Document:

EX 10.1 A&R Executive Severance Benefit Plan

Exhibit 10.1
REVANCE THERAPEUTICS, INC. 
AMENDED AND RESTATED 
EXECUTIVE SEVERANCE BENEFIT PLAN
1. INTRODUCTION. This Revance Therapeutics, Inc. Executive Severance Benefit Plan (the “Plan”) is established by Revance Therapeutics, Inc. (the “Company”). The Plan was originally adopted by the Board on December 17, 2013, became effective without further action on the IPO Date (as defined below)(the “Effective Date”), and amended by the Board on May 7, 2015 to clarify that the Plan applies to all stock awards, including without limitation stock options, restricted stock awards and restricted stock units. 
The Plan provides for severance benefits to the Chief Executive Officer and other executive officers and key employees of the Company designated by the Board. This document constitutes the Summary Plan Description for the Plan. 
2. DEFINITIONS. For purposes of the Plan, the following terms are defined as follows: 
(a) “Accrued Amounts” means any unpaid annual base salary accrued through the date of a Participant’s Qualifying Termination and any accrued but unpaid vacation pay. 
(b) “Annual Bonus” means the annual cash bonus that a Participant is eligible to earn, if any, pursuant to the Participant’s Executive Employment Agreement with the Company, as it may be amended from time to time. 
(c) “Annual Bonus Target” means a Participant’s Annual Bonus with respect to performance for the year in which the Qualifying Termination occurs, calculated assuming the Participant achieves the maximum possible annual target bonus percentage for that year. 
(d) “Board” means the Board of Directors of the Company. 
(e) “Cause”, as determined by the Board in its sole discretion, means: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. 
(f) “Change in Control” shall have the meaning set forth in the Company’s 2014 Equity Incentive Plan. The definition of Change in Control is intended to conform to the definitions of “change in ownership of a corporation” and “change in ownership of a substantial portion of a corporation’s assets” provided in Treasury Regulation Sections 1.409A-3(i)(5)(v) and (vii). 
(g) “Change in Control Termination” means (i) a Participant’s dismissal or discharge by the Company for a reason other than death, disability, or Cause, or (ii) a Resignation for Good Reason, either of which occurs in connection with or within twelve (12) months following the effective date of a Change in Control, provided that any such termination is a Separation from Service. In no event will a Participant’s Separation from Service due to death, disability or Cause, or a resignation by a Participant without Good Reason, constitute a Change in Control Termination. 
(h) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and any analogous provisions of applicable state law. 
(i) “Code” means the Internal Revenue Code of 1986, as amended. 
(j) “Common Stock” means the common stock of the Company. 
(k) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

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(l) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 
(m) “Monthly Annual Bonus Target” means a Participant’s Annual Bonus Target, divided by 12. 
(n) “Monthly Base Salary” means the Participant’s annual base salary, ignoring any decrease in annual base salary that forms the basis for a Resignation for Good Reason, as in effect on the date of the Qualifying Termination, divided by 12. 
(o) “Non-Change in Control Termination” means a Participant’s dismissal or discharge by the Company resulting in a Separation from Service, for a reason other than death, disability, or Cause, other than in connection with or within twelve (12) months following the effective date of a Change in Control. In no event will a Participant’s Separation from Service due to death, disability or Cause, or a resignation by a Participant for any reason, constitute a Non-Change in Control Termination. 
(p) “Participant” means each individual who (i) is employed by the Company as an executive officer or key employee designated by the Board, and (ii) has received and returned a signed Participation Notice. 
(q) “Participation Notice” means the latest notice delivered by the Company to a Participant informing the Participant that he or she is eligible to participate in the Plan, in substantially the form of EXHIBIT A to the Plan. 
(r) “Plan Administrator” means the Board or any committee of the Board duly authorized to administer the Plan. The Plan Administrator may be, but is not required to be, the Compensation Committee of the Board. The Board may at any time administer the Plan, in whole or in part, notwithstanding that the Board has previously appointed a committee to act as the Plan Administrator. 
(s) “Qualifying Termination” means either a Change in Control Termination or a Non-Change in Control Termination. 
(t) “Resignation for Good Reason” means a Participant’s resignation from all positions the Participant then holds with the Company, resulting in a Separation from Service, within ninety (90) days after the expiration of the cure period set forth below, provided the Participant has given the Board written notice of the occurrence of any of the following events taken without the Participant’s written consent within thirty (30) days after the first occurrence of such event and the Company has not cured such event, to the extent curable, within thirty (30) days thereafter: 
(i) A material reduction in the Participant’s annual base salary, which the Participant and the Company agree is a reduction of at least fifteen percent (15%) of the Participant’s annual base salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); 
(ii) A material reduction in the Participant’s duties (including responsibilities and/or authorities), provided, however, that, other than with respect to the Company’s then acting Chief Executive Officer and Chief Financial Officer, a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless the Participant’s new duties are materially reduced from the prior duties; 
(iii) Relocation of the Participant’s principal place of employment to a place that increases the Participant’s one-way commute by more than thirty-five (35) miles as compared to the Participant’s then-current principal place of employment immediately prior to such relocation; 
(iv) any failure by the Company to comply with any material provision of this Plan or any material written contractual obligation to Participant, which (in either case) adversely affects the Participant; 
(v) the failure of any successor-in-interest to assume a material obligation of the Company under this Plan or material written contractual obligation to Participant, which (in either case) adversely affects the Participant. 
(u) “Separation from Service” means a “separation from service” within the meaning of Treasury Regulations Section 1.409A-1(h), without regard to any alternative definition thereunder. 

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(v) “Severance Multiplier” means: 
(i) for a Participant who is the Chief Executive Officer of the Company at the time of the Qualifying Termination, (A) fifteen (15), for a Non-Change in Control Termination, and (B) twenty-one (21), for a Change in Control Termination; and 
(ii) for a Participant who is not the Chief Executive Officer of the Company at the time of the Qualifying Termination, (A) nine (9), for a Non-Change in Control Termination, and (B) twelve (12), for a Change in Control Termination. 
(w) “Severance Period” means a period of months commencing on the date of a Participant’s Qualifying Termination, with the number of months being equal to a Participant’s applicable Severance Multiplier. 
(x) “Stock Awards” means outstanding stock awards for shares of the Company’s common stock granted to a Participant by the governing plan documents, grant notices and award agreements, including without limitation stock options, restricted stock awards and restricted stock units. 
3. ELIGIBILITY FOR BENEFITS.
(a) Eligibility; Exceptions to Benefits. Subject to the terms and conditions of the Plan, the Company will provide the benefits described in Section 4 to the affected Participant. A Participant will not receive benefits under the Plan in the following circumstances, as determined by the Plan Administrator, in its sole discretion: 
(i) The Plan does not provide for duplication (in whole or in part) of benefits with any other agreement or plan. By signing a Participation Notice, a Participant is waiving his or her rights under, and terminating those provisions of, any employment agreement or severance agreement with the Company that provide for benefits on a Qualifying Termination in existence as of the date that the Participant signs such Participation Notice. 
(ii) The Participant’s employment is terminated by either the Company or the Participant for any reason other than a Qualifying Termination. 
(iii) The Participant has not entered into the Employee Proprietary Information and Inventions Agreement or any similar or successor document (the “Proprietary Information Agreement”). 
(iv) The Participant has failed to execute and allow to become effective the Release (as defined and described below) within sixty (60) days following the Participant’s Separation from Service. 
(v) The Participant has failed to return all Company Property. For this purpose, “Company Property” means all paper and electronic Company documents (and all copies thereof) created and/or received by the Participant during his or her period of employment with the Company and other Company materials and property that the Participant has in his or her possession or control, including, without limitation, Company files, correspondence, emails, memoranda, notes, notebooks, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, without limitation, leased vehicles, computers, computer equipment, software programs, facsimile machines, mobile telephones, servers), credit and calling cards, entry cards, identification badges and keys, and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof, in whole or in part). As a condition to receiving benefits under the Plan, a Participant must not make or retain copies, reproductions or summaries of any such Company documents, materials or property and must make a diligent search to locate any such documents, property and information. If the Participant has used any personally owned computer, server, or e-mail system to receive, store, review, prepare or transmit any Company confidential or proprietary data, materials or information, then within ten (10) business days after the Separation from Service, the Participant must provide the Company with a computer-useable copy of all such information and then permanently delete and expunge such confidential or proprietary information from those systems. However, a Participant is not required to return his or her personal copies of documents evidencing the Participant’s hire, termination, compensation, benefits and stock awards and any other documentation received as a stockholder of the Company. A Participant’s failure to return Company Property that is neither confidential nor material, such as an identification badge or calling card, will not, in and of itself, 

