Document:

EXHIBIT
10.1

 

CONFIDENTIAL SEPARATION AGREEMENT
AND GENERAL RELEASE

 

This Confidential
Separation Agreement and General Release (“Agreement”) is made and entered into by NanoViricides, Inc.,
a corporation with offices located at 1 Controls Drive, Shelton, Connecticut 06484 (“Employer” or “Company”),
and Eugene Seymour, who resides at 101 Ocean Avenue, Suite C800, Santa Monica, California 90402 (“Executive”).

 

W I T N E S S E T H:

 

WHEREAS, Executive’s
employment with Employer is memorialized in a certain Employment Agreement dated July 1, 2015 (“Employment Agreement”);
and

 

WHEREAS, the
Parties wish to terminate and replace the Employment Agreement with this Confidential Separation Agreement and General Release
(“Agreement”); and

 

WHEREAS, Executive’s
employment with Employer has terminated on the Separation Date (as defined below); and

 

WHEREAS, Employer
and Executive wish to set forth certain understandings in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the legal
sufficiency of which is hereby acknowledged, Employer and Executive do hereby agree as follows:

 

1.       Last
Day of Employment. Executive’s last effective day of employment with Employer is January 27, 2018 (the “Separation
Date”).

 

2.       Final
Compensation. Executive acknowledges that on or before the regular Company pay period following the Separation Date, Employer
paid Executive all payments that he is entitled to receive, that comprise cash payments including Executive’s pro-rated bonus
from the Agreement through the Separation Date and any and all base compensation earned by Executive through the Separation Date,
less lawful deductions; and reimbursements of any outstanding expenses in accordance with Company policy. Other than as set forth
in Paragraph 3 below, Executive will not receive, and Executive acknowledges and agrees that he is not entitled to receive, any
further compensation, payment or benefits of any kind from the Company. Executive further acknowledges that he would not be entitled
to receive the payments and benefits specified in Paragraph 3 below, absent his execution of this Agreement, and the fulfillment
of the promises made herein. Executive further acknowledge that the payments and benefits specified in Paragraph 3 are more than
that to which Executive is entitled to receive.

 

    	 	 	 

     

    

 

3.       Separation
Payment. In exchange for agreeing to and complying with the terms of this Agreement (including the general release it contains),
Executive will receive from Employer, provided Executive has satisfied the Information Delivery Obligation (as that term is defined
herein):

 

(a)       Cash
payments equal to the equivalent of Executive’s annual base compensation of Four Hundred Thousand Dollars and Zero Cents
($400,000.00) prorated for the period beginning February 1, 2018 and ending on December 31, 2018, less lawful deductions such as,
but not limited to, tax withholdings, FICA, and Medicare (the “Severance Payments”). The Severance Payments
shall be paid to Executive in equal installments for the period beginning on the Effective Date (as defined in paragraph 25(g)
below) and ending on December 31, 2018 in accordance with the Company’s usual payroll schedule, less any periods previously
paid by the Employer to the Executive after the Separation Date. Payment for the prorated monthly installments of February, March
and April, 2018, shall be made on or before May 10, 2018. Thereafter, payments for the remaining monthly installments, will be
made in accordance with the Company’s usual payroll schedule;

 

(b)       Cash
payment in the amount of $10,000 for paid up-front expenses, less lawful deductions (the “Expense Allocation Payment”).
The Expense Allocation Payment shall be paid to Executive in one lump sum on the first payroll date immediately following the execution
of this Separation Agreement (as defined in paragraph 24(g) below); and,

 

(c)       Employer
will award Executive warrants (the “Warrants”) to purchase 250,000 shares of the Company’s common stock,
par value $0.001 per share (the “Common Stock”) at an exercise price of $2.00 per share and expiring in five
(5) years from the Effective Date. The Warrants shall contain a cashless exercise provision and vest over three (3) years as follows:
88,333 shares shall vest on the first anniversary of the Effective Date; 83,333 shares shall vest on the second anniversary of
the Effective Date; and 83,334 shares shall vest on the third anniversary of the Effective Date. The Form of Warrant is attached
hereto as Exhibit A.

 

4.       Information
Delivery. Executive has delivered to and surrendered for inspection (the “Information Delivery Obligation”):
the Company Devices in Executive’s possession set forth on Schedule A (the “Devices”) and the Company has retrieved
and removed any and all documents, emails and information that is proprietary to the Company. The Company has delivered to the
Executive the Devices for the Executive’s own personal use. Executive agrees that Executive has not and shall not from the
Separation Date create, develop, maintain, or cause to or help to create, develop, maintain any sites containing any of information
regarding the Company or its affiliates.

 

    	 	2	 

     

    

 

5.       Release
of Claims.

 

(a)       Executive,
on behalf of himself and his heirs, executors, administrators, successors, and assigns, in exchange for the severance payments
and right to receive certain payments set forth in Paragraph 3 hereof, hereby knowingly and voluntarily releases and forever discharges
Employer, and any of Employer’s parents, affiliates (including related parties), subsidiaries, divisions, predecessors, successors
and assigns, and their current and former employees, members, attorneys, insurers, officers, shareholders, directors, and agents,
both individually and in their business capacities, and their employee benefit plans and programs and their administrators and
fiduciaries (collectively referred to throughout the remainder of this Agreement as “Employer Released Parties”),
of and from any and all claims, demands, debts, actions or causes of action, obligations, damages, and liabilities whatsoever,
at law, in equity, or mixed, known and unknown, asserted or unasserted, which Executive has or may have against the Employer Released
Parties based on any conduct occurring from the beginning of the world up to and including the date the last payment of any compensation
under this Agreement is made. This release is intended to have the broadest possible application and includes, but is not limited
to, any claims arising out of or from or regarding or pertaining to any transaction, dealing, conduct, act or omission, or any
other matters or things relating to the employment or consulting relationship and/or the termination of the employment relationship,
based upon any contract, whether express or implied, oral or written, tort or public policy, claim for costs, fees or expenses,
or any allegation of illegal employment practices, defamation or breach of any federal, state or local fair employment practice
or equal opportunity law, or wage and hour law, as amended, including, but not limited to:

 

(i)       the
United States Constitution;

 

(ii)       the
Immigration and Nationality Act, 8 U.S.C. § 1101 et seq.;

 

(iii)       Sections
1981 through 1988 of Title 42 of the United States Code, 42 U.S.C. §§ 1981-1988;

 

(iv)       the
Executive Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq.;

 

(v)       Title
VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.;

 

(vi)       the
Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.;

 

(vii)       the
Older Worker Benefit Protection Act, 29 U.S.C. § 621, et seq.;

 

(viii)       the
Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq.;

 

(ix)       the
Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.;

 

(x)       the
Occupational Safety and Health Act of 1970, 29 U.S.C. § 651 et seq.;

 

(xi)       the
Consolidated Omnibus Budget Reconciliation Act of 1985, 29 U.S.C. § 1161 et seq.;

 

(xii)       the
Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.;

 

(xiii)       the
Family and Medical Leave Act;

 

(xiv)       the
Connecticut State Constitution;

 

    	 	3	 

     

    

 

