Document:

Exhibit 10.1

 

Relmada
Therapeutics, Inc.

 

2021 EQUITY INCENTIVE PLAN

 

As adopted by the Board of Directors of Relmada Therapeutics,
Inc., on March 19, 2021.

 

As approved by the shareholders of Relmada Therapeutics, Inc.,
on May 20, 2021.

 

1. Purpose;
Eligibility.

 

1.1 General Purpose.
The name of this plan is the Relmada Therapeutics, Inc. 2021 Equity Incentive Plan (the “Plan”). The purposes of the
Plan are to (a) enable Relmada Therapeutics, Inc., a Nevada corporation (the “Company”), and any Affiliate to attract
and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long range success; (b) provide
incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company; and (c) promote
the success of the Company’s business.

 

1.2 Eligible Award Recipients.
The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates and such other individuals
designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after the receipt of Awards.

 

1.3 Available Awards.
Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Stock Appreciation
Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.

 

2. Definitions.

 

“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.

 

“Applicable Laws”
means the requirements related to or implicated by the administration of the Plan under applicable state corporate law, United States
federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock are listed or
quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right,
a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.

 

“Award Agreement”
means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award
Agreement shall be subject to the terms and conditions of the Plan.

 

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to
acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

     

     

    

 

RELMADA THERAPEUTICS, INC. - 2021 EQUITY INCENTIVE PLAN

 

“Board”
means the Board of Directors of the Company, as constituted at any time.

 

“Cash Award”
means an Award denominated in cash that is granted under Section 10 of the Plan.

 

“Cause”
means:

 

With respect to any Employee
or Consultant, unless the applicable Award Agreement states otherwise:

 

(a)   If the
Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Cause, the definition contained therein; or

 

(b)   If no
such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony
or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with
respect to the Company or an Affiliate; (ii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative
publicity or into public disgrace, embarrassment, or disrepute; (iii) gross negligence or willful misconduct with respect to the Company
or an Affiliate; (iv) material violation of state or federal securities laws; or (v) material violation of the Company’s written
policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities,
and ethical misconduct.

 

With respect to any Director,
unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director
has engaged in any of the following:

 

(a)   malfeasance in office;

 

(b)   gross misconduct or neglect;

 

(c)   false or fraudulent misrepresentation
inducing the director’s appointment;

 

(d)   willful conversion of corporate
funds; or

 

(e)   repeated failure to participate
in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The Committee, in its absolute
discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

 

“Change in Control”
means:

 

(a)
if the Award is not subject to Section 409A of the Code:

 

(i)
The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company;

 

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(ii)
The Incumbent Directors cease for any reason to constitute at least a majority of the Board;

 

(iii)
The date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;

 

(iv)
The acquisition by any Person of Beneficial Ownership of more than 50% (on a fully diluted basis) of either (i) the then outstanding shares
of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options
or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding
Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company
or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition
which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award held by a particular
Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant
or any group of persons including the Participant); or

 

(v)
The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance
of securities in the transaction (a “Business Combination”), unless immediately following such Business
Combination: (i) more than 50% of the total voting power of (A) the entity resulting from such Business Combination (the
“Surviving Company”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial
ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous
governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting
Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into
which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among
the holders thereof immediately prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or
maintained by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or
more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the
Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a
majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent
Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the
Board’s approval of the execution of the initial agreement providing for such Business Combination; or

 

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(b) if the Award is subject to Section 409A of the Code:

 

(i)
One Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held by
such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; provided,
that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total
fair market value or total voting power of the Company’s stock and acquires additional stock;

 

(ii)
One person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of
the most recent acquisition) ownership of the Company’s stock possessing 30% or more of the total voting power of the stock of such
corporation;

 

(iii)
A majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed
by a majority of the Board before the date of appointment or election; or

 

(iv)
One person (or more than one person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of
the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total
gross fair market value of all of the assets of the Company immediately before such acquisition(s).

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed
to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and
Section 3.4.

 

“Common Stock”
means the common stock, $0.001 par value per share, of the Company, or such other securities of the Company as may be designated by the
Committee from time to time in substitution thereof.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director,
and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.

 

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“Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted
or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s
Continuous Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given
effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director
of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may
determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may
determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed
to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.

 

“Deferred Stock
Units (DSUs)” has the meaning set forth in Section 8.1(b) hereof.

 

“Director”
means a member of the Board.

 

“Disability”
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term
of an Incentive Stock Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning ascribed to it under Section
22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by
the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option
pursuant to Section 6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a
Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which
a Participant participates.

 

“Disqualifying
Disposition” has the meaning set forth in Section 17.12.

 

“Effective Date”
shall mean the date as of which this Plan is adopted by the Board.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes
of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company
or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on
any established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq
Stock Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing
price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in
the Wall Street Journal. In the absence of an established market for the Common Stock, the Fair Market Value shall be
determined in good faith by the Committee and such determination shall be conclusive and binding on all persons.

 

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“Fiscal Year”
means the Company’s fiscal year.

 

“Free Standing
Rights” has the meaning set forth in Section 7.

 

“Good Reason”
means, unless the applicable Award Agreement states otherwise:

 

(a)
If an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

(b)
If no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the
Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt
of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within
ninety (90) days of the Participant’s knowledge of the applicable circumstances):

 

(i)  
any material, adverse change in the Participant’s duties, responsibilities, authority, title, status or reporting structure;

 

(ii)  
a material reduction in the Participant’s base salary or bonus opportunity; or

 

(iii)  
a geographical relocation of the Participant’s principal office location by more than fifty (50) miles.

 

“Grant Date”
means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant
that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set
forth in such resolution.

 

“Incentive Stock
Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of
the Code and that meets the requirements set out in the Plan.

 

“Incumbent
Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual
becoming a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote
of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement
of the Company in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent
Director. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any
person other than the Board shall be an Incumbent Director.

 

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“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

“Option Exercise
Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other Equity-Based
Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Performance
Share Award that is granted under Section 10 and is payable by delivery of Common Stock and/or which is measured by reference to the value
of Common Stock.

 

“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

“Performance Goals”
means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon business criteria
or other performance measures determined by the Committee in its discretion.

 

“Performance Period”
means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award or a Cash Award.

 

“Performance Share
Award” means any Award granted pursuant to Section 9 hereof.

 

“Performance Share”
means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance of the Company
during a Performance Period, as determined by the Committee.

 

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“Permitted Transferee”
means:

 

(a)
a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee), a trust in which these
persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management
of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; and

 

(b)
such other transferees as may be permitted by the Committee in its sole discretion.

 

“Person”
means a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan”
means this Relmada Therapeutics, Inc. 2021 Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Related Rights”
has the meaning set forth in Section 7.

 

“Restricted Award”
means any Award granted pursuant to Section 8.

 

“Restricted Period”
has the meaning set forth in Section 8.

 

“Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Stock Appreciation
Right” means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount payable in cash or
shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (a) the
Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in the Stock Appreciation
Right Award Agreement.

