any material amendment, restatement, supplement or other modification to, or waiver of, any of its material rights under any Related
Agreement after the Closing Date, (c) materially amend or permit any material amendments to its Organizational Documents, or (d) amend
or permit any amendment to the Contract that (I) alters the obligations of AT&T under the Contract (as supplemented by each
Receivable Invoice) to make Structured Payments or pay Close-Out Costs with respect thereto (including any reduction in the amount of,
or interest rate applicable to, any Structured Payment or Close-Out Costs), (II) alters the terms governing the creation of AT&T’s
obligations under the Contract (as supplemented by each Receivable Invoice) to make Structured Payments and pay Close-Out Costs with
respect thereto (including changes to the processes described in the Contract with respect to the delivery of Receivable Invoices and
the effects thereof, AT&T’s right to dispute any Receivable Invoice, and provisions of the Contract regarding when AT&T’s
obligations under the Contract (as supplemented by each Receivable Invoice) to make Structured Payments and pay Close-Out Costs with
respect thereto are not subject to any right of rescission, set-off, counterclaim, recoupment, or other defense), or (III) shortens
the latest date by which AT&T is required to accept Cell Sites (as defined in the Contract) delivered under the Contract to a date
that is more than sixty (60) days prior to the Delayed Draw Commitment Termination Date, without in each case obtaining the prior written
consent of the Administrative Agent to such entry, amendment, restatement, supplement, modification or waiver, as the case may be. The
Borrower agrees to provide the Administrative Agent with a copy of any amendment to the Contract within fifteen (15) days after execution
thereof.

 

(F)            Exhibit G
to the Credit Agreement is hereby amended and restated in the form attached hereto as Exhibit G.

 

SECTION 3. Representations
and Warranties. In order to induce the Administrative Agent and the Lenders to agree to the amendments in Section 2,
each Transaction Party hereby jointly and severally represents and warrants as follows:

 

(A)            Such
Transaction Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement
in accordance with its terms. This Agreement has been duly executed and delivered by such Transaction Party and is a legal, valid and
binding obligation of it and is in full force and effect, enforceable against it in accordance with its terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability.

 

(B)            The
execution, delivery and performance of this Agreement in accordance with its terms do not and will not:

 

(1)            violate
any provision of any Law or any governmental rule or regulation applicable to such Transaction Party, except as would not reasonably
be expected to have a Material Adverse Effect;

 

		(2)	violate any of the Organizational Documents of such Transaction
                                            Party;

 

    3

     

    

 

(3)            require
any registration with, consent or approval of, permit, license, authorization, plan or directive from, notice to, or other action to,
with or by, any Governmental Authority or any other Person;

 

(4)            conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of such
Transaction Party (including, without limitation, the Contractual Obligations of Commnet Wireless under the Contract);

 

(5)            violate
any order, judgment or decree of any court or other agency of government binding on such Transaction Party;

 

(6)            result
in or require the creation or imposition of any Lien upon any of the properties or assets of such Transaction Party (other than any Permitted
Liens); or

 

(7)            require
any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of such Transaction
Party, except for such approvals or consents which will be obtained on or before the First Amendment Effective Date and delivered to
the Administrative Agent.

 

(C)            All
representations and warranties of such Transaction Party set forth in the Credit Documents (after giving effect to the amendments in
Section 2) are true and correct in all material respects on and as of the date hereof to the same extent as though made on
and as of the date hereof, provided, that such representations and warranties (i) that relate solely to an earlier date are
true and correct as of such earlier date and (ii) are true and correct in all respects if they are qualified by reference to materiality
or a Material Adverse Effect.

 

(D)            No
Default or Event of Default has occurred and is continuing or would be reasonably expected to result after giving effect to the amendments
described in Section 2.

 

SECTION 4. Transaction
Party Confirmations. Each of the Transaction Parties consents to the terms and conditions of this Agreement and the transactions
contemplated hereby and affirms and confirms that (a) all of its respective obligations under the Credit Agreement and the other
Credit Documents (in each case, as modified by this Agreement) are and shall continue to be, in full force and effect, and (b) all
of the liens granted to the Administrative Agent under the Security Agreement, the Pledge Agreement, and the other Credit Documents are
and shall continue to be, in full force and effect to secure the Secured Obligations (as modified by this Agreement). Limited Guarantor
affirms and confirms that its obligations under the Guaranty are and shall continue to be in full force and effect, and shall accrue
to the benefit of the Beneficiaries (as defined in the Guaranty) to guarantee the obligations stated therein, in each case as modified
by this Agreement.

 

    4

     

    

 

SECTION 5. Conditions
to Effectiveness. This Agreement shall become effective on such date (herein called the “First Amendment Effective Date”)
when each of the following conditions shall have been met:

 

(A)            Agreement.
The Administrative Agent shall have received counterparts of this Agreement duly executed and delivered on behalf of each Transaction
Party, the Administrative Agent and the Lenders.