(xv)       Connecticut’s
minimum wage and wage payment laws, Conn. Gen. Stat. Ann. §§ 31-58 to 31-76m

 

(xvi)       The
Connecticut Fair Employment Practices Act (CFEPA), Conn. Gen. Stat. Ann. §§ 46a-51 to 46a-104;

 

(xvii)       The
Connecticut Family and Medical Leave Act (CFMLA), Conn. Gen. Stat. Ann. §§ 31-51kk to 31-51qq;

 

(xviii)       The
anti-retaliation provision of the Connecticut Workers’ Compensation Act (CWCA), Conn. Gen. Stat. Ann. §§ 31-275 to 31-355b;

 

(xix)       The
Connecticut Whistleblower Law, Conn. Gen. Stat. Ann. § 31-51m;

 

(xx)       The
Connecticut Free Speech Law, Conn. Gen. Stat. Ann. § 31-51q; and/or

 

(xxi)       any
other federal, state, city, local or other human rights, civil rights, wage-hour, wage-payment, immigration, pension, employee
benefits, labor, employment or other laws, rules, regulations, codes, guidelines, constitutions, ordinances, public policies, contracts
(whether oral or written, express or implied) or tort laws;

 

(xxii)       any
claim arising under the health, welfare and/or employee benefit plans or programs of any of the Employer Released Parties;

 

(xxiii)       any
claims arising under any policy, procedure or practice of any of the Employer Released Parties;

 

(xxiv)       any
claims for emotional distress, pain and suffering or mental anguish; any claims for any costs, fees or other expenses, including
but not limited to any claims for attorney's fees and/or costs; any Employment Agreement claims arising under the common law; and/or
any claims arising under the Employment Agreement itself; and/or any claims arising under any other employment or other agreement
between Employer and Executive.

 

(b)       Notwithstanding
anything to the contrary herein, the Executive’s release, as set forth in this paragraph, shall not apply to any obligation
of the Employer Released Parties under this Agreement or to any obligation by the Employer Released Parties to indemnify the Executive
for any and all claims under the Employer Released Parties’ insurance policies (including, without limitation, general insurance
policies, director and officer insurance policies and/or any employment practice insurance policies), corporate governance documents
(including, but not limited to charters, by-laws, formation documents, operating agreements, and/or resolutions), by contract and/or
under applicable law, for actions performed within the course and scope of Executive’s employment.

 

(c)       This
Agreement does not prevent Executive from filing a charge with the Equal Employment Opportunity Commission concerning claims of
discrimination, although Executive specifically waives his right to recover any damages or other relief in any claim or suit brought
by or through the Equal Employment Opportunity Commission or any other state or local agency on his behalf under Title VII of the
Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, as amended, or any other federal or state discrimination
law, except where prohibited by law.

 

(d)       Executive
acknowledges that certain states provide that a general release of claims does not extend to claims which the person executing
the release does not know or suspect to exist in your or its favor at the time of executing the release which, if known, may have
materially affected his or its entering into this Agreement. Being aware that such statutory protection may be available, Executive
expressly, voluntarily and knowingly waives any arguable benefit or protection from any such statute in executing this Agreement,
known or unknown.

 

(e)       Except
as provided in this Agreement, Employer, for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
hereby knowingly and voluntarily releases and forever discharges Executive from any and all claims, demands, debts, actions or
causes of action, obligations, damages, and liabilities whatsoever, at law, in equity, or mixed, known by the Employer as of the
date of this Agreement. However, notwithstanding anything to the contrary in the preceding sentence, the Company does not release
or discharge Executive from any claims the Company is required to bring against the Executive as a result of Executive’s
breach of a fiduciary duty to the Company or wrongful conduct in contravention to any federal, state or local law.

 

    	 	4	 

     

    

 

6.       Executive
Acknowledgements and Affirmations.

 

(a)       Executive
affirms that Executive has not filed, caused to be filed, or is presently an adverse party to any claim against Employer.

 

(b)       Executive
further affirms that, other than the consideration set forth in this Agreement, Executive has been paid or received all compensation,
wages, bonuses, commissions, and/or benefits to which Executive may be entitled.

 

(c)       Executive
further affirms that Executive understands that all employment benefits not specifically addressed in this Agreement will end on
the Separation Date.

 

(d)       Executive
confirms that, as of the Separation Date, 1,083,813 of the Company’s Common Stock and 628,571 of the Series A Preferred Shares
awarded to him previous to the Separation Date have vested (“Vested Shares”). Other than these Vested Shares, and the
Warrants granted pursuant to this Agreement in Paragraph 3.c., Executive is entitled to no other Employer awards of shares, warrants
or options to purchase Company’s stock. Executive has delivered the certificate representing the 653,571 Series A Preferred
Stock to the Company in exchange for the issuance by the Company representing the 628,571 vested Series A Preferred Shares within
five (5) days from the Effective Date and the Company shall return the remaining unvested Series A Preferred Shares to unissued
status.

 

(e)       Executive
further affirms that he has no known workplace injuries or occupational diseases.

 

(f)       Executive
further affirms that Executive has not been retaliated against for reporting any allegations of wrongdoing by Employer or its officers,
including any allegations of corporate fraud. Both parties acknowledge that this Agreement does not limit either party’s
right, where applicable, to file or participate in an investigative proceeding of any federal, state, or local governmental agency.
To the extent permitted by law, Executive agrees that if such an administrative claim is made, Executive shall not be entitled
to recover any individual monetary relief or other individual remedies.

 

7.       Non-Disparagement.

 

(a)       As
further consideration for the severance payments and right to receive the consideration set forth in Paragraph 3 above, Executive
agrees that he will never make any negative or disparaging statements (orally or in writing) about the Employer, and any Employer
Released Parties, or their products, services or business practices, except as required by law. Executive further acknowledges,
understands, and agrees that his non-disparagement obligation prohibits him from making any derogatory or disparaging statements,
references, or comments about the Employer Released Parties to anyone, whether made directly, indirectly, and whether made in person,
in writing, by electronic communication (whether by personal email or otherwise), in a blog, on a website, or by any form of social
media (e.g., Twitter, LinkedIn or Facebook).

 

    	 	5	 

     

    

 

(b)       Employer
agrees that it shall use reasonable and good faith efforts to ensure that its officers, directors and employees do not make any
negative or disparaging statements (orally or in writing) about Executive, including but not limited to, statements regarding Executive’s
management style, methods of doing business, role in the community, or treatment of employees.

 

(c)       Nothing
in this Agreement shall prohibit either party’s disclosure of information which is required to be disclosed in compliance
with applicable laws or regulations or by order of a court or other regulatory body of competent jurisdiction.