 

“Substitute Award”
has the meaning set forth in Section 4.5.

 

“Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or of any of its Affiliates.

 

“Total Share Reserve”
has the meaning set forth in Section 4.1.

 

3. Administration.

 

3.1 Authority
of Committee. The Plan shall be administered by the Committee or, in the Board’ s sole discretion, by the Board. Subject
to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and
authorization conferred by the Plan, the Committee shall have the authority:

 

(a)
to construe and interpret the Plan and apply its provisions;

 

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(b)
to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c)
to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

(d)
to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders” within
the meaning of Section 16 of the Exchange Act;

 

(e)
to determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(f)
from time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom Awards shall be
granted;

 

(g)
to determine the number of shares of Common Stock to be made subject to each Award;

 

(h)
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

 

(i)
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(j)
to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that
will be used to establish the Performance Goals, the Performance Period(s) and the number of Performance Shares earned by a Participant;

 

(k)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations
under his or her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment
shall also be subject to the Participant’s consent;

 

(l)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of
their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under
the Company’s employment policies;

 

(m)  to make
decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution
adjustments;

 

(n)
to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; and

 

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(o)
to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.

 

Except in connection
with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms
of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or Stock Appreciation Rights or cancel outstanding
Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price
that is less than the exercise price of the original Options or Stock Appreciation Rights without stockholder approval.

 

3.2 Committee Decisions
Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the
Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 

3.3 Delegation.
The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees of
one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority
has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall
be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee
comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority
of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.

 

3.4 Committee Composition.
Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors. The Board shall
have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However, if the Board
intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the Committee shall
be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within the scope of
such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee Directors
the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create
an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee
of the Board that does not at all times consist solely of two or more Non-Employee Directors.

 

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3.5 Indemnification.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed
by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees,
actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may
be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and
against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has been approved by the
Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action,
suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee
did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the
case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within
60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity
at its own expense to handle and defend such action, suit or proceeding.

 

4. Shares
Subject to the Plan.

 

4.1 Subject to adjustment
in accordance with Section 14, no more than 1,500,000 shares of Common Stock shall be available for the grant of Awards under the Plan 
(the “Total Share Reserve”). During the terms of the Awards, the Company shall keep available at all times the number
of shares of Common Stock required to satisfy such Awards.

 

4.2 Shares of Common Stock
available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares
reacquired by the Company in any manner.

 

4.3 Subject to adjustment
in accordance with Section 14, no more than 1,500,000 shares of Common Stock may be issued in the aggregate pursuant to the exercise of
Incentive Stock Options (the “ISO Limit”).

 

4.4 Any shares of Common
Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of shares of Common
Stock to which the Award related shall again be available for issuance of Awards or delivery under the Plan. Any shares of Common Stock
subject to an Award under the Plan that are (a) tendered in payment of an Option, (b) delivered or withheld by the Company to satisfy
any tax withholding obligation, or (c) covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the
settlement of the Award shall be added back to the shares of Common Stock available for issuance of Awards or delivery under the Plan
and, to the extent permitted under Section 422 of the Code and the regulations promulgated thereunder, to the shares of Common Stock that
may be issued as Incentive Stock Options.

 

4.5 Awards may,
in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards
previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”).
Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards issued in
connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options shall
be counted against the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved
plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to
reflect such acquisition or transaction) may be used for Awards under the Plan and shall not count toward the Total Share Limit.

 

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5. Eligibility.

 

5.1 Eligibility for
Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted
to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become Employees,
Consultants and Directors following the Grant Date.

 

5.2 Ten Percent Shareholders.
A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair
Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the expiration of five years from the Grant
Date.

 

6. Options.
Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions
set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.
All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates
are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option.
Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an
Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute “nonqualified deferred compensation”
within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code.
The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by
reference in the Option or otherwise) the substance of each of the following provisions:

 

6.1 Term. Subject
to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the expiration
of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee;
provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date.

 

6.2 Exercise Price of
an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the Option Exercise Price
of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant
Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that set forth
in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying
the provisions of Section 424(a) of the Code.

 

6.3 Exercise
Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100%
of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified
Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is
granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the
Code.

 

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6.4 Consideration.
The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the
Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other
Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise
Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies
for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal to the Option Exercise
Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between the number of shares thereby
purchased and the number of identified attestation shares of Common Stock; (ii) a “cashless” exercise program established
with a broker; (iii) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair
Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) by any combination of the foregoing methods; or
(v) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option,
the exercise price of Common Stock acquired pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common
Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been
held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting
purposes). Notwithstanding the foregoing, during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed
on any established stock exchange or a national market system) an exercise by a Director or Officer that involves or may involve a direct
or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section
402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan.

 

6.5 Transferability
of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution
and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder
may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of
the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.6 Transferability
of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted
Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option does
not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws of descent
and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing,
the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who,
in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

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6.7 Vesting of Options.
Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option
may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or
other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary. No Option may be exercised
for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and
exercisability in the terms of any Award Agreement upon the occurrence of a specified event.

 

6.8 Termination of Continuous
Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved by the
Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s death or Disability),
the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date
of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the
Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; provided
that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether or not vested) shall
immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his or her Option within
the time specified in the Award Agreement, the Option shall terminate.

 

6.9 Extension of Termination
Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following the termination of the
Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of shares of Common Stock
would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any
securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the expiration of the term
of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s Continuous
Service that is three months after the end of the period during which the exercise of the Option would be in violation of such registration
or other securities law requirements.

 

6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending
on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the
Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the
Award Agreement, the Option shall terminate.

 

6.11   Death
of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was
entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to
exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death,
but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the
term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised
within the time specified herein or in the Award Agreement, the Option shall terminate.

 

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6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

7. Stock
Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock
Appreciation Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).

 

7.1 Grant Requirements
for Related Rights.  Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time the Option
is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive
Stock Option must be granted at the same time the Incentive Stock Option is granted.

 

7.2 Term. The term
of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Stock Appreciation
Right shall be exercisable later than the tenth (10th) anniversary of the Grant Date.

 

7.3 Vesting of SARs.
Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not,
be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised
as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation
Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration
of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified event.

 

7.4 Exercise and Payment.
Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number of
shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market
Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the Stock Appreciation
Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment
shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture and transferability,
as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.

 

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7.5 Exercise
Price. The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100% of the
Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted
simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have
the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the related Option,
and shall be exercisable only to the same extent as the related Option; provided, however, that a Stock Appreciation Right,
by its terms, shall be exercisable only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right
and related Option exceeds the exercise price per share thereof and no Stock Appreciation Rights may be granted in tandem with an
Option unless the Committee determines that the requirements of Section 7.1 are satisfied.

 

7.6 Reduction in the
Underlying Option Shares. Upon any exercise of a Related Right, the number of shares of Common Stock for which any related Option
shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number of
shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the
number of shares of Common Stock for which such Option has been exercised.

