Document:

EXHIBIT 10.2

 

EMPLOYEE AGREEMENT AMENDMENT

 

THIS AGREEMENT (the “Agreement”)
is made and entered into on January 18, 2022 by and between Lightwave Logic, Inc., a Nevada Corporation (the
“Company”) and James S. Marcelli (“Employee”).

 

		1.	This Agreement amends that certain Employee Agreement dated August 10, 2015, as amended from time to time,
made and entered into by the parties hereto (the “Employee Agreement”). Capitalized terms herein have the same meaning
as used in the Employee Agreement, unless otherwise noted.

 

		2.	Effective January 1, 2022, Paragraph 4.1 of Article 4 is deleted in its entirety and replaced with the
following:

 

4.1. Base Compensation.  For
all services rendered by Employee under this Employee Agreement, the Company agrees to pay Employee the rate of $350,000 per year ($29,166.66
per month), which shall be payable to Employee not less frequently than monthly, or as is consistent with the Company’s practice
for its other employees.

 

		3.	Effective January 1, 2022, paragraph 4.4 of Article Four is deleted in its entirety and replaced with
the following:

 

4.4. Bonus Compensation.  Employee’s
annual bonus target amount is $140,000 and will be based on the Company achieving targets as shall be set by the Board of Directors. Employee
shall be eligible to receive additional bonus compensation to be determined by the Board of Directors from time to time in their sole
discretion.

 

		4.	All other provisions of the Employee Agreement remain in full force and effect, other than any provision
that conflicts with the terms and spirit of this Agreement.

 

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

 

	 	 	LIGHTWAVE LOGIC, INC.:
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Michael S. Lebby
	(Witness signature)	 	 	Michael S. Lebby, CEO
	 	 	 	 
	 	 	EMPLOYEE:
	 	 	 	 
	 	 	 	 
	 	 	/s/ James S. Marcelli
	(Witness signature)	 	James S. MarcelliEXHIBIT
10.3 

 INDEMNIFICATION AGREEMENT

This Indemnification Agreement
(the “Agreement”) is entered into as of __________ by and between Lightwave Logic, Inc., a Nevada corporation (the “Company”),
and _______________ (the “Indemnitee”) and replaces any and all Indemnification Agreements previously entered into between
the parties.

WHEREAS, Indemnitee is a
director and/or an officer of the Company or the Company expects Indemnitee to join the Company as a director and/or an officer of the
Company;

WHEREAS, both the Company
and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

WHEREAS, the board of directors
of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors
and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such
persons that indemnification and insurance coverage is available; and

WHEREAS, in recognition
of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's  service
and/or continued services as a director and/or officer of the Company and to enhance Indemnitee's ability to serve the Company in an
effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company's certificate of incorporation or bylaws (collectively, the "Constituent
Documents"), any change in the composition of the Board or any change in control or business combination transaction relating
to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined
in Section 1(e) below) to, Indemnitee as set forth in this Agreement and for the  coverage or continued coverage of Indemnitee
under the Company's directors' and officers' liability insurance policies.

NOW, THEREFORE, in consideration
of the foregoing and the Indemnitee's agreement to provide or to continue to provide services to the Company, the parties agree as follows:

1.                 
Definitions. For purposes of this Agreement, the following terms shall
have the following meanings:

(a)              
"Beneficial Owner" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act").

(b)              
"Change in Control" means the occurrence after the date of this Agreement of any of the following events:

(i)                
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of
the Company's then outstanding Voting Securities unless the change in relative Beneficial Ownership of the Company's securities by any
Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors;

    	 

    	 

    

 

(ii)             
the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

(iii)           
during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who
at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for
any reason to constitute at least a majority of the Board; or

(iv)            
the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale
or disposition by the Company of all or substantially all of the Company's assets.

(c)              
"Claim" means:

(i)                
any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

(ii)             
any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

(d)              
"Disinterested Director" means a director of the Company who is not and was not a party to the Claim in respect
of which indemnification is sought by Indemnitee.