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disqualify such Participant from receiving benefits under the Plan; provided, that any such items of Company Property are subsequently returned to the Company upon request. 
(vi) The Participant has failed to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any existing or future litigation, arbitrations, mediations, claims, demands, audits, government or regulatory inquiries, or other matters arising from events, acts, or failures to act that occurred during the time period in which the Participant was employed by the Company (including any period of employment with an entity acquired by the Company). Such cooperation includes, without limitation, being available upon reasonable notice, without subpoena, to provide accurate and complete advice, assistance and information to the Company, including offering and explaining evidence, providing truthful and accurate sworn statements, and participating in discovery and trial preparation and testimony. As a condition of receiving benefits under the Plan, the Participant must also promptly send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by the Participant in connection with any such legal proceedings, unless the Participant is expressly prohibited by law from so doing. The Company will reimburse the Participant for reasonable out-of-pocket expenses incurred in connection with any such cooperation (excluding foregone wages, salary, or other compensation) within thirty (30) days after the Participant’s timely presentation of appropriate documentation thereof, in accordance with the Company’s standard reimbursement policies and procedures, and will make reasonable efforts to accommodate the Participant’s scheduling needs. 
(b) Termination of Benefits. A Participant’s right to receive benefits under the Plan will terminate immediately if, at any time prior to or during the period for which the Participant is receiving benefits under the Plan, the Participant, without the prior written approval of the Plan Administrator: 
(i) willfully breaches a material provision of the Participant’s Proprietary Information Agreement and/or any obligations of confidentiality, non-solicitation, non-disparagement, no conflicts or non-competition provision set forth in any other agreement between the Company and a Participant (including, without limitation, the Participant’s employment agreement or offer letter) or under applicable law; 
(ii) encourages or solicits any of the Company’s then current employees to leave the Company’s employ for any reason or interferes in any other manner with employment relationships at the time existing between the Company and its then current employees; or 
(iii) induces any of the Company’s then current clients, customers, suppliers, vendors, distributors, licensors, licensees, or other third party to terminate their existing business relationship with the Company or interferes in any other manner with any existing business relationship between the Company and any then current client, customer, supplier, vendor, distributor, licensor, licensee, or other third party. 
4. PAYMENTS & BENEFITS. Except as may otherwise be provided in a Participant’s Participation Notice, in the event of a Qualifying Termination, the Company will pay the Participant the Accrued Amounts, if any, on the date of such Qualifying Termination. In addition, subject to Sections 5 and 6 and a Participant’s continued compliance with the provisions of any agreement with the Company, including, without limitation, the Participant’s Proprietary Information Agreement, in the event of a Qualifying Termination, the Participant shall be entitled to the payments and benefits described in this Section 4, subject to the terms and conditions of the Plan. 
(a) Cash Severance.
(i) Change in Control Termination. Upon a Change in Control Termination, the Participant will receive as severance an amount equal to the product of (i) the sum of the Participant’s Monthly Base Salary and Monthly Annual Bonus Target, and (ii) the Participant’s applicable Severance Multiplier (the “Change in Control Cash Severance”). The Change in Control Cash Severance will be paid in a single lump sum, less all applicable withholdings and deductions; provided, however, that no payments will be made prior to the first business day to occur on or after the 60th day following the date of the Participant’s Qualifying Termination. 
(ii) Non-Change in Control Termination. Upon a Non-Change in Control Termination, the Participant will receive as severance an amount equal to the product of (i) the Participant’s Monthly Base Salary, and (ii) the Participant’s applicable Severance Multiplier (the “Non-Change in Control Cash Severance”). The Non-Change in Control Cash Severance will be paid in equal installments on the Company’s regular payroll schedule over the Severance Period, less all applicable withholdings and deductions; provided, however, that no payments will be made prior to the first business day to occur on or after the 60th day following the date of the Participant’s Qualifying Termination. On the first business day to occur on or after the 60th day following the date of the 

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Participant’s Qualifying Termination, the Company will pay the Participant in a lump sum the Non-Change in Control Cash Severance that the Participant would have received on or prior to such date under the original schedule but for the delay while waiting for the 60th day in compliance with Section 409A of the Code and the effectiveness of the Release referenced in Section 5(a) below, with the balance of the Non-Change in Control Cash Severance being paid as originally scheduled. 
(b) COBRA Benefits. 
(i) If the Participant is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or vision plan sponsored by the Company, the Company will pay, as and when due directly to the COBRA carrier, the COBRA premiums necessary to continue the COBRA coverage for the Participant and his or her eligible dependents until the earliest to occur of (i) the end of the applicable Severance Period, (ii) the date on which the Participant becomes eligible for coverage under the group health insurance plans of a subsequent employer, and (iii) the date on which the Participant is no longer eligible for continuation coverage under COBRA (such period from the date of the Qualifying Termination through the earliest of (i) through (iii), the “COBRA Payment Period”). 
(ii) Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of COBRA premiums hereunder is likely to result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay the Participant, on the first day of each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings and deductions. To the extent applicable, on the first business day to occur on or after the 60th day following the date of the Participant’s Qualifying Termination, the Company will make the first payment under this Section 4(b)(ii) in a lump sum equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such 60th day, with the balance of the payments paid thereafter on the original schedule. The Participant may, but is not obligated to, use such payments toward the cost of COBRA premiums. 
(iii) If the Participant becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the applicable Severance Period, the Participant must immediately notify the Company of such event, and all payments and obligations under this section 4(b) will cease. For purposes of this Section 4(b), references to COBRA also refer to analogous provisions of state law. Any applicable insurance premiums that are paid by the Company will not include any amounts payable by the Participant under a Code Section 125 health care reimbursement plan, which are the sole responsibility of the Participant. 
(C) Accelerated Vesting. Upon a Change in Control Termination, the vesting and exercisability (if applicable) of all outstanding and unvested Stock Awards that are held by the Participant on the effective date of the Change in Control Termination will, as of the date of the Change in Control Termination, accelerate in full as to one hundred percent (100%) of the shares subject to the Stock Awards. 
5. CONDITIONS AND LIMITATIONS ON BENEFITS.
(a) Release. To be eligible to receive any benefits under the Plan, a Participant must sign a general waiver and release in substantially the form attached hereto as EXHIBIT B, EXHIBIT C, or EXHIBIT D, as appropriate (the “Release”), and such release must become effective in accordance with its terms, in each case within sixty (60) days following the Qualifying Termination. The Plan Administrator, in its sole discretion, may modify the form of the required Release to comply with applicable law, and any such Release may be incorporated into a termination agreement or other agreement with the Participant. 
(b) Prior Agreements; Certain Reductions. The Plan Administrator will reduce a Participant’s benefits under the Plan by any other statutory severance obligations or contractual severance benefits, obligations for pay in lieu of notice, and any other similar benefits payable to the Participant by the Company that are due in connection with the Participant’s Qualifying Termination and that are in the same form as the benefits provided under the Plan (e.g., equity award vesting credit). Without limitation, this reduction includes a reduction for any benefits required pursuant to (i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act (the “WARN Act”), (ii) a written employment, severance or equity award agreement with the Company, (iii) any Company policy or practice providing for the Participant to remain on the payroll for a 