  

8.       Confidentiality.

 

(a)       Employer
and Executive agree that this Agreement, and any and all matters concerning Executive’s separation from Employer, will be
regarded as confidential communications between the parties, and that each of them will not reveal, disseminate by publication
of any sort, or release in any manner or means this Agreement or any matters, factual or legal, concerning this Agreement to any
other person, except as required by law by the Employer (in which case, Employer and Executive agree to forthwith provide written
notice of said legal process as set forth in Paragraph 14 below prior to the production of the requested information), nor to any
member(s) of the public, newspaper, magazine, radio station, television station, cable or satellite TV operation, website, mobile
or other mass communications medium other than as provided by Paragraph 8.b., above. Notwithstanding the foregoing, Employer and
Executive may reveal the relevant terms of this Agreement to its/his spouse, tax advisor, and/or an attorney with whom the parties
choose to consult regarding the consideration of this Agreement, or as may be required by any governmental agency. Further, the
tax treatment and tax structure of the terms of this Agreement may be reported and disclosed in a matter consistent with all federal,
state and local tax laws. Nothing in this Agreement shall be construed to prohibit you from communicating with the Equal Employment
Opportunity Commission or any comparable state or local agency, or participating in any investigation or proceeding conducted by
the Equal Employment Opportunity Commission or any comparable state or local agency.

 

(b)       Nothing
in this Agreement or any exhibit or attachment hereto prohibits or in any way restricts the Parties from disclosing the contents
of this Agreement to, communicating directly with, cooperating with or otherwise providing information to the U.S. Securities and
Exchange Commission or any other governmental or regulatory body or any self-regulatory organization or making other disclosures
that are protected under applicable law or receiving awards from or by a government agency for providing information.

 

9.       Non-Disclosure
of Confidential Information.

 

(a)       Executive
agrees that he will not directly or indirectly publish, disclose, market or use, or authorize, advise, hire, counsel or otherwise
procure any other person or entity, directly or indirectly, to publish, disclose, market or use, any confidential or proprietary
information and/or trade secrets of the Company or any of its affiliated or related entities (collectively, “Confidential
Information”), of which Executive became or becomes aware or informed during Executive’s service with the Company,
whether such Confidential Information is contained in memory, written or other form. Such Confidential Information is and shall
continue to be the exclusive proprietary property of the Company and its affiliated or related entities whether or not it was disclosed
to or developed in whole or in part by Executive and Executive agrees that he will not make any copies, in any form, of any Confidential
Information and will not remove any Confidential Information from the Company.

 

    	 	6	 

     

    

 

(b)       Pursuant
to the Defend Trade Secrets Act of 2016, Executive acknowledges that an individual may not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit
or other proceeding. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the employer's trade secrets to the attorney and use the trade secret information in the court proceeding if
the individual: (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except
pursuant to court order.

 

11.       Cooperation
and Consultancy. Executive shall (i) cooperate fully with Employer to facilitate introductions to relevant individuals
and to assist in the transfer and management of relationships with strategic partners and other entities, (ii) assist as necessary
in ongoing litigation and disputes regarding which Executive has knowledge; and (iii) carry out such other additional activities
as Employer and Executive may agree from time to time related to the transition from Executive to new management, in all cases
on the basis that Executive will receive no additional remuneration for such activities, but will be entitled to receive reimbursement
of agreed expenses, if any.

 

12.       Return
of Property. Except as set forth in Section 4 hereof, Executive hereby agrees that he has already or will promptly, but
in any event no later than the Separation Date return any and all equipment, such as computers, laptops, smartphones, cellular
phones, tablets, and any other equipment purchased with the Company’s monies without damage and without deleting any files
or document on such devices, and without retaining copies of any Company and related parties and affiliates proprietary or confidential
information contained in such devices. Executive further agrees that he shall have already or will promptly, but in any event no
later than the Separation Date return any and all files, confidential information, or other property of Employer, its subsidiaries,
parents, or other direct or indirect affiliates (including but not limited to files, access keys to Employer’s systems, infrastructure,
and otherwise, confidential or proprietary information or materials derived therefrom, trade secret information or materials derived
therefrom, electronic information, e-mails and attachments, monthly management financial information including documents related
to related parties or affiliates of the Company, projections, forecasts, balance sheets, income statements, audited financial statements,
total cost development budgets, actual or prospective client lists, written proposals and studies, plans, drawings, specifications,
reports, books, accounts, reports to directors, minutes, resolutions, certificates, bank account numbers, passwords, credit cards,
deeds, contracts, records, computer discs, etc.) without retaining any copies or extracts thereof. Executive further agrees that
he has already or will promptly, but in any event no later than the Separation Date, remove and delete or cause to be deleted in
a permanent manner, any records, files, emails, documents, that pertain to the Company’s business that he has or may have
on any of his personal devices or on his personal email account(s) or other social accounts.

 

    	 	7	 

     

    

 

Executive also affirms
that he is in possession of all of his property that Executive had at Employer’s premises and that Employer is not in possession
of any of his property.

 

13.       Employment
Agreement Void. Upon the execution of this Agreement, the Employment Agreement between the parties dated July 1, 2015 shall
be null and void and of no further force and effect, except for Sections 8 and 9 thereof, which shall survive the Effective Date.

 

14.       Section
409A Compliance. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (“Section 409A”). In furtherance of this intent, and notwithstanding anything to the contrary in
this Agreement, this Agreement shall be interpreted, operated, and administered in a manner consistent with these intentions, and
the payment of consideration, compensation, and benefits pursuant to this Agreement shall be interpreted and administered in a
manner intended to avoid the imposition of additional taxes under Section 409A of the Code. The Company makes no representation
or warranty as to the tax treatment of any payments or benefits under this Agreement and shall not be responsible for any failure
of this Agreement to comply with or be exempt from Section 409A.

 

15.       Notices.
Any notice required to be given hereunder may be delivered (a) in the case of Employer, by first class mail addressed to NanoViricides,
Inc., Attn: Harry Schochat, Esq., 1 Controls Drive, Shelton, Connecticut 06484, and (b) in the case of Executive, either to Executive
personally or by first class mail to 101 Ocean Avenue, Suite C800, Santa Monica90402 . Notices served by mail shall be deemed
given when they are mailed and notices delivered personally shall be deemed given when they are delivered.

 

16.       Certain
Forfeitures in Event of Breach. Executive acknowledges and agrees that in the event Executive breaches any material obligation
under this Agreement (including, without limitation, Paragraphs 6 through 12 hereof) Executive will forfeit his right to receive
the payments, Warrants and variations provided for in Paragraph 3 of this Agreement and, to the extent that such payments have
already been paid to Executive, Employer shall have the right to recover such payments from Executive, and the Warrants will be
cancelled without compensation. Upon discovery of Executive being in breach of a material obligation under this Agreement, Employer
will provide written notice to Executive as set forth in Paragraph 14 above of any material breach of this Agreement, which notice
shall include such supporting evidence which Employer reasonably and in good faith believes demonstrates any such breach (the “Notice
of Breach”). Notwithstanding anything to the contrary herein, Executive will not forfeit any monetary compensation paid or
to be paid under this Agreement on or before Employer provides a Notice of Breach unless and until: (a) Executive has had
an opportunity to address and/or refute and/or cure any allegation of breach within thirty (30) days of any such notice, which
Employer shall not unreasonably reject; or (b) there is a final determination by an arbitrator, pursuant to paragraph 20 herein
below and/or a court order that Executive breached any material provision of this Agreement.