 

8. Restricted
Awards. A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical
Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number
of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose
for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the
Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this Section
8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

 

8.1 Restricted Stock
and Restricted Stock Units.

 

(a)
Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock
setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory
to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the
rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to
receive dividends; provided that, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld
by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends withheld at a rate
and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable
to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or,
at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable,
upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

 

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(b)
The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any
such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may
also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount equal
to the cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”).
Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on
the amount of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined
by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit
or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares
of Common Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant
upon settlement of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited,
the Participant shall have no right to such Dividend Equivalents. Dividend Equivalents may, if so determined by the Committee, be deemed
re-invested in additional Restricted Stock Units or Deferred Stock Units based on the Fair Market Value of a share of Common Stock on
the applicable dividend payment date and rounded down to the nearest whole share.

 

8.2 Restrictions.

 

(a)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the
Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability
set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

 

(b)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of
the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable
Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to
such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such
other terms and conditions as may be set forth in the applicable Award Agreement.

 

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(c)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and
Deferred Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances
arising after the date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is
appropriate.

 

8.3 Restricted Period.
With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a
schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction
of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any
Award Agreement upon the occurrence of a specified event.

 

8.4 Delivery of Restricted
Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with respect to any shares of Restricted
Stock, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no further force or effect with respect
to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company
shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted
Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any
cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon,
if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration of the
deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary,
without charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit (“Vested
Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section
8.1(b) hereof and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal
to such Dividend Equivalents and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable
Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering
only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such
payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of
Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.

 

8.5 Stock Restrictions.
Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate.

 

9. Performance
Share Awards. Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance
Share Award so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number of
shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance
Period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms,
conditions and restrictions of the Award.

 

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9.1 Earning Performance
Share Awards. The number of Performance Shares earned by a Participant will depend on the extent to which the performance goals established
by the Committee are attained within the applicable Performance Period, as determined by the Committee.

 

10. Other
Equity-Based Awards and Cash Awards. The Committee may grant Other Equity-Based Awards, either alone or in tandem with other
Awards, in such amounts and subject to such conditions as the Committee shall determine in its sole discretion. Each Equity-Based Award
shall be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected
in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts and subject to such Performance Goals, other vesting
conditions, and such other terms as the Committee determines in its discretion. Cash Awards shall be evidenced in such form as the Committee
may determine.

 

11. Securities
Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless
and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company
a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable
efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required
to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that this undertaking
shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant
to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority
which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved
from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority is obtained.

 

12. Use
of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.

 

13. Miscellaneous.

 

13.1
Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first
be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Award stating the time at which it may first be exercised or the time during which it will vest.

 

13.2
Shareholder Rights. Except as provided in the Plan, no Participant shall be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant has satisfied all requirements
for exercise of the Award pursuant to its terms and no adjustment shall be made for, nor shall any Participant be entitled to receive,
any dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the
record date is prior to the date the certificate representing Common Stock issuable pursuant to an Award is actually issued, except as
provided in Section 14 hereof.

 

 

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13.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer
upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted
or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with
or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable provisions
of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

13.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result
from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to
another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the
Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave
of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section
409A of the Code if the applicable Award is subject thereto.

 

13.5
Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock
under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant
by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common
Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock
under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax
required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for
financial accounting purposes); or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the Company.

 

14. Adjustments
upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure of the Company
by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such
as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization
occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options
and Stock Appreciation Rights, the Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum
number of shares of Common Stock subject to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the
number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve
the economic intent of such Award. In the case of adjustments made pursuant to this Section 14, unless the Committee specifically
determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of
Incentive Stock Options, ensure that any adjustments under this Section 14 will not constitute a modification, extension or renewal
of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options,
ensure that any adjustments under this Section 14 will not constitute a modification of such Non-qualified Stock Options within the
meaning of Section 409A of the Code. Any adjustments made under this Section 14 shall be made in a manner which does not adversely
affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an
adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

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15. Effect
of Change in Control.

 

15.1
Unless otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:

 

(a)   In the
event of a Change in Control, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect
to 100% of the shares subject to such Options or Stock Appreciation Rights, and/or the Restricted Period shall expire immediately with
respect to 100% of the outstanding shares of Restricted Stock or Restricted Stock Units.

 

(b)   With respect
to Performance Share Awards and Cash Awards, in the event of a Change in Control, all Performance Goals or other vesting criteria will
be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met.

 

15.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company in
the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee
may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.

 

15.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.

 

16. Amendment
of the Plan and Awards.

 

16.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in
Section 14 relating to adjustments upon changes in Common Stock and Section 16.3, no amendment shall be effective unless approved by the
shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment,
the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

16.2
Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

 

    21

     

    

 

RELMADA THERAPEUTICS, INC. - 2021 EQUITY INCENTIVE PLAN

 

16.3
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary
or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions
of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation
provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

16.4
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

16.5
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided,
however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award
unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

17. General
Provisions.

 

17.1
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with
respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition
to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Affiliates.

 

17.2
Clawback. Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award
by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with
any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant
may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in
accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect
or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with
applicable law or stock exchange listing requirements).

 

17.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or
applicable only in specific cases.

 

17.4   Sub-Plans.
The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of
various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and
conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each
sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

 

    22

     

    

 

RELMADA THERAPEUTICS, INC. - 2021 EQUITY INCENTIVE PLAN

 

17.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent
the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The
Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest
or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures
that the Committee deems advisable for the administration of any such deferral program. Any such deferral program must comply with Section
409A.

 

17.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any
special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

17.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.

 

17.8
Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes
of this Plan, 30 days shall be considered a reasonable period of time.

 

17.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall
determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common
Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

17.10  
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan,
including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

17.11   Section
409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the
maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in
the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be
treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to
the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be
payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the
Participant’s termination of Continuous Service shall instead be paid on the first payroll date after the six-month
anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the
foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any
additional tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any
liability to any Participant for such tax or penalty.

 

    23

     

    

 

RELMADA THERAPEUTICS, INC. - 2021 EQUITY INCENTIVE PLAN

 

17.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code)
of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date
of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive
Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to the
occurrence of the sale and the price realized upon the sale of such shares of Common Stock.

 

17.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable
requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of
Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under
Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in
this Section 17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

 

17.14 Beneficiary
Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under
the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the
same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the
Participant in writing with the Company during the Participant’s lifetime.

 

17.15
Expenses. The costs of administering the Plan shall be paid by the Company.

 

17.16
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether
in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability and the remaining provisions shall not be affected thereby.

 

17.17
Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.

 

17.18
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee
shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.

 

18. Effective
Date of Plan. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of
a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall
be within twelve (12) months before or after the date the Plan is adopted by the Board.

