Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE OF CLAIMS

  

This Separation Agreement
and Release of Claims (the “Separation Agreement”) is made and entered into as of the Effective Date (as that term
is defined in Section 29 below) by and between Kevin Phelps (the “Executive” or “Phelps”) and Immune
Therapeutics, Inc., a Florida corporation (the “Company” or “ITI”). The Executive and the Company
are each referred to herein as a “Party” and are collectively referred to herein as the “Parties.”

 

RECITALS: 

 

R-1. The Company and Executive
entered into that certain employment agreement effective April 29, 2020 pursuant to which the Company employed Phelps as its Chief Executive
Officer (the “Employment Agreement”). Phelps’s employment with the Company was thereafter expanded to include
the roles of President and Chief Financial Officer.

 

R-2. The Executive is also
currently a member of the Company’s Board of Directors pursuant to an earlier agreement with the Company (the “Phelps Director
Agreement”).

 

R-3. The Executive has alleged
that the Company owes him $660,000 for accrued but unpaid compensation through March 31, 2022 for his services as the Company’s
Chief Executive Officer, President, and Chief Financial Officer and for his services as a member of the Company’s Board of Directors.
The Company disputes owing the Executive that amount.

 

R-4. The Parties are entering into this Separation
Agreement to provide for some terms regarding the severance of Executive’s employment with the Company, including his employment
as the Company’s Chief Executive Officer, President, and Chief Financial Officer, and to resolve any and all disputes, claims, complaints,
grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees as defined
below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or
separation from the Company.

 

R-5. For purposes of clarity, this Separation
Agreement does not end Phelps’s tenure as a member of the Company’s Board of Directors.

 

AGREEMENT:

 

NOW THEREFORE, in consideration of the mutual
promises contained herein, and other good and valuable consideration, the receipt, adequacy, and sufficiency of which is hereby acknowledged
by each Party, the Parties agree as follows:

 

1. Severance
of Employment with the Company. The Executive resigns his employment with the Company and from his positions as the Company’s
Chief Executive Officer, President, and Chief Financial Officer, and all other positions he holds with the Company, excluding his position
as a member of the Company’s Board of Directors, effective July 18, 2022 (the “Separation Date”). The Executive
acknowledges that his resignation is not the result of any disagreement with the Company on any matter relating to its operation, policies
(including accounting or financial policies) or practices. In light of the Executive’s resignation, the Parties further agree that
the Employment Agreement is hereby terminated effective as of the Separation Date and that any advance notice required by either of them
to terminate the Employment Agreement under that agreement is hereby waived.

 

    

     

    

 

2. [Reserved.]

 

3. Separation
Payment. Subject to the Executive executing and returning this Separation Agreement and this Separation Agreement becoming effective
as provided in Section 29 below, the Company shall provide the Executive with a severance payment consisting of three convertible promissory
notes (collectively, the “Separation Payment”), two of which shall be for the principal amount of one hundred thousand
and zero/100 United States dollars ($100,000.00) each and in the form substantially appended hereto as Exhibits A and B, respectively,
and the third of which shall be for the principal amount of two hundred thousand and zero/100 United States dollars ($200,000.00) and
in the form substantially appended hereto as Exhibit C, and further provided that the Executive properly executes and returns each of
those three convertible promissory notes to the Company by the deadline set forth in Section 29 below. No later than one business day
thereafter, the Company shall execute and deliver those convertible promissory notes, as executed by the Company, to the Executive. The
Company may report the Separation Payment to the IRS and any appropriate state taxing authority on an appropriate IRS form(s) and appropriate
form(s) of such state taxing agency or agencies.

 

4. No
Additional Benefits. Other than as set forth in this Separation Agreement, the Executive expressly acknowledges and agrees that he
is not entitled to and will not receive any additional compensation, payments, or benefits of any kind from the Company and the Releasees
(as that phrase is defined in Section 7(b) below), including, but not limited to, (a) any benefits, reimbursements, severance payment,
bonus payment, or compensation of any kind provided for in the Phelps Director Agreement for any and all periods of time on or before
the Effective Date, (b) any of the alleged accrued but unpaid compensation described in Recital 3 above, or (c) any benefits, reimbursements,
severance payment, bonus payment, or compensation of any kind provided for in the Employment Agreement, and the Executive expressly acknowledges
and agrees that no representations or promises to the contrary have been made to him.

 

5. Cancellation
of Previously Issued Promissory Notes. The Executive expressly acknowledges, represents, warrants, and agrees that the three promissory
notes that the Company previously issued to him, copies of which are attached as Exhibits D – F, respectively, must be canceled
and voided as a condition of the Company’s willingness to enter into this Separation Agreement and as part of the consideration
for the Company’s agreements in Section 3 above, as well as the other agreements of the Company contained in this Separation Agreement.
Accordingly, the promissory notes from the Company to the Executive, copies of which are attached as Exhibits D - F, are hereby canceled
and void as of the Effective Date.

 

(a) Executive
represents, warrants, and agrees that at no time on or before the Effective Date has he sold, conveyed, pledged, encumbered, or transferred
in any way any of the promissory notes, copies of which are attached as Exhibits D – F, hereto, any portion of any of those promissory
notes, or any right, title, or interest in or under any of those promissory notes, or exercised his conversion rights, if any, under any
of those promissory notes.

 

(b) Executives
represents and warrants that the Company has not issued him any promissory notes other than those for which copies are attached hereto
as Exhibits D – F.

 

6. Unemployment.
The Company will not object to any lawful application by the Executive to receive unemployment benefits.

 

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7. Release of Claims.

 

(a) As
a condition of the Company’s willingness to enter into this Separation Agreement, and in consideration for the Company’s agreements
in Section 3 above, as well as the other agreements of the Company contained in this Separation Agreement, the Executive, with the intention
of binding himself, his heirs, beneficiaries, trustees, administrators, executors, assigns and legal representatives (collectively, the
“Releasors”), hereby releases, waives and forever discharges the Company and the Releasees from, and hereby acknowledges
full accord and satisfaction of, any and all claims, demands, causes of action, and liabilities of any kind whatsoever (upon any legal
or equitable theory, whether contractual, common law or statutory, under federal, state or local law or otherwise), whether known or unknown,
asserted or unasserted, by reason of any act, omission, transaction, agreement or occurrence that the Executive ever had, now has or hereafter
may have against the Company and the Releasees up to and including the Effective Date.

 

Without limiting the generality of the foregoing, the Releasors hereby
release and forever discharge the Company and the Releasees from:

 

(i) any
and all claims relating to or arising from the Executive’s employment with the Company, the terms and conditions of that employment,
the cessation of that employment, and the Executive’s separation from the Company;

 

(ii) any
and all claims relating to or arising from the Executive’s service as a member of the Company’s Board of Directors,

 

(iii) any and all claims
of employment discrimination, harassment or retaliation under any federal, state or local statute or ordinance, public policy or the
common law, including, without limitation, any and all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act
of 1991, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Fair Labor Standards Act, the Equal Pay Act, the
Sarbanes-Oxley Act of 2002, the Dodd-Frank Act, the Genetic Information Nondiscrimination Act of 2008, the Family Medical Leave Act,
the Health Insurance Portability and Accountability Act of 1966, the National Labor Relations Act, the federal Occupational Safety
and Health Act, the Families First Coronavirus Response Act, the Coronavirus Aid, Relief, and Economic Security Act, the
Constitution of the State of Florida, the Florida Civil Rights Act, Fla. Stat. § 760.01, et seq., Florida’s
Private-Sector Whistle- blower’s Act, Fla. Stat. § 448.101, et seq., Florida’s Public-Sector
Whistle-blower’s Act, Fla. Stat. § 112.3187, et seq., Florida’s Statutory Provision Regarding
Retaliation/Discrimination for Filing a Workers Compensation Claim, Fla. Stat. § 440.205, Florida’s Statutory Provision
Regarding Wage Rate Discrimination Based on Sex, Fla. Stat. § 448.07, the Florida Minimum Wage Act and any other Florida wage
payment laws, the Florida Equal Pay Act, Fla. Stat. § 725.07, the Florida Omnibus AIDS Act, Fla. Stat. § 760.50, Orange
County, Fl. Code of Ordinances, § 22-4 and §§ 22-26 to 22-29, any other laws and ordinances of the State of Florida,
Orange County, Florida, and the City of Winter Park, Florida, the Constitution of New York, the New York Human Rights Law, N.Y.
Exec. Law § 290 et seq., N.Y. Civ. Rights Law § 40-c et seq. (New York anti-discrimination law), N.Y. Lab.
Law § 194 et seq. (New York equal pay law), N.Y. Lab. Law § 740 (New York whistleblower protection law), N.Y. Lab.
Law § 201-c (New York adoption leave law), any other laws and ordinances of the State of New York, Monroe County, New York, and
the Town of Pittsford, New York, including as all of the aforementioned constitutions, laws, and ordinances as have been or may be
amended;

 

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(iii) any
and all claims for employee benefits, including, without limitation, any and all claims under the Employee Retirement Income Security
Act of 1974, as amended; provided, however, that nothing in this Section 7 is intended to release, diminish, or otherwise affect any vested
monies or other vested benefits to which the Executive may be entitled from, under, or pursuant to any savings or retirement plan of the
Company;

 

(iv) any
and all claims for slander, libel, defamation, negligent or intentional infliction of emotional distress, personal injury, prima facie
tort, negligence, compensatory or punitive damages, or any other claim for damages or injury of any kind whatsoever; and

 

(v) any
and all claims for monetary recovery, including, without limitation, attorneys’ fees, experts’ fees, medical fees or expenses,
costs and disbursements and the like.

 

By entering into this Separation Agreement, the
Executive represents and agrees that the failure of this Separation Agreement to specifically identify or enumerate above any statute
or common law theory under which he releases claims is not intended by the Executive or the Company to limit, diminish or impair in any
way the Executive’s intended and actual release of all claims, demands, causes of action, and liabilities of any kind whatsoever
against the Company and the Releasees.

 

(b) For
purposes of this Agreement, the term “the Company and the Releasees” includes Immune Therapeutics, Inc. and its predecessors,
direct and indirect affiliates, related companies, successors and assigns, regardless of the jurisdiction in which such entities may be
located, and all of its and their respective past, present and future directors, officers, members, managers, employees, insurers, attorneys,
representatives and agents, whether acting as agents or in their individual capacities, and this Separation Agreement shall inure to the
benefit of and shall be binding and enforceable by all such entities and individuals.

 

(c) It is understood that
this release does not serve to waive any rights or claims that, pursuant to law, cannot be waived or subject to a release of this
kind, such as: (i) claims for unemployment or workers’ compensation benefits; (ii) rights to vested benefits under any
applicable welfare, retirement and/or pension plans; (iii) rights to defense and indemnification, if any, from the Company for
actions taken by the Executive in the course and scope of the Executive’s employment with the Company; (iv) claims, actions,
or rights arising under or to enforce the terms of this Separation Agreement; and/or (v) the right to file a charge with an
administrative agency or participate in an agency investigation; provided, however, that the Executive hereby waives his right to
recover any money in connection with such charge or investigation. Moreover, nothing in this Separation Agreement limits or waives,
or is intended to limit or waive, the Executive’s right pursuant to the Older Workers Benefit Protection Act to seek a
judicial determination of the validity of the Separation Agreement’s waiver of claims under the Age Discrimination in
Employment Act.

 

(d) Notwithstanding
the foregoing provisions of this Section 7, this release does not serve to waive any rights or claims the Executive may have against the
Company and the Releasees under the federal the Age Discrimination in Employment Act or the federal Older Workers Benefit Protection Act
or any claims for age discrimination under the laws or regulations of the State of Florida or State of New York state law or the ordinances
of Orange County, Florida, the City of Winter Park, Florida, Monroe County, New York, or the Town of Pittsford, New York.

 

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8. No
Pending or Future Lawsuits. The Executive represents and warrants that, as of the date he executes this Separation Agreement:

 

(a) there
is no pending lawsuit, claim, or action in his name, or on behalf of any other person or entity, against the Company or any of the other
Releasees that he has filed or caused to be filed; and,

 

(b) he
does not intend to file or cause to be filed any lawsuit, claim, or action on his own behalf or on behalf of any other person or entity
against the Company or any of the other Releasees that are covered by the release of claims in Section 7 above.

 

9. Separation
from Employment. By entering into this Separation Agreement, the Executive acknowledges and agrees that his employment with the Company
has been permanently and irrevocably severed. The Executive agrees that the Company shall not have any obligation at any time in the future
to reemploy him or enter into any other business arrangement of any kind with him. The Executive further agrees that if he does seek reemployment
or any other business arrangement with the Company under which he would receive compensation for services performed by him, a rejection
by the Company of his application or inquiry will not constitute a violation of this Separation Agreement or a violation of law in any
manner whatsoever.

 

10. Company Property
and Information. Except as provided in Section 10(a) below, the Executive agrees to return to the Company, within five (5)
business days of the Effective Date, any computer equipment, office keys, credit and telephone cards, ID and access cards, etc., and
any and all original and duplicate copies of the Executive’s work product and of files, client lists, calendars, books,
employee handbooks, records, notes, notebooks, manuals, storage drives, and any other materials the Executive has in his possession
or under his control belonging to the Company, or containing confidential or proprietary information concerning the Company,
(including Confidential Information, as that phrase is defined in Section 11 below) in his custody or possession (“Company
Property”), regardless of the format, medium or location in which such information is stored, maintained or accessed. The
Executive agrees, represents, and warrants that, as of the fifth day following the Effective Date (i) the Executive shall have
returned to the Company all Company Property (including without limitation any and all emails and attachments that the Executive
emailed to his personal email account from his email account with the Company); (ii) the Executive will have not made or taken
copies of such Company Property (including without limitation any and all emails and attachments that the Executive emailed to his
personal email account from the Executive’s Company email account); and (iii) the Executive will have completely removed all
electronically stored Company Property from all storage media in his possession, custody or control, including, without limitation,
from his home computer system(s), personal email account(s), and any external disk(s), flash drive(s), cloud storage services, or
any other format or medium in which information can be stored, maintained or accessed. By signing this Separation Agreement, the
Executive expressly agrees that the Company shall have the right, on demand, to verify through an independent third-party forensic
examiner that the Executive has not retained Company Property in any form or manner whatsoever, including without limitation in or
on any electronic device, phone, PDA, computer, e-mail account, hard drive or cloud storage system, whether or not personal in
nature; provided, however, that such third-party forensic examiner will conduct any examination in a manner designed to protect
purely personal information or data from disclosure to the Company as a result of the examination. The Executive further agrees that
the Company shall in addition to any other legal remedies available to it, be entitled to (y) equitable relief, including, without
limitation, specific performance, a temporary restraining order(s), and temporary or permanent injunctive relief and (z) liquidated
damages in an amount equal to the Separation Payment, to enforce the provisions of this section.

 

(a) The
computer owned by the Company that is currently in the Executive’s possession as of July 19, 2022 is hereby conveyed to the Executive,
provided that this Separation Agreement becomes effective and on the express condition that Executive delete or return to the Company
all Company Property on that computer within five (5) business days of the Effective Date and that Executive provide the Company with
written confirmation that he has done so within that same time period.

 

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11. Confidentiality.