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limited period of time after being given notice of the termination of the Participant’s employment, and (iv) any required salary continuation, notice pay, statutory severance payment, or other payments either required by local law, or owed pursuant to a collective labor agreement, as a result of the termination of the Participant’s employment. The benefits provided under the Plan are intended to satisfy, to the greatest extent possible, and not to provide benefits duplicative of, any and all statutory, contractual and collective agreement obligations of the Company in respect of the form of benefits provided under the Plan that may arise out of a Qualifying Termination, and the Plan Administrator will so construe and implement the terms of the Plan. Reductions may be applied on a retroactive basis, with benefits previously provided being recharacterized as benefits pursuant to the Company’s statutory or other contractual obligations. The payments pursuant to the Plan are in addition to, and not in lieu of, any unpaid salary, bonuses or employee welfare benefits to which a Participant may be entitled for the period ending with the Participant’s Qualifying Termination. 
(c) Mitigation. Except as otherwise specifically provided in the Plan, a Participant will not be required to mitigate damages or the amount of any payment provided under the Plan by seeking other employment or otherwise, nor will the amount of any payment provided for under the Plan be reduced by any compensation earned by a Participant as a result of employment by another employer or any retirement benefits received by such Participant after the date of the Participant’s termination of employment with the Company (except as provided for in Section 5(b)). 
(d) Indebtedness of Participants. To the extent permitted under applicable law, if a Participant is indebted to the Company on the effective date of a Participant’s Qualifying Termination, the Company reserves the right to offset the payment of any benefits under the Plan by the amount of such indebtedness. Such offset will be made in accordance with all applicable laws. The Participant’s execution of the Participation Notice constitutes knowing written consent to the foregoing. 
(e) Parachute Payments.
(i) Except as otherwise expressly provided in an agreement between a Participant and the Company, if any payment or benefit the Participant would receive in connection with a Change in Control from the Company or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (A) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (B) the largest portion, up to and including the total, of the Payment, whichever amount ((A) or (B)), after taking into account all applicable federal, state, provincial, foreign, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax basis, of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of stock awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to the Participant. Within any such category of Payments (that is, (1), (2), (3) or (4)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are “deferred compensation.” In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of the Participant’s applicable type of stock award (i.e., earliest granted stock awards are cancelled last). If Section 409A of the Code is not applicable by law to a Participant, the Company will determine whether any similar law in the Participant’s jurisdiction applies and should be taken into account. 
(ii) The professional firm engaged by the Company for general tax purposes as of the day prior to the effective date of the Change in Control shall make all determinations required to be made under this Section 5(e). If the professional firm so engaged by the Company is serving as an accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such professional firm required to be made hereunder. Any good faith determinations of the professional firm made hereunder shall be final, binding and conclusive upon the Company and the Participant. 
6. TAX MATTERS.

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(a) Application of Code Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Participant’s termination of employment with the Company, the Participant is a “specified employee” as defined in Section 409A of the Code and the applicable guidance and regulations thereunder (collectively, “Section 409A”), and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Participant) until the first business day to occur following the date that is six (6) months following Participant’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); and (ii) if any other payments of money or other benefits due to Participant hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. In the event that payments under the Plan are deferred pursuant to this Section 6 in order to prevent any accelerated tax or additional tax under Section 409A, then such payments shall be paid at the time specified under this Section 6 without any interest thereon. The Company shall consult with Participant in good faith regarding the implementation of this Section 6; provided, that neither the Company nor any of its employees or representatives shall have any liability to Participant with respect thereto. Notwithstanding anything to the contrary herein, to the extent required by Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean separation from service. For purposes of Section 409A, each payment made under the Plan shall be designated as a “separate payment” within the meaning of the Section 409A. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to the Plan does not constitute a “deferral of compensation” within the meaning of Section 409A, (A) the amount of expenses eligible for reimbursement or in-kind benefits provided to a Participant during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to a Participant in any other calendar year; (B) the reimbursements for expenses for which a Participant is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; and (C) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 
(b) Withholding. All payments and benefits under the Plan will be subject to all applicable deductions and withholdings, including, without limitation, obligations to withhold for federal, state, provincial, foreign and local income and employment taxes. 
(c) Tax Advice. By becoming a Participant in the Plan, the Participant agrees to review with the Participant’s own tax advisors the federal, state, provincial, local, and foreign tax consequences of participation in the Plan. The Participant will rely solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that Participant (and not the Company) will be responsible for his or her own tax liability that may arise as a result of becoming a Participant in the Plan. 
7. REEMPLOYMENT. In the event of a Participant’s reemployment by the Company during the period of time in respect of which severance benefits have been provided (that is, benefits as a result of a Qualifying Termination), the Company, in its sole and absolute discretion, may require such Participant to repay to the Company all or a portion of such severance benefits as a condition of reemployment. 
8. CLAWBACK; RECOVERY. All payments and severance benefits provided under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in the Participation Notice, as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to Resignation for Good Reason, constructive termination, or any similar term under any plan of or agreement with the Company. 
9. RIGHT TO INTERPRET PLAN; AMENDMENT AND TERMINATION.

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(a) Exclusive Discretion. The Plan Administrator will have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, without limitation, the eligibility to participate in the Plan, the amount of benefits paid under the Plan and any adjustments that need to be made in accordance with the laws applicable to a Participant. The rules, interpretations, computations and other actions of the Plan Administrator will be binding and conclusive on all persons. 
(b) Amendment or Termination. The Company reserves the right to amend or terminate the Plan, any Participation Notice issued pursuant to the Plan or the benefits provided hereunder at any time; provided, however, that no such amendment or termination will apply to any Participant who would be adversely affected by such amendment or termination unless such Participant consents in writing to such amendment or termination. Any action amending or terminating the Plan or any Participation Notice will be in writing and executed by a duly authorized officer of the Company. 
10. NO IMPLIED EMPLOYMENT CONTRACT. The Plan will not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company, or (ii) to interfere with the right of the Company to discharge any employee or other person at any time, with or without Cause, and with or without advance notice, which right is hereby reserved. 
11. LEGAL CONSTRUCTION. The Plan will be governed by and construed under the laws of the State of California (without regard to principles of conflict of laws), except to the extent preempted by ERISA. 
12. CLAIMS, INQUIRIES AND APPEALS.
(A) Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative). The Plan Administrator is set forth in Section 14(d). 
(b) Denial of Claims. In the event that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following: 
(1) the specific reason or reasons for the denial; 
(2) references to the specific Plan provisions upon which the denial is based; 
(3) a description of any additional information or material that the Plan Administrator needs to complete the review and an explanation of why such information or material is necessary; and 
(4) an explanation of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 12(d). 
The notice of denial will be given to the applicant within ninety (90) days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period. 
The notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 
(c) Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied. A request for a review will be in writing and will be addressed to: 

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Revance Therapeutics, Inc.  
Attn: Human Resources Director  
7555 Gateway Boulevard  
Newark, CA 94560 
A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or her representative) will have the opportunity to submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review will take into account all comments, documents, records and other information submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
(d) Decision on Review. The Plan Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator confirms the denial of the application for benefits, in whole or in part, the notice will set forth, in a manner designed to be understood by the applicant, the following: 
(1) the specific reason or reasons for the denial; 
(2) references to the specific Plan provisions upon which the denial is based; 
(3) a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim; and 
(4) a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA. 
(e) Rules and Procedures. The Plan Administrator will establish rules and procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial of benefits to do so at the applicant’s own expense. 
(f) Exhaustion of Remedies. No legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 12(a), (ii) has been notified by the Plan Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 12(c), and (iv) has been notified that the Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an applicant’s claim or appeal within the relevant time limits specified in this Section 12, the applicant may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA. 
13. BASIS OF PAYMENTS TO AND FROM PLAN. All benefits under the Plan will be paid by the Company. The Plan will be unfunded, and benefits hereunder will be paid only from the general assets of the Company. 
14. OTHER PLAN INFORMATION.
(a) Employer and Plan Identification Numbers. The Employer Identification Number assigned to the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 77-055-1645. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 502. 
(b) Ending Date for Plan’s Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31. 