 

19. Termination
or Suspension of the Plan. The Plan shall terminate automatically on the tenth (10th) anniversary of the Effective
Date. No Award shall be granted pursuant to the Plan after such date, but (subject to Sections 5.2, 6.1 and 7.2) Awards theretofore granted
may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 16.1 hereof. No Awards
may be granted under the Plan while the Plan is suspended or after it is terminated.

 

20. Choice
of Law. The law of the State of Nevada shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state’s conflict of law rules.

 

 

24exhibit44-ninthsupplemen

Exhibit 4.4      NINTH SUPPLEMENTAL INDENTURE    between    NEWTEK BUSINESS SERVICES CORP.    and    U.S. BANK NATIONAL ASSOCIATION,    as Trustee    Dated as of May 20, 2021  THIS NINTH SUPPLEMENTAL INDENTURE (this “Ninth Supplemental Indenture”),  dated as of May 20, 2021 is between Newtek Business Services Corp., a Maryland corporation  (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”).  All  capitalized terms used but not otherwise defined herein shall have the meaning set forth in the  Base Indenture (as defined below).  RECITALS OF THE COMPANY  The Company and the Trustee executed and delivered an Indenture, dated as of  September 23, 2015 (the “Base Indenture” and, as supplemented by the Fourth Supplemental  Indenture, dated as of July 29, 2019 (the “Fourth Supplemental Indenture”), and the Eighth  Supplemental Indenture, dated as of February 16, 2021 (the “Eighth Supplemental Indenture”),  and together with the Base Indenture and this Ninth Supplemental Indenture, the “Indenture”), to  provide for the issuance by the Company from time to time of the Company’s unsecured  debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or  more series as provided in the Indenture.  On July 29, 2019, August 13, 2019, and February 16, 2021, $55,000,000, $8,250,000,  and $5,000,000, respectively, in aggregate principal amount of the Company’s 5.75% Notes due  2024 were issued under the Indenture (the “Existing Notes”). The Company desires to reopen the  series with the further issuance and sale of an additional $10,000,000 in aggregate principal  amount of the Company’s 5.75% Notes due 2024 (the “Notes”). The Notes will form a single  series with the Existing Notes under the Indenture.   Sections 901(4) and 901(6) of the Base Indenture provide that without the consent of  Holders of the Securities of any series issued under the Indenture, the Company, when  authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to  time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or  eliminate any of the provisions of the Indenture when there is no Security Outstanding of any  series created prior to the execution of the supplemental indenture that is entitled to the benefit of  such provision and (ii) establish the form or terms of Securities of any series as permitted by  Section 201 and Section 301 of the Base Indenture.  

 

    2  The Company desires to establish the form and terms of the Notes and to modify, alter,  supplement and change certain provisions of the Base Indenture for the benefit of the Holders of  the Notes (except as may be provided in a future supplemental indenture to the Indenture  (“Future Supplemental Indenture”)).  The Company has duly authorized the execution and delivery of this Ninth Supplemental  Indenture to provide for the issuance of the Notes and all acts and things necessary to make this  Ninth Supplemental Indenture a valid, binding, and legal obligation of the Company and to  constitute a valid agreement of the Company, in accordance with its terms, have been done and  performed.  NOW, THEREFORE, for and in consideration of the premises and the purchase of the  Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all  Holders of the Notes, as follows:  ARTICLE I  TERMS OF THE NOTES  Section 1.01. Terms of the Notes.  The following terms relating to the Notes are hereby  established:  (a) The Notes shall constitute a series of Senior Securities having the title      “5.75% Notes due 2024.” The Notes shall bear a CUSIP number of 652526 609 and an ISIN  number of US6525266093.   (b) The aggregate principal amount of the Notes (including the Existing  Notes) that may be authenticated and delivered under the Indenture (except for Notes  authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of,  other Notes pursuant to Sections 304, 305, 306, 906, 1107 or 1305 of the Base Indenture, and  except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never  to have been authenticated and delivered under the Indenture) shall be $78,250,000.  Under a  Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture  supplement, the Company may from time to time, without the consent of the Holders of Notes,  issue additional Notes (in any such case “Additional Notes”) having the same ranking and the  same interest rate, maturity and other terms as the Notes.  Any Additional Notes and the existing  Notes will constitute a single series under the Indenture and all references to the relevant Notes  herein shall include the Additional Notes unless the context otherwise requires.  (c) The entire outstanding principal of the Notes shall be payable on August  1, 2024.  (d) The rate at which the Notes shall bear interest shall be 5.75% per annum  (the “Applicable Interest Rate”).  The date from which interest shall accrue on the Notes shall be  May 1, 2021, or the most recent Interest Payment Date to which interest has been paid or  provided for; the Interest Payment Dates for the Notes shall be February 1, May 1, August 1 and  November 1 of each year, commencing August 1, 2021 (if an Interest Payment Date falls on a  day that is not a Business Day, then the applicable interest payment will be made on the next  succeeding Business Day and no additional interest will accrue as a result of such delayed  

 

    3  payment); the initial interest period will be the period from and including May 1, 2021, to, but  excluding, the initial Interest Payment Date, and the subsequent interest periods will be the  periods from and including an Interest Payment Date to, but excluding, the next Interest Payment  Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or  duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the  Note (or one or more Predecessor Securities) is registered at the close of business on the Regular  Record Date for such interest, which shall be each January 15, April 15, July 15 and October 15  (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.   Payment of principal of (and premium, if any, on) and any such interest on the Notes will be  made at the office of the Trustee located at 100 Wall Street, 6th Floor, New York, New York  10005, Attention: Global Corporate Trust and at such other address as designated by the Trustee,  in such coin or currency of the United States of America as at the time of payment is legal tender  for payment of public and private debts; provided, however, that at the option of the Company  payment of interest may be made by check mailed to the address of the Person entitled thereto as  such address shall appear in the Security Register; provided, further, however, that so long as the  Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance  with the procedures established by The Depository Trust Company and the Trustee.  Interest on  the Notes will be computed on the basis of a 360-day year of twelve 30-day months.  (e) The Notes shall be initially issuable in global form (each such Note, a  “Global Note”).  The Global Notes and the Trustee’s certificate of authentication thereon shall be  substantially in the form of Exhibit A to this Ninth Supplemental Indenture.  Each Global Note  shall represent the outstanding Notes as shall be specified therein and each shall provide that it  shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon  and that the aggregate amount of outstanding Notes represented thereby may from time to time  be reduced or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement  of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding  Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance  with Sections 203 and 305 of the Base Indenture.  (f) The depositary for such Global Notes (the “Depositary”) shall be The  Depository Trust Company, New York, New York.  The Security Registrar with respect to the  Global Notes shall be the Trustee.  (g) The Notes shall be defeasible pursuant to Section 1402 or Section 1403 of  the Base Indenture.  Covenant defeasance contained in Section 1403 of the Base Indenture shall  apply to the covenants contained in Sections 1007, 1008, and 1009 of the Indenture.  (h) The Notes shall be redeemable pursuant to Section 1101 of the Base  Indenture and as follows:  (i) The Notes will be redeemable in whole or in part at any time or  from time to time, at the option of the Company, on or after August 1, 2021, at a redemption  price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid  interest payments otherwise payable for the then-current quarterly interest period accrued to, but  excluding, the date fixed for redemption.  