 

(a)
The Executive represents, acknowledges, and agrees that, while employed by the Company, he had access to and possessed information and
materials that are not publicly available, including, without limitation, information and materials concerning the Company’s client
identities, lists or other client information; pricing and billing strategies; personnel matters; personnel decisions made by the Company;
proprietary information; marketing, advertising and promotional ideas and strategies; marketing surveys and analyses; technology; marketing
plans and research; and methods, techniques, processes and know-how; trade secrets and other intellectual property, whether tangible
or intangible and whether or not stored, compiled or memorialized physically, electronically or graphically or in writing (“Confidential
Information”). The negotiations, if any, between the Company the Executive pertaining to this Separation Agreement are also
Confidential Information.

 

(b) The
Executive agrees that, for the maximum time period permitted by applicable law, he shall not access, use, or disclose Confidential Information
before it has become publicly known, through no fault of his own, unless required by compulsory legal process. The Executive’s nondisclosure
obligation under this Section 11(b) includes, without limitation, statements to individuals or groups, the media, the press, online media
sites, and on social media accounts (including, by way of example only, Facebook, LinkedIn, Twitter, Instagram, and the like). The Executive
also agrees that, if he is ever asked to disclose any Confidential Information pursuant to legal process or otherwise, he will immediately
contact the Company’s chief executive officer to seek the Company’s express written consent to such disclosure prior to such
disclosure.

 

(c)
If the Executive breaches any of the provisions in this Section 11 above, the Company shall, in addition to any other rights set
forth in this Section 11, have the right and remedy to seek from any court or other tribunal (including an arbitrator) of competent
jurisdiction specific performance of the provision in Section 11 breached by the Executive or injunctive relief against any act
which would violate any of the provisions of Section 11, it being acknowledged and agreed that any such breach may cause irreparable
injury to the Company, its subsidiaries, and affiliates and that money damages will not provide an adequate remedy to the Company,
its subsidiaries, and affiliates.

 

(d) Notwithstanding
Section 13 of this Separation Agreement, if any of the provisions of this Section 11 are held by a court or other tribunal of competent
jurisdiction (e.g., an arbitrator) to be void, unlawful, or unenforceable, the court or tribunal may, if applicable law permits,
modify the void, unlawful, or unenforceable provision(s) to the minimum extent needed to make it valid, legal, and enforceable, or, if
the law does not permit such modification or if the court or tribunal elects not to make such modification, the void, unlawful, or unenforceable
provision(s) shall be deemed severable and stricken from Section 11 and this Separation Agreement, and shall not affect the validity,
legality, and enforceability of any remaining provisions in Section 11 or the Separation Agreement, which shall remain in full force and
effect.

 

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12. Non-disparagement.

 

(a) The
Company agrees that it shall make no statements, remarks, or comments, orally or in writing, publicly or privately, to any third party
that would constitute actionable defamation with regard to the Executive. Notwithstanding the foregoing provisions of this Section 12(a),
the Company is not restricted (i) from providing information about the Executive to a court or governmental agency as required or permitted
by applicable law or (ii) announcing that the Executive has resigned and separated from the Company.

 

(b) The
Executive agrees that he shall make no statements, remarks, or comments, orally or in writing, publicly or privately, to any third party
that would constitute actionable defamation with regard to, the Company, its predecessors, direct and indirect affiliates, related companies,
or any of their current or former respective management, officers, directors, shareholders, members, employees, agents, or representatives,
or any of their products, services, divisions, or the Company’s business. Notwithstanding the foregoing provisions of this Section
12(b), the Executive is not restricted from providing information about any of the entities listed in this Section 12(b) to a court or
governmental agency as required or permitted by applicable law.

 

13. Severability.
If at any time after the Effective Date any provision of this Separation Agreement shall be held by any court or other tribunal of competent
jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force and effect. The illegality or unenforceability
of such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Separation Agreement,
provided, however, that if Section 7 is held to be illegal, void, or unenforceable in whole or in part, the Executive agrees to
promptly execute a legal, valid, and enforceable general release and waiver in favor of the Company and the Releasees and, in the event
that such a legal, valid, and enforceable general release and waiver of claims cannot be or is not obtained, then the Executive shall
be deemed to have assigned, transferred, and conveyed the claims described in Section 7 to the Company.

 
14.
                                            Voluntary Agreement.

 

(a) The
Company hereby advises the Executive to consult with an attorney before executing this Separation Agreement.

 

(b) By
executing this Separation Agreement, the Executive acknowledges and agrees that he: (i) has carefully read and fully understands all of
the provisions of the Separation Agreement (including the provisions in Section 7 concerning his release of claims); (ii) understands
that, pursuant to Section 7 of the Separation Agreement, he is releasing the claims described in Section 7 that he may have against the
Company and the Releasees; (iii) knowingly and voluntarily agrees to all of the terms set forth in this Separation Agreement (including
the provisions in Section 7 concerning his release of claims); (iv) knowingly and voluntarily agrees to be legally bound by this Separation
Agreement (including the provisions in Section 7 concerning his release of claims); (v) has been advised to consult with an attorney before
signing this Separation Agreement; and (vi) has had an opportunity to consult with an attorney of his own choosing before signing this
Separation Agreement.

 

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15. No
Admission. The Executive understands and agrees that the making of this Separation Agreement is not intended, and shall not be construed,
as an admission that the Company and the Releasees, or any person now or previously employed by or associated with the Company and the
Releasees, have violated any federal, state, or local law, ordinance, regulation, public policy, or common law rule, or have committed
any wrong whatsoever against the Executive. This Separation Agreement shall be deemed to fall within the protection afforded to settlements,
compromises, and offers to compromise by applicable law.

 

16. Complete
Agreement. This Separation Agreement represents the complete understanding between the Executive and the Company concerning the subject
matter of this Separation Agreement, and no other promises or agreements concerning the subject matter of this Separation Agreement shall
be binding unless reduced to writing and signed by the Executive and the Company. The Executive and the Company agree that this Separation
Agreement supersedes any prior agreements or understandings of the Parties, whether oral or written, concerning the subject matter of
this Separation Agreement.

 

17. No
Oral Modification. This Separation Agreement may only be amended in a writing signed by the Executive and the Company’s then-chief
executive officer.

 

18. Drafting.
Should any provision of this Separation Agreement require interpretation or construction, it is agreed by the Executive and the Company
that the person interpreting or construing this Separation Agreement shall not apply a presumption against one Party by reason of the
rule of construction that a document is to be construed more strictly against the party who prepared the document.

 

19. Successors
and Assigns. This Separation Agreement is binding upon, and shall inure to the benefit of, the Company and the Releasees, and its
and their respective heirs, executors, administrators, successors, and assigns.

 

20. Tax
Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any
other consideration provided to the Executive or made on his behalf under the terms of this Separation Agreement. The Executive
agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any
other consideration provided hereunder by the Company and any penalties or assessments thereon. The Executive further agrees to
indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions,
judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) the
Executive’s failure to pay or delayed payment of, federal or state taxes, or (b) damages sustained by the Company by reason of
any such claims, including attorneys’ fees and costs.

 

21.
Authority. The Company represents and warrants that the undersigned representative of the Company has the authority to act on
behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Separation Agreement.
The Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through
him to bind them to the terms and conditions of this Separation Agreement. Each Party warrants and represents that there are no liens
or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.

 

22. No
Representations. The Executive represents and warrants that, before executing this Separation Agreement, he has had an opportunity
to consult with an attorney of his choosing about this Separation Agreement and that the Executive has carefully read and understands
the scope and effect of the provisions of this Separation Agreement. The Executive represents and warrants that he has not relied upon
any representations, warranties, or statements made by the Company that are not specifically set forth in this Separation Agreement.

 

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23. No
Waiver. The failure of the Company to insist upon the performance of any of the terms and conditions in this Separation Agreement,
or the failure to prosecute any breach of any of the terms or conditions of this Separation Agreement, shall not be construed thereafter
as a waiver of any such terms or conditions. This entire Separation Agreement shall remain in full force and effect as if no such forbearance
or failure of performance had occurred.

 

24. Attorneys’
Fees. In the event that either Party brings an action to enforce or effect its rights under this Separation Agreement, the prevailing
Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and
reasonable attorneys’ fees incurred in connection with such an action.

 

25. ARBITRATION.
THE PARTIES AGREE THAT THE EXCLUSIVE FORUM FOR RESOLVING ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS SEPARATION AGREEMENT,
THEIR INTERPRETATION, OR ANY OF THE MATTERS HEREIN RELEASED SHALL BE BINDING ARBITRATION IN ORANGE COUNTY, FLORIDA BEFORE THE
JUDICIAL ARBITRATION & MEDIATION SERVICES, INC. (“JAMS”), PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES &
PROCEDURES (“JAMS RULES”). IN ANY ARBITRATION TO RESOLVE ANY SUCH DISPUTE, THE ARBITRATOR MAY GRANT INJUNCTIONS AND
OTHER RELIEF, AND THE ARBITRATOR SHALL ADMINISTER AND CONDUCT THE ARBITRATION IN ACCORDANCE WITH FLORIDA LAW AND SHALL APPLY
SUBSTANTIVE AND PROCEDURAL FLORIDA LAW TO ANY SUCH DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW PROVISIONS OF ANY
JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH FLORIDA LAW, FLORIDA LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE
ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION, SUBJECT TO A PARTY’S RIGHT, IF ANY,
UNDER FLORIDA STATUTES § 682.10, § 682.13, OR § 682.14 OR 9 U.S.C. § 10 OR § 11 TO PETITION A COURT TO
CLARIFY, VACATE, MODIFY, OR CORRECT THE AWARD. THE PARTIES AGREE THAT THE PREVAILING PARTY IN SUCH ARBITRATION SHALL BE ENTITLED TO
INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH
PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL
FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY,
EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM ARISING OUT OF THE TERMS
OF THIS SEPARATION AGREEMENT, THEIR INTERPRETATION, OR ANY OF THE MATTERS HEREIN RELEASED RESOLVED IN A COURT OF LAW BY A JUDGE OR
JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER
PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS
AGREEMENT AND ANY AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS
PARAGRAPH CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL
GOVERN.

 

26. Governing
Law. This Separation Agreement shall be governed by the laws of the State of Florida, without regard to its principles of conflicts
of law.

 

27. Counterparts.
This Separation Agreement may be executed in counterparts and also by facsimile, scan, or other electronic means, and each counterpart,
facsimile or electronic copy shall have the same force and effect as an original and shall constitute an effective, binding agreement
on the part of each of the undersigned.

 

28. Section
Headings. The Section headings (e.g., “Counterparts”) used in this Separation Agreement are inserted for
convenience only and shall be disregarded in construing this Separation Agreement.

 

29. Effective
Date. This Separation Agreement will not become effective unless the Executive executes it and returns it via email (including through
DocuSign), personal messenger, or overnight courier (e.g., FedEX or UPS) to Immune Therapeutics, Inc. Attn: Cynthia Douglas, 2431
Aloma Ave., Suite 124,Winter Park, Florida 32792, admin@immunetherapeutics.com, such that it is received by the Company no later than
10:00 P.M. Eastern Time on Tuesday, July 19, 2022. If the Executive fails to execute and return this Separation Agreement such that it
is received by the Company by that time, this Separation Agreement will be null and void and of no force or effect. The Company must also
execute this Separation Agreement for it to be effective. Subject to the other provisions of this Section 29, this Separation Agreement
will become effective as of the date that the last Party executes it (the “Effective Date”).

 

    9

     

    

 

CONSULT WITH AN ATTORNEY 

AND READ THIS
SEPARATION AGREEMENT AND RELEASE OF CLAIMS

 CAREFULLY BEFORE SIGNING IT. BY SIGNING THIS SEPARATION 

AGREEMENT AND RELEASE OF CLAIMS
YOU ARE GIVING UP IMPORTANT

 LEGAL RIGHTS.

 

IN WITNESS WHEREOF, the Parties have executed this Separation Agreement
on the respective dates set forth below.

 

	THE COMPANY	 
	 	 
	IMMUNE THERAPEUTICS, INC.	 
	 	 	 
	By:	/s/ Stephen Wilson	 
	Name:	Stephen Wilson	 
	Title:	P/CEO	 
	Date signed:	7/19/2022	 

 

	THE EXECUTIVE	 
	 	 
	KEVIN PHELPS	 
	 	 	 
	Signed:	/s/ KEVIN PHELPS	 
	Date signed: 	7/19/2022	 

 

    10

     

    

 

EXHIBIT A

(Form of Convertible Promissory
Note #1 – for $100,000)

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

THIS PROMISSORY NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST THEREIN
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: $100,000	Effective Date: July 19, 2022 (“Effective Date”)

 

FOR
VALUE RECEIVED, Immune Therapeutics, Inc., a Florida corporation, its successors and assigns (hereinafter referred to as “Borrower”),
promises to pay to the order of Kevin Phelps, who resides at                                             ,
his successors and assigns (hereinafter referred to as “Holder”), the principal sum of one hundred thousand and zero/100
dollars ($100,000.00) in lawful money of the United States of America, with interest thereon to be computed on the unpaid principal balance
from time to time outstanding at the Applicable Interest Rate (hereinafter defined) (all duties and obligations of Borrower pursuant
to this Note are hereinafter referred to as “Debt”).

 

For clarity and context,
Borrower and Holder agree that this Note is being issued as part of that certain Separation Agreement & Release entered into between
the Borrower and the Holder in connection with the latter’s resignation of his employment from the Borrower.

 

 1. PAYMENT

 

Borrower shall make
payments due under this Promissory Note (“Note”) to Holder at the above captioned address, or such other address as Holder
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim, or any other deduction whatsoever.

 

 2. MATURITY

 

All principal and
accrued interest shall be due and payable no later than the date twelve (12) months from the Effective Date of this Note (the “Maturity
Date”). Notwithstanding the foregoing, Borrower shall have the option to extend the Maturity Date by six (6) months on written notice
to Holder prior to the expiration of the initial twelve (12) month term.

 

 3. PREPAYMENT

 

This Note may be prepaid in whole or
in part at any time without premium or penalty.

 

 4. INTEREST

 

The
term “Applicable Interest Rate” means a rate of six percent (6.00%) per annum simple interest. Interest shall be payable
monthly on the Maturity Date. Interest on the principal sum of this Note shall be calculated on the basis of a three hundred sixty
(360) day year with equal months and paid for the actual number of days elapsed.

 

    Page 1 of 5

     

    

 

 5. CONVERSION

 

(a) The
Debt may be converted upon written notice by Holder to Borrower into shares of Common Stock, par value $0.0001, of the Borrower (the “Common
Shares”). Promptly following such notice, Borrower shall issue a number of Common Shares to Holder equal to (i) the principal amount
of this Note divided by (ii) $0.05 the (“Conversion Price”), subject to equitable adjustments for stock splits, stock
combinations, recapitalizations, or similar transactions (the “Conversion Shares”). The number of shares of Conversion Shares
issuable upon conversion is equal to the quotient of the amount to be converted divided by the Conversion Price. The Holder may make such
election by notifying the Borrower of the same in writing. The date of such notice shall be the conversion date. Upon issuance of the
Conversion Shares, the Debt shall be deemed paid in full and this Note shall be terminated.

 

(b) Holder
covenants and agrees that Holder shall not directly or indirectly assign, sell, make any short sale of, loan, hypothecate, pledge, offer,
grant or sell any option for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of, or transfer,
or agree to engage in any of the foregoing transactions with respect to, any Conversion Shares, or engage in any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of the Conversion Shares, without the prior
written consent of the Borrower, as the case may be, from the date of the execution of this Note to the one (1)-year anniversary of the
date of issuance of the Conversion Shares, except that, from and after the date of the conversion of this Note, no more than 5% of the
Conversion Shares during each calendar quarter, during three out of four quarters, during the 18-month period following the date of this
Note.