 

    	 	8	 

     

    

 

17.       No
Admission of Wrongdoing. The parties agree that neither this Agreement nor the furnishing of the consideration for this
Agreement shall be deemed or construed at any time for any purpose as an admission by the Executive or Employer Released Parties
of wrongdoing or evidence of any liability or unlawful conduct of any kind.

 

18.       No
Transfer. Executive represents and warrants that he has not sold, assigned, transferred, conveyed, or otherwise disposed
of to any third party, by operation of law or otherwise, any action, cause of action, suit, debt, obligations, account, contract,
agreement, covenant, guarantee, controversy, judgment, damage, claim, counterclaim, liability or demand of any nature whatsoever
relating to any matter covered by this Agreement.

 

19.       Governing
Law. This Agreement shall be governed by, construed and enforced in accordance with, the laws of the State of Connecticut,
without regard to its conflict of laws provision or principles.

 

20.       Arbitration.
Company and Executive agree that any dispute or controversy between Company and Executive arising out of or relating to this Agreement
or the breach of this Agreement shall be resolved by arbitration in New York, New York, in accordance with the Employment Dispute
Resolution Rules of the American Arbitration Association then in effect by a single arbitrator. The parties shall share all fees
and costs payable to the arbitrator or AAA equally,. All attorneys’ fees, witness fees and other costs shall be paid by the
party that incurs those costs and expenses, except to the extent that a party is entitled to recover those costs or expenses under
applicable law. The arbitrator shall have the authority to award any remedy, relief, or damages that a court of competent jurisdiction
could order or grant, including without limitation, the issuance of an injunction. However, either party may, without inconsistency
with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional,
injunctive, or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved.

 

21.       Severability.
Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be
modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving
the remainder of this Agreement in full force and effect.

 

22.       Amendment.
This Agreement may not be modified, altered, or changed except in writing and signed by both parties wherein specific reference
is made to this Agreement.

 

23.       Entire
Agreement. Except as otherwise specifically referenced herein, this Agreement sets forth the entire agreement between the
parties hereto, and fully supersedes any prior agreements or understandings between the parties. Executive acknowledges that he
has not relied on any representations, promises, or agreements of any kind made to his in connection with his decision to accept
this Agreement, except for those set forth in this Agreement.

 

24.       Counterparts.
This Agreement may be executed in counterparts, each of which is an original, including scanned copies or those transmitted by
facsimile, and both of which together evidence the same agreement.

 

    	 	9	 

     

    

 

25.       Executive
acknowledges that:

 

		a.	Executive has twenty-one (21) days to consider this Agreement. Executive acknowledges that notwithstanding
his right to consider this Agreement for twenty-one (21) days, if Executive signs this Agreement sooner than the expiration of
the twenty-one (21) day period, Executive has done so knowingly and voluntarily, and has expressly waived his right to consider
the Agreement for the balance of the twenty-one (21) day period;

		b.	Executive has read this entire Agreement and fully understand its terms;

		c.	Executive was advised and encouraged to consult with an attorney prior to signing this Agreement
and has had an opportunity to review this Agreement with an attorney;

		d.	Once Executive signs this Agreement, Executive has the right to revoke the Agreement during
the immediate seven (7) days following the signing of the Agreement by sending written Notice of Revocation by email to Jaclyn
Ruocco, Esq., Kane Kessler, P.C. at jruocco@kanekessler.com;

		e.	Executive is voluntarily entering into this Agreement, knowingly of his own free will and without
undue influence or stress; and

		f.	Executive would not otherwise be entitled to the payments and benefits provided by this Agreement.

		g.	On the eighth (8th) day after Executive signs this Agreement (the “Effective Date”),
this Agreement becomes effective and enforceable if it has not been revoked.

 

    	 	10	 

     

    

  

The parties knowingly
and voluntarily sign this Confidential Separation Agreement and General Release as of the date(s) set forth below.

 

 

	Dated: 	
 	 	
 
	 	 	 	Eugene Seymour

  

 

	 	 	 	NanoViricides, Inc.
	 	 	 	 	 
	 	 	 	 	 
	Dated:	 	 	By:	
 
	 	 	 	 	Anil R. Diwan, Chairman and President 

 

    	 	11Exhibit 10.1

 

 

 

 

 

 

ORCHIDS PAPER PRODUCTS COMPANY

2014 STOCK INCENTIVE PLAN

 

Adopted March 9, 2018

 

 

 

 

 

 

 

 

     

     

    

 

ORCHIDS PAPER PRODUCTS COMPANY

STOCK INCENTIVE PLAN

 

TABLE OF CONTENTS

 

PAGE

 

 

	1.	Purpose of the Plan.	1
	 	 	 
	2.	Establishment.	1
	 	 	 
	3.	Definitions.	1

	 	A.	“Act”	1
	 	B.	“Award”	1
	 	C.	“Award Agreement”	1
	 	D.	“Board”	1
	 	E.	“Cash-Based Award”	1
	 	F.	“Cause”	2
	 	G.	“Change in Control”	2
	 	H.	“Code”	2
	 	I.	“Committee”	2
	 	J.	“Company”	2
	 	K.	“Disability”	3
	 	L.	“Fair Market Value”	3
	 	M.	“Good Reason”	3
	 	N.	“Incentive Stock Option”	3
	 	O.	“Non-qualified Stock Option”	3
	 	P.	“Option”	4
	 	Q.	“Other Stock-Based Award”	4
	 	R.	“Parent”	4
	 	S.	“Participant”	4
	 	T.	“Plan”	4
	 	U.	“Public Offering”	4
	 	V.	“Retirement”	4
	 	W.	“Stock”	4
	 	X.	“Stock Appreciation Right”	4
	 	Y.	“Subsidiary”	5
	 	 	 	 

	4.	Stock Subject to the Plan.	5
	 	 	 
	5.	Administration.	5
	 	 	 
	6.	Committee.	5
	 	 	 
	7.	Options.	6

	 	A.	Type of Option.	6

 

    	 	i	 

     

    

 

	 	B.	Option Prices.	6
	 	C.	Exercise – Elections and Restrictions.	7
	 	D.	Option Terms.	7
	 	E.	Successive Option Grants.	8
	 	F.	Additional Incentive Stock Option Requirements.	8
	 	G.	Deferral of Gain on a Non-qualified Stock Option.	8
	 	H.	Termination of Employment, Service as a Director, or Consulting Arrangement.	8

 

	8.	Stock Appreciation Rights.	9

	 	A.	Grant Terms.	9
	 	B.	Exercise Terms.	9
	 	C.	Limitations.	10
	 	D.	Termination of Employment, Service as a Director, or Consulting Arrangement.	10

 

	9.	Other Stock-Based Awards and Cash-Based Awards.	11
	 	 	 
	10.	Performance-Based Awards.	11
	 	 	 
	11.	Nontransferability of Awards.	12
	 	 	 
	12.	Adjustments Upon Changes in Capitalization or Corporation Acquisitions.	12
	 	 	 
	13.	Amendment and Termination.	12
	 	 	 
	14.	Effectiveness of the Plan.	13
	 	 	 
	15.	Time of Granting of an Award.	13
	 	 	 
	16.	Term of Plan.	13
	 	 	 
	17.	No Right To Continued Employment.	13
	 	 	 
	18.	Choice of Law.	13

 

     

     

    

 

ORCHIDS PAPER PRODUCTS COMPANY

2014 STOCK INCENTIVE PLAN

 

		1.	Purpose of the Plan.

 

The purpose of the
Plan is to provide the Company with a means to assist in recruiting, retaining and rewarding certain employees, directors and consultants
and to motivate such individuals to exert their best efforts on behalf of the Company by providing incentives through the granting
of Awards. By granting Awards to such individuals, the Company expects that the interests of the recipients will be better aligned
with those of the Company.