 

    4  (ii) Notice of redemption shall be given in writing and mailed, first- class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of  the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the  Redemption Date, at the Holder’s address appearing in the Security Register.  All notices of  redemption shall contain the information set forth in Section 1104 of the Base Indenture and  shall be irrevocable when given.  (iii) Any exercise of the Company’s option to redeem the Notes will be  done in compliance with the Investment Company Act, to the extent applicable.  (iv) If the Company elects to redeem only a portion of the Notes, the  Trustee or the Depositary, as applicable, will determine the method for selecting the particular  Notes to be redeemed, in accordance with Section 1103 of the Base Indenture and the rules of  any national securities exchange or quotation system on which the Notes are listed, in each case  to the extent applicable.  (v) Unless the Company defaults in payment of the Redemption Price,  on and after the Redemption Date, interest will cease to accrue on the Notes called for  redemption hereunder.  (i) The Notes shall not be subject to any sinking fund pursuant to Section  1201 of the Base Indenture.  (j) The Notes shall be issuable in denominations of $25 and integral multiples  of $25 in excess thereof.  (k) Holders of the Notes will not have the option to have the Notes repaid  prior to the Stated Maturity.  (l) The Notes are hereby designated as “Senior Securities” under the  Indenture.  ARTICLE II  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION  Section 2.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by  adding the following defined terms to Section 101 in appropriate alphabetical sequence, as  follows:   “‘Exchange Act’ means the Securities Exchange Act of 1934, as amended, and  any statute successor thereto.”   “‘GAAP’ means generally accepted accounting principles in the United States set  forth in the opinions and pronouncements of the Accounting Principles Board of the  American Institute of Certified Public Accountants, the opinions and pronouncements of  the Public Company Accounting Oversight Board and the statements and  

 

    5  pronouncements of the Financial Accounting Standards Board or in such other statements  by such other entity as have been approved by a significant segment of the accounting  profession in the United States, which are in effect from time to time.”   “‘Investment Company Act’ means the Investment Company act of 1940, as  amended, and the rules, regulations and interpretations promulgated thereunder, to the  extent applicable, and any statute successor thereto.”  Section 2.02. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by  adding the following paragraph as the last paragraph of Section 105:   “The Trustee may rely upon and comply with instructions or directions sent via  unsecured facsimile or email transmission and the Trustee shall not be liable for any loss,  liability, or expense of any kind incurred by the Company or the Holders due to the  Trustee’s reliance upon and compliance with instructions or directions given by  unsecured facsimile or email transmission; provided, however, that such losses have not  arisen from the negligence or willful misconduct of the Trustee, it being understood that  the failure of the Trustee to verify or confirm that the person providing the instructions or  directions is, in fact, an authorized person does not constitute negligence or willful  misconduct.”  Section 2.03. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by  replacing Section 112 with the following:   “Section 112.  Governing Law/Waiver of Trial by Jury.  This Indenture and the Securities shall be governed by and construed in  accordance with the law of the State of New York without regard to principles of  conflicts of laws. This Indenture is subject to the provisions of the Trust Indenture Act  that are required to be part of this Indenture and shall, to the extent applicable, be  governed by such provisions.  Each of the Company, the Holders, and the Trustee hereby irrevocably waives, to  the fullest extent permitted by applicable law, any and all right to trial by jury in any legal  proceeding arising out of or relating to this Indenture or the Securities.”  ARTICLE III  EXECUTION OF SECURITIES   Section 3.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Section 303 of the Base Indenture shall be amended by  replacing the first paragraph thereof with the following:   

 

    6  “The Securities shall be executed on behalf of the Company by its Chief  Executive Officer, its President, its Chief Operating Officer, its Chief Financial Officer or  any of its Vice Presidents and attested by its Secretary, any of its Assistant Secretaries, or  its Chief Accounting Officer. The signature of any of these officers on the Securities may  be manual or facsimile signatures of the present or any future such authorized officer and  may be imprinted or otherwise reproduced on the Securities.”   ARTICLE IV  SATISFACTION AND DISCHARGE  Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article Four of the Base Indenture shall be amended by  adding the following new Section 403:  “Section 403.  Reinstatement.  If the Trustee or the Paying Agent is unable to apply any money in accordance  with any provision of this Article Four by reason of an order or judgment of any court or  governmental authority enjoining, restraining, or otherwise prohibiting such application,  the Company’s obligations under this Indenture and the Notes shall be revived and  reinstated as though no deposit had occurred pursuant to this Article Four until such time  as the Trustee or the Paying Agent is permitted to apply all such money in accordance  with this Article Four; provided, however, that if the Company makes any payment of  interest on or principal of any Note following the reinstatement of its obligations, the  Company shall be subrogated to the rights of the Holders thereof to receive such payment  from the money held by the Trustee or Paying Agent.”  ARTICLE V  TRUSTEE  Section 5.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Section 602 of the Base Indenture shall be amended by  replacing clauses (11), (13), and (15) thereto and adding a new clause (19) thereto, each as set  forth below:  “(11)  The Trustee shall not be deemed to have notice of any Default or Event of  Default unless a (i) written notice of any event which is in fact such a default is received  by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the  Securities and this Indenture or (ii), in the case of a Default or Event of Default in the  payment of the principal of (or premium, if any) or interest, if any, on any Security, or in  the payment of any sinking or purchase fund installment with respect to the Securities, a  Responsible Officer of the Trustee has actual knowledge thereof.”  “(13)  The permissive rights of the Trustee enumerated herein shall not be  construed as duties.”  

 

    7  “(15)  The Trustee shall not be liable for any action taken or omitted to be taken  by it in good faith and believed by it to be authorized or within the discretion or rights  and powers conferred upon it by this Indenture, and the Trustee shall not in any case be  liable for any act taken or omitted to be taken by it hereunder except for its own  negligence or willful misconduct.”  “(19)  If at any time the Trustee is served with any judicial or administrative  order, judgment, decree, writ or other form of judicial or administrative process which in  any way affects this Indenture, the  Securities, or funds held by it hereunder (including,  but not limited to, orders of attachment or garnishment or other forms of levies or  injunctions), the Trustee (i) shall notify the Company of such judicial or administrative  order, judgment, decree, writ or other form of judicial or administrative process (unless  and to the extent the Trustee is prohibited from providing such notification by applicable  law, regulation, or order or by such judicial or administrative order, judgment, decree,  writ or other form of judicial or administrative process)  and (ii) is authorized to comply  therewith; and if the Trustee complies with any such judicial or administrative order,  judgment, decree, writ or other form of judicial or administrative process, the Trustee  shall not be liable to any of the parties hereto or to any other person or entity for any  action taken in compliance therewith even though such order, judgment, decree, writ or  process may be subsequently modified or vacated or otherwise determined to have been  without legal force or effect.”  ARTICLE VI  COVENANTS  Section 6.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by  replacing Section 1006 thereto and adding the following new Sections 1007, 1008 and 1009  thereto, each as set forth below:  “Section 1006.  Waiver of Certain Defaults.  As specified pursuant to Section 301(15), for Securities of any series, the  Company may omit in any particular instance to comply with any covenant or condition  set forth in any covenants of the Company added to Article Ten pursuant to Section  301(14) or Section 301(15) in connection with the Securities of a series, if before or after  the time for such compliance the Holders of at least a majority in aggregate principal  amount of all Outstanding Securities of such series, by Act of such Holders, either waive  such compliance in such instance or generally waive compliance with such covenant or  condition, but no such waiver shall extend to or affect such covenant or condition except  to the extent so expressly waived, and, until such waiver shall become effective, the  obligations of the Company and the duties of the Trustee in respect of any such covenant  or condition shall remain in full force and effect.  The Company will promptly notify the  Trustee in writing of any such waiver or the revocation of any such waiver.”  “Section 1007.  Section 18(a)(1)(A) of the Investment Company Act.  