 

(c) In
connection with any conversion of this Note into capital stock, the Holder shall surrender this Note to the Borrower and deliver to the
Borrower any documentation reasonably required by the Borrower. On the conversion date, the Debt, including all outstanding principal
amount of and all accrued but unpaid interest on this Note through the date of conversion, shall be converted without any further action
by the Holder and whether or not the Note is surrendered to the Borrower. The Borrower shall not be required to issue or deliver the capital
stock into which this Note may convert until the Holder has surrendered this Note to the Borrower and delivered to the Borrower any such
documentation. The Borrower shall be obligated to issue and deliver to the Holder certificates representing the Conversion Shares unless
the Borrower’s securities are generally in uncertificated form. Upon the conversion of this Note into capital stock pursuant to
the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Borrower shall pay the Holder
cash equal to such fraction multiplied by the price at which this Note converts.

 

(d) Notice
to convert shares must be submitted in writing to the Borrower by 11:59 P.M. U.S. Eastern Time, Friday, July 22, 2022 (“Conversion
Deadline”). The Note will not be convertible after the Conversion Deadline.

 

 6. DEFAULT AND ACCELERATION

 

A
breach under this Note that has not been cured within ten (10) business days following written notice from Holder shall constitute
an “Event of Default.” So long as an Event of Default exists, Holder may, at its option, without notice or demand to
Borrower, declare the Debt immediately due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the
event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or
to defend against any claims asserted by Borrower under this Note, Borrower also agrees to pay to Holder all costs of collection or
defense incurred by Holder, including reasonable attorneys’ fees for the services of counsel whether or not suit be brought.
During the occurrence of an Event of Default, Borrower shall pay interest on the entire unpaid principal sum at the rate equal to
six percent (6.00%).

 

    Page 2 of 5

     

    

 

 7. SAVINGS CLAUSE

 

This Note is subject
to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder
at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate
which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Borrower is at any time required
or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments
in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of this Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable
to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention
of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest
at the time of such acceleration.

 

 8. NOTICES

 

Any notice or communication
required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight mail to the
address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee to receive
notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required under this
Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required. Notices
may be given on behalf of a party as set forth below:

 

	 	If to Borrower:	Immune Therapeutics, Inc.
	 	 	 
	 	 	
    2431 Aloma Ave,

    Suite 124

    Winter Park, FL 32792

	 	 	 
	 	If to Holder, then to the address listed in the introductory paragraph.

 

 9. WAIVER

 

Borrower and any
endorsers, sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to accelerate
maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation
and appraisement, notice of demand, and all other notices in connection with the delivery, acceptance, performance, default or enforcement
of the payment of this Note and the bringing of suit and diligence in taking any action to collect any sums owing hereunder.

 

 10. TRANSFER

 

Holder
shall have the right at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Holder shall
notify Borrower in writing of any such sale or assignment. Borrower shall execute, acknowledge, and deliver any and all instruments
requested by Holder to satisfy such purchasers or participants that the unpaid indebtedness evidenced by this Note is outstanding
upon the terms and provisions set out in this Note. To the extent, if any, specified in such assignment or participation, such
assignee(s) or participant(s) shall have the rights and benefits with respect to this Note as such assignee(s) or participant(s)
would have if they were the Holder hereunder. Borrower may not assign its obligations under this Note without the prior written
consent of Holder.

 

    Page 3 of 5

     

    

 

 11. APPLICABLE LAW; ARBITRATION; WAIVER OF JURY TRIAL

 

(a) This
Note shall be governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or
principles) and the applicable laws of the United States of America.

 

(b) ARBITRATION.
THE PARTIES AGREE THAT THE EXCLUSIVE FORUM FOR RESOLVING ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS NOTE, ITS INTERPRETATION,
OR ITS BREACH SHALL BE BINDING ARBITRATION IN ORANGE COUNTY, FLORIDA BEFORE THE JUDICIAL ARBITRATION & MEDIATION SERVICES, INC. (“JAMS”),
PURSUANT TO ITS COMPREHENSIVE ARBITRATION RULES & PROCEDURES (“JAMS RULES”). IN ANY ARBITRATION TO RESOLVE ANY SUCH DISPUTE,
THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF, AND THE ARBITRATOR SHALL ADMINISTER AND CONDUCT THE ARBITRATION IN ACCORDANCE WITH
FLORIDA LAW AND SHALL APPLY SUBSTANTIVE AND PROCEDURAL FLORIDA LAW TO ANY SUCH DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW
PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH FLORIDA LAW, FLORIDA LAW SHALL TAKE PRECEDENCE. THE DECISION
OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION, SUBJECT TO A PARTY’S RIGHT, IF ANY,
UNDER FLORIDA STATUTES § 682.10, § 682.13, OR § 682.14 OR 9 U.S.C. § 10 OR § 11 TO PETITION A COURT TO CLARIFY,
VACATE, MODIFY, OR CORRECT THE AWARD. THE PARTIES AGREE THAT THE PREVAILING PARTY IN SUCH ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE
RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL
SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES;
PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW.
THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM ARISING OUT OF THE TERMS OF THIS THIS NOTE, ITS INTERPRETATION,
OR ITS BREACH TO BE RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER
PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT
MATTER OF THEIR DISPUTE RELATING TO THE NOTE.

 

 12. NO ORAL CHANGE AND ELECTRONIC SIGNATURES & DELIVERY

 

The
provisions of this Note may be amended or revised only by an instrument in writing signed by the Borrower and Holder. This Note
embodies the final, entire agreement of Borrower and Holder and supersedes any and all prior commitments, agreements,
representations, and understandings, whether written or oral, relating to the subject matter hereof and it and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of Borrower and Holder.
There are no oral agreements between Borrower and Holder relating to the subject matter hereof. The parties expressly agree that
this Note may be executed in any number of counterparts, including standard electronic counterparts with standard electronic
signatures (such as utilizing DocuSign or AdobeSign), each of which shall be an original and all of which together shall be one
document binding on all the parties even though each party may have signed different counterparts.

 

    Page 4 of 5

     

    

 

13.
COMPLIANCE WITH SECURITIES LAWS

 

The Holder of this
Note acknowledges that this Note is being acquired solely for the Holder’s own account and not as a nominee for any other party,
and for investment, and that the Holder shall not offer, sell, or otherwise dispose of this Note in violation of securities laws. This
Note and any Note issued in substitution or replacement therefor shall be stamped or imprinted with a legend in substantially the following
form:

 

“THIS NOTE HAS
NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.”

 

	Executed as of the Effective Date.	[signatures immediately follow]

 

	 	BORROWER:	 
	 	 
	 	Immune
    Therapeutics, Inc.
	 	 
	 	By:	/s/
    Stephen Wilson
	 	Name:	Stephen Wilson
	 	Title:	P/CEO
	 	 
	 	Date signed:	7/19/2022

 

	Accepted and agreed:	 
	 	 
	HOLDER	 
	 	 
	Kevin Phelps
	 	 
	Signed:	/s/ Kevin Phelps	 
	 	 
	Date signed:	7/19/2022	 

 

    Page 5 of 5

     

    

 

EXHIBIT B

(Form of Convertible Promissory
Note #2 – for $100,000)

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

THIS PROMISSORY NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST
THEREIN MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER,
WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: $100,000	Effective Date: July 19, 2022 (“Effective Date”)

 

 

FOR VALUE RECEIVED, Immune
Therapeutics, Inc., a Florida corporation, its successors and assigns (hereinafter referred to as “Borrower”), promises to
pay to the order of Kevin Phelps, who resides at                                          ,
his successors and assigns (hereinafter referred to as “Holder”), the principal sum of one hundred thousand and zero/100
dollars ($100,000.00) in lawful money of the United States of America, with interest thereon to be computed on the unpaid principal balance
from time to time outstanding at the Applicable Interest Rate (hereinafter defined) (all duties and obligations of Borrower pursuant
to this Note are hereinafter referred to as “Debt”).

 

For clarity
and context, Borrower and Holder agree that this Note is being issued as part of that certain Separation Agreement & Release entered
into between the Borrower and the Holder in connection with the latter’s resignation of his employment from the Borrower.

 

1.
PAYMENT

 

Borrower shall
make payments due under this Promissory Note (“Note”) to Holder at the above captioned address, or such other address as Holder
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim, or any other deduction whatsoever.

 

2.
MATURITY

 

All principal
and accrued interest shall be due and payable no later than the date twelve (12) months from the Effective Date of this Note (the “Maturity
Date”). Notwithstanding the foregoing, Borrower shall have the option to extend the Maturity Date by six (6) months on written notice
to Holder prior to the expiration of the initial twelve (12) month term.

 

3.
PREPAYMENT

 

This Note may be prepaid in whole or
in part at any time without premium or penalty.

 

4.
INTEREST

 

The term “Applicable
Interest Rate” means a rate of six percent (6.00%) per annum simple interest. Interest shall be payable monthly on the
Maturity Date. Interest on the principal sum of this Note shall be calculated on the basis of a three hundred sixty (360) day year
with equal months and paid for the actual number of days elapsed.

 

    Page 1 of 5

     

    

 

5.
CONVERSION

 

(a) The
Debt may be converted upon written notice by Holder to Borrower into shares of Common Stock, par value $0.0001, of the Borrower (the
“Common Shares”). Promptly following such notice, Borrower shall issue a number of Common Shares to Holder equal to (i)
the principal amount of this Note divided by (ii) $0.05 the (“Conversion Price”), subject to equitable
adjustments for stock splits, stock combinations, recapitalizations, or similar transactions (the “Conversion Shares”).
The number of shares of Conversion Shares issuable upon conversion is equal to the quotient of the amount to be converted divided by
the Conversion Price. The Holder may make such election by notifying the Borrower of the same in writing. The date of such notice
shall be the conversion date. Upon issuance of the Conversion Shares, the Debt shall be deemed paid in full and this Note shall be
terminated.

 

(b) Holder covenants and
agrees that Holder shall not directly or indirectly assign, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or
sell any option for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of, or transfer, or
agree to engage in any of the foregoing transactions with respect to, any Conversion Shares, or engage in any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of the Conversion Shares, without the
prior written consent of the Borrower, as the case may be, from the date of the execution of this Note to the one (1)-year
anniversary of the date of issuance of the Conversion Shares, except that, from and after the date of the conversion of this Note,
no more than 5% of the Conversion Shares during each calendar quarter, during three out of four quarters, during the 18-month period
following the date of this Note.

 

(c) In connection with any
conversion of this Note into capital stock, the Holder shall surrender this Note to the Borrower and deliver to the Borrower any
documentation reasonably required by the Borrower. On the conversion date, the Debt, including all outstanding principal amount of
and all accrued but unpaid interest on this Note through the date of conversion, shall be converted without any further action by
the Holder and whether or not the Note is surrendered to the Borrower. The Borrower shall not be required to issue or deliver the
capital stock into which this Note may convert until the Holder has surrendered this Note to the Borrower and delivered to the
Borrower any such documentation. The Borrower shall be obligated to issue and deliver to the Holder certificates representing the
Conversion Shares unless the Borrower’s securities are generally in uncertificated form. Upon the conversion of this Note into
capital stock pursuant to the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the
Borrower shall pay the Holder cash equal to such fraction multiplied by the price at which this Note converts.

 

(d) Notice
to convert shares must be submitted in writing to the Borrower by 11:59 P.M. U.S. Eastern Time, Friday, July 22, 2022
(“Conversion Deadline”). The Note will not be convertible after the Conversion Deadline.

 

6.
DEFAULT AND ACCELERATION

 

A breach under this Note
that has not been cured within ten (10) business days following written notice from Holder shall constitute an “Event of
Default.” So long as an Event of Default exists, Holder may, at its option, without notice or demand to Borrower, declare the
Debt immediately due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the event that it should
become necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any
claims asserted by Borrower under this Note, Borrower also agrees to pay to Holder all costs of collection or defense incurred by
Holder, including reasonable attorneys’ fees for the services of counsel whether or not suit be brought. During the occurrence
of an Event of Default, Borrower shall pay interest on the entire unpaid principal sum at the rate equal to six percent (6.00%).

 

    Page 2 of 5

     

    

 

7.
SAVINGS CLAUSE

 

This Note is subject
to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder
at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate
which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Borrower is at any time required
or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments
in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of this Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable
to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention
of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest
at the time of such acceleration.

 

8.
NOTICES

 

Any notice
or communication required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight
mail to the address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee
to receive notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required
under this Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required.
Notices may be given on behalf of a party as set forth below:

 

	 	If to Borrower:	Immune Therapeutics, Inc.
	 	 	 
	 	 	
    2431 Aloma Ave,

    Suite 124

    Winter Park, FL 32792

	 	 	 
	 	If to Holder, then to the address listed in the introductory paragraph.

 

 

9.
WAIVER

 

Borrower and
any endorsers, sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to accelerate
maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation
and appraisement, notice of demand, and all other notices in connection with the delivery, acceptance, performance, default or enforcement
of the payment of this Note and the bringing of suit and diligence in taking any action to collect any sums owing hereunder.

 

10.
TRANSFER

 

Holder shall have the
right at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Holder shall notify Borrower
in writing of any such sale or assignment. Borrower shall execute, acknowledge, and deliver any and all instruments requested by
Holder to satisfy such purchasers or participants that the unpaid indebtedness evidenced by this Note is outstanding upon the terms
and provisions set out in this Note. To the extent, if any, specified in such assignment or participation, such assignee(s) or
participant(s) shall have the rights and benefits with respect to this Note as such assignee(s) or participant(s) would have if they
were the Holder hereunder. Borrower may not assign its obligations under this Note without the prior written consent of Holder.

 

    Page 3 of 5

     

    

 

11.
APPLICABLE LAW; ARBITRATION; WAIVER OF JURY TRIAL

 

(a) This Note shall be
governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or principles)
and the applicable laws of the United States of America.

 

(b) ARBITRATION.
THE PARTIES AGREE THAT THE EXCLUSIVE FORUM FOR RESOLVING ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS NOTE, ITS
INTERPRETATION, OR ITS BREACH SHALL BE BINDING ARBITRATION IN ORANGE COUNTY, FLORIDA BEFORE THE JUDICIAL ARBITRATION & MEDIATION
SERVICES, INC. (“JAMS”), PURSUANT TO ITS COMPREHENSIVE ARBITRATION RULES & PROCEDURES (“JAMS RULES”). IN
ANY ARBITRATION TO RESOLVE ANY SUCH DISPUTE, THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF, AND THE ARBITRATOR SHALL
ADMINISTER AND CONDUCT THE ARBITRATION IN ACCORDANCE WITH FLORIDA LAW AND SHALL APPLY SUBSTANTIVE AND PROCEDURAL FLORIDA LAW TO ANY
SUCH DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES
CONFLICT WITH FLORIDA LAW, FLORIDA LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING
ON THE PARTIES TO THE ARBITRATION, SUBJECT TO A PARTY’S RIGHT, IF ANY, UNDER FLORIDA STATUTES § 682.10, § 682.13, OR
§ 682.14 OR 9 U.S.C. § 10 OR § 11 TO PETITION A COURT TO CLARIFY, VACATE, MODIFY, OR CORRECT THE AWARD. THE PARTIES
AGREE THAT THE PREVAILING PARTY IN SUCH ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO
ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH
ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE
ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY
AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM ARISING OUT OF THE TERMS OF THIS THIS NOTE, ITS INTERPRETATION, OR ITS
BREACH TO BE RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER
PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE
SUBJECT MATTER OF THEIR DISPUTE RELATING TO THE NOTE.