9

(c) Agent for the Service of Legal Process. The agent for the service of legal process with respect to the Plan is: 
Revance Therapeutics, Inc.  
Attn: Chief Financial Officer  
7555 Gateway Boulevard  
Newark, CA 94560 
(d) Plan Sponsor and Administrator. The “Plan Sponsor” and the “Plan Administrator” of the Plan is: 
Revance Therapeutics, Inc.  
Attn: Human Resources Director  
7555 Gateway Boulevard  
Newark, CA 94560 
The Plan Sponsor’s and Plan Administrator’s telephone number is (510) 742-3400. The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan. 
15. STATEMENT OF ERISA RIGHTS.
Participants in the Plan (which is a welfare benefit plan sponsored by Revance Therapeutics, Inc.) are entitled to certain rights and protections under ERISA. For the purposes of this Section 15, and under ERISA, Participants are entitled to: 
Receive Information About the Plan and Benefits 
(a) Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration; 
(b) Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies; and 
(c) Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. 
Prudent Actions By Plan Fiduciaries 
In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of each Plan Participant and their beneficiaries. No one, including a Participant’s employer, a Participant’s union or any other person, may fire a Participant or otherwise discriminate against a Participant in any way to prevent a Participant from obtaining a Plan benefit or exercising a Participant’s rights under ERISA. 
Enforcement of Participant Rights 
If a Participant’s claim for a Plan benefit is denied or ignored, in whole or in part, a Participant has a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
Under ERISA, there are steps a Participant can take to enforce the above rights. For instance, if a Participant request a copy of Plan documents or the latest annual report from the Plan, if applicable, and does not receive them within thirty (30) days, the Participant may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the Participant up to $110 a day until the Participant receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 

10

If a Participant has a claim for benefits that is denied or ignored, in whole or in part, the Participant may file suit in a state or federal court. 
If a Participant is discriminated against for asserting the Participant’s rights, the Participant may seek assistance from the U.S. Department of Labor, or the Participant may file suit in a federal court. The court will decide who should pay court costs and legal fees. If the Participant is successful, the court may order the person the Participant has sued to pay these costs and fees. If the Participant loses, the court may order the Participant to pay these costs and fees, for example, if it finds the Participant’s claim is frivolous. 
Assistance With Questions 
If a Participant has any questions about the Plan, the Participant should contact the Plan Administrator. If a Participant has any questions about this statement or about the Participant’s rights under ERISA, or if a Participant needs assistance in obtaining documents from the Plan Administrator, the Participant should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. A Participant may also obtain certain publications about the Participant’s rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
16. GENERAL PROVISIONS.
(a) Notices. Any notice, demand or request required or permitted to be given by either the Company or a Participant pursuant to the terms of the Plan will be in writing and will be deemed given when delivered personally, when received electronically (including email addressed to the Participant’s Company email account and to the Company email account of the Company’s Chief Financial Officer), or deposited in the U.S. Mail, First Class with postage prepaid, and addressed to the parties, in the case of the Company, at the address set forth in Section 14(d), in the case of a Participant, at the address as set forth in the Company’s employment file maintained for the Participant as previously furnished by the Participant or such other address as a party may request by notifying the other in writing. 
(b) Transfer and Assignment. The rights and obligations of a Participant under the Plan may not be transferred or assigned without the prior written consent of the Company. The Plan will be binding upon any surviving entity resulting from a Change in Control and upon any other person who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by the Company without regard to whether or not such person or entity actively assumes the obligations hereunder. 
(c) Waiver. Any party’s failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan. The rights granted to the parties herein are cumulative and will not constitute a waiver of any party’s right to assert all other legal remedies available to it under the circumstances. 
(d) Severability. Should any provision of the Plan be declared or determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. 
(e) Section Headings. Section headings in the Plan are included only for convenience of reference and will not be considered part of the Plan for any other purpose. 

11

EXHIBIT A 
REVANCE THERAPEUTICS, INC.  
EXECUTIVE SEVERANCE BENEFIT PLAN 
PARTICIPATION NOTICE
To: Revance Human Resources Director 
Date:           
Revance Therapeutics, Inc. (the “Company”) has adopted the Revance Therapeutics, Inc. Executive Severance Benefit Plan (the “Plan”). The Company is providing you this Participation Notice to inform you that you have been designated as a Participant in the Plan. A copy of the Plan document is attached to this Participation Notice. The terms and conditions of your participation in the Plan are as set forth in the Plan and this Participation Notice, which together constitute the Summary Plan Description for the Plan. 
You understand that by accepting your status as a Participant in the Plan, you are waiving your rights to receive any severance benefits on any type of termination of employment under any other contract or agreement with the Company. 
You also understand that by accepting your status as a Participant in the Plan, your stock options that have been considered to be “incentive stock options” prior to the date hereof may cease to qualify as “incentive stock options” as a result of the vesting acceleration benefit provided in the Plan. By accepting participation, you represent that you have either consulted your personal tax or financial planning advisor about the tax consequences of your participation in the Plan, or you have knowingly declined to do so. 
Please return a signed copy of this Participation Notice to the Company’s Human Resources Director at the Company’s offices and retain a copy of this Participation Notice, along with the Plan document, for your records. 
REVANCE THERAPEUTICS, INC.:

 

(Signature)
 
By:                                                              
 
Title:                                                             
 

PARTICIPANT:

 

(Signature)
 
By:                                                              

EXHIBIT B
RELEASE AGREEMENT  
[EMPLOYEES AGE 40 OR OVER; INDIVIDUAL TERMINATION] 
I have reviewed, I understand, and I agree completely to the terms set forth in the Revance Therapeutics, Inc. Executive Severance Benefit Plan (the “Plan”). 
I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company, and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
I hereby acknowledge and reaffirm my obligations under my Employee Proprietary Information and Inventions Agreement. 
Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its affiliates, and its and their parents, subsidiaries, successors, predecessors and affiliates, and their partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to or on the date I sign this Release (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock awards, or any other ownership interests in the Company and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), the federal Family and Medical Leave Act (as amended) (“FMLA”), the California Family Rights Act (as amended) (“CFRA”), the California Labor Code (as amended), and the California Fair Employment and Housing Act (as amended). 
Notwithstanding the foregoing, I understand that the following rights or claims are not included in my Release (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant to any fully executed indemnification agreement with the Company or its affiliate to which I am a party; the charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law; (b) any rights or claims which cannot be waived as a matter of law; or (c) any claims for breach of the Plan arising after the date that I sign this Release. In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against the Released Parties that are not included in the Released Claims. 
I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in the preceding paragraphs hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not do so); (c) I have twenty-one (21) days to consider this Release (although I may choose voluntarily to sign this Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice of my revocation to an officer of the Company; and (e) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Release. 
In giving the releases set forth in this Release, which include claims which may be unknown or unsuspected by me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as 

follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected laims granted in this Release. 
I hereby represent and warrant that: (a) I have been paid all compensation owed and for all time worked; (b) I have received all the leave and leave benefits and protections for which I am eligible pursuant to FMLA, CFRA, the Company’s policies, or applicable law; and (c) I have not suffered any on-the-job injury or illness for which I have not already filed a workers’ compensation claim. 
I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me, and I must not subsequently revoke the Release. 
PARTICIPANT:

 

(Signature)
 
Printed Name:  
Date:  
 

EXHIBIT C
RELEASE AGREEMENT  
[EMPLOYEES AGE 40 OR OVER; GROUP TERMINATION] 
I have reviewed, I understand, and I agree completely to the terms set forth in the Revance Therapeutics, Inc. Executive Severance Benefit Plan (the “Plan”). 
I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company, and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
I hereby acknowledge and reaffirm my obligations under my Employee Proprietary Information and Inventions Agreement. 
Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its affiliates, and its and their parents, subsidiaries, successors, predecessors and affiliates, and its and their partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to or on the date I sign this Release (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock awards, or any other ownership interests in the Company and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), the federal Family and Medical Leave Act (as amended) (“FMLA”), the California Family Rights Act (as amended) (“CFRA”), the California Labor Code (as amended), and the California Fair Employment and Housing Act (as amended). 
Notwithstanding the foregoing, I understand that the following rights or claims are not included in my Release (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant to any fully executed indemnification agreement with the Company or its affiliate to which I am a party; the charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law; (b) any rights or claims which cannot be waived as a matter of law; or (c) any claims for breach of the Plan arising after the date that I sign this Release. In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against the Released Parties that are not included in the Released Claims. 
I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in the preceding paragraphs hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose voluntarily to sign this Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice of my revocation to an office of the Company; (e) this Release will not be effective until the date upon which the revocation period has expired, which will be the eighth day after I sign this Release; and (f) I have received with this Release a written disclosure under 29 U.S. Code Section 626(f)(1)(H) that includes certain information relating to the Company’s group termination. 

In giving the releases set forth in this Release, which include claims which may be unknown or unsuspected by me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Release. 
I hereby represent and warrant that: (a) I have been paid all compensation owed and for all time worked; (b) I have received all the leave and leave benefits and protections for which I am eligible pursuant to FMLA, CFRA, the Company’s policies, or applicable law; and (c) I have not suffered any on-the-job injury or illness for which I have not already filed a workers’ compensation claim. 
I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than forty-five (45) days following the date it is provided to me, and I must not subsequently revoke the Release. 
PARTICIPANT:

 

(Signature)
 
Printed Name:  
Date:  

EXHIBIT D
RELEASE AGREEMENT 
[EMPLOYEES UNDER AGE 40] 
I have reviewed, I understand, and I agree completely to the terms set forth in the Revance Therapeutics, Inc. Executive Severance Benefit Plan (the “Plan”). 
I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company, and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company or an affiliate of the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
I hereby acknowledge and reaffirm my obligations under my Employee Proprietary Information and Inventions Agreement. 
Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its affiliates, and its and their parents, subsidiaries, successors, predecessors and affiliates, and its and their partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to or on the date I sign this Release (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock awards, or any other ownership interests in the Company and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Employee Retirement Income Security Act of 1974 (as amended), the federal Family and Medical Leave Act (as amended) (“FMLA”), the California Family Rights Act (as amended) (“CFRA”), the California Labor Code (as amended), and the California Fair Employment and Housing Act (as amended). 
 Notwithstanding the foregoing, I understand that the following rights or claims are not included in my Release (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant to any fully executed indemnification agreement with the Company or its affiliate to which I am a party; the charter, bylaws, or operating agreements of the Company or its affiliate; or under applicable law; (b) any rights or claims which cannot be waived as a matter of law; or (c) any claims for breach of the Plan arising after the date that I sign this Release. In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against the Released Parties that are not included in the Released Claims. 
In giving the releases set forth in this Release, which include claims which may be unknown or unsuspected by me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Release. 
I hereby represent and warrant that: (a) I have been paid all compensation owed and for all time worked; (b) I have received all the leave and leave benefits and protections for which I am eligible pursuant to FMLA, CFRA, the Company’s policies, or applicable law; and (c) I have not suffered any on-the-job injury or illness for which I have not already filed a workers’ compensation claim. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than fourteen (14) days following the date it is provided to me. 
PARTICIPANT:

 

(Signature)
 
Printed Name:  
Date:  

116598721 v1Exhibit 4.2

 

 

 

 

 

WARRANT AGREEMENT

 

 

 

between

 

 

 

INNOVATION ECONOMY CORPORATION

 

 

 

and

 

 

 

VSTOCK TRANSFER, LLC, 

AS WARRANT AGENT

 

 

 

_________, 2015

 

 

 

 

 

    	 

    	 

    

 

This WARRANT AGREEMENT
(the "Agreement") is dated as of [________], 2015, between INNOVATION ECONOMY CORPORATION, a Delaware corporation
(the "Company"), and VStock Transfer, LLC, as warrant agent (the "Warrant Agent"), which Warrant
Agent also serves as the Company’s transfer agent.

 

W I T N E S S E T H

 

WHEREAS, pursuant
to the Selling Agent Agreement, dated as of [_______], 2015 between the Company and the Selling Agent named therein, the Company
proposes to issue units comprised in part of warrants (the "Warrants") entitling the holders of such Warrants
to purchase initially up to an aggregate of [______] shares of the Company's common stock, par value $0.00001 per share (the "Common
Stock"). The shares of Common Stock issuable pursuant to the Warrants, as adjusted from time to time pursuant to this
Agreement, are referred to herein as the "Shares."

 

WHEREAS, pursuant
to the terms of those certain convertible promissory notes issued by the Company (the “Notes”), the Company proposes
to issue units comprised in part of Warrants to the holders of the Notes upon conversion of the Notes, entitling the holders of
such Warrants to purchase initially up to an aggregate of [______] shares of the Common Stock. 

WHEREAS, the Warrant
Agent, at the request of the Company, has agreed to act as the agent of the Company in connection with the issuance, registration,
transfer, exchange, exercise and conversion of the Warrants.

 

NOW, THEREFORE, in
consideration of the premises and mutual agreements herein set forth, the parties hereto agree as follows:

 

SECTION 1.  
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the instructions hereinafter in this Agreement set forth, and the Warrant Agent hereby accepts such appointment, upon the
terms and conditions hereinafter set forth.

 

SECTION 2.  
Issuances. Subject to the provisions of this Agreement, on the Closing Date pursuant to the terms of the Selling Agent
Agreement (the "Closing Date"), Warrants to purchase initially up to an aggregate of [______] Shares will be
issued and delivered by the Warrant Agent in the form of certificates evidencing the Warrants (the "Warrant Certificates"),
unless issued in book entry pursuant to Section 5.

 

SECTION 3.   Form of Warrant
Certificates. The Warrant Certificates to be delivered pursuant to this Agreement and the forms of election to exercise and
of assignment to be printed on the reverse thereof shall be in substantially the form set forth in Exhibit A hereto together with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with any law or with any rules made pursuant thereto or with any rules of any securities exchange or as may, consistently
herewith, be determined by the officers executing such Warrant Certificates, as evidenced by their execution of the Warrant Certificates.

 

SECTION 4.  
Execution of Warrant Certificates. Warrant Certificates shall be signed on behalf of the Company by its Chief Executive
Officer, its President, a Vice President or its Treasurer (each, an "Officer") and attested by its Secretary or
an Assistant Secretary (each, an "Attesting Officer"). Each such signature upon the Warrant Certificates may be
in the form of a facsimile signature of any such Officer and Attesting Officer and may be imprinted or otherwise reproduced on
the Warrant Certificates and for that purpose the Company may adopt and use the facsimile signature of any Officer and Attesting
Officer and shall be countersigned by the Warrant Agent.