 

		2.	Establishment.

 

The Plan supersedes
and replaces the Orchids Paper Products Company Stock Incentive Plan previously adopted by the Board on April 14, 2005 (the “Prior
Plan”), except that the Prior Plan shall remain in effect with respect to Options and restricted stock grants granted under
such Prior Plan until such Awards have been exercised, forfeited, canceled, expired or otherwise terminated in accordance with
the terms of such grants. The shares of Stock that have been allocated to the Prior Plan and remain available to satisfy Awards
under the Prior Plan are now available to satisfy Awards under the Plan.

 

		3.	Definitions.

 

Unless the context
clearly indicates otherwise, the following capitalized terms shall have the meanings set forth below:

 

		a.	“Act”

 

means the Securities Exchange
Act of 1934, as amended, or any successor thereto.

 

		b.	“Award”

 

means a grant under the Plan
of an Option, Stock Appreciation Right, Cash-Based Award or Other Stock-Based Award.

 

		c.	“Award Agreement”

 

means an agreement entered into
between the Company and a Participant setting forth the terms and provisions applicable to Awards granted under the Plan.

 

		d.	“Board”

 

means the Board of Directors
of the Company.

 

		e.	“Cash-Based Award”

 

means an Award described in Section
8 as a Cash-Based Award.

 

     

     

    

 

		f.	“Cause”

 

means unless otherwise provided
for in an Award Agreement (i) engaging by Participant in willful misconduct which is materially injurious to Company; (ii) conviction
of Participant by a court of competent jurisdiction of, or entry of a plea of nolo contendere with respect to a felony;
(iii) engaging by Participant in fraud or dishonesty in connection with the business of Company; (iv) Participant’s abuse
of or dependency on alcohol or drugs (illicit or otherwise); or (vi) failure to perform the lawful directives of the Board.

 

		g.	“Change in Control”

 

means (i) the purchase or other
acquisition (other than from the Company) by any person, entity or group of persons, within the meaning of Section 13(d) or 14(d)
of the Act (excluding, for this purpose, the Company or its subsidiaries or any employee benefit plan of the Company or its subsidiaries),
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act) of 50% or more of either the then-outstanding
shares of common stock of the Company or the combined voting power of the Company’s then-outstanding voting securities entitled
to vote generally in the election of directors; (ii) a change in the ownership of all or substantially all of the Company’s
assets, which occurs on the date that any one person, or more than one person acting as a group, acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have
a total gross fair market value equal to or more than 80% of the total gross fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions, or (iii) a reorganization, merger or consolidation, in each case with respect
to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do
not, immediately thereafter, own more than 50% of, respectively, the common stock and the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or consolidated corporation’s then-outstanding voting securities,
or a liquidation or dissolution of the Company or the sale of all or substantially all of the assets of the Company.

 

		h.	“Code”

 

means the Internal Revenue Code
of 1986, as amended, or any successor thereto.

 

		i.	“Committee”

 

means the committee described
in Section 6.

 

		j.	“Company”

 

means Orchids Paper Products
Company, a Delaware corporation.

 

    	 	2	 

     

    

 

		k.	“Disability”

 

means, unless otherwise provided
for in the Award Agreement, (i) in the case of a Participant who is an employee of the Company, the Participant qualifying for
long-term disability benefits under any long-term disability program sponsored by the Company in which the Participant participates,
and (ii) in the case of a director or consultant, the inability of the director or consultant to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, or which
has lasted or can be expected to last for a continuous period of not less than 12 months, as determined by the Committee, based
upon medical evidence.

 

		l.	“Fair Market Value”

 

means (i) if there should be
a public market for the relevant Stock on the determination date, the arithmetic mean between the high and lows of prices of such
Stock as reported on such date on the Composite Tape of the principal national securities exchange or, if applicable, the NASDAQ
National Market on which such Stock is listed or admitted to trading, or, if such Stock is not listed or admitted on any national
securities exchange or the NASDAQ National Market, the arithmetic mean of the per share closing bid price and per share closing
asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market
in which such prices are regularly quoted) (“NASDAQ”), or if no sale of such shares shall have been reported on the
Composite Tape of any national securities exchange or the NASDAQ National Market or quoted on the NASDAQ on such date, then the
immediately preceding date on which sales of such shares have been so reported or quoted shall be used, and (ii) if there should
not be a public market for the Stock on such date, the value established by the Committee in good faith.

 

		m.	“Good Reason”

 

means unless otherwise provided
for in an Award Agreement (i) a requirement that Participant permanently relocate to a place of business more than 100 miles from
the location of the Company’s principal offices; (ii) a material diminution in Participant’s duties; or (iii) a material
diminution or reduction in the Participant’s responsibility or authority (including reporting responsibilities) in connection
with the Participant’s employment with the Company.

 

		n.	“Incentive Stock Option”

 

means a stock option which is
an incentive stock option within the meaning of Code Section 422.

 

		o.	“Non-qualified Stock Option”

 

means a stock option which is
not an Incentive Stock Option.

 

 

    	 	3	 

     

    

 

		p.	“Option”

 

means both an Incentive Stock
Option and a Non-Qualified Stock Option.

 

		q.	“Other Stock-Based Award”

 

means an Award granted pursuant
to Section 9 and described as an Other Stock-Based Award.

 

		r.	“Parent”

 

means any corporation (other
than the Company) in an unbroken chain of corporations ending with the Company if, at the time of the granting of the Option, each
of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain, or such other meaning as may be hereafter ascribed to it in Code Section
424.

 

		s.	“Participant”

 

means an employee, director or
consultant of the Company who is selected by the Committee to receive an Award.

 

		t.	“Plan”

 

means the Orchids Paper Products
Company 2014 Stock Incentive Plan, as amended.

 

		u.	“Public Offering”

 

means the creation of an active
trading market in Common Stock by the sale of Common Stock to the public pursuant to a registration statement under the Securities
Act of 1933.

 

		v.	“Retirement”

 

means unless otherwise provided
for in an Award Agreement the Participant’s termination of service with the Company on or after attaining age 65 for reasons
other than Cause, Good Reason, death or Disability.

 

		w.	“Stock”

 

means the common stock of the
Company.

 

		x.	“Stock Appreciation Right”

 

means a stock appreciation right
described in Section 8.

 

 

    	 	4	 

     

    

 

		y.	“Subsidiary”

 

means any corporation (other
than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of granting an Award, each of
the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain, or such other meaning as may be hereafter
ascribed to it in Code Section 424.