 

12.
NO ORAL CHANGE AND ELECTRONIC SIGNATURES & DELIVERY

 

The provisions of this
Note may be amended or revised only by an instrument in writing signed by the Borrower and Holder. This Note embodies the final,
entire agreement of Borrower and Holder and supersedes any and all prior commitments, agreements, representations, and
understandings, whether written or oral, relating to the subject matter hereof and it and may not be contradicted or varied by
evidence of prior, contemporaneous, or subsequent oral agreements or discussions of Borrower and Holder. There are no oral
agreements between Borrower and Holder relating to the subject matter hereof. The parties expressly agree that this Note may be
executed in any number of counterparts, including standard electronic counterparts with standard electronic signatures (such as
utilizing DocuSign or AdobeSign), each of which shall be an original and all of which together shall be one document binding on all
the parties even though each party may have signed different counterparts.

 

    Page 4 of 5

     

    

 

13.
COMPLIANCE WITH SECURITIES LAWS

 

The Holder
of this Note acknowledges that this Note is being acquired solely for the Holder’s own account and not as a nominee for any other
party, and for investment, and that the Holder shall not offer, sell, or otherwise dispose of this Note in violation of securities laws.
This Note and any Note issued in substitution or replacement therefor shall be stamped or imprinted with a legend in substantially the
following form:

 

“THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.”

 

	Executed as of the Effective Date.	[signatures immediately follow]

 

	 	BORROWER:
	 	 
	 	Immune Therapeutics, Inc.
	 	 	 
	 	By:	/s/ Stephen Wilson
	 	Name: 	Stephen Wilson
	 	Title:	P/CEO
	 	Date signed:	7/19/2022

 

	Accepted and agreed:	 
	 	 
	HOLDER	 
	  	 
	Kevin Phelps	 
	 	 
	Signed:	/s/ Kevin Phelps	 
	 	 
	Date signed:	7/19/2022	 

 

    Page 5 of 5

     

    

 

EXHIBIT C

(Form of Convertible Promissory
Note #3 – for $200,000)

 

 

 

 

 

 

 

 

 

 

     

     

    

 

THIS PROMISSORY NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST THEREIN
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: $200,000	Effective Date: July 19, 2022 (“Effective Date”)

 

FOR VALUE RECEIVED, Immune Therapeutics,
Inc., a Florida corporation, its successors and assigns (hereinafter referred to as “Borrower”), promises to pay to the order
of Kevin Phelps, who resides at                                               ,
his successors and assigns (hereinafter referred to as “Holder”), the principal sum of two hundred thousand and zero/100
dollars ($200,000.00) in lawful money of the United States of America, with interest thereon to be computed on the unpaid principal balance
from time to time outstanding at the Applicable Interest Rate (hereinafter defined) (all duties and obligations of Borrower pursuant
to this Note are hereinafter referred to as “Debt”).

 

For clarity and context,
Borrower and Holder agree that this Note is being issued as part of that certain Separation Agreement & Release entered into between
the Borrower and the Holder in connection with the latter’s resignation of his employment from the Borrower.

 

1.
PAYMENT

 

Borrower shall make
payments due under this Promissory Note (“Note”) to Holder at the above captioned address, or such other address as Holder
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim, or any other deduction whatsoever.

 

2.
MATURITY

 

All principal and
accrued interest shall be due and payable no later than the date twelve (12) months from the Effective Date of this Note (the “Maturity
Date”). Notwithstanding the foregoing, Borrower shall have the option to extend the Maturity Date by six (6) months on written notice
to Holder prior to the expiration of the initial twelve (12) month term.

 

3.
PREPAYMENT

 

This Note may be prepaid in whole or
in part at any time without premium or penalty.

 

4.
INTEREST

 

The term “Applicable
Interest Rate” means a rate of six percent (6.00%) per annum simple interest. Interest shall be payable monthly on the Maturity
Date. Interest on the principal sum of this Note shall be calculated on the basis of a three hundred sixty (360) day
year with equal months and paid for the actual number of days elapsed.

 

    Page 1 of 5

     

    

 

5.
CONVERSION

 

(a) The
Debt may be converted upon written notice by Holder to Borrower into shares of Common Stock, par value $0.0001, of the Borrower (the “Common
Shares”). Promptly following such notice, Borrower shall issue a number of Common Shares to Holder equal to (i) the principal amount
of this Note divided by (ii) $0.05 the (“Conversion Price”), subject to equitable adjustments for stock splits, stock
combinations, recapitalizations, or similar transactions (the “Conversion Shares”). The number of shares of Conversion Shares
issuable upon conversion is equal to the quotient of the amount to be converted divided by the Conversion Price. The Holder may make such
election by notifying the Borrower of the same in writing. The date of such notice shall be the conversion date. Upon issuance of the
Conversion Shares, the Debt shall be deemed paid in full and this Note shall be terminated.

 

(b) Holder
covenants and agrees that Holder shall not directly or indirectly assign, sell, make any short sale of, loan, hypothecate, pledge, offer,
grant or sell any option for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of, or transfer,
or agree to engage in any of the foregoing transactions with respect to, any Conversion Shares, or engage in any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of the Conversion Shares, without the prior
written consent of the Borrower, as the case may be, from the date of the execution of this Note to the one (1)-year anniversary of the
date of issuance of the Conversion Shares, except that, from and after the date of the conversion of this Note, no more than 5% of the
Conversion Shares during each calendar quarter, during three out of four quarters, during the 18-month period following the date of this
Note.

 

(c) In
connection with any conversion of this Note into capital stock, the Holder shall surrender this Note to the Borrower and deliver to the
Borrower any documentation reasonably required by the Borrower. On the conversion date, the Debt, including all outstanding principal
amount of and all accrued but unpaid interest on this Note through the date of conversion, shall be converted without any further action
by the Holder and whether or not the Note is surrendered to the Borrower. The Borrower shall not be required to issue or deliver the capital
stock into which this Note may convert until the Holder has surrendered this Note to the Borrower and delivered to the Borrower any such
documentation. The Borrower shall be obligated to issue and deliver to the Holder certificates representing the Conversion Shares unless
the Borrower’s securities are generally in uncertificated form. Upon the conversion of this Note into capital stock pursuant to
the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Borrower shall pay the Holder
cash equal to such fraction multiplied by the price at which this Note converts.

 

(d) Notice
to convert shares must be submitted in writing to the Borrower by 11:59 P.M. U.S. Eastern Time, Friday, July 22, 2022 (“Conversion
Deadline”). The Note will not be convertible after the Conversion Deadline.

 

6.
DEFAULT AND ACCELERATION

 

A breach under this Note that
has not been cured within ten (10) business days following written notice from Holder shall constitute an “Event of Default.”
So long as an Event of Default exists, Holder may, at its option, without notice or demand to Borrower, declare the Debt immediately
due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the event that it should become necessary to
employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any claims asserted by Borrower
under this Note, Borrower also agrees to pay to Holder all costs of collection or defense incurred by Holder, including reasonable attorneys’
fees for the services of counsel whether or not suit be brought. During the occurrence of an Event of Default, Borrower shall pay interest
on the entire unpaid principal sum at the rate equal to six percent (6.00%).

 

    Page 2 of 5

     

    

 

7.
SAVINGS CLAUSE

 

This Note is subject
to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder
at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate
which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Borrower is at any time required
or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments
in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of this Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable
to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention
of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest
at the time of such acceleration.

 

8.
NOTICES

 

Any notice or communication
required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight mail to the
address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee to receive
notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required under this
Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required. Notices
may be given on behalf of a party as set forth below:

 

	 	If to Borrower:	Immune Therapeutics, Inc.
	 	 	 
	 	 	
    2431 Aloma Ave,

    Suite 124

    Winter Park, FL 32792

	 	 	 
	 	If to Holder, then to the address listed in the introductory paragraph.

 

9.
WAIVER

 

Borrower and any endorsers,
sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to accelerate maturity,
notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation and appraisement,
notice of demand, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment
of this Note and the bringing of suit and diligence in taking any action to collect any sums owing hereunder.

 

10.
TRANSFER

 

Holder shall have the right
at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Holder shall notify Borrower in writing
of any such sale or assignment. Borrower shall execute, acknowledge, and deliver any and all instruments requested by Holder to satisfy
such purchasers or participants that the unpaid indebtedness evidenced by this Note is outstanding upon the terms and provisions set
out in this Note. To the extent, if any, specified in such assignment or participation, such assignee(s) or participant(s) shall have
the rights and benefits with respect to this Note as such assignee(s) or participant(s) would have if they were the Holder hereunder.
Borrower may not assign its obligations under this Note without the prior written consent of Holder.

 

    Page 3 of 5

     

    

 

11.
APPLICABLE LAW; ARBITRATION; WAIVER OF JURY TRIAL

 

(a) This
Note shall be governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or
principles) and the applicable laws of the United States of America.

 

(b) ARBITRATION.
THE PARTIES AGREE THAT THE EXCLUSIVE FORUM FOR RESOLVING ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS NOTE, ITS INTERPRETATION,
OR ITS BREACH SHALL BE BINDING ARBITRATION IN ORANGE COUNTY, FLORIDA BEFORE THE JUDICIAL ARBITRATION & MEDIATION SERVICES, INC. (“JAMS”),
PURSUANT TO ITS COMPREHENSIVE ARBITRATION RULES & PROCEDURES (“JAMS RULES”). IN ANY ARBITRATION TO RESOLVE ANY SUCH DISPUTE,
THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF, AND THE ARBITRATOR SHALL ADMINISTER AND CONDUCT THE ARBITRATION IN ACCORDANCE WITH
FLORIDA LAW AND SHALL APPLY SUBSTANTIVE AND PROCEDURAL FLORIDA LAW TO ANY SUCH DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW
PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH FLORIDA LAW, FLORIDA LAW SHALL TAKE PRECEDENCE. THE DECISION
OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION, SUBJECT TO A PARTY’S RIGHT, IF ANY,
UNDER FLORIDA STATUTES § 682.10, § 682.13, OR § 682.14 OR 9 U.S.C. § 10 OR § 11 TO PETITION A COURT TO CLARIFY,
VACATE, MODIFY, OR CORRECT THE AWARD. THE PARTIES AGREE THAT THE PREVAILING PARTY IN SUCH ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE
RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL
SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES;
PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW.
THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM ARISING OUT OF THE TERMS OF THIS THIS NOTE, ITS INTERPRETATION,
OR ITS BREACH TO BE RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER
PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT
MATTER OF THEIR DISPUTE RELATING TO THE NOTE.

 

12.
NO ORAL CHANGE AND ELECTRONIC SIGNATURES & DELIVERY

 

The provisions of this Note
may be amended or revised only by an instrument in writing signed by the Borrower and Holder. This Note embodies the final, entire agreement
of Borrower and Holder and supersedes any and all prior commitments, agreements, representations, and understandings, whether written
or oral, relating to the subject matter hereof and it and may not be contradicted or varied by evidence of prior, contemporaneous, or
subsequent oral agreements or discussions of Borrower and Holder. There are no oral agreements between Borrower and Holder relating to
the subject matter hereof. The parties expressly agree that this Note may be executed in any number of counterparts, including standard
electronic counterparts with standard electronic signatures (such as utilizing DocuSign or AdobeSign), each of which shall be an original
and all of which together shall be one document binding on all the parties even though each party may have signed different counterparts.

 

    Page 4 of 5

     

    

 

13.
COMPLIANCE WITH SECURITIES LAWS

 

The Holder of this
Note acknowledges that this Note is being acquired solely for the Holder’s own account and not as a nominee for any other party,
and for investment, and that the Holder shall not offer, sell, or otherwise dispose of this Note in violation of securities laws. This
Note and any Note issued in substitution or replacement therefor shall be stamped or imprinted with a legend in substantially the following
form:

 

“THIS NOTE HAS
NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.”

 

	Executed as of the Effective Date.	[signatures immediately follow]

 

	 	BORROWER:
	 	 	 
	 	Immune Therapeutics, Inc.
	 	 
	 	By:	/s/ Stephen Wilson
	 	Name: 	Stephen Wilson
	 	Title:	P/CEO
	 	 	 
	 	Date signed: 	7/19/2022

 

	Accepted and agreed:	 
	 	 	 
	HOLDER	 
	 	 	 
	Kevin Phelps	 
	 	 	 
	Signed:	/s/ Kevin Phelps	 
	 	 	 
	Date signed: 	7/19/2022	 

 

    Page 5 of 5

     

    

 

EXHIBIT D

(Promissory Note from for $160,000
Dated Aug. 27, 2021)

 

 

 

 

 

 

 

 

 

 

     

     

    

 

THIS PROMISSORY NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST THEREIN
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE LENDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

PROMISSORY NOTE

 

	Principal Amount: $160,000	Effective Date: August 27, 2021

 

FOR VALUE RECEIVED, Immune Therapeutics,
Inc., a Florida corporation (hereinafter referred to as “Borrower”), promises to pay to the order of Mr. Kevin Phelps, located
at                                                 its
successors and assigns (hereinafter referred to as “Lender”), the principal sum of $160,000, in lawful money of the United
States of America, with interest thereon to be computed on the unpaid principal balance from time to time outstanding at the Applicable
Interest Rate (hereinafter defined) (all duties and obligations of Borrower pursuant to this Note are hereinafter referred to as “Debt”).

 

Lender agrees that
this Note is being issued as payment in full of the Borrower’s obligations with respect to accruals for Management Services (the
“Prior Obligations”), which Prior Obligations the Lender agrees are hereby paid in full and terminated.

 

1.
PAYMENT

 

Borrower shall
make payments due under this Promissory Note (“Note”) to Lender at the above captioned address, or such other address as Lender
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.

 

2.
MATURITY

 

All principal and
accrued interest shall be due and payable no later than the date twelve (12) months from the date of this Note (the “Maturity Date”).
Notwithstanding the foregoing, Borrower shall have the option to extend the Maturity Date by six (6) months on written notice to Lender
prior to the expiration of the initial twelve (12) month term.

 

3.
PREPAYMENT

 

This Note may be prepaid in whole or
in part at any time without premium or penalty.

 

4.
INTEREST

 

The term “Applicable
Interest Rate” means a rate of five percent (5.00%) per annum simple interest. Interest shall be payable monthly on the Maturity
Date. Interest on the principal sum of this Note shall be calculated on the basis of a three hundred sixty (360) day
year with equal months and paid for the actual number of days elapsed.

 

    Page 1 of 4

     

    

 

5.
CONVERSION

 

6. The
Debt may be converted upon written notice by Borrower to Lender at any time into shares of Common Stock, par value $0.0001, of the Borrower
(the “Common Shares”). Promptly following such notice, Borrower shall issue a number of Common Shares to Lender equal to (a)
the principal amount of this Note plus all accrued and unpaid interest as of the date of the Conversion Notice divided by (b) $0.05
(the “Conversion Shares”). Upon issuance of the Conversion Shares, the Debt shall be deemed paid in full and this Note shall
be terminated. Lender covenants and agrees that Lender shall not sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any Conversion Shares without the prior written consent of the Company, as the case may be, for one (1) year
from the date of issuance of the Conversion Shares, and Lender shall execute any further agreement reflecting the foregoing as may be
requested by the Company at the time of such issuance.

 

7.