 

    8  The Company hereby agrees that for the period of time during which Notes are  Outstanding, the Company will not violate Section 18(a)(1)(A) as modified by such  provisions of Section 61(a) of the Investment Company Act as may be applicable to the  Company from time to time, or any successor provisions thereto of the Investment  Company Act, whether or not the Company continues to be subject to such provisions of  the Investment Company Act, but giving effect, in either case, to any exemptive relief  granted to the Company by the Commission.”  “Section 1008.  Section 18(a)(1)(B) of the Investment Company Act.  The Company hereby agrees that for the period of time during which Notes are  Outstanding, pursuant to Section 18(a)(1)(B) as modified by such provisions of Section  61(a) of the Investment Company Act as may be applicable to the Company from time to  time, or any successor provisions thereto of the Investment Company Act, the Company  will not declare any dividend (except a dividend payable in stock of the Company), or  declare any other distribution, upon a class of the capital stock of the Company, or  purchase any such capital stock, unless, in every such case, at the time of the declaration  of any such dividend or distribution, or at the time of any such purchase, the Company  has an asset coverage (as defined in the Investment Company Act) of at least the  threshold specified in Section 18(a)(1)(B) as modified by such provisions of Section  61(a) of the Investment Company Act as may be applicable to the Company from time to  time, or any successor provisions thereto of the Investment Company Act, as such  obligation may be amended or superseded, after deducting the amount of such dividend,  distribution or purchase price, as the case may be, and in each case giving effect to (i) any  exemptive relief granted to the Company by the Commission, and (ii) any Commission  no-action relief granted by the Commission to another business development company  (or to the Company if it determines to seek such similar no-action or other relief)  permitting the business development company to declare any cash dividend or  distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified  by such provisions of Section 61(a) of the Investment Company Act as may be applicable  to the Company from time to time, as such obligation may be amended or superseded, in  order to maintain such business development company’s status as a regulated investment  company under Subchapter M of the Internal Revenue Code of 1986, as amended.”  “Section 1009.  Commission Reports and Reports to Holders.  If, at any time, the Company is not subject to the reporting requirements of  Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the  Commission, the Company agrees to publish on its website and to furnish to the Holders  of Notes and the Trustee for the period of time during which the Notes are Outstanding:   (i) within 90 days after the end of the each fiscal year of the Company (which fiscal year  ends on December 31), audited annual consolidated financial statements of the Company  and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the  Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of  the Company.  All such financial statements shall be prepared, in all material respects, in  accordance with GAAP.  

 

    9  Delivery of these reports, information and documents to the Trustee is for  informational purposes only and the Trustee’s receipt of them will not constitute  constructive notice of any information contained therein or determinable from  information contained therein, including the Company’s compliance with any of its  covenants hereunder (as to which the trustee is entitled to rely exclusively on Officers’  Certificates).”  ARTICLE VII  REDEMPTION OF SECURITIES  Section 7.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended  by replacing the heading and first paragraph thereof with the following:  “Section 1103.  Selection of Securities to Be Redeemed.  If less than all the Securities of any series issued on the same day with the same  terms are to be redeemed, the particular Securities to be redeemed shall be selected not  more than 60 days prior to the Redemption Date by the Trustee, or by the Depositary in  the case of global Securities, in compliance with the requirements of DTC, from the  Outstanding Securities of such series issued on such date with the same terms not  previously called for redemption, in compliance with the requirements of the principal  national securities exchange on which the Securities are listed (if the Securities are listed  on any national securities exchange), or if the Securities are not held through DTC or  listed on any national securities exchange, or DTC prescribed no method of selection, on  a pro rata basis, or by such method as the Trustee shall deem fair and appropriate and  subject to and otherwise in accordance with the procedures of the applicable Depositary;  provided that such method complies with the rules of any national securities exchange or  quotation system on which the Securities are listed, and may provide for the selection for  redemption of portions (equal to the minimum authorized denomination for Securities of  that series or any integral multiple thereof) of the principal amount of Securities of such  series of a denomination larger than the minimum authorized denomination for Securities  of that series; provided, however, that no such partial redemption shall reduce the portion  of the principal amount of a Security not redeemed to less than the minimum authorized  denomination for Securities of such series.”  ARTICLE VIII  DEFEASANCE AND COVENANT DEFEASANCE  Section 8.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Article Fourteen of the Base Indenture shall be  amended by adding the following new Section 1406:  “Section 1406.  Reinstatement.  

 

    10  If the Trustee or the Paying Agent is unable to apply any money or Government  Obligations in accordance with any provision of this Article Fourteen by reason of an  order or judgment of any court or governmental authority enjoining, restraining, or  otherwise prohibiting such application, the Company’s obligations under this Indenture  and the Notes shall be revived and reinstated as though no deposit had occurred pursuant  to this Article Fourteen until such time as the Trustee or the Paying Agent is permitted to  apply all such money and Government Obligations in accordance with this Article  Fourteen; provided, however, that if the Company makes any payment of interest on or  principal of any Note following the reinstatement of its obligations, the Company shall be  subrogated to the rights of the Holders thereof to receive such payment from the money  held by the Trustee or Paying Agent.”  ARTICLE IX  MEETINGS OF HOLDERS OF SECURITIES  Section 9.01. Except as may be provided in a Future Supplemental Indenture, for the  benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether  now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended  by replacing clause (c) thereof with the following:  “(c) At any meeting of Holders, each Holder of a Security of such series or proxy  shall be entitled to one vote for each $25.00 principal amount of the Outstanding  Securities of such series held or represented by such Holder; provided, however, that no  vote shall be cast or counted at any meeting in respect of any Security challenged as not  Outstanding and ruled by the chairman of the meeting to be not Outstanding.  The  chairman of the meeting shall have no right to vote, except as a Holder of a Security of  such series or proxy.”  ARTICLE X  MISCELLANEOUS  Section 10.01. This Ninth Supplemental Indenture and the Notes shall be governed by  and construed in accordance with the law of the State of New York, without regard to principles  of conflicts of laws.  This Ninth Supplemental Indenture is subject to the provisions of the Trust  Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be  governed by such provisions.  Section 10.02. In case any provision in this Ninth Supplemental Indenture or in the Notes  shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining  provisions shall not in any way be affected or impaired thereby.  Section 10.03. For the avoidance of doubt, all notices, approvals, consents, requests and  any communications hereunder or with respect to the Notes must be in writing (provided that any  communication sent to Trustee hereunder must be in the form of a document that is signed  manually, by facsimile or by electronic signature, including without limitation, digital signature  provided by DocuSign (or such other digital signature provider as specified in writing to Trustee  by the authorized representative), all of which shall be of the same legal effect, validity or  