 

    	 

    	 

    

 

If any Officer or
Attesting Officer who shall have signed any of the Warrant Certificates shall cease to be an Officer or Attesting Officer before
the Warrant Certificates so signed shall have been countersigned by the Warrant Agent or delivered by the Warrant Agent, such Warrant
Certificates nevertheless may be countersigned and delivered as though such Officer or Attesting Officer had not ceased to be an
Officer or Attesting Officer, and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual
date of the execution of such Warrant Certificate, shall be a proper Officer or Attesting Officer to sign such Warrant Certificate,
although at the date of the execution of this Agreement any such person was not such an officer.

 

SECTION 5.  
Registration and Countersignature. Warrant Certificates shall be countersigned and dated the date of countersignature by
the Warrant Agent and shall not be valid for any purpose unless so countersigned. The Warrants shall be numbered and shall be registered
in a register (the "Warrant Register") to be maintained by the Warrant Agent.

 

The Warrants shall
be issuable in book entry (the “Book-Entry Warrant Certificates”). All of the Warrants shall initially be represented
by one or more Book-Entry Warrant Certificates deposited with the Warrant Agent and registered in the name of the Registered Holder.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by the Warrant Agent.

  

The Company and the
Warrant Agent may deem and treat the registered holder(s) of a Warrant Certificate or a Warrant held in book entry as the absolute
owner(s) thereof (notwithstanding any notation of ownership or other writing thereon made by anyone), for the purpose of any exercise
thereof or any distribution to the holder(s) thereof and for all other purposes, and neither the Company nor the Warrant Agent
shall be affected by any notice to the contrary.

 

SECTION 6.  
Registration of Transfers and Exchanges. (a) Subject to paragraphs (b) and (c) of this Section 6, the Warrant Agent shall
from time to time register the transfer of any outstanding Warrant Certificates in the Warrant Register, upon surrender of such
Warrant Certificates at the Warrant Agent Office (as defined below), duly endorsed, and accompanied by a completed form of assignment,
duly signed by the registered holder or holders thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney. Upon any such registration of transfer, a new Warrant Certificate shall be issued to the transferee.

 

Warrant Certificates
may be exchanged at the option of the holder or holders thereof, when surrendered to the Warrant Agent at its offices or agency
maintained in [_____________] Attention: [_________] (or at such other offices or agencies as may be designated by the Warrant
Agent) (the "Warrant Agent Office") for the purpose of exchanging, transferring and exercising the Warrants or
at the offices of any successor Warrant Agent appointed as provided in Section 17 hereof, with payment of any service charge to
be made by the Company, for another Warrant Certificate or other Warrant Certificates of like tenor and representing in the aggregate
a like number of Warrants.

 

(b)  
No Warrants may be sold, exchanged, assigned, encumbered or otherwise transferred in violation of the Securities Act of 1933, as
amended (the "Securities Act"), or state securities laws. The Company and the Warrant Agent agree and acknowledge
that the Warrants have been effectively registered under the Securities Act of 1933 (Registration Statement on Form S-1 file number
333-203238). The Shares have been registered for issuance upon proper exercise. The Company shall notify the Warrant Agent within
one Business Day upon its receipt of any stop order or notice of suspension of the effectiveness of the Registration Statement.

 

    	-2-

    	 

    

 

(c)   
The Warrant Agent is hereby authorized to countersign, in accordance with the provisions of this Section 6 and Section 5, and deliver
the new Warrant Certificates required pursuant to the provisions of this Section 6, and for the purpose of any distribution of
Warrant Certificates contemplated by Section 13.

 

(d)In the event
of any purported transfer in violation of the provisions of this Agreement, such purported transfer shall be void and of no effect
and the Warrant Agent shall not give effect to such transfer.

 

SECTION 7.  
Duration and Exercise of Warrants. (a) The Warrants shall expire on 5:00 p.m. Eastern time on the third anniversary of the
Closing Date (the "Expiration Date"). After the Expiration Date, the Warrants will become void and of no value.

 

(b)  
Subject to the provisions of this Agreement, including Section 12, each Warrant shall entitle the holder thereof to purchase from
the Company (and the Company shall issue and sell to such holder) initially one fully paid and nonassessable Share evidenced by
the Warrant Certificate at a price equal to $[___] per share (as the same may be hereafter adjusted pursuant to Section 2 of the
Warrant, the "Exercise Price").

 

(c)   
If shares of Common Stock are certificated at that time, upon surrender of a Warrant Certificate and payment of the Exercise Amount,
the Warrant Agent shall issue and deliver to or upon the written order of the registered holder of such Warrant Certificate and
in such name or names as such registered holder may designate, a certificate or certificates for the Share or Shares issuable upon
the exercise of the Warrant or Warrants evidenced by such Warrant Certificate. In any event, upon receipt of such Warrant Certificate
and payment, the Company shall, as promptly as practicable, and in any event within three (3) business days thereafter, cause to
be issued to such holder the aggregate number of whole Shares issuable upon such exercise and deliver to such holder written confirmation
that such Shares have been duly issued and recorded on the books of the Company as hereinafter provided. The Shares so issued shall
be registered in the name of the holder or such other name as shall be designated in the order delivered by the holder and any
Person so designated to be named therein shall be deemed to have become the holder of record of such Share or Shares as of the
date of surrender of such Warrant Certificate at the Warrant Agent Office duly executed by the holder thereof and upon payment
of the Exercise Amount. The Warrants evidenced by a Warrant Certificate shall be exercisable, at the election of the registered
holder thereof, either in their entirety or from time to time for a portion of the number of Warrants initially specified in the
Warrant Certificate. If less than all of the Warrants evidenced by a Warrant Certificate surrendered upon the exercise of Warrants
are exercised at any time prior to the Expiration Date, a new Warrant Certificate or Warrant Certificates shall be issued (or book
entry noted) for the remaining number of Warrants evidenced by the Warrant Certificate so surrendered, and the Warrant Agent is
hereby authorized to deliver the required new Warrant Certificate or Warrant Certificates pursuant to the provisions of this Section
7. Notwithstanding any provision herein to the contrary, the Company shall not be required to register Shares in the name of any
Person who acquired any Warrant or any Shares otherwise than in accordance with this Agreement.

 

(d)  
The Warrant Agent shall account promptly to the Company with respect to Warrants exercised and the holders exercising such Warrants
shall concurrently pay or deliver to the Company all monies and other consideration received by it in connection with the purchase
of Shares through the exercise of Warrants.

 

    	-3-

    	 

    

 

(e)   
Prior to issuance of a Warrant Certificate, the beneficial owner thereof may, by written request to the Company, elect to have
the Maximum Percentage (as defined in Section 1(f) of the Form of Warrant) be initially set at 9.99%.

 

SECTION 8.  
Cancellation of Warrants. If the Company or any of its subsidiaries shall purchase or otherwise acquire the Warrants, the
Warrant Certificates representing such Warrants shall thereupon be delivered to the Warrant Agent and be cancelled by it and retired.
The Warrant Agent shall cancel all Warrant Certificates surrendered for exchange, substitution, transfer or exercise in whole or
in part.

 

SECTION 9.  
Mutilated or Missing Warrant Certificates. If any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed,
the Company shall issue, and the Warrant Agent shall countersign and deliver, in exchange and substitution for and upon cancellation
of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new
Warrant Certificate of like tenor and representing an equivalent number of Warrants, but only upon (i) receipt of evidence reasonably
satisfactory to the Company and the Warrant Agent of the loss, theft or destruction of such Warrant Certificate and (ii) indemnification
by the holder in a reasonable amount and in a reasonable manner, if requested by either the Company or the Warrant Agent, reasonably
satisfactory to them. Applicants for such substitute Warrant Certificates shall also comply with such other reasonable regulations
and pay such other reasonable charges as the Company or the Warrant Agent may prescribe and as required by Section 8-405 of the
Uniform Commercial Code as in effect in the State of New York.