 

8.
DEFAULT AND ACCELERATION

 

A breach under
this Note that has not been cured within ten (10) business days following written notice from Lender shall constitute an “Event
of Default.” So long as an Event of Default exists, Lender may, at its option, without notice or demand to Borrower, declare the
Debt immediately due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the event that it should become
necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any claims asserted
by Borrower under this Note, Borrower also agrees to pay to Lender all costs of collection or defense incurred by Lender, including reasonable
attorneys’ fees for the services of counsel whether or not suit be brought. During the occurrence of an Event of Default, Borrower
shall pay interest on the entire unpaid principal sum at the rate equal to seven percent (7.00%).

 

9.
SAVINGS CLAUSE

 

This Note is subject to the
express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder at a
rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate
or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in
excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of this Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable
to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention
of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest
at the time of such acceleration.

 

    Page 2 of 4

     

    

 

10.
NOTICES

 

Any notice or communication
required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight mail to the
address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee to receive
notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required under this
Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required. Notices
may be given on behalf of a party as set forth below:

 

	 	If
    to Borrower: 	Immune
    Therapeutics, Inc.
	 		2431
    Aloma Ave
	 		Suite
    124
	 		Winter
    Park, FL 32792
	 	 	 
	 	If
    to Lender, then to the address listed in the introductory paragraph.

 

1.
WAIVER

 

Borrower and any
endorsers, sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to accelerate
maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation
and appraisement, notice of demand, and all other notices in connection with the delivery, acceptance, performance, default or enforcement
of the payment of this Note and the bringing of suit and diligence in taking any action to collect any sums owing hereunder.

 

2.
TRANSFER

 

Lender shall have
the right at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Lender shall notify Borrower
in writing of any such sale or assignment. Borrower shall execute, acknowledge and deliver any and all instruments requested by Lender
to satisfy such purchasers or participants that the unpaid indebtedness evidenced by this Note is outstanding upon the terms and provisions
set out in this Note. To the extent, if any, specified in such assignment or participation, such assignee(s) or participant(s) shall have
the rights and benefits with respect to this Note as such assignee(s) or participant(s) would have if they were the Lender hereunder.
Borrower may not assign its obligations under this Note without the prior written consent of Lender.

 

3.
APPLICABLE LAW

 

This Note shall
be governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or principles)
and the applicable laws of the United States of America.

 

    Page 3 of 4

     

    

 

 4. NO ORAL CHANGE

 

The provisions
of this Note may be amended or revised only by an instrument in writing signed by the Borrower and Lender. This Note embodies the final,
entire agreement of Borrower and Lender and supersedes any and all prior commitments, agreements, representations and understandings,
whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of Borrower and Lender. There are no oral agreements between Borrower and
Lender.

 

Executed as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	Immune Therapeutics, Inc.
	 	 
	 	/s/ Roscoe Moore
	 	Dr. Roscoe Moore, its Chairman of the Board

	 	 
	 	8/28/2021

 

	Accepted and agreed:	 
	 	 
	Mr. Kevin Phelps	 
	 	 	 
	By:	 /s/ Kevin Phelps	 
	 	 	 
	Date:	8/28/2021	 

 

    Page 4 of 4

     

    

 

EXHIBIT E

(Promissory Note from for $50,000
Dated Aug. 27, 2021)

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

THIS PROMISSORY NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST THEREIN
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

PROMISSORY NOTE

 

	Principal Amount: $50,000	Effective Date: August 27, 2021

 

FOR
VALUE RECEIVED, Immune Therapeutics, Inc., a Florida corporation (hereinafter referred to as “Company”), promises to pay
to the order of Kevin Phelps, an individual located at                                                
 his successors and assigns (hereinafter referred to as “Holder”), the principal sum of $50,000, in lawful money of
the United States of America, with interest thereon to be computed on the unpaid principal balance from time to time outstanding at the
Applicable Interest Rate (hereinafter defined) (all duties and obligations of Company pursuant to this Note are hereinafter referred
to as “Debt”).

 

 1. PAYMENT

 

Company shall make
payments due under this Promissory Note (“Note”) to Holder at the above captioned address, or such other address as Holder
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.

 

 2. MATURITY

 

All principal and
accrued interest shall be due and payable no later than the date twelve (12) months from the date of this Note (the “Maturity Date”).
Notwithstanding the foregoing, Company shall have the option to extend the Maturity Date by six (6) months with Holder’s prior written
consent.

 

 3. PREPAYMENT

 

This Note may be prepaid in whole or in part without premium
or penalty.

 

 4. INTEREST

 

The
term “Applicable Interest Rate” means a rate of five percent (5.00%) per annum simple interest. Interest shall be
payable monthly on the 5th day of the month following the month in which such interest accrued. Interest on the principal
sum of this Note shall be calculated on the basis of a three hundred sixty (360) day year with equal months and paid for the actual
number of days elapsed.

 

 

 

    Page 1 of 3

     

    

 

 5. DEFAULT AND ACCELERATION

 

A breach under
this Note shall constitute an “Event of Default.” So long as an Event of Default exists that has not been cured within ten
(10) business days following written notice from Holder, Holder may, at its option, without notice or demand to Company, declare the Debt
immediately due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the event that it should become necessary
to employ counsel to collect the Debt or to defend against any claims asserted by Company under this Note, Company also agrees to pay
to Holder all costs of collection or defense incurred by Holder, including reasonable attorneys’ fees for the services of counsel
whether or not suit be brought. During the occurrence of an Event of Default, Company shall pay interest on the entire unpaid principal
sum at the rate equal to seven percent (7.00%).

 

 6. SAVINGS CLAUSE

 

This Note is subject
to the express condition that at no time shall Company be obligated or required to pay interest on the principal balance due hereunder
at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate
which Company is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Company is at any time required
or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments
in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the Debt, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of this Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable
to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention
of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest
at the time of such acceleration.

 

 7. NOTICES

 

Any notice or communication
required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight mail to the
address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee to receive
notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required under this
Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required. Notices
may be given on behalf of a party as set forth below:

 

	 	If to Company:	Immune Therapeutics, inc.
	 	 	2431 Aloma Ave
	 	 	Suite 124
	 	 	Winter Park, FL 32792
	 	 	 
	 	If to Holder, then to the address listed in the introductory paragraph.

 

 8. WAIVER

 

Company
and any endorsers, sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to
accelerate maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption
rights, valuation and appraisement, notice of demand, and all other notices in connection with the delivery, acceptance,
performance, default or enforcement of the payment of this Note and the bringing of suit and diligence in taking any action to
collect any sums owing hereunder.

 

 

 

    Page 2 of 3

     

    

 

 9. TRANSFER

 

Holder shall have
the right at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Company shall execute, acknowledge
and deliver any and all instruments requested by Holder to satisfy such purchasers or participants that the unpaid indebtedness evidenced
by this Note is outstanding upon the terms and provisions set out in this Note. To the extent, if any, specified in such assignment or
participation, such assignee(s) or participant(s) shall have the rights and benefits with respect to this Note as such assignee(s) or
participant(s) would have if they were the Holder hereunder. Company may not assign its obligations under this Note without the prior
written consent of Holder.

 

 10. APPLICABLE LAW

 

This Note shall
be governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or principles)
and the applicable laws of the United States of America.

 

 11. NO ORAL CHANGE

 

The provisions
of this Note may be amended or revised only by an instrument in writing signed by the Company and Holder. This Note embodies the final,
entire agreement of Company and Holder and supersedes any and all prior commitments, agreements, representations and understandings, whether
written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous
or subsequent oral agreements or discussions of Company and Holder. There are no oral agreements between Company and Holder.

 

Executed as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	Immun Therapeutics, Inc.
	 	 
	 	/s/ Roscoe Moore
	 	Dr. Roscoe Moore, its CEO

 

9/7/2021

 

 

 

/s/ Kevin Phelps

 

    Page 3 of 3

     

    

 

EXHIBIT F

(Promissory Note for $75,000 Dated
Aug. 27, 2021)

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

THIS PROMISSORY NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND THIS NOTE, THE SECURITIES AND ANY INTEREST THEREIN
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE LENDER, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

PROMISSORY NOTE

 

	Principal Amount: $75,000	Effective Date: August 27, 2021

 

FOR
VALUE RECEIVED, Immune Therapeutics, Inc., a Florida corporation (hereinafter referred to as “Borrower”), promises to pay
to the order of Mr. Kevin Phelps, located at                                                     ,
its successors and assigns (hereinafter referred to as “Lender”), the principal sum of $75,000, in lawful money of the United
States of America, with interest thereon to be computed on the unpaid principal balance from time to time outstanding at the Applicable
Interest Rate (hereinafter defined) (all duties and obligations of Borrower pursuant to this Note are hereinafter referred to as “Debt”).

 

Lender agrees that
this Note is being issued as payment in full of the Borrower’s obligations with respect to accruals for Board of Directors fees
(the “Prior Obligations”), which Prior Obligations the Lender agrees are hereby paid in full and terminated.

 

 1. PAYMENT

 

Borrower shall
make payments due under this Promissory Note (“Note”) to Lender at the above captioned address, or such other address as Lender
shall designate in writing. Payments will be applied first to accrued interest, then unpaid fees, and then principal. All amounts due
under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.

 

 2. MATURITY

 

All principal and
accrued interest shall be due and payable no later than the date twelve (12) months from the date of this Note (the “Maturity Date”).
Notwithstanding the foregoing, Borrower shall have the option to extend the Maturity Date by six (6) months on written notice to Lender
prior to the expiration of the initial twelve (12) month term.

 

 3. PREPAYMENT

 

This Note may be prepaid in whole or
in part at any time without premium or penalty.

 

 4. INTEREST

 

The
term “Applicable Interest Rate” means a rate of five percent (5.00%) per annum simple interest. Interest shall be
payable monthly on the Maturity Date. Interest on the principal sum of this Note shall be calculated on the basis of a three hundred
sixty (360) day year with equal months and paid for the actual number of days elapsed.

 

    Page 1 of 4

     

    

 

 5. CONVERSION

 

6. The
Debt may be converted upon written notice by Borrower to Lender at any time into shares of Common Stock, par value $0.0001, of the Borrower
(the “Common Shares”). Promptly following such notice, Borrower shall issue a number of Common Shares to Lender equal to (a)
the principal amount of this Note plus all accrued and unpaid interest as of the date of the Conversion Notice divided by (b) $0.05
(the “Conversion Shares”). Upon issuance of the Conversion Shares, the Debt shall be deemed paid in full and this Note shall
be terminated. Lender covenants and agrees that Lender shall not sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any Conversion Shares without the prior written consent of the Company, as the case may be, for one (1) year
from the date of issuance of the Conversion Shares, and Lender shall execute any further agreement reflecting the foregoing as may be
requested by the Company at the time of such issuance.

 

 7.

 

 8. DEFAULT AND ACCELERATION

 

A breach under
this Note that has not been cured within ten (10) business days following written notice from Lender shall constitute an “Event
of Default.” So long as an Event of Default exists, Lender may, at its option, without notice or demand to Borrower, declare the
Debt immediately due and payable. All remedies hereunder and at law or in equity shall be cumulative. In the event that it should become
necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any claims asserted
by Borrower under this Note, Borrower also agrees to pay to Lender all costs of collection or defense incurred by Lender, including reasonable
attorneys’ fees for the services of counsel whether or not suit be brought. During the occurrence of an Event of Default, Borrower
shall pay interest on the entire unpaid principal sum at the rate equal to seven percent (7.00%).

 

 9. SAVINGS CLAUSE

 

This
Note is subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal
balance due hereunder at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of
the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note,
Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to
such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance,
or detention of the Debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout
the full stated term of this Note until payment in full so that the rate or amount of interest on account of the Debt does not
exceed the maximum lawful rate of interest from time to time in effect and applicable to the Debt for so long as the Debt is
outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention of Lender to accelerate the maturity
of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such
acceleration.

 

    Page 2 of 4

     

    

 

 10. NOTICES

 

Any notice or communication
required or permitted hereunder shall be made in writing and given by facsimile, certified mail, hand delivery or overnight mail to the
address provided herein, unless an alternative address is provided in writing. Each party may change the address or addressee to receive
notice from time to time by giving notice in the foregoing manner. The person entitled to notice may waive any notice required under this
Agreement in writing. Simultaneous email verification of any notice issued under this Section is requested, but not required. Notices
may be given on behalf of a party as set forth below:

 

	 	If to Borrower:	Immune Therapeutics, Inc.
	 	 	2431 Aloma Ave
	 	 	Suite 124
	 	 	Winter Park, FL 32792
	 	 	 
	 	If to Lender, then to the address listed in the introductory paragraph.

 

 1. WAIVER

 

Borrower and any
endorsers, sureties or guarantors hereof jointly and severally waive presentment and demand for payment, notice of intent to accelerate
maturity, notice of acceleration of maturity, protest and notice of protest and non-payment, all applicable exemption rights, valuation
and appraisement, notice of demand, and all other notices in connection with the delivery, acceptance, performance, default or enforcement
of the payment of this Note and the bringing of suit and diligence in taking any action to collect any sums owing hereunder.

 

 2. TRANSFER

 

Lender shall have
the right at any time or from time to time to sell or assign this Note and the loan evidenced by this Note. Lender shall notify Borrower
in writing of any such sale or assignment. Borrower shall execute, acknowledge and deliver any and all instruments requested by Lender
to satisfy such purchasers or participants that the unpaid indebtedness evidenced by this Note is outstanding upon the terms and provisions
set out in this Note. To the extent, if any, specified in such assignment or participation, such assignee(s) or participant(s) shall have
the rights and benefits with respect to this Note as such assignee(s) or participant(s) would have if they were the Lender hereunder.
Borrower may not assign its obligations under this Note without the prior written consent of Lender.

 

 3. APPLICABLE LAW

 

This Note shall
be governed by and construed in accordance with the laws of the state of Florida (without regard to any conflict of laws or principles)
and the applicable laws of the United States of America.

 

    Page 3 of 4

     

    

 

 4. NO ORAL CHANGE

 

The provisions
of this Note may be amended or revised only by an instrument in writing signed by the Borrower and Lender. This Note embodies the final,
entire agreement of Borrower and Lender and supersedes any and all prior commitments, agreements, representations and understandings,
whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of Borrower and Lender. There are no oral agreements between Borrower and
Lender.

 

Executed as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	Immune Therapeutics, Inc.
	 	 
	 	/s/ Roscoe Moore
	 	Dr. Roscoe Moore, its Chairman of the Board

 

	Accepted and agreed:	 
	 	 	 
	Mr. Kevin Phelps	 
	 	 	 
	By:	/s/ Kevin Phelps 	 
	 	 	 
	Date:	8/30/2021	 

 

 

Page 4
of 4Document

EXHIBIT 10.39

DARDEN RESTAURANTS, INC. 
FLEXCOMP PLAN

(As Amended and Restated Effective June 1, 2021)

DM_US 79505285-5.041674.0015 

DARDEN RESTAURANTS, INC.
FLEXCOMP PLAN

ARTICLE I
INTRODUCTION

    Section 1.1    Purpose of Plan.  Darden Restaurants, Inc. adopted the Darden Restaurants, Inc. FlexComp Plan (the “Plan”) for a select group of key management and highly compensated employees of the Company as a means of providing for certain automatically deferred income attributable to special bonus amounts (referred to herein as “FlexComp Awards”) and a method for voluntarily sheltering a portion of an eligible individual’s income from current taxation by providing (i) deferred FlexComp Awards on an annual basis which are automatically deferred to Separation from Service, and (ii) a means by which an eligible individual may elect to defer the payment of all or a portion of his or her salary and/or applicable bonus for a period of one or more years.  