 

		4.	Stock Subject to the Plan.

 

Eight hundred thousand
(800,000) shares of Stock have been allocated to the Plan and will be reserved to satisfy Awards under the Plan. The total number
of shares of Stock allocated under the Plan includes those shares of Stock available and now rolled over from the Prior Plan to
this Plan in the amount of twenty-one thousand four hundred sixteen (21,416). The maximum number of shares of Stock subject to
Awards which may be granted during a calendar year to a Participant shall be ten percent (10%) of shares of Stock allocated to
the Plan. The maximum aggregate number of shares of Stock subject to Awards which may be allocated to Incentive Stock Options under
the Plan shall be one hundred percent (100 %) of shares of Stock allocated to the Plan. The Company may, in its discretion, use
shares held in the treasury in lieu of authorized but unissued shares. If any Award shall expire or terminate for any reason, the
shares subject to the Award shall again be available for the purposes of the Plan. Any shares of Stock which are used by a Participant
as full or partial payment to the Company to satisfy a purchase price related to an Award shall again be available for the purposes
of the Plan. To the extent any shares subject to an Award are not delivered to a Participant because such shares are used to satisfy
an applicable tax-withholding obligation, such withheld shares shall again be available for the purposes of the Plan.

 

		5.	Administration.

 

The Plan shall be administered
by the Committee. Subject to the express provisions of the Plan, the Committee shall have plenary authority, in its discretion,
to determine the individuals to whom, and the time or times at which, Awards shall be granted and the number of shares, if applicable,
to be subject to each Award. In making such determinations, the Committee may take into account the nature of services rendered
by the respective individuals, their present and potential contributions to the Company’s success and such other factors
as the Committee, in its discretion, shall deem relevant. Subject to the express provisions of the Plan, the Committee shall also
have plenary discretionary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it,
to determine the terms and provisions of the respective Award Agreements (which need not be identical) and to make all other determinations
necessary or advisable for the administration of the Plan. The Committee’s determinations on the matters referred to in this
Section 5 shall be conclusive.

 

		6.	Committee.

 

The Committee shall
be comprised of directors on the compensation committee of the Board of Directors of the Company (“Board of Directors”).
The Committee shall consist of not less than two directors who are both non-employee directors of the Company, within the meaning
of Rule 16b-3 of the Exchange Act, and “outside directors,” as defined in Treasury Regulations §1.162-27; provided,
however, that if at any time any member of the Committee is not an outside director, as so defined, the Committee may establish
a subcommittee, consisting of all members who are outside directors, for all purposes of any Award to a Named Executive Officer,
unless the Committee determines that such an Award is not intended to qualify for the Performance-Based Exception. The Board may,
from time to time, remove members from, or add members to, the Committee. Any vacancies on the Committee shall be filled by members
of the Board. The foregoing notwithstanding, the Board shall perform the functions of the Committee for purposes of granting Awards
to non-Employee Directors. However, the Board shall not have exclusive authority with respect to other aspects of non-Employee
Director Awards.

 

    	 	5	 

     

    

 

A majority of its members
shall constitute quorum. All determinations of the Committee shall be made by a majority of its members present at any meeting
at which there is a quorum. Any decision or determination reduced to writing and signed by all of the members shall as effective
as if it had been made by a majority vote at a meeting duly called and held. The Committee may appoint a secretary, shall keep
minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. The
Committee may, to the extent permitted by law, delegate its responsibilities and authority hereunder to an officer of the Company.

 

The Committee shall
be appointed by the Board, which may from time to time appoint members of the Committee in substitution for members previously
appointed and may fill vacancies, however caused, in the Committee.

 

		7.	Options.

 

The Committee, in its
discretion, may grant Options which are Incentive Stock Options or Non-qualified Stock Options, as evidenced by the Award Agreement,
and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent
therewith, as the Committee shall determine:

 

		a.	Type of Option.

 

Incentive Stock Options may be
granted to any individual classified by the Committee as an employee of the Company, a Parent or a Subsidiary but not to a consultant
or other independent contractor. A Non-Qualified Stock Option may be granted to any individual selected by the Committee.

 

		b.	Option Prices.

 

The purchase price of the Stock
under each Incentive Stock Option shall not be less than 100% of the Fair Market Value of the Stock at the time of the granting
of the Option; provided that, in the case of a Participant who owns more than 10% of the total combined voting power of all classes
of stock of the Company, a Parent or a Subsidiary, the purchase price of the Stock under each Incentive Stock Option shall not
be less than 110% of the Fair Market Value of the Stock on the date such Option is granted. The purchase price of the Stock under
each Non-qualified Stock Option shall be determined from time to time by the Committee, which need not be uniform for all Participants,
and shall not be less than 100% of Fair Market Value.

 

    	 	6	 

     

    

 

		c.	Exercise – Elections and Restrictions.

 

The purchase price for an Option
is to be paid in full upon the exercise of the Option, either (i) in cash, (ii) in the discretion of the Committee, by the tender
to the Company (either actual or by attestation) of shares of Stock already owned by the Participant for a period of at least six
months as of the date of tender and registered in his or her name, having a Fair Market Value equal to the cash exercise price
of the Option being exercised, or (iii) in the discretion of the Committee, by any combination of the payment methods specified
in clauses (i) and (ii) hereof; provided that, no shares of Stock may be tendered in exercise of an Incentive Stock Option if such
shares were acquired by the Participant through the exercise of an Incentive Stock Option unless (a) such shares have been held
by the Participant for at least one year and (b) at least two years have elapsed since such prior Incentive Stock Option was granted;
and provided further that, unless otherwise specifically provided in an Award Agreement, until such time as a Public Offering shall
occur, the only method of payment of the purchase price for an Option shall be cash. The Committee may provide in an Award Agreement
that payment in full of the option price need not accompany the written notice of exercise provided that the notice of exercise
directs that the certificate or certificates for the shares of Stock for which the Option is exercised be delivered to a licensed
broker acceptable to the Company as the agent for the individual exercising the Option and, at the time such certificate or certificates
are delivered, the broker tenders to the Company cash (or cash equivalents acceptable to the Company) equal to the option price
for the shares of Stock purchased pursuant to the exercise of the Option plus the amount (if any) of any withholding obligations
on the part of the Company. The proceeds of sale of Stock subject to the Option are to be added to the general funds of the Company
or to the shares of the Stock held in its Treasury, and used for its corporate purposes as the Board shall determine.

 

		d.	Option Terms.

 

The term of each Option shall
not be more than ten (10) years from the date of granting thereof or such shorter period as is prescribed in the Award Agreement;
provided that, in the case of a Participant who owns more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company, a Parent or a Subsidiary, the term of any Incentive Stock Option shall not be more than five (5) years
from the date of granting thereof or such shorter period as prescribed in the Award Agreement. Within such limit, Options will
be exercisable at such time or times, and subject to such restrictions and conditions, as the Committee shall, in each instance,
approve, which need not be uniform for all Participants. The holder of an Option shall have none of the rights of a shareholder
with respect to the shares subject to Option until such shares shall be issued to him or her upon the exercise of his or her Option.
Upon exercise of an Option, the Committee shall withhold a sufficient number of shares to satisfy the Company’s minimum required
statutory withholding obligations for any taxes incurred as a result of such exercise (based on the minimum statutory withholding
rates for federal and state tax purposes, including payroll taxes); provided that, in lieu of all or part of such withholding,
the Participant may pay an equivalent amount of cash to the Company.