(e)              
"Expenses" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs,
travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with
investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate
in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without
limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent,
and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement
by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses
for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that
are certified by affidavit of Indemnitee's counsel as being reasonable shall be presumed conclusively to be reasonable.

    	 

    	 

    

 

(f)               
"Expense Advance" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or
Section 5 hereof.

(g)              
"Indemnifiable Event" means any event or occurrence, whether occurring before, on or after the date of this Agreement,
related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company,
or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise")
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss
is incurred for which indemnification can be provided under this Agreement).

(h)              
"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other
than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any
other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent
Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

(i)                
"Losses" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil,
criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state,
local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges
paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing
to defend, be a witness or participate in, any Claim.

(j)                
"Nevada Court" shall have the meaning ascribed to it in Section 9(e) below.

(k)              
"Person" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and
14(d) of the Exchange Act.

(l)                
"Standard of Conduct Determination" shall have the meaning ascribed to it in Section 9(b) below.

(m)            
"Voting Securities" means any securities of the Company that vote generally in the election of directors.

    	 

    	 

    

 

2.                 
Services to the Company. Indemnitee agrees to serve or continue to serve,
as the case may be, as a director or officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee
tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment agreement between
the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her employment
with or service to the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee may be discharged at any time for
any reason, with or without cause, except as may be otherwise provided in any written employment agreement between Indemnitee and the
Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted by the Board or, with respect
to service as a director or officer of the Company, by the Company's Constituent Documents or Nevada law. This Agreement shall continue
in force after Indemnitee has ceased to serve as a director or officer of the Company or, at the request of the Company, of any of its
subsidiaries or Enterprise, as provided in Section 12 hereof.

3.                 
Indemnification. Subject to Section 9 and Section 10 of this Agreement,
the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Nevada in effect on the date hereof,
or as such laws may from time to time hereafter be amended to increase (but not decrease) the scope of such permitted indemnification,
against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or
participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought
by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

4.                 
Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by
Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to
the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 15 business days after
any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance
to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any
request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision
thereof would undermine or otherwise jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee
shall execute and deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the
Expense Advances) , in the form attached hereto as Exhibit A, to repay any amounts paid, advanced, or reimbursed by the Company
for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not
entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no
interest shall be charged thereon.

    	 

    	 

    

 

5.                 
Indemnification for Expenses in Enforcing Rights. To the fullest extent
allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee
subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any
action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision
of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims
relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the
Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification
or insurance recovery, as the case may be. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination
is made that such action brought by Indemnitee was frivolous or not made in good faith.

6.                 
Partial Indemnity. If Indemnitee is entitled under any provision of
this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but
not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

7.                 
Notification and Defense of Claims.

(a)              
Notification of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate
to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then
available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company
hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such
claim was materially and adversely affected by such failure.

(b)              
Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable
Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof
with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense
of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly
incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise
provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel
incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that
if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined
that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control,
Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed
counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one
law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne
by the Company.

    	 

    	 

    

 

8.                 
Procedure upon Application for Indemnification. In order to obtain indemnification
pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation
and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification following the final disposition of the Claim, provided that documentation and information need not be so
provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall
be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

9.                 
Determination of Right to Indemnification.

(a)              
Mandatory Indemnification; Indemnification as a Witness. 

(i)                
To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee
shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law, and
no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

(ii)             
To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a
witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent
allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

(b)              
Standard of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Nevada law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim
and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall
be made as follows:

(i)                
by a majority vote of a quorum consisting entirely of Disinterested Directors,

(ii)             
if a majority vote of a quorum consisting entirely of Disinterested Directors so orders, by Independent Counsel in a written opinion
addressed to the Board, a copy of which shall be delivered to the Indemnitee,

(iii)           
if a quorum of Disinterested Directors cannot be obtained, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to the Indemnitee, or

    	 

    	 

    

 

(iv)            
if a Change in Control has occurred since the time of any acts or omissions of Indemnitee or the Company that are related to a
Claim for which the indemnification is sought, at the option of Indemnitee, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

The
Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance
to Indemnitee, within 15 business days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or
persons making such Standard of Conduct Determination.