    Section 1.2    Effective Date of Plan.  This Plan was originally effective May 29, 1995 and has been amended from time to time thereafter.  The Plan was amended and restated effective as of January 1, 2009 to include all amendments through December 31, 2008, including provisions to comply with the requirements of Code Section 409A.  The Plan was amended and restated effective June 1, 2017 to reflect certain changes and administrative clarifications.  The Plan was amended and restated effective June 1, 2021 to incorporate certain design changes.  It is intended that each provision of this Plan shall be interpreted to permit the deferral of compensation in accordance with the requirements of Code Section 409A and any provision that would conflict with such requirements shall not be valid or enforceable.

ARTICLE II
DEFINITIONS

    Section 2.1    Account shall mean the Deferred Account, Discretionary Account and FlexComp Account as described in Article V.  Each Participant Account shall separately reflect the pre-2005 and post-2004 deferrals and hypothetical earnings thereon (referred to herein as a Participant’s “pre-2005 Account” and “post-2004 Account”).  A Participant’s pre-2005 Account shall reflect amounts deferred hereunder before January 1, 2005 (and the hypothetical earnings credited thereon before, on or after January 1, 2005) for which (i) the Participant had a legally binding right as of December 31, 2004, to be paid the amount, and (ii) such right to the amount was earned and vested as of December 31, 2004 and was credited to the Participant’s Account hereunder.  Pre-2005 Accounts are treated as “grandfathered” for the purposes of Code Section 409A, and are governed by the terms of the Plan in effect as of October 3, 2004 unless otherwise provided under this amendment and restatement of the Plan.

    Section 2.2    Annual Incentive Plan shall mean the plan adopted by Darden Restaurants, Inc. for certain management employees.

    Section 2.3    Code shall mean the Internal Revenue Code of 1986, as amended from time to time.

    Section 2.4    Committee shall mean the Benefit Plans Committee or its delegate.

    Section 2.5    Company shall mean Darden Restaurants, Inc. and any of its subsidiaries or affiliated business entities authorized to participate in the Plan by the Board or its delegate.  

However, for purposes of Section 7.5 of the Plan, “Company” shall mean Darden Restaurants, Inc.

    Section 2.6    Current Compensation shall be determined solely for the period during which the Participant was ineligible to participate in the DSP and shall mean the “Earnable Compensation” that would have been recognized under the DSP for such Participant for such period, without regard to any limitations on compensation imposed under the Code.  Notwithstanding the preceding sentence, the following special rules shall apply in determining Current Compensation:

    (a)    Any annual incentive compensation that is based on fiscal year performance shall be considered Current Compensation for the Plan Year in which it accrues, and any incentive compensation that is not based on fiscal year performance shall be considered Current Compensation for the Plan Year in which paid.

    (b)    In the case of a Participant who is totally and permanently disabled and who is receiving long-term disability benefits from an LTD Plan, Current Compensation shall include “hypothetical earnings” based on the greater of (1) the Participant’s base salary rate at the time the disability occurred, or (2) the Participant’s eligible earnings for the fiscal year immediately prior to the onset of the disability, but shall not include “hypothetical earnings” for any period after the earlier of (A) the date the Participant attains age 65, or (B) the date the Participant is no longer eligible to receive benefits under an LTD Plan. 

    (c)    Current Compensation shall not include any amounts paid pursuant to a severance plan or arrangement or a special service allowance.

    (d)    Any amounts attributable to sign-on bonuses or special project bonuses shall not be considered Current Compensation for purposes of determining the amount of any FlexComp Award (although such amounts shall be included for determining an individual’s compensation for purposes of Section 3.3(c), whether or not deferred).

    Section 2.7     Deferred Comp Participant shall mean a Participant who is eligible under Section 3.3 to defer all or a portion of his or her compensation (including salary and/or bonuses) as described in Section 4.3.

    Section 2.8     Disabled shall mean that a Participant is totally and permanently disabled due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment.  

    Section 2.9    DSP shall mean the Darden Savings Plan.

    Section 2.10     FlexComp Award Participant shall mean a Participant who is eligible under Section 3.2 for a FlexComp Award under Section 4.1 and deferral of that award under Section 4.2.

    Section 2.11    LTD Plan shall mean any of the Company’s long-term disability income plans.

    Section 2.12    Participant shall mean any employee of the Company who meets the eligibility requirements for a deferral under this Plan as set forth in Article III.  
-2-
DM_US 79505285-5.041674.0015 

    Section 2.13    Plan Year shall mean the twelve-month period ending each May 31.

    Section 2.14    Retirement Eligible shall mean a Participant has attained age 65 and has completed five (5) years of service (as defined for purposes of crediting vesting service in the DSP), or age 55 and completed ten (10) years of service (as defined for purposes of crediting vesting service in the DSP), or whose combined age and years of service (as defined for purposes of crediting vesting service in the DSP) equal at least 70 at the time of his or her Separation from Service.  

    Section 2.15    Separation from Service shall mean any termination of the employment relationship from the Company and any affiliates and, with respect to post-2004 Accounts, any separation from service from the Company and its affiliates as determined in a manner consistent with Code Section 409A and the regulations and guidance issued thereunder.  In the case of a Participant who is on a leave of absence due to being Disabled, a separation from service for such purpose shall occur after a 52-week period of absence.  Notwithstanding anything in the Plan to the contrary, any Participant in the Plan whose employment with the Company and any affiliate terminated in connection with the sale of the Red Lobster concept and related assets and certain liabilities during the Plan Year beginning June 1, 2014 shall be deemed not to have a Separation from Service for purposes of Code Section 409A and the regulations thereunder until such time as the Participant’s employment is terminated from the buyer of the Red Lobster concept and related assets and certain liabilities.

    Section 2.16    Specified Employee shall mean an individual who is identified as a “Specified Employee” as determined in accordance with the procedures adopted by the Committee that reflects the requirements of Code Section 409A(a)(2)(B)(i).

ARTICLE III
ELIGIBILITY FOR AWARDS AND DEFERRALS

    Section 3.1    Participation.  An individual shall be a Participant in this Plan only if he or she satisfies any of the eligibility criteria set forth in Section 3.2 or Section 3.3.  Upon becoming a Participant under Section 3.2 or Section 3.3, such an individual shall be permitted to participate solely for the deferral and award provisions of this Plan for which he or she has satisfied the eligibility criteria.  Notwithstanding the foregoing, in no event may a Participant defer any amounts under this Plan during a period when the individual is receiving any amounts paid pursuant to a severance plan or arrangement or a special service allowance maintained by the Company.

    Section 3.2    FlexComp Award Participants.  An individual shall be eligible to become a FlexComp Award Participant in the FlexComp Award feature of this Plan for a Plan Year, if such individual:

    (a)    is designated as eligible to participate hereunder by the Committee or its delegate;

    (b)    is a highly compensated employee (as defined in Code Section 414(q) and the regulations and other guidance issued thereunder) under the DSP for the DSP plan year that starts on the May 1 immediately preceding the start of the Plan Year or is employed at a salary which, on an annual basis, is anticipated to exceed $130,000 (adjusted for increases in the cost of living at the same time and in the same manner permitted under Code Section 415(d)); 
-3-
DM_US 79505285-5.041674.0015 

    (c)    is either employed by the Company or receiving benefits under an LTD Plan; 

    (d)    is not an active participant in the DSP or any other tax-qualified retirement plan sponsored or maintained by the Company; and

    (e)    with the exception of an individual receiving benefits from an LTD Plan, would be entitled to have contributions made under the DSP if such plan did not have restrictions on participation by highly compensated employees or employees whose annualized salary as of his or her date of hire exceeds $130,000 (as adjusted for increases in the cost of living at the same time and in the same manner permitted under Code Section 415(d)). 

    Notwithstanding the foregoing, if a FlexComp Award Participant ceases to meet the otherwise applicable eligibility requirements of this Section 3.2 for an upcoming Plan Year, and remains employed after the beginning of such Plan Year, such Participant shall be referred to as a “Former FlexComp Award Participant” and the following provisions shall apply:

    (1)    all existing deferral elections for the Former FlexComp Award Participant under Section 4.3 shall remain in effect until the end of the calendar year in which such ineligibility occurs and the Former FlexComp Award Participant shall not be eligible for future deferral elections unless and until he or she again meets otherwise applicable eligibility requirements of this Section 3.2.

    (2)    If the Former FlexComp Award Participant has deferral elections that remain in effect for the remainder of the calendar year pursuant to paragraph (1) above, such Former FlexComp Award Participant shall be entitled to a Stub Period Award in accordance with Section 4.4 for the Stub Period.

    (3)    If the Former FlexComp Award Participant does not have any existing deferral elections that remain in effect for the remainder of the calendar year pursuant to paragraph (1) above, such FlexComp Participant is ineligible for a Stub Period Award.  

    Section 3.3    Deferred Comp Participants.  An individual shall be eligible to become a Deferred Comp Participant in the deferred compensation features of this Plan (other than those deferral features applicable to FlexComp Awards) for any Plan Year, if he or she: 

    (a)    is an officer; 

    (b)    is a highly compensated employee (as defined in Code Section 414(q) and the regulations and other guidance issued thereunder) under the DSP for the DSP plan year that starts on the May 1 immediately preceding the start of the Plan Year or is employed at a salary which, on an annual basis, is anticipated to exceed $130,000 (adjusted for increases in the cost of living at the same time and in the same manner permitted under Code Section 415(d)); or 

    (c)     after having become eligible under (a) or (b) above for a prior Plan Year, the individual would have been a highly compensated employee under the DSP for the DSP plan year ending within the Plan’s Plan Year (as defined in Code Section 414(q) and the regulations and other guidance issued thereunder) had the individual’s compensation included all amounts that the individual deferred under this Plan other than deferrals, if any, of the FlexComp Awards. 

-4-
DM_US 79505285-5.041674.0015 

    In addition to the foregoing, if a Deferred Comp Participant ceases to meet the eligibility requirements of this Section 3.3 for an upcoming Plan Year, such ineligibility shall be effective beginning with the January 1 of the calendar year following the calendar year in which such ineligibility occurs, as provided in Section 4.3.

ARTICLE IV
FLEXCOMP AWARDS AND PLAN DEFERRALS

    Section 4.1    Amount of Annual FlexComp Award.  If a FlexComp Award Participant ceases to meet the otherwise applicable eligibility requirements for a FlexComp Award for an upcoming Plan Year (i.e., after the beginning of a calendar year), but the individual remains employed after the beginning of that Plan Year, the Participant is not eligible for the regular annual FlexComp Award under the Plan otherwise described in this Section 4.1.  Instead, the individual is referred to in the Plan as a “Former FlexComp Award Participant” and any benefits (other than salary or bonus deferrals) for the Stub Period (as defined in Section 3.2) are governed by Section 4.4.

    A FlexComp Award Participant who is not a Former FlexComp Award Participant as defined in Section 3.2 shall be entitled to an annual FlexComp Award, the amount of which shall be determined as follows: [“X” (a DSP factor) plus “Y” (a fixed factor)] times the Participant’s Current Compensation. (As explained above and in Section 3.2, this Section 4.1 does not apply to a FlexComp Award Participant who lost eligibility for an upcoming Plan Year but is still eligible for salary deferrals for the remainder of the calendar year beginning with that Plan Year.  Instead, any benefits (other than salary or bonus deferrals) for the Stub Period (as defined in Section 3.2) are governed by Section 4.4.)  The determination of the appropriate factors and the relevant terms are set forth below:

(a)    X, the annual DSP factor, is based on the Participant’s lost DSP matching contributions, and, equals a variable amount, determined in the Company’s discretion, but which percentage shall be applied consistently to all such Participants.

(b)    Y, the fixed factor, is 4%.

(c)    In the event a Participant incurs a Separation from Service during the Plan Year, the Participant shall be entitled to the portion of the FlexComp Award attributable to the portion of the Plan Year in which he or she is employed, based on his or her Current Compensation for the partial Plan Year. 

    Prior to the Plan Year beginning June 1, 2017, a different FlexComp Award formula applied to certain Participants.  

    Section 4.2    Deferral or Payment of Annual FlexComp Award.  The following provisions shall apply with respect to the deferral or payment of FlexComp Awards:

    (a)    Automatic Deferral.  Any employee of the Company who meets the eligibility requirements described in Section 3.2 and who is actively employed by the Company as of the last day of a Plan Year shall have any FlexComp Award to which he or she is entitled for the Plan Year (in accordance with Section 4.1) automatically deferred under the Plan until the January 1 following his or her Separation from Service.  Notwithstanding the foregoing, the amount of any deferral may not exceed the gross amount of the Participant’s FlexComp Award reduced by any tax required to be withheld from such amounts under Code Section 3101(a) and (b) or any state or local statute.  
-5-
DM_US 79505285-5.041674.0015 

    (b)    Separation from Service or Death.  If a Participant who is otherwise eligible for a FlexComp Award under Section 4.2(a) incurs a Separation from Service or dies before the last day of a calendar year, the FlexComp Award to which the Participant is otherwise entitled for the portion of the calendar year in which the Participant was employed shall be paid (or commence to be paid) as part of the Participant’s FlexComp Account, as soon as practicable after the January 1 following the Participant’s Separation from Service or death.  

    (c)    Disability.  If a Participant who is otherwise eligible for a FlexComp Award under Section 4.2(a) is Disabled before the last day of a calendar year, the Participant shall continue to be eligible for FlexComp Awards during the period the Participant is Disabled and until the earlier of the date the Participant incurs a Separation from Service or dies; provided, however, that the automatic deferral of FlexComp Awards to which the Participant is otherwise entitled shall cease to apply for calendar years beginning after the year in which the Participant is Disabled and all such future FlexComp Awards shall be paid in cash to the Participant as soon as practicable after the end of each future Plan Year.  (By way of clarification, the FlexComp Award for the calendar year in which the Participant is Disabled shall continue to be automatically deferred until the January following the Participant’s Separation from Service.)  

    Section 4.3    Salary, Incentive, and Bonus Deferral Elections.

    (a)    Elections by Officers.  A Deferred Comp Participant who is an officer of the Company may make the following deferral elections:  

        (1)    Base Compensation.  For the calendar year starting January 1, 2022, such Participant may irrevocably elect to defer up to 50% (in a whole percentage) of his or her base compensation for a calendar year by completing and submitting to the Company a deferral election form at such time and in such manner as determined by the Committee prior to the beginning of the calendar year in which the base compensation is earned.  (For prior calendar years, the maximum deferral percentage was 25%.)  In the case of an employee who first becomes a Participant during a calendar year (and is not eligible for any other plan with which this Plan is aggregated for purposes of Code Section 409A), elections under this Section 4.3(a)(1) for the remainder of the year must be made within 30 days of the date the employee first becomes a Participant, and shall apply only to amounts paid for services to be performed after the date of such election.  Any deferral election shall apply to the Participant’s base compensation attributable to payroll periods beginning in each calendar year.  If a Participant becomes ineligible to defer compensation under this Plan because he or she no longer meets the eligibility requirements of Section 3.3, such ineligibility shall not be effective until the end of the calendar year in which the Participant fails to satisfy the eligibility criteria.