 

    11  enforceability as a manual executed signature and in English.  The Issuer agrees to assume all  risks arising out of the use of using digital signatures and electronic methods to submit  communications to Trustee, including without limitation the risk of Trustee acting on  unauthorized instructions, and the risk of interception and misuse by third parties.  Section 10.04. This Ninth Supplemental Indenture may be executed in counterparts, each  of which will be an original, but such counterparts will together constitute but one and the same  Ninth Supplemental Indenture.  The exchange of copies of this Ninth Supplemental Indenture  and of signature pages by facsimile, .pdf transmission, email or other electronic means shall  constitute effective execution and delivery of this Ninth Supplemental Indenture for all purposes.   Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other  electronic means shall be deemed to be their original signatures for all purposes.  Section 10.05. The Base Indenture, as supplemented and amended by this Ninth  Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this  Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument  with respect to the Notes.  All provisions included in this Ninth Supplemental Indenture  supersede any conflicting provisions included in the Base Indenture with respect to the Notes,  unless not permitted by law.  The Trustee accepts the trusts created by the Base Indenture, as  supplemented by this Ninth Supplemental Indenture, and agrees to perform the same upon the  terms and conditions of the Base Indenture, as supplemented by this Ninth Supplemental  Indenture.  Section 10.06. The provisions of this Ninth Supplemental Indenture shall become  effective as of the date hereof.  Section 10.07. Notwithstanding anything else to the contrary herein, the terms and  provisions of this Ninth Supplemental Indenture shall apply only to the Notes and shall not apply  to any other series of Securities under the Indenture and this Ninth Supplemental Indenture shall  not and does not otherwise affect, modify, alter, supplement or change the terms and provisions  of any other series of Securities under the Indenture, whether now or hereafter issued and  Outstanding.  Section 10.08. The recitals contained herein and in the Notes shall be taken as the  statements of the Company, and the Trustee assumes no responsibility for their correctness.  The  Trustee makes no representations as to the validity or sufficiency of this Ninth Supplemental  Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly  authorized to execute and deliver this Ninth Supplemental Indenture, authenticate the Notes and  any Additional Notes and perform its obligations hereunder.  The Trustee shall not be  accountable for the use or application by the Company of the Notes or any Additional Notes or  the proceeds thereof.     

 

  [Signature page to Ninth Supplemental Indenture]    IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental  Indenture to be duly executed as of the date first above written.    NEWTEK BUSINESS SERVICES  CORP.        By: /s/ Barry Sloane                Name:  Barry Sloane   Title: Chief Executive Officer and  President          U.S. BANK NATIONAL  ASSOCIATION, as Trustee        By: /s/ Orlando Jones              Name:  Orlando Jones   Title:   Assistant Vice President                                             

 

  Exhibit A – 1    Exhibit A – Form of Global Note  This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is  registered in the name of The Depository Trust Company or a nominee thereof.  This Security  may not be exchanged in whole or in part for a Security registered, and no transfer of this  Security in whole or in part may be registered, in the name of any Person other than The  Depository Trust Company or a nominee thereof, except in the limited circumstances described  in the Indenture.  Unless this certificate is presented by an authorized representative of The Depository Trust  Company to the issuer or its agent for registration of transfer, exchange or payment and such  certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such  other name as requested by an authorized representative of The Depository Trust Company, any  transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the  registered owner hereof, Cede & Co., has an interest herein.  Newtek Business Services Corp.  No.               $    CUSIP No. 652526 609   ISIN No. US6525266093   5.75% Notes due 2024  Newtek Business Services Corp., a corporation duly organized and existing under the  laws of Maryland (herein called the “Company,” which term includes any successor Person  under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede  & Co., or registered assigns, the principal sum of                              (U.S. $                ) on August  1, 2024 and to pay interest thereon from May 1, 2021 or from the most recent Interest Payment  Date to which interest has been paid or duly provided for, quarterly on February 1, May 1,  August 1 and November 1 in each year, commencing August 1, 2021, at the rate of 5.75% per  annum, until the principal hereof is paid or made available for payment.  The interest so payable,  and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such  Indenture, be paid to the Person in whose name this Security is registered at the close of business  on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 and  October 15 (whether or not a Business Day), as the case may be, next preceding such Interest  Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith  cease to be payable to the Holder on such Regular Record Date and may either be paid to the  Person in whose name this Security is registered at the close of business on a Special Record  Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall  be given to Holders of Securities of this series not less than 10 days prior to such Special Record  Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of  any securities exchange on which the Securities of this series may be listed, and upon such notice  as may be required by such exchange, all as more fully provided in said Indenture.  This Security  may be issued as part of a series.  

 

  Exhibit A – 2  Payment of the principal of (and premium, if any, on) and any such interest on this  Security will be made at the office of the Trustee located at 100 Wall Street, 6th Floor, New  York, New York 10005, Attention: Global Corporate Trust and at such other address as  designated by the Trustee, in such coin or currency of the United States of America as at the time  of payment is legal tender for payment of public and private debts; provided, however, that at the  option of the Company payment of interest may be made by check mailed to the address of the  Person entitled thereto as such address shall appear in the Security Register; provided, further,  however, that so long as this Security is registered to Cede & Co., such payment will be made by  wire transfer in accordance with the procedures established by The Depository Trust Company  and the Trustee.  Reference is hereby made to the further provisions of this Security set forth on the  reverse hereof, which further provisions shall for all purposes have the same effect as if set forth  at this place.  Unless the certificate of authentication hereon has been executed by the Trustee referred  to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit  under the Indenture or be valid or obligatory for any purpose.   