 

    	 	7	 

     

    

 

		e.	Successive Option Grants.

 

As determined by the Committee,
successive option grants may be made to any Participant under the Plan.

 

		f.	Additional Incentive Stock Option Requirements.

 

The maximum aggregate Fair Market
Value (determined at the time an Option is granted) of the Stock with respect to which Incentive Stock Options are exercisable
for the first time by a Participant during any calendar year (under all plans of the Company, a Parent and a Subsidiary) shall
not exceed $100,000. A Participant who disposes of Stock acquired upon the exercise of an Incentive Stock Option either (i) within
two years after the date of grant of such Incentive Stock Option or (ii) within one year after the transfer of such shares to the
Participant, shall notify the Company of such disposition and of the amount realized upon such disposition.

 

		g.	Deferral of Gain on a Non-qualified Stock Option.

 

In accordance with the terms
of the applicable non-qualified deferred compensation plan, if any, in which a Participant is eligible to participate, a Participant
may elect to defer any gain realized upon the exercise of a Non-qualified Stock Option. The election to defer the gain must be
made in accordance with the applicable non-qualified deferred compensation plan, if any.

 

		h.	Termination of Employment, Service as a Director, or Consulting Arrangement.

 

The Committee, in its sole discretion,
shall set forth in the applicable Award Agreement the extent to which a Participant shall have the right to exercise the Option
or Options following termination of his or her employment, service as a director, or consulting arrangement with the Company, a
Parent, or its Subsidiaries. Such provisions need not be uniform among all Options issued pursuant to the Plan, and may reflect
distinctions based on the reasons for such termination, including, but not limited to, termination for Cause or Good Reason, or
reasons relating to the breach or threatened breach of restrictive covenants. Subject to Section 12, in the event that a Participant’s
Award Agreement does not set forth such provisions, the following provisions shall apply:

 

		i.	Retirement, Death or Disability. In the event that a Participant’s employment, service as
a director or consulting arrangement with the Company, Parent, or any Subsidiary terminates by reason of Retirement, death or Disability,
to the extent that the Option is not exercisable, all shares covered by his or her Options shall immediately become fully vested
and exercisable and shall remain exercisable until the earlier of (i) the remainder of the term of the Option, or (ii) 12 months
after the date of such termination. In the case of the Participant’s death, the Participant’s beneficiary or estate
may exercise the Option.

 

    	 	8	 

     

    

 

		ii.	Termination for Cause. In the event that a Participant’s employment, service as a director
or consulting arrangement with the Company, Parent, or any Subsidiary terminates for Cause, all Options granted to such Participant
shall expire immediately and all rights to purchase shares (vested or nonvested) under the Options shall cease upon such termination.

 

		iii.	Other Termination. In the event that a Participant’s employment, service as a director or
consulting arrangement with the Company terminates for any reason other than Retirement, death, Disability, or for Cause, all then
vested and exercisable Options shall remain exercisable from the date of such termination until the earlier of (i) the remainder
of the term of the Option, or (ii) 90 days after the date of such termination. Such Options shall only be exercisable to the extent
that they were exercisable as of such termination date and all unvested Options shall be forfeited. Conversion of a Participant’s
employment relationship to a consulting arrangement, or vice versa, shall be treated as a termination of employment or as a consultant,
as applicable, for purposes of this Section 7, unless otherwise provided in the Award Agreement.

 

		8.	Stock Appreciation Rights.

 

		a.	Grant Terms.

 

The Committee may grant a Stock
Appreciation Right independent of an Option or in connection with an Option or a portion thereof. A Stock Appreciation Right granted
in connection with an Option or a portion thereof shall cover the same shares of Stock covered by the Option, or a lesser number
as the Committee may determine. A Stock Appreciation Right shall be subject to the same terms and conditions as an Option, and
any additional limitations set forth in this Section 8 or the Award Agreement.

 

		b.	Exercise Terms.

 

The exercise price per share
of Stock of a Stock Appreciation Right shall be an amount determined by the Committee and shall not be less than 100% of Fair Market
Value. A Stock Appreciation Right granted independent of an Option shall entitle the Participant upon exercise to a payment from
the Company in an amount equal to the excess of the Fair Market Value on the exercise date of a share of Stock over the exercise
price per share, times the number of Stock Appreciation Rights exercised. A Stock Appreciation Right granted in connection with
an Option shall entitle the Participant to surrender an unexercised Option (or portion thereof) and to receive in exchange an amount
equal to the excess of the Fair Market Value on the exercise date of a share of Stock over the exercise price per share for the
Option, times the number of shares covered by the Option (or portion thereof) which is surrendered. Payment may be made, in the
discretion of the Committee, in (i) Stock, (ii) cash or (iii) any combination of Stock and cash. Cash shall be paid for fractional
shares of Stock upon the exercise of a Stock Appreciation Right.

 

		c.	Limitations.

 

The Committee may impose such
conditions upon the exercisability or transferability of Stock Appreciation Rights as it determines in its sole discretion.

 

    	 	9	 

     

    

 

		d.	Termination of Employment, Service as a Director, or Consulting Arrangement.

 

The Committee, in its sole discretion,
shall set forth in the applicable Award Agreement the extent to which a Participant shall have the right to exercise the Stock
Appreciation Right or Stock Appreciation Rights following termination of his or her employment, service as a director, or consulting
arrangement with the Company, a Parent, or its Subsidiaries. Such provisions need not be uniform among all Stock Appreciation Rights
issued pursuant to the Plan, and may reflect distinctions based on the reasons for such termination, including, but not limited
to, termination for Cause or Good Reason, or reasons relating to the breach or threatened breach of restrictive covenants. Subject
to Section 12, in the event that a Participant’s Award Agreement does not set forth such provisions, the following provisions
shall apply:

 

		i.	Retirement, Death or Disability. In the event that a Participant’s employment, service as
a director or consulting arrangement with the Company, Parent, or any Subsidiary terminates by reason of Retirement, death or Disability,
to the extent that the Stock Appreciation Right is not exercisable, all of his or her Stock Appreciation Rights shall immediately
become fully vested and exercisable and shall remain exercisable until the earlier of (i) the remainder of the term of the Stock
Appreciation Right, or (ii) 12 months after the date of such termination. In the case of the Participant’s death, the Participant’s
beneficiary or estate may exercise the Stock Appreciation Right.

 

		ii.	Termination for Cause. In the event that a Participant’s employment, service as a director
or consulting arrangement with the Company, Parent, or any Subsidiary terminates for Cause, all Stock Appreciation Rights granted
to such Participant shall expire immediately and all rights thereunder shall cease immediately.