 

SECTION 10.  
Reservation of Shares. For the purpose of enabling it to satisfy any obligation to issue the Shares, the Company will at
all times through the Expiration Date, reserve and keep available out of its aggregate authorized but unissued or treasury shares
of Common Stock, the number of Shares deliverable upon the exercise of all outstanding Warrants. The Company will keep a copy of
this Agreement on file with the Warrant Agent and with every transfer agent for any Shares pursuant to Section 7.

 

The Company covenants
that all Shares will, upon issuance in accordance with the terms of this Agreement, be fully paid and nonassessable and free from
all taxes, liens, charges and security interests created by or imposed upon the Company with respect to the issuance and holding
thereof.

 

SECTION 11.  
Stock Exchange Listings. So long as any Warrants remain outstanding, the Company will use commercially reasonable efforts
to take all necessary action to have the Warrants and the Shares, immediately upon their issuance upon exercise of Warrants, (i)
listed on each national securities exchange on which the Common Stock is then listed or (ii) if the Common Stock is not then listed
on any national securities exchange, listed for quotation on the OTCQB or such other over-the-counter quotation system on which
the Common Stock may then be listed.

 

SECTION 12.  
Adjustment of Exercise Price and Number of Shares or Number of Warrants. The Exercise Price, the number of shares of Common
Stock purchasable upon the exercise of each Warrant and the number of Warrants outstanding are subject to adjustment from time
to time upon the occurrence of the events enumerated in the Warrant.

 

(a)   
Irrespective of any adjustments in Exercise Price or the number or kind of shares of Common Stock purchasable upon the exercise
of the Warrants, Warrants theretofore or thereafter issued may continue to express the same price and number and kind of shares
as are stated in the Warrants initially issued pursuant to this Agreement. The Company, however, may at any time in its sole discretion
make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does
not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued, whether in exchange or substitution
for an outstanding Warrant Certificate or otherwise, may be in the form as so changed and the Company covenants to provide the
notice required by Section 14.

 

    	-4-

    	 

    

 

(b)  
Before taking any action that would cause an adjustment pursuant to Section 2 of the Warrant reducing any Exercise Price below
the then par value (if any) of the Shares, the Company will take any reasonable corporate action that may, in the opinion of its
counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Shares at such Exercise
Price as so adjusted.

 

SECTION 13.  
Fractional Shares. The Company shall not be required to issue Warrants to purchase fractions of Shares or other securities,
or to issue fractions of Shares or other securities upon exercise of the Warrants, and, to the extent Shares are certificated,
to distribute certificates which evidence fractional Shares. Any fractional shares shall be rounded up to nearest whole share.

 

SECTION 14.  
Notices to Warrantholders and Warrant Agent. Upon any adjustment of the number of shares of Common Stock purchasable upon
exercise of each Warrant, any Exercise Price or the number of Warrants outstanding including any adjustment pursuant to Section
2 thereof, the Company, within one business day thereafter, shall (i) cause to be filed with the Warrant Agent a certificate of
the Chief Financial Officer of the Company setting forth the event giving rise to such adjustment, such Exercise Price and either
the number of shares of Common Stock purchasable upon exercise of each Warrant or the additional number of Warrants to be issued
for each previously outstanding Warrant, as the case may be, after such adjustment and setting forth in reasonable detail the method
of calculation and the facts upon which such adjustment was made, which certificate shall be conclusive evidence of the correctness
of the matters set forth therein (the “Officer Certificate”), and (ii) cause to be given to each of the registered
holders of the Warrant Certificates at such holder's address appearing on the Warrant Register, a copy of the Officer Certificate
by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as a part of the notice
required to be mailed under the other provisions of this Section 14.

 

If any of the events
set forth in Sections 3 or 4 of the Warrant shall occur, then the Company shall cause written notice of such event to be filed
with the Warrant Agent and shall cause written notice of such event to be given to each of the registered holders of the Warrant
Certificates at such holder's address appearing on the Warrant Register, by first-class mail, postage prepaid, as set forth in
Section 6 of the Warrant.

 

SECTION 15.  
Merger, Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Warrant Agent shall be a party, or any corporation succeeding to the shareholder services business of the Warrant Agent, shall
be the successor to the Warrant Agent hereunder without the execution or filing of any document or any further act on the part
of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Warrant Agent under
the provisions of Section 17.

 

If at the time such
successor to the Warrant Agent shall succeed under this Agreement, any of the Warrant Certificates shall have been countersigned
but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and if
at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign
such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and
in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

 

 

    	-5-

    	 

    

 

If
at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned
but not delivered, the Warrant Agent whose name has changed may adopt the countersignature under its prior name; and if at that
time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates
either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided
in the Warrant Certificates and in this Agreement.

 

SECTION 16.  
Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company and the holders of Warrants, by their acceptance thereof, shall be bound:

 

(a)   
The statements contained herein and in the Warrant Certificates shall be taken as statements of the Company, and the Warrant Agent
assumes no responsibility for the accuracy of any of the same except such as describe the Warrant Agent or action taken or to be
taken by it. Except as herein otherwise provided, the Warrant Agent assumes no responsibility with respect to the execution, delivery
or distribution of the Warrant Certificates.

 

(b)  
The Warrant Agent shall not be responsible for any failure of the Company to comply with any of the covenants contained in this
Agreement or in the Warrant Certificates to be complied with by the Company nor shall it at any time be under any duty or responsibility
to any holder of a Warrant to make or cause to be made any adjustment in any Exercise Price, in the number of shares of Common
Stock issuable upon exercise of any Warrant (except as instructed by the Company), the number of Warrants outstanding, or to determine
whether any facts exist which may require any such adjustments, or with respect to the nature or extent of or method employed in
making any such adjustments when made.

 

(c)   
The Warrant Agent may consult at any time with counsel satisfactory to it (who may be counsel for the Company) and the Warrant
Agent shall incur no liability or responsibility to the Company or any holder of any Warrant Certificate in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion or the advice of such counsel.

 

(d)  
The Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant Certificate for any
action taken in reliance on any notice, resolution, waiver, consent, order, certificate or other paper, document or instrument
believed by it to be genuine and to have been signed, sent or presented by the proper party or parties.

 

(e)   
The Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by the Warrant Agent under this
Agreement, to reimburse the Warrant Agent upon demand for all expenses, taxes and governmental charges and other charges of any
kind and nature incurred by the Warrant Agent in the performance of its duties under this Agreement and to indemnify the Warrant
Agent and save it harmless against any and all losses, liabilities and expenses, including judgments, costs and reasonable counsel
fees and expenses, for anything done or omitted by the Warrant Agent arising out of or in connection with this Agreement except
as a result of its gross negligence or bad faith.

 

(f)   
The Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely
to involve expense unless the Company or one or more registered holders of Warrant Certificates shall furnish the Warrant Agent
with reasonable security and indemnity for any costs or expenses which may be incurred. All rights of action under this Agreement
or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrant Certificates or
the production thereof at any trial or other proceeding relative thereto, and any such action, suit or proceeding instituted by
the Warrant Agent shall be brought in its name as Warrant Agent, and any recovery or judgment shall be for the ratable benefit
of the registered holders of the Warrants, as their respective rights or interests may appear.

 

(g)   
The Warrant Agent, and any stockholder, director, officer or employee thereof, may buy, sell or deal in any of the Warrants or
other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company or otherwise act as fully and freely as though they were not the Warrant Agent under
this Agreement, or a stockholder director, officer or employee of the Warrant Agent, as the case may be. Nothing herein shall preclude
the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

    	-6-

    	 

    

 

(h)  
The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the provisions
hereof. The Warrant Agent shall not be liable for anything which it may do or refrain from doing in connection with this Agreement
except for its own gross negligence or bad faith.

 

(i)    
The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the
carrying out or performing of the provisions of this Agreement.