        (2)    Annual Incentive Plan Bonus Deferral.  Such Participant may irrevocably elect to defer up to 100% (in a whole percentage) of his or her Annual Incentive Plan incentive compensation otherwise payable in the upcoming calendar year by completing and submitting to the Company a deferral election form at such time and in such manner as determined by the Committee but no later than November 30 of the Plan Year during which the incentive compensation is earned; provided that in order to be eligible 
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to make the election by the applicable November 30, the Participant continuously performs services from the beginning of the performance period through the date on which the election is made.  Otherwise, the Annual Incentive Plan incentive compensation for that Plan Year cannot be deferred by the Participant.  Further, notwithstanding any prior deferral election, if the Participant incurs a Separation from Service prior to the date of any bonus incentive compensation, then any such incentive compensation award for the Plan Year in which the Separation from Service occurs shall be paid as a single lump sum as soon as practicable after the January 1 following the Separation from Service.  If a Participant becomes ineligible to defer Annual Incentive Plan incentive compensation under this Plan because he or she no longer meets the eligibility requirements of Section 3.3, such ineligibility shall be effective beginning with deferral elections with respect to Annual Incentive Plan incentive compensation otherwise payable in the calendar year following the calendar year in which the Participant is no longer eligible.

    (b)    Elections by All Other Participants.  A Deferred Comp Participant who is not an officer of the Company may make the following deferral elections:  

        (1)    Deferrals of Earnable Compensation.  For the calendar year starting January 1, 2022, such Participant may irrevocably elect to defer up to 50% (in a whole percentage) of his or her “earnable compensation” (as such term is defined under the DSP) for a calendar year by completing and submitting to the Company a deferral election form at such time and in such manner as determined by the Committee (or its delegate) prior to the beginning of the calendar year in which the earnable compensation is earned.  (For prior calendar years, the maximum deferral percentage was 25%.)  In the case of an employee who first becomes a Participant during a calendar year (and is not eligible for any other plan with which this Plan is aggregated for purposes of Code Section 409A), elections under this Section 4.3(b)(1) for the remainder of the year must be made within 30 days of the date the employee first becomes a Participant, and shall apply only to earnable compensation for services to be performed after the date of such election.  Any deferral election shall apply to the Participant’s earnable compensation attributable to payroll periods beginning in each calendar year. If a Participant becomes ineligible to defer compensation under this Plan because he or she no longer meets the eligibility requirements of Section 3.3, such ineligibility shall not be effective until the end of the calendar year in which the Participant fails to satisfy the eligibility criteria.  

        (2)    Bonus for Operations.  For the calendar year starting January 1, 2022, such Participant may irrevocably elect to defer up to 50% (in a whole percentage) of his or her quarterly operations bonuses earned for quarters beginning in such calendar year by completing and submitting to the Company a deferral election form no later than the November 30 prior to such calendar year.  (For prior calendar years, the maximum deferral percentage was 25%.)  In the case of an employee who first becomes a Participant during a calendar year (and is not eligible for any other plan with which this Plan is aggregated for purposes of Code Section 409A), elections under this Section 4.3(b)(2) for the remainder of the year must be made within 30 days of the date the employee first becomes a Participant, and shall apply only to operations bonuses attributable to services to be 
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performed after the date of such election.  Further, notwithstanding any prior deferral election, if the Participant incurs a Separation from Service prior to the date of any award of an operations bonus, then any operations bonus award for the quarter in which the Separation from Service occurs shall be paid as a single lump sum as soon as practicable after the January 1 following the Separation from Service.  If a Participant becomes ineligible to defer quarterly operations bonuses under this Plan because he or she no longer meets the eligibility requirements of Section 3.3, such ineligibility shall be effective beginning with deferral elections with respect to fiscal quarterly operations bonuses for fiscal quarters beginning in the calendar year following the calendar year in which the Participant is no longer eligible.

        (3)    Annual Incentive Plan Bonus.  For the calendar year beginning January 1, 2022, such Participant may irrevocably elect to defer up to 50% (in a whole percentage) of his or her Annual Incentive Plan bonus otherwise payable during such calendar year by completing and submitting to the Company a deferral election form at such time and in such manner as determined by the Committee but no later than November 30 of the Plan Year during which the bonus is earned; provided that in order to be eligible to make the election by the applicable November 30, the Participant continuously performs services from the beginning of the performance period through the date on which the election is made.  Otherwise, the Annual Incentive Plan bonus for that Plan Year cannot be deferred by the Participant.  (For prior calendar years, the maximum deferral percentage was 25%.) Further, notwithstanding any prior deferral election, if the Participant incurs a Separation from Service prior to the date of any incentive compensation award, then any Annual Incentive Plan bonus for the Plan Year in which the Separation from Service occurs shall be paid as a single lump sum as soon as practicable after the January 1 following the Separation from Service.  If a Participant becomes ineligible to defer Annual Incentive Plan bonus under this Plan because he or she no longer meets the eligibility requirements of Section 3.3, such ineligibility shall be effective beginning with deferral elections with respect to Annual Incentive Plan bonus otherwise payable in the calendar year following the calendar year in which the Participant is no longer eligible.  

    Section 4.4    Stub Period Award.  If a Former FlexComp Award Participant is deferring “earnable compensation” (as such term is defined under the DSP) to the Plan during the Stub Period, he or she shall be entitled to a Stub Period Award under this Plan, the amount of which shall be determined as follows: [“X” (a DSP factor) plus “Y” (a fixed factor)] times the Participant’s Current Compensation for the Stub Period.  The amount of the Stub Period Award shall be calculated as soon as practicable after the end of the Plan Year and credited to his or her FlexComp Account under this Plan.  If a Former FlexComp Award Participant is not deferring “earnable compensation” (as such term is defined under the DSP) to the Plan during the Stub Period, he or she is ineligible for a Stub Period Award under this Plan.    

    Section 4.5    Discretionary Award.  The Company may make a discretionary award (“Discretionary Award”) to a Participant for a Plan Year.  The amount of any such Discretionary Award shall be determined by the Committee in its sole discretion.  Any Discretionary Award to which the Participant is entitled for the Plan Year shall be credited to the Participant’s Discretionary Account.

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ARTICLE V
ESTABLISHMENT OF ACCOUNTS AND CREDITS TO ACCOUNTS

    Section 5.1    Deferred Accounts and Rates of Return on Deferred Accounts.  A deferred compensation account (“Deferred Account”) shall be established on behalf of each Participant with respect to whom an amount is deferred under Section 4.3 or Section 4.4 of this Plan.  The amount of a Participant’s deferrals under this Plan shall be credited to such Participant’s Deferred Account as soon as practicable after the amount would otherwise have been paid in the absence of the deferral election.  Each Participant’s Deferred Account shall be credited daily with a “rate of return” on the total deferred amounts credited to the Participant’s Deferred Account and a Participant may make separate elections with respect to “rates of return” for past and future deferrals.  Such “rates of return” are described in Section 5.4.   

    Section 5.2    Discretionary Account and Rates of Return on Discretionary Account.  A Discretionary Award account (“Discretionary Account”) shall be established on behalf of each Participant with respect to whom an amount is deferred under Section 4.5 of this Plan.  The amount of a Participant’s Discretionary Award shall be credited to such Participant’s Discretionary Account as soon as practicable after the Committee determines the amount of such Discretionary Award, if any.  Each Participant’s Discretionary Account shall be credited daily with a “rate of return” on the total deferred amounts credited to the Participant’s Discretionary Account and a Participant may make separate elections with respect to “rates of return” for past and future deferrals.  Such ‘rates of return’ are described in Section 5.4.

    Section 5.3    FlexComp Accounts and Rates of Return on Amounts in FlexComp Accounts.  A deferred FlexComp Award account (“FlexComp Account”) shall be established on behalf of each Participant who elects to defer a percentage of his or her FlexComp Awards. The amount of a Participant’s deferred FlexComp Awards shall be credited to such Participant’s FlexComp Account as soon as practicable after the Plan Year in which the FlexComp Award is earned.  Each Participant’s FlexComp Account shall be credited daily with a “rate of return” on the total deferred amounts credited to the Participant’s FlexComp Account and a Participant may make separate elections with respect to “rates of return” for past and future deferrals.  Such “rates of return” are described in Section 5.4.

    Section 5.4    Rates of Return.  The “rates of return” credited to a Participant’s accounts shall be based upon the actual investment performance of funds in the DSP, or at such other rates as may be made available to the Participant from time to time pursuant to the provisions of the Plan and the procedures established by the Committee. The Committee may delete funds, on a prospective basis, by notifying all Participants whose Accounts include rates of return based on such funds, in advance, and soliciting elections for transfer to other rates of return then available to such Participants.

    Participants may elect to have any combination of the above “rates of return” accrue on amounts in their accounts, from 1% to 100%, provided that the sum of the percentages attributable to such rates equals 100%.  A Participant may change the “rate(s) of return” to be credited to his or her accounts, on a daily basis, by notifying the Committee or its delegate, at such time and in such manner as approved by the Committee or its delegate.  Each Participant’s accounts will be credited daily with the “rate(s) of return” elected by the Participant until the amount in each Participant’s Accounts is “liquidated” in preparation for distribution to the Participant.  Each Participant shall receive a quarterly statement of the balance of his or her accounts.

    Section 5.5    Vested Benefits.  Each Participant shall at all times have a nonforeitable interest in any amounts credited to his or her Deferred Account, Discretionary Account and FlexComp Account.
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    Section 5.6    Impact on Other Benefit Plans.  The Company may maintain life and/or disability plans under which benefits earned or payable are related to a Participant’s earnings.  Any such benefits will generally be based upon the earnings that a Participant would have earned in a given calendar year in the absence of any deferral hereunder.
 
ARTICLE VI
PAYMENT OF ACCOUNTS

    Section 6.1     Unforeseeable Emergency.  At any time prior to the time an amount is otherwise payable hereunder, a Participant may request a distribution of deferred amounts on account of the Participant’s unforeseeable emergency, subject to the following requirements.  The rules set forth in this Section 6.1 govern distributions of post-2004 Accounts in the case of an unforeseeable emergency.  Distributions of pre-2005 Accounts in the case of an unforeseeable emergency shall be governed by terms of the Plan in effect as of October 3, 2004.  For clarity, active Participants, as well as Participants who have experienced a Separation from Service, may request a distribution of post-2004 Accounts under this Section 6.1.  Distributions of pre-2005 Accounts under this Section 6.1, subject to the terms of the Plan in effect as of October 3, 2004, are limited to active Participants.   

    (a)    Such distribution shall be made, in the sole discretion of the Committee or its delegate, if the Participant has incurred an unforeseeable emergency.  

    (b)    For purposes of this Plan, an “unforeseeable emergency” shall be limited to a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or of a Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  Examples of events that may constitute an unforeseeable emergency include the imminent foreclosure of or eviction from the Participant’s primary residence; the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; and the need to pay for the funeral expenses of the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)).  Examples of circumstances that are not considered to be unforeseeable emergencies include the need to send an individual’s child to college or the desire to purchase a home.  In addition to the foregoing, distributions made on account of an “unforeseeable emergency” are limited to the extent reasonably needed to satisfy the emergency need (which may include amounts necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the distribution).   

    (c)    Notwithstanding the foregoing, payment under this Section 6.1 may not be made to the extent that such hardship is or may be relieved: 

        (i)    through reimbursement or compensation by insurance or otherwise, 

        (ii)    by liquidation of the participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or 

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        (iii)    by cessation of deferrals under the Plan.  

    (d)    A Participant may cancel a deferral election under this Plan on account of the Participant’s unforeseeable emergency, as defined under Section 6.1(b).  A Participant may also cancel a deferral election under this Plan upon receipt of a hardship distribution from the DSP.  In the event of a cancellation, any such later deferral election shall be subject to the provisions governing deferral elections. 
    
    (e)    Whether a Participant is faced with an “unforeseeable emergency” will be determined based on the relevant facts and circumstances of each case, based on the information supplied by the Participant, in writing, pursuant to the procedure prescribed by the Committee or its delegate, and in accordance with Code Section 409A and the regulations thereunder.  All distributions under this Section 6.1 shall be made as soon as practicable after the Committee or its delegate has approved the distribution and that the requirements of this Section 6.1 have been met.  

    Section 6.2    Payment of Deferred Accounts and FlexComp Accounts.  

    (a)    Time of Payment.  For Deferred Accounts, for each year’s deferrals, Participants may generally elect (i) a specified distribution date or (ii) a payment date of January 1 following Separation from Service.  Effective with deferral elections initially made with respect to the 2021 calendar year and forward, a specified distribution date may be any January of a future year that is at least one year subsequent to the date the compensation or bonus would otherwise be payable. (For deferral elections initially made for prior calendar years, the specified distribution date may have been any January of a future even-numbered year that was at least one year subsequent to the date the compensation or bonus was otherwise payable, but, with respect to pre-2005 Accounts, shall not be later than the date the Participant attains age 70.)  Each deferred amount under this Plan is paid separately according to the Participant’s deferred distribution date and/or form of payment election.  Notwithstanding any Participant election to the contrary, all distributions under this Plan shall be paid or commence to be paid as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service from the Company, subject to Section 6.5 in the case of Specified Employees.  

        With respect to FlexComp Accounts, Participants may not elect the time of payment with respect to these accounts.  Payments shall start as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees.

     (b)    Form of Payment.  For both Deferred Accounts and FlexComp Accounts, Participants may elect the form of payment: 

        (1)    With respect to pre-2005 Accounts, the Participant may elect to have his or her deferred amounts subject to such election, paid in:

            (A)    a single payment,

            (B)    annual installments for a period not to exceed ten (10) years, 

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        (C)    annual installments for a period not to exceed fifteen (15) years for deferral elections made prior to December 31, 1985 (if so elected at the time of the original deferral), or 

        (D)    any other form of payment requested in writing by the Participant and approved by the Committee or its delegate with regard to amounts deferred under Article IV.

        The amount of any annual installment payment shall equal the Participant’s distributable Deferred Account or FlexComp Account determined as of the last day of the month preceding the payment date multiplied by a fraction, the numerator of which is one and the denominator of which is the number of installment payments remaining to be paid.  

        (2)    With respect to post-2004 Accounts, and in accordance with procedures established by the Committee, the Participant may irrevocably elect to have his or her deferred amounts paid in:

            (A)    a single payment,

            (B)    annual installments for a period not to exceed five (5) years, or  

            (C)    annual installments for a period not to exceed ten (10) years.

        The amount of any annual installment payment shall equal the Participant’s distributable Deferred Account or FlexComp Account determined as of the last day of the month preceding the payment date multiplied by a fraction, the numerator of which is one and the denominator of which is the number of installment payments remaining to be paid.  In the absence of an election to the contrary, all deferred amounts are paid in the form of a single payment.  

        (3)    For (i) initial Deferred Account elections made for a calendar year prior to the 2022 calendar year or (ii) initial FlexComp Account elections made for a Plan Year prior to the Plan Year beginning June 1, 2022, if a Participant incurs a Separation from Service for any reason other than death and prior to becoming Retirement Eligible, the Committee or its delegate shall require that full payment of all amounts deferred under this Plan be paid in the form of a single lump sum cash payment as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees. 