(c)              
Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of
Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the
Standard of Conduct Determination under Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt
by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "Notification
Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee
shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable
time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time
to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

(d)              
Payment of Indemnification. If, in regard to any Losses:

(i)                
Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

(ii)             
no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

(iii)           
Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then
the Company shall pay to Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

    	 

    	 

    

 

(e)              
Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be
made by Independent Counsel pursuant to Sections 9(b)(ii) or 9(b)(iii), the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If
a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(iv), the Independent Counsel shall be
selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection
from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent
Counsel" in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely
made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select
an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative
Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this
sentence and numbered clause (i) of this sentence shall likewise apply to such subsequent selection and notice. If applicable, the provisions
of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that
is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected
within 20 days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee gives its
initial notice pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or Indemnitee may petition
a court of competent jurisdiction in the State of Nevada ("Nevada Court") to resolve any objection which shall have been
made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to
be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections
are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable
fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to Section 9(b),
which fees shall include, without limitation, any co-counsel reasonably associated by the Independent Counsel.   In the event
that the Company has any objection to such fees, the Company shall nevertheless promptly pay the same, provided that such payment may
be made under a reservation of rights.

    	 

    	 

    

 

(f)               
Presumptions and Defenses. 

(i)                
Indemnitee's Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making
such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification,
and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard
of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Nevada Court. No determination by the
Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may
be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses
by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

(ii)             
Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith
if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith
reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished
to Indemnitee by the officers or employees of the Company or any of its subsidiaries or the Enterprise in the course of their duties,
or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by
or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee
of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

(iii)           
No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise
not permitted.

(iv)            
Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company
to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to
an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of
proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

    	 

    	 

    

 

(v)              
Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful
on the merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other
than by a final adverse judgment, memorialized in a writing, and not subject to appeal against Indemnitee (including, without limitation,
settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise for purposes of Section 9.1(a)(i). The Company shall have the burden of proof to overcome
this presumption.

10.             
Exclusions from Indemnification. Notwithstanding anything in this Agreement
to the contrary, the Company shall not be obligated to:

(a)              
indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including
any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

(i)                
proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

(ii)             
where the Company has joined in or the Board has consented to the initiation of such proceedings.

(b)              
indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited
by applicable law.

(c)              
indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company
in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

(d)              
indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or
equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities
of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase
or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

    	 

    	 

    

 

11.             
Settlement of Claims. The Company shall not be liable to Indemnitee
under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected
without the Company's prior written consent, which shall not be unreasonably withheld; provided, however, that if a Change in Control
has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel
has approved the settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose
any Losses on the Indemnitee or subject the Indemnitee to any equitable relief without the Indemnitee’s prior written consent.

12.             
Duration. All agreements and obligations of the Company contained herein
shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company
as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee
may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the
pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights
under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

13.             
Non-Exclusivity. The rights of Indemnitee hereunder will be in addition
to any other rights Indemnitee may have under the Constituent Documents, Nevada Revised Statutes, any other contract or otherwise (collectively,
"Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater
right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to
the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided
under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. No amendment to any of the
Constituent Documents shall have the effect of denying, diminishing or encumbering Indemnitee's right to indemnification under this Agreement
or any Other Indemnity Provision and shall be subordinate to Indemnitee's rights under this Agreement.

14.             
Liability
Insurance. For the duration of Indemnitee's service as a director and/or officer of the Company, and thereafter for so long
as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable
efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect
policies of directors' and officers' liability insurance providing coverage that is at least substantially comparable in scope and amount
to that provided by the Company's current policies of directors' and officers' liability insurance. In all policies of directors' and
officers' liability insurance maintained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee
the same rights and benefits as are provided to the most favorably insured of the Company's directors, if Indemnitee is a director, or
of the Company's officers, if Indemnitee is an officer (and not a director) by such policy. Upon request, the Company will provide to
Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations, endorsements and
other related materials.