 

(B)            No
Default. No Default or Event of Default shall have occurred and be continuing.

 

(C)            Representations
and Warranties. The representations and warranties in Section 3 shall be true
and correct as of the First Amendment Effective Date.

 

(D)            Certificates
of Secretaries of the Transaction Parties. Administrative Agent shall have received copies
of (i) each Organizational Document executed and delivered by each Transaction Party, and, to the extent applicable, certified as
of a recent date by the appropriate governmental official, (ii) signature and incumbency certificates of the officers of each Transaction
Party, (iii) resolutions of the board of directors, board of managers, managing member or similar governing body of each Transaction
Party approving and authorizing the execution, delivery and performance of this Agreement, certified as of the First Amendment Effective
Date by its secretary or an assistant secretary or manager as being in full force and effect without modification or amendment, and (iv) a
good standing certificate from the applicable Governmental Authority of each Transaction Party’s jurisdiction of incorporation,
organization or formation, each dated a recent date prior to the First Amendment Effective Date.

 

(E)            Lien
Searches Against Transaction Parties. The Administrative Agent shall have received the results
of searches for any effective UCC financing statements, tax Liens and judgment Liens filed against Borrower and Commnet Wireless as may
be reasonably requested by the Administrative Agent.

 

(F)            First
Amendment Effective Date Certificate. Administrative Agent shall have received a certificate
from an Authorized Officer of each of Borrower and Commnet Wireless, in form and substance reasonably satisfactory to Administrative
Agent.

 

(G)            Solvency
Certificates. The Administrative Agent shall have received Solvency Certificates from Borrower
and Commnet Wireless dated as of the First Amendment Effective Date and addressed to the Administrative Agent, attesting that before
and after giving effect to this Agreement, such Credit Party is Solvent.

 

(H)            Anti-Terrorism;
Beneficial Ownership. The Administrative Agent shall have received (A) all documentation
and other information requested by (or on behalf of) any Lender in order to comply with requirements of Anti-Corruption Laws, Anti- Terrorism
Laws and Sanctions and (B)  if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
a Beneficial Ownership Certification.

 

    5

     

    

 

SECTION 6. No Novation.
This Agreement shall not constitute a novation of the Credit Agreement or any other Credit Document. Except as expressly provided in
this Agreement, the execution and delivery of this Agreement does not and will not amend, modify or supplement any provision of, or constitute
a consent to or a waiver of any noncompliance with the provisions of, the Credit Documents, and the Credit Documents shall remain in
full force and effect. On and after the effectiveness of this Agreement, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other
Credit Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring
to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement, as amended by this Agreement.

 

SECTION 7. Costs and
Expenses. Borrower agrees to pay to Administrative Agent, on demand, all reasonable and documented out-of-pocket costs and expenses
incurred by Administrative Agent, including, without limitation, the reasonable and documented fees and expenses of one counsel retained
by Administrative Agent, in connection with the negotiation, preparation, execution and delivery of this Agreement and all other instruments
and documents contemplated hereby.

 

SECTION 8. Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original and shall be binding upon all parties and their respective permitted successors and assigns,
and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of
this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of
a manually executed counterpart of this Agreement.

 

SECTION 9. Governed
under Provisions of Credit Agreement. This Agreement is a Credit Document executed pursuant to the Credit Agreement. This Agreement
shall be governed by and shall be construed and enforced in accordance with all provisions of the Credit Agreement, including the governing
law provisions thereof.

 

SECTION 10. Further
Assurances. In furtherance of the foregoing, each Transaction Party shall execute and deliver or cause to be executed and delivered
at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably
necessary in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement.

 

[Signatures Follow on Next
Page.]

 

    6

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

 

	 	COMMNET FINANCE, LLC
	 	as Borrower
	 	 	 
	                                                 	By:	/s/ Justin D.
    Benincasa
	 	Name: Justin D. Benincasa
	 	Title:   Treasurer
	 	 	 
	 	COMMNET WIRELESS, LLC 
	 	in its individual capacity, as Originator and Servicer
	 	 	 
	 	By:	/s/ Justin D.
    Benincasa
	 	Name: Justin D. Benincasa
	 	Title:   Treasurer
	 	 	 
	 	ATN INTERNATIONAL, INC. 
	 	as Limited Guarantor
	 	 	 
	 	By:	/s/ Justin D.
    Benincasa
	 	Name: Justin D. Benincasa
	 	Title:   Chief Financial Officer
	 	 	 
	 	COBANK, ACB, 
	 	as Administrative Agent and a Lender
	 	 	 
	 	By:	/s/ Gary Franke
	 	Name: Gary Franke
	 	Title:   Managing Director

 

(Amendment and Confirmation Agreement]

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