 

  Exhibit A – 3  IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.  Dated:    NEWTEK BUSINESS SERVICES  CORP.        By:        Name:   Title:         Attest    By:        Name:  Title:   

 

  Exhibit A – 4  This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.  Dated:    U.S. BANK NATIONAL ASSOCIATION,  as Trustee        By:        Authorized Signatory    

 

  1  Newtek Business Services Corp.  5.75% Notes due 2024  This Security is one of a duly authorized issue of Senior Securities of the Company  (herein called the “Securities”), issued and to be issued in one or more series under an Indenture,  dated as of September 23, 2015 (herein called the “Base Indenture”, which term shall have the  meaning assigned to it in such instrument), between the Company and U.S. Bank National  Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee  under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of  the respective rights, limitations of rights, duties and immunities thereunder of the Company, the  Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are  to be, authenticated and delivered, as supplemented by the Fourth Supplemental Indenture, dated  as of July 29, 2019, by and between the Company and the Trustee (herein called the “Fourth  Supplemental Indenture”), and the Eighth Supplemental Indenture, dated as of February 16,  2021, by and between the Company and the Trustee (herein called the “Eighth Supplemental  Indenture”), and as further supplemented by the Ninth Supplemental Indenture relating to the  Securities, dated as of May 20, 2021, by and between the Company and the Trustee (herein  called the “Ninth Supplemental Indenture”, and the Fourth Supplemental Indenture, the Eighth  Supplemental Indenture, the Ninth Supplemental Indenture and the Base Indenture collectively  are herein called the “Indenture”).  In the event of any conflict between the Base Indenture, the  Fourth Supplemental Indenture, the Eighth Supplemental Indenture, and the Ninth Supplemental  Indenture, the Ninth Supplemental Indenture shall govern and control.  This Security is one of the series designated on the face hereof, which series, as of the  date hereof, is limited in aggregate principal amount to $                         .  Under a Board  Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the  Company may from time to time, without the consent of the Holders of Securities, issue  additional Securities of this series (in any such case “Additional Securities”) having the same  ranking and the same interest rate, maturity and other terms as the Securities.  Any Additional  Securities and the existing Securities will constitute a single series under the Indenture and all  references to the relevant Securities herein shall include the Additional Securities unless the  context otherwise requires.  The aggregate amount of outstanding Securities represented hereby  may from time to time be reduced or increased, as appropriate, to reflect exchanges and  redemptions.  The Securities of this series are subject to redemption in whole or in part at any time or  from time to time, at the option of the Company, on or after August 1, 2021, at a redemption  price per security equal to 100% of the outstanding principal amount thereof plus accrued and  unpaid interest payments otherwise payable for the then-current quarterly interest period accrued  to, but excluding, the date fixed for redemption.  Notice of redemption shall be given in writing and mailed, first-class postage prepaid or  by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be  redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at  the Holder’s address appearing in the Security Register.  All notices of redemption shall contain  the information set forth in Section 1104 of the Base Indenture and shall be irrevocable when  given.  

 

  2  Any exercise of the Company’s option to redeem the Securities will be done in  compliance with the Investment Company Act, to the extent applicable.  If the Company elects to redeem only a portion of the Securities, the Trustee or the  Depositary, as applicable, will determine the method for selecting the particular Securities to be  redeemed, in accordance with Section 101 of the Ninth Supplemental Indenture, Section 1103 of  the Base Indenture, and the rules of any national securities exchange or quotation system on  which the Notes are listed, in each case to the extent applicable.  In the event of redemption of  this Security in part only, a new Security or Securities of this series and of like tenor for the  unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation  hereof.  Unless the Company defaults in payment of the Redemption Price, on and after the  Redemption Date, interest will cease to accrue on the Notes called for redemption.  Holders of Securities do not have the option to have the Securities repaid prior to August  1, 2024.  The Indenture contains provisions for defeasance at any time of the entire indebtedness of  this Security or certain restrictive covenants and Events of Default with respect to this Security,  in each case upon compliance with certain conditions set forth in the Indenture.  If an Event of Default with respect to Securities of this series shall occur and be  continuing, the principal of the Securities of this series may be declared due and payable in the  manner and with the effect provided in the Indenture.  The Indenture permits, with certain exceptions as therein provided, the amendment  thereof and the modification of the rights and obligations of the Company and the rights of the  Holders of the Securities of each series to be affected under the Indenture at any time by the  Company and the Trustee with the consent of the Holders of not less than a majority in principal  amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also  contains provisions permitting the Holders of specified percentages in principal amount of the  Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of  such series, to waive compliance by the Company with certain provisions of the Indenture and  certain past defaults under the Indenture and their consequences.  Any such consent or waiver by  the Holder of this Security shall be conclusive and binding upon such Holder and upon all future  Holders of this Security and of any Security issued upon the registration of transfer hereof or in  exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made  upon this Security.  As provided in and subject to the provisions of the Indenture, the Holder of this Security  shall not have the right to institute any proceeding with respect to the Indenture or for the  appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall  have previously given the Trustee written notice of a continuing Event of Default with respect to  the Securities of this series, the Holders of not less than 25% in principal amount of the  Securities of this series at the time Outstanding shall have made written request to the Trustee to  institute proceedings in respect of such Event of Default in its own name as Trustee and offered  

 

  3  the Trustee indemnity, security, or both reasonably satisfactory to the Trustee against the costs,  expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not  have received from the Holders of a majority in principal amount of Securities of this series at  the time Outstanding a direction inconsistent with such request, and shall have failed to institute  any such proceeding, for sixty (60) days after receipt of such notice, request and offer of  indemnity and/or security.  The foregoing shall not apply to any suit instituted by the Holder of  this Security for the enforcement of any payment of principal hereof or any premium or interest  hereon on or after the respective due dates expressed herein.  No reference herein to the Indenture and no provision of this Security or of the Indenture  shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay  the principal of and any premium and interest on this Security at the times, place and rate, and in  the coin or currency, herein prescribed.  As provided in the Indenture and subject to certain limitations therein set forth, the  transfer of this Security is registrable in the Security Register, upon surrender of this Security for  registration of transfer at the office or agency of the Company in any place where the principal of  and any premium and interest on this Security are payable, duly endorsed by, or accompanied by  a written instrument of transfer in form satisfactory to the Company and the Security Registrar  duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one  or more new Securities of this series and of like tenor, of authorized denominations and for the  same aggregate principal amount, will be issued to the designated transferee or transferees.  The Securities of this series are issuable only in registered form without coupons in  denominations of $25 and any integral multiples of $25 in excess thereof.  As provided in the  Indenture and subject to certain limitations therein set forth, Securities of this series are  exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of  a different authorized denomination, as requested by the Holder surrendering the same.  No service charge shall be made for any such registration of transfer or exchange, but the  Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to  cover any tax or other governmental charge payable in connection therewith.  Prior to due presentment of this Security for registration of transfer, the Company, the  Trustee, or the Security Registrar and any agent of the Company, the Trustee, or the Security  Registrar may treat the Person in whose name this Security is registered as the owner hereof for  all purposes, whether or not this Security be overdue, and none of the Company, the Trustee, the  Security Registrar, or any agent thereof shall be affected by notice to the contrary.  All terms used in this Security which are defined in the Indenture shall have the meanings  assigned to them in the Indenture.  The Indenture and this Security shall be governed by and construed in accordance with  the laws of the State of New York, without regard to principles of conflicts of laws.

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