 

		iii.	Other Termination. In the event that a Participant’s employment, service as a director or
consulting arrangement with the Company terminates for any reason other than Retirement, death, Disability, or for Cause, all then
vested and exercisable Stock Appreciation Rights shall remain exercisable from the date of such termination until the earlier of
(i) the remainder of the term of the Stock Appreciation Right, or (ii) 90 days after the date of such termination. Such Stock Appreciation
Rights shall only be exercisable to the extent that they were exercisable as of such termination date and all unvested Stock Appreciation
Rights shall be forfeited. Conversion of a Participant’s employment relationship to a consulting arrangement, or vice versa,
shall be treated as a termination of employment or as a consultant, as applicable, for purposes of this Section 8, unless otherwise
provided in the Award Agreement.

 

    	 	10	 

     

    

 

		9.	Other Stock-Based Awards and Cash-Based Awards.

 

The Committee may,
in its sole discretion, grant Awards of Stock, restricted Stock and other Awards that are valued in whole or in part by reference
to the Fair Market Value of Stock. These Awards shall collectively be referred to herein as Other Stock-Based Awards. The Committee
may also, in its sole discretion, grant Cash-Based Awards, which shall have a value as may be determined by the Committee. Other
Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, but not
limited to, the right to receive one or more shares of Stock (or the cash-equivalent thereof) upon the completion of a specified
period of service, the occurrence of an event or the attainment of performance objectives. Other Stock-Based Awards and Cash-Based
Awards may be granted with or in addition to other Awards. Subject to the other terms of the Plan, Other Stock-Based Awards and
Cash-Based Awards may be granted to such Participants in such amounts and upon such terms, and at any time and from time to time,
as shall be determined by the Committee and set forth in an Award Agreement.

 

		10.	Performance-Based Awards.

 

To the extent applicable,
the Committee may, in its sole and absolute discretion, determine that certain Other Stock-Based Awards and/or Cash-Based Awards
should be subject to such requirements so that they are deductible by the Company under Code Section 162(m). If the Committee so
determines, such Awards shall be considered Performance-Based Awards subject to the terms of this Section 10, as provided in the
Award Agreement. A Performance-Based Award shall be granted by the Committee in a manner to satisfy the requirements of Code Section
162(m) and the regulations thereunder. The performance measures to be used for purposes of a Performance-Based Award shall be chosen
by the Committee, in its sole and absolute discretion, from among the following: earnings per share of Stock; book value per share
of Stock; net income (before or after taxes); operating income; return on invested capital, assets or equity; cash flow return
on investments which equals net cash flows divided by owners’ equity; earnings before interest or taxes; gross revenues or
revenue growth; market share; expense management; improvements in capital structure; profit margins; Stock price; total shareholder
return; free cash flow; or working capital. The performance measures may relate to the Company, a Parent, a Subsidiary, or one
or more units of such an entity.

 

The Committee shall
determine whether, with respect to a performance period, the applicable performance goals have been met with respect to an Award
and, if they have, to so certify and ascertain the amount of the applicable Performance-Based Award. The Committee shall have
the discretion to adjust Performance-Based Awards downward.

 

		11.	Nontransferability of Awards.

 

Unless otherwise determined
by the Committee and expressly set forth in an Award Agreement, an Award granted under the Plan shall, by its terms, be non-transferable
otherwise than by will or the laws or descent and distribution and an Award may be exercised, if applicable, during the lifetime
of the Participant thereof, only by the Participant or his or her guardian or legal representative. Notwithstanding the above,
the Committee may not provide in an Award Agreement that an Incentive Stock Option is transferable.

 

    	 	11	 

     

    

 

		12.	Adjustments Upon Changes in Capitalization or Corporation Acquisitions.

 

Notwithstanding any
other provisions of the Plan, the Award Agreements may contain such provisions as the Committee shall determine to be appropriate
for the adjustment of the number and class of shares subject to each outstanding Award and the exercise prices, if applicable,
in the event of changes in the outstanding Stock by reason of stock dividends, recapitalization, mergers, consolidations, split-ups,
combinations or exchanges of shares and the like, and, in the event of any such change in the outstanding Stock, the aggregate
number and class of shares available under the Plan and the maximum number of shares as to which Awards may be granted to an individual
shall be appropriately adjusted by the Committee, whose determination shall be conclusive. In the event the Company, a Parent or
a Subsidiary enters into a transaction described in Section 424(a) of the Code with any other corporation, the Committee may grant
options to employees or former employees of such corporation in substitution of options previously granted to them upon such terms
and conditions as shall be necessary to qualify such grant as a substitution described in Section 424(a) of the Code.

 

In the event of a Change
in Control, notwithstanding any other provisions of the Plan or an Award Agreement to the contrary, the Committee may, in its sole
discretion, provide for:

 

(1)       Accelerated
vesting of any outstanding Awards that are otherwise unexercisable or unvested as of the date selected by the Committee;

 

(2)       Issuance
of substitute Awards to substantially preserve the terms of any Awards previously granted under the Plan.

 

		13.	Amendment and Termination.

 

The Board may at any
time terminate the Plan, or make such modifications to the Plan as it shall deem advisable; provided, however, that the Board may
not, without further approval by the holders of Stock, increase the maximum number of shares as to which Awards may be granted
under the Plan (except under the anti-dilution provisions of Section 13), or change the class of employees to whom Incentive Stock
Options may be granted, or withdraw the authority to administer the Plan from a committee whose members satisfy the requirements
of Section 6. No termination or amendment of the Plan may, without the consent of the Participant to whom any Award shall theretofore
have been granted, adversely affect the rights of such Participant under such Award.

  

		14.	Effectiveness of the Plan.

 

The Plan shall become
effective upon adoption by the Board subject, however, to its further approval by the shareholders of the Company given within
twelve (12) months of the date the Plan is adopted by the Board at a regular meeting of the shareholders or at a special meeting
duly called and held for such purpose. Grants of Awards may be made prior to such shareholder approval but all Award grants made
prior to shareholder approval shall be subject to the obtaining of such approval and if such approval is not obtained, such Awards
shall not be effective for any purpose.

 

    	 	12	 

     

    

 

		15.	Time of Granting of an Award.

 

An Award grant under
the Plan shall be deemed to be made on the date on which the Committee, by formal action of its members duly recorded in the records
thereof, makes an Award to a Participant (but in no event prior to the adoption of the Plan by the Board); provided that, such
Award is evidenced by a written Award Agreement duly executed on behalf of the Company and on behalf of the Participant within
a reasonable time after the date of the Committee action.

 

		16.	Term of Plan.

 

This Plan shall terminate
ten (10) years after the date on which it is approved and adopted by the Board and no Award shall be granted hereunder after the
expiration of such ten-year period. Awards outstanding at the termination of the Plan shall continue in accordance with their terms
and shall not be affected by such termination.

 

		17.	No Right To Continued Employment.

 

Nothing in the Plan
or in any Award granted pursuant to the Plan shall confer on any individual any right to continue in the employ of the Company
or interfere in any way with the right of the Company to terminate his or her employment at any time.

 

		18.	Choice of Law.

 

The Plan shall be governed
by and construed in accordance with the laws of the State of Delaware without regard to conflicts of law.

 

* * *

The foregoing Plan was approved and adopted
by the Board on March 9, 2018.

 

 

 

 

    	 	13

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