 

(j)    
The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate
(except its countersignature thereof), nor shall the Warrant Agent by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of the Shares to be issued pursuant to this Agreement or any Warrant Certificate
or as to whether the Shares will when issued be validly issued, fully paid and nonassessable or as to the Exercise Amount or the
number of shares of Common Stock issuable upon exercise of any Warrant.

 

(k)  
The Warrant Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
from the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary or an Assistant Secretary of
the Company, and to apply to such officers for advice or instructions in connection with its duties, and shall not be liable for
any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer or in good faith
reliance upon any statement signed by any one of such officers of the Company with respect to any fact or matter (unless other
evidence in respect thereof is herein specifically prescribed) which may be deemed to be conclusively proved and established by
such signed statement.

 

SECTION 17.  
Change of Warrant Agent. If the Warrant Agent shall resign (such resignation to become effective not earlier than thirty
(30) days after the giving of written notice thereof to the Company and the registered holders of Warrant Certificates) or shall
become incapable of acting as Warrant Agent or if the Board shall by resolution remove the Warrant Agent (such removal to become
effective not earlier than fifteen (15) days after the filing of a certified copy of such resolution with the Warrant Agent and
the giving of written notice of such removal to the registered holders of Warrant Certificates), the Company shall appoint a successor
to the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after such removal
or after it has been so notified in writing of such resignation or incapacity by the Warrant Agent or by the registered holder
of a Warrant Certificate (in the case of incapacity), then the registered holder of any Warrant Certificate may apply to any court
of competent jurisdiction for the appointment of a successor to the Warrant Agent. Pending appointment of a successor to the Warrant
Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor
Warrant Agent, whether appointed by the Company or by such a court, shall be a bank or trust company, in good standing, incorporated
under the laws of any state or of the United States of America. As soon as practicable after appointment of the successor Warrant
Agent, the Company shall cause written notice of the change in the Warrant Agent to be given to each of the registered holders
of the Warrant Certificates at such holder's address appearing on the Warrant Register. After appointment, the successor Warrant
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent
without further act or deed. The former Warrant Agent shall deliver and transfer to the successor Warrant Agent all books and records
of the Company and any property at the time held by it hereunder and execute and deliver, at the expense of the Company, any further
assurance, conveyance, act or deed necessary for the purpose. Failure to give any notice provided for in this Section 17 or any
defect therein, shall not affect the legality or validity of the removal of the Warrant Agent or the appointment of a successor
Warrant Agent, as the case may be.

 

    	-7-

    	 

    

 

SECTION 18.  
Warrantholder Not Deemed a Stockholder. Nothing contained in this Agreement or in any of the Warrant Certificates shall
be construed as conferring upon the holders thereof the right to vote or to receive dividends or to consent or to receive notice
as stockholders in respect of the meetings of stockholders or for the election of directors of the Company or any other matter,
or any rights whatsoever as stockholders of the Company prior to the exercise of such Warrant.

 

SECTION 19.  
Stock Issuance. The shares of Common Stock deliverable upon the exercise of a Warrant, or any portion thereof, may be either
previously authorized but unissued shares or issued shares, which have then been reacquired by the Company. Such shares shall be
fully paid and nonassessable. The Company shall not be required to issue or deliver any certificate or certificates for shares
of Common Stock purchased upon the exercise of a Warrant or portion thereof, or, as the case may be, make a book entry into the
stock ledger of the Company if the shares of Common Stock are not certificated, prior to fulfillment of all of the following conditions:

 

(a)the obtaining
of approval or other clearance from any state or federal governmental agency which the Company shall, in its reasonable and good
faith discretion, determine to be necessary or advisable; and

 

(b)the lapse of
such reasonable period of time following the exercise of the Warrant as may be required by applicable law.

 

SECTION 20.  
Notices to Company and Warrant Agent. All notices, requests or demands authorized by this Agreement to be given or made
by the Warrant Agent or by any registered holder of any Warrant Certificate to or on the Company to be effective shall be in writing
(including by telecopy), and shall be deemed to have been duly given or made when delivered by hand, or one business day after
being delivered to a recognized courier (whose stated terms of delivery are one business day or less to the destination such notice),
or three business days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed
(until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Innovation Economy Corporation

 

[Address]

Tel: [_______]

Fax: [________]

Attention: [_________]

 

With a copy (which shall not constitute
notice) to:

 

VStock Transfer, LLC

[Address]

Tel: [_______]

Fax: [________]

Attention: [_________]

 

    	-8-

    	 

    

  

If the Company shall
fail to maintain such office or agency or shall fail to give such notice of any change in the location thereof, presentation may
be made and notices and demands may be served at the principal office of the Warrant Agent.

 

Any notice pursuant
to this Agreement to be given by the Company or by any registered holder of any Warrant Certificate to the Warrant Agent shall
be sufficiently given if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows:

 

[__________]

[Address]

Tel: [_______]

Fax: [________]

Attention: [_________]

 

SECTION 21.  
Supplements and Amendments. The Company and the Warrant Agent may from time to time supplement or amend this Agreement (a)
so long as such supplement or amendment does not materially adversely affect the holders’ rights, without the approval of
any holders of Warrant Certificates in order to cure any manifest error or other mistake in this Agreement, provided that
the Company shall give such holders written notice of any supplements or amendments prior to the effectiveness thereof, or (b)
with the prior written consent of holders of the Warrants exercisable for a majority of the shares of Common Stock then issuable
upon exercise of the Warrants then outstanding; provided that each amendment or supplement that decreases the Warrant Agent's
rights or increases its duties and responsibilities hereunder shall also require the prior written consent of the Warrant Agent.

 

SECTION 22.  
Successors. Subject to Section 6(b), all the covenants and provisions of this Agreement by or for the benefit of the holders
of the Warrants, the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns
hereunder.

 

SECTION 23.  
Termination. This Agreement shall terminate on the Expiration Date. Notwithstanding the foregoing, this Agreement will terminate
on any earlier date when all Warrants have been exercised. The provisions of Section 16 shall survive such termination.

 

SECTION 24.  
Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under
the laws of the State of New York applicable to contracts made and to be performed therein and for all purposes shall be construed
in accordance with the laws of such State.

 

SECTION 25.  
Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the
Warrant Agent and the registered holders of the Warrant Certificates any legal or equitable right, remedy or claim under this Agreement,
and this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered holders of
the Warrant Certificates.

 

SECTION 26.  
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

 

SECTION 27.  
Headings. The headings of sections of this Agreement have been inserted for convenience of reference only, are not to be
considered a part hereof and in no way modify or restrict any of the terms or provisions hereof.

 

    	-9-

    	 

    

 

SECTION 28.Redemption.

 

(a)    Not less than all
of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to
their expiration, at the office of the Warrant Agent, upon notice to the Holders of the Warrants, as described in Section 28(b)
below, at the price of $0.01 per Warrant (the “Redemption Price”), provided that the last sales price of the Common
Stock reported has been at least $[___] per share (subject to adjustment in compliance with Section [__] hereof), on each of twenty
(20) trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice
of the redemption is given.

 

(b)   In the event that the
Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption (the “Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior
to the Redemption Date (such 30-day period, the “Redemption Period”) to the holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the holder received such notice.

 

The Warrants may
be exercised, for cash (or on a “cashless basis” in accordance with the terms set forth in the Warrant Certificate)
at any time after notice of redemption shall have been given by the Company pursuant to Section 28(b) hereof and prior to the
Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive,
upon surrender of the Warrants, the Redemption Price,

 

[Signature page follows]

 

    	-10-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Warrant Agreement to be executed and delivered as of the day and year first above written.

 

INNOVATION ECONOMY CORPORATION

 

By: ____________________________

Name:

Title:

  

VSTOCK TRANSFER, LLC, as Warrant Agent

  

By: ____________________________

Name:

Title:

 

 

-11-

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