For (i) initial Deferred Account elections made for the 2022 calendar year or a subsequent calendar year or (ii) initial FlexComp Account elections made for the Plan Year beginning June 1, 2022 or a subsequent Plan Year,  where the Participant elected an installment form of payment for all or a portion of his Deferred Account and/or his FlexComp Account, the Committee or its delegate shall require that such portion be paid in the form of a single lump sum cash payment as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees, unless:
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(A)    The Participant incurs a Separation from Service after becoming Retirement Eligible (in which case the installment election shall apply regardless of the total balance amount); or

(B)    The Participant’s requested installment payments satisfy the applicable threshold set forth below (in which case the installment election shall apply to the applicable portion of the Participant’s balance):
 
(i)    For five (5) year annual installments, the total balance of the portion payable as five (5) year annual installments that will commence following the Participant’s Separation from Service is at least $50,000, measured as of the January 1 following the Participant’s Separation from Service, in which case such installments shall commence as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees; 

(ii)    For ten (10) year annual installments, the total balance of the portion payable as ten (1) year annual installments that will commence following the Participant’s Separation from Service is at least $100,000, measured as of the January 1 following the Participant’s Separation from Service, in which case such installments shall commence as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees; or

(iii)    For remaining annual installments of all or a portion of the Participant’s Deferred Account that previously commenced pursuant to a specified distribution date described in Subsection 6.2(a), the value of each remaining annual installment is at least $10,000 measured as of the January 1 following the Participant’s Separation from Service, in which case such installments shall continue to be paid on an annual basis until complete.  

(c)    Special Rules.  Notwithstanding the above, the following provisions shall apply:

        (1)    As to pre-2005 Accounts, an active Participant may request to amend his or her distribution date and/or form of payment with respect to a deferral provided: (i) the initial distribution date in the absence of such distribution election amendment is not within twelve (12) months of the date of the amendment; (ii) his or her amended distribution date is an even-numbered year that is at least one year after the distribution date in the absence of such distribution election amendment; (iii) his or her amended form of payment is in substantially equal annual installments for a period not to exceed ten (10) years or a lump sum; and (iv) no modifications for distribution dates and/or forms of payment are permitted with respect to any deferrals after payment of such deferrals has commenced to be paid.  No more than two amendments to the Participant’s initial distribution election with respect to a particular deferral shall be permitted.  Any such 
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amendment must be in writing and submitted to the Committee or its delegate for approval.

        (2)    With respect to post-2004 Accounts, an active Participant may request to amend his or her specified distribution date election with respect to deferrals (other than any deferrals to Separation from Service) provided:  (i) the initial distribution date in the absence of such distribution election amendment is not within twelve (12) months of the date of the amendment; (ii) his or her amended distribution date is at least five years after the distribution date that would apply in the absence of such distribution election amendment; (iii) no amounts may be deferred from a specified date to Separation from Service; (iv) no modifications for distribution dates are permitted if the Participant initially elected to receive payment at his or her Separation from Service; and (v) no modifications may be made to the form of payment for any previously deferred amounts.  Any such amendment must be in writing and submitted to the Committee or its delegate in accordance with procedures established for such purpose.    

        (3)    With respect to post-2004 Accounts, the Committee shall establish procedures governing the payment of deferred amounts where a Participant has elected to defer amounts to a specified distribution date to which other amounts have already been deferred.  Pursuant to such procedures, all amounts deferred to a distribution date shall be treated as a separate identifiable amount based on the form of distribution otherwise payable on or commencing on that distribution date.

        (4)    Notwithstanding any other provision of this Plan to the contrary, with respect to pre-2005 Accounts, a Participant may, at any time prior or subsequent to the distribution date selected by the Participant, request to have his or her form of payment for any or all of his pre-2005 Accounts changed to an immediate lump-sum distribution, provided that the amount of any such lump-sum distribution shall be reduced by ten percent (10%) of the total lump-sum distribution amount.  This automatic ten percent (10%) haircut penalty is effective for distributions paid on or after March 1, 2017.  Prior to this date, a variable formula applied for purposes of determining the amount of the haircut penalty.  

    Section 6.3    Payment of Discretionary Account.  A Participant’s Discretionary Account shall be paid in the form of a single lump sum cash payment as soon as practicable after the January 1 coincident with or next following the Participant’s Separation from Service, subject to Section 6.5 in the case of Specified Employees.

    Section 6.4    Death of a Participant.  If a Participant dies before the full distribution of his or her Accounts, a lump sum payment of the remaining distribution amount shall be made to the beneficiary designated by the Participant.  This payment shall be made as soon as practicable after the Committee receives notification of the Participant’s death.  In the absence of any such designation, payment shall be made to the personal representative, executor or administrator of the Participant’s estate.

    Section 6.5    Delay in Distribution for Specified Employees.  Notwithstanding anything to the contrary in this Plan, if a Participant is a Specified Employee, distributions which are made on account of the Participant’s Separation from Service shall commence on the date that is the later of: (A) the first day of the seventh month following the Participant’s Separation from 
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Service (regardless of whether the Participant is reemployed on that date); or (B) as soon as practicable after the January 1 following the participant’s Separation from Service.   

ARTICLE VII
ADMINISTRATION OF THE PLAN

    Section 7.1    Committee.  This Plan shall be administered by the Committee.  The Committee shall act by affirmative vote of a majority of its members at a meeting or in writing without a meeting.  The Committee shall appoint a secretary who may be but need not be one of its own members.  The secretary shall keep complete records of the administration of the Plan.  The Committee may authorize each and any one of its members to perform routine acts and to sign documents on its behalf.

    Section 7.2    Plan Administration.  The Committee may appoint such persons or establish such subcommittees, employ such attorneys, agents, accountants or investment advisors necessary or desirable to advise or assist it in the performance of its duties hereunder, and the Committee may rely upon their respective written opinions or certifications.  Administration of the Plan shall consist of interpreting and carrying out the provisions of the Plan in the discretion of the Committee.  The Committee shall, in its discretion, determine the eligibility of employees to participate in the different features of the Plan, their rights while Participants in the Plan and the nature and amounts of benefits to be received therefrom. The Committee shall, in its discretion, decide any disputes which may arise under the Plan. The Committee may provide rules and regulations for the administration of the Plan consistent with its terms and provisions.  Any construction or interpretation of the Plan and any determination of fact in administering the Plan made in good faith by the Committee shall be final and conclusive for all Plan purposes.

    Section 7.3    Claims Procedure.  Claims for benefits under the Plan shall be administered in accordance with Section 503 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the regulations thereunder.  The Committee shall make all determinations as to the right of any Participant or beneficiary (or other claimant) (a “claimant”) to a benefit under the Plan.  Any denial by the Committee of a claim for benefits under the Plan by a claimant shall be stated in writing by the Committee and delivered or mailed to the claimant within 90 days after receipt by the Committee.  Such notice shall set forth: (a) the specific reason or reasons for the denial; (b) the specific provisions of the Plan upon which the denial is based; (c) if the claim can be corrected, a request for such material and/or information as is required by the Committee to act on the claim and an explanation of why such material and/or information is necessary; and (d) a description of the Plan’s appeal procedures, including the claimant’s right to bring suit under Section 502(a) of ERISA following an adverse benefit determination on appeal.  If the Committee determines that special circumstances require an extension of time for processing the claim, the initial 90-day period may be extended for up to 90 additional days.  The Committee shall give the claimant written notice of the extension prior to the expiration of the initial 90-day period, and such notice shall set forth the circumstances requiring the extension of time and the date by which the Committee expects to render a decision.

    If a claim is denied, the claimant may notify the Committee in writing within 60 days after receipt of a written denial of the claim that the claimant wishes to appeal the denial of the claim, and the claimant may present to the Committee a written statement of the claimant’s position and any documents, records or other information relating to the claim for benefits.  Upon request and free of charge, the claimant shall be provided reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits.  The Committee’s review shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such 
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information was submitted or considered in the initial benefit determination.  The Committee shall act upon such appeal within 60 days after receipt thereof unless special circumstances require further time, but in no event later than 120 days after receipt.  If the Committee needs additional time to consider the appeal due to special circumstances, the Committee shall notify the claimant within 60 days of filing the appeal.  If the Committee confirms the denial, in whole or in part, the Committee shall present in a written notice to the claimant: (a) the specific reasons for denial; (b) the specific references to the Plan provisions on which the decision was based; (c) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; and (d) a statement of the claimant’s right to bring suit under Section 502(a) of ERISA, in a manner calculated to be understood by the claimant.

    Benefits under the Plan will be paid only if the Committee decides in its sole discretion that a claimant is entitled to them.  In determining claims for benefits, the Committee has the authority to interpret the Plan, to resolve ambiguities, to make factual determinations, and to resolve questions relating to eligibility for and amount of benefits.  Subject to applicable law, any decision made in accordance with the above claims procedures is final and binding on all parties.  A misstatement or other mistake of fact shall be corrected when it becomes known and the Committee shall make such adjustment on account thereof as it considers equitable and practicable.  

    No action at law or in equity shall be brought to recover benefits under the Plan until the mandatory appeal rights described in the Plan have been exercised and the Plan benefits requested in such appeal have been denied in whole or in part.  If any judicial proceeding is undertaken to appeal the denial of a claim, challenge the amount of any benefit under the Plan, or bring any other action under ERISA, any such judicial proceeding must be filed in a court of law no later than the earliest of the following:  (a) 90 days after the Committee’s final decision; (b) three years after the date when the claimant commences payment of the Plan benefits at issue in the judicial proceeding; or (c) the statutory deadline for filing a claim or lawsuit with respect to the Plan benefits at issue in the judicial proceeding as determined by applying the most analogous statute of limitations for the state of Florida.  The evidence presented in such a judicial proceeding shall be strictly limited to the evidence timely presented to the Committee. 

    Section 7.4    Non-Assignability.  The interests of persons entitled to benefits under the Plan are not subject to their debts or other obligations and, except as may be required by the tax withholding provisions of the Code or any state’s income tax act, may not be voluntarily or involuntarily sold, transferred, alienated, assigned, or encumbered.  This Section 7.4 shall also apply to the creation, assignment or recognition of a right to any benefit payable pursuant to a domestic relations order, unless such order meets the requirements of Code Section 414(p)(1)(B), as determined by the Committee or its delegate.  

    Section 7.5    Amendments to Plan.  Darden Restaurants, Inc. reserves the right to suspend, amend or otherwise modify or terminate this Plan at any time, without notice.  Such action shall be taken by the Board of Directors of Darden Restaurants, Inc. or its delegate.  However, this Plan may not be suspended, amended, otherwise modified, or terminated during the two-year period following a Change in Control without the written consent of a majority of Participants determined as of the day before such Change in Control occurs.  A “Change in Control” shall mean the occurrence of any of the following events:

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(a)Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of the Plan, the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by, controlling or under common control with the Company, or (D) any acquisition pursuant to a transaction that complies with Sections 7.5(b)(i), (ii) and (iii) of the Plan;
(b)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, thirty percent (30%) or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Board of Directors of the Company at the time of the execution of the initial agreement or of the action of the Board of Directors of the Company providing for such Business Combination; or
(c)Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.
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    Notwithstanding any other provision of this Plan to the contrary, the Committee, may, in its sole discretion, direct that payments be made before such payments are otherwise due if, for any reason (including, but not limited to a change in the tax or revenue laws of the United States of America, a published ruling or similar announcement issued by the Internal Revenue Service, a regulation issued by the Secretary of the Treasury or his delegate, or a decision by a court of competent jurisdiction involving a Participant or beneficiary), such Committee believes that Participants or their Beneficiaries have recognized or will recognize income for federal income tax purposes with respect to amounts that are or will be payable to such Participants under this Plan before such amounts are scheduled to be paid.  In making this determination, such Committee shall take into account the hardship that would be imposed on Participants or their Beneficiaries by the payment of federal income taxes under such circumstances.

    Section 7.6    Plan Unfunded.  Nothing in this Plan shall be interpreted or construed to require the Company in any manner to fund any obligation to the Participants, terminated Participants or beneficiaries hereunder.  Nothing contained in this Plan nor any action taken hereunder shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and the Participants, terminated Participants, beneficiaries, or any other persons.  Any funds which may be accumulated in order to meet any obligation under this Plan shall for all purposes continue to be a part of the general assets of the Company; provided, however, that the Company may establish a trust to hold funds intended to provide benefits hereunder so long as the assets of such trust become subject to the claims of the general creditors of the Company in the event of bankruptcy or insolvency of the Company.  To the extent that any Participant, terminated Participant, or beneficiary acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Company.

    Section 7.7    Applicable Law.  All questions pertaining to the construction, validity and effect of this Plan shall be determined in accordance with the laws of the State of Florida, to the extent not preempted by Federal law. 

    Section 7.8    Limitation of Rights.  This Plan is a voluntary undertaking on the part of the Company.  Neither the establishment of this Plan nor the payment of any benefits hereunder, nor any action of the Company, the Committee or its delegate shall be held or construed to be a contract of employment between the Company and any eligible employee or to confer upon any person any legal right to be continued in the employ of the Company.  The Company expressly reserves the right to discharge, discipline or otherwise terminate the employment of any eligible employee at any time.  Participation in this Plan gives no right or claim to any benefits beyond those which are expressly provided herein and all rights and claims hereunder are limited as set forth in this Plan.

    Section 7.9    Severability.  In the event any provision of this Plan shall be held illegal or invalid, or would serve to invalidate this Plan, that provision shall be deemed to be null and void, and this Plan shall be construed as if it did not contain that provision.

    Section 7.10    Headings and Number.  The headings to the Articles and Sections of this Plan are inserted for reference only, and are not to be taken as limiting or extending the provisions hereof.  

    Section 7.11    Incapacity.  If the Committee or its delegate determines that a Participant, a terminated Participant, or any beneficiary under this Plan (each of which shall be referred to as the “Recipient”) is unable to care for his or her affairs because of illness, accident, or mental or physical incapacity, or because the Recipient is a minor, the Committee or its delegate may direct that any benefit payment due the Recipient be paid to his or her duly appointed legal representative, or, if no such representative is appointed, to the Recipient’s spouse, child, parent, 
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or other blood relative, or to a person with whom the Recipient resides or who has incurred expense on behalf of the Recipient.  Any such payment so made shall be a complete discharge of the liabilities of this Plan with respect to the Recipient.

    Section 7.12    Binding Effect and Release.  All persons accepting benefits under this Plan shall be deemed to have consented to the terms of this Plan.  Any final payment or distribution to any person entitled to benefits under this Plan shall be in full satisfaction of all claims against this Plan, the Committee, or its delegate, and the Company arising by virtue of this Plan.

    Section 7.13    Section 162(m) Grandfathering.  It is intended that amounts accrued under the Plan with respect to Participants who were executive officers (as defined by SEC Rule 3b-7) as of November 2, 2017 (the “Covered Executives”) shall be “grandfathered” from the changes to Code Section 162(m) to the maximum extent permitted under Section 13601(e)(2) of the Tax Cuts and Jobs Act (P.L. 115-97), and that the Plan shall be administered consistent with this intention so that amounts payable to these officers after termination of employment will be deductible by the Company or its subsidiaries.  The Committee may establish rules in its sole discretion in order to prohibit any modifications with respect to “grandfathered” amounts for Covered Executives that it determines will or may be material modifications under Section 13601(e)(2) of the Tax Cuts and Jobs Act, which may include restricting or prohibiting the exercise of rights that might otherwise be permitted under the Plan. No amendment to the Plan after the date hereof shall apply to amounts accrued under the Plan that are intended to be “grandfathered” under Section 13601(e)(2) of the Tax Cuts and Jobs Act unless it explicitly provides otherwise.  Notwithstanding any other provision in the Plan, any action that would result in a loss of grandfathering under Section 13601(e)(2) shall be void ab initio.

*  *  *  *  *
IN WITNESS WHEREOF, both members of the Settlor Committee have caused this amendment to be executed.

    12/22/2021                        /S/ JULIE GRIFFIN            
Date    Julie Griffin

    12/22/2021                        /S/ PAMELA J. PRICE        
Date    Pam Price

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