    	 

    	 

    

 

15.             
No Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any
insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company
hereunder.

16.             
Subrogation. In the event of payment to Indemnitee under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute
all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary
to enable the Company effectively to bring suit to enforce such rights.

17.             
Amendments. No supplement, modification or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall
be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall
operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except
as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver
thereof.

18.             
Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs
and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement
in form and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

19.             
Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are
held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall
remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

    	 

    	 

    

 

20.             
Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered to
the addressees in person, by Federal Express or similar overnight next business day delivery, or by email delivery followed by overnight
next business day delivery, as follows:

(a)              
if to Indemnitee, to the address set forth on the signature page hereto.

(b)              
if to the Company, to: Lightwave Logic, Inc.

Attn: President

369
Inverness Parkway, Suite 350

Englewood,
CO 80112

Notice of change of
address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to
have been received on the date of hand delivery or on the third business day after mailing.

21.             
Governing Law and Forum. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Nevada applicable to contracts made and to be performed in such state without
giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that
any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Nevada Court and not in any
other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the Nevada Court for purposes
of any action or proceeding arising out of or in connection with this Agreement, and (c) waive, and agree not to plead or make, any claim
that the Nevada Court lacks venue or that any such action or proceeding brought in the Nevada Court has been brought in an improper or
inconvenient forum..

22.             
Headings. The headings of the sections and paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation
thereof.

23.             
Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page
follows]

    	 

    	 

    

 

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

 

	 	LIGHTWAVE LOGIC, INC.
	 	
    By: _____________________

    Name:

    Title:

	 	INDEMNITEE
	 	
    _____________________

    Name:

    Address:______________

    _____________________

    _____________________

 

    	 

    	 

    

Exhibit
A

FORM OF UNDERTAKING TO REPAY ADVANCEMENT
OF EXPENSES

[DATE]

Attn: President

Lightwave Logic, Inc.

369 Inverness Parkway, Suite 350

Englewood, CO 80112

Re: Undertaking to Repay Advancement of Expenses.

Ladies and Gentlemen:

This
undertaking is being provided pursuant to that certain Indemnification Agreement, dated [DATE], by and between Lightwave Logic, Inc.,
a Nevada corporation (the "Company"), and the undersigned as Indemnitee (the "Indemnification Agreement").
Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Indemnification Agreement. Pursuant to the
Indemnification Agreement, among other things, I am entitled to the advancement of Expenses paid or incurred in connection with Claims
relating to Indemnifiable Events.

I have become subject
to [DESCRIPTION OF PROCEEDING] (the Proceeding) based on my status as [TITLE] of the Company/alleged actions or failures to act in my
capacity as [TITLE] of the Company. This undertaking also constitutes notice to the Company of the Proceeding pursuant to Section 7 of
the Indemnification Agreement. The following is a brief description of the [current status of the] Proceeding:

[DESCRIPTION OF PROCEEDING]

Pursuant to Section 4
of the Indemnification Agreement, the Company can (a) pay such Expenses on my behalf, (b) advance funds in an amount sufficient to pay
such Expenses, or (c) reimburse me for such Expenses. Pursuant to Section 4 of the Indemnification Agreement, I hereby request an Expense
Advance in connection with the Proceeding. The Expenses for which advances are requested are as follows:

[DESCRIPTION OF EXPENSES]

In connection with the request for Expense
Advances set out above, I hereby undertake to repay any amounts paid, advanced or reimbursed by the Company for such Expense Advances
to the extent that it is ultimately determined that I am not entitled to indemnification under the Indemnification Agreement.

 

    	 

    	 

    

This undertaking shall
be governed by and construed in accordance with the laws of the State of Nevada, without regard to the principles of conflicts of laws
thereof.

﻿

﻿

	﻿	Very truly yours,
	﻿	
     

    ________________

    Name:

    Title:

     

cc: Corporate Secretary

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