Document:

Exhibit 4.1

  

   

    

  
    TITAN MEDICAL INC.

     

    

    STOCK OPTION PLAN

    (Amended and Restated effective as of July 15, 2020)

    
      	
              1. 

              

            	
              The Plan and Definitions 

              

            
	 	 
	 	A stock option plan (this “Plan”), pursuant to which options to purchase common shares in the capital of Titan Medical Inc. (the “Corporation”) may be granted to the directors, officers and employees of the Corporation and to Service Providers retained by the Corporation, is hereby established on the terms and conditions set forth
              herein. 

            
	 	 
	 	The trading price of the Common Shares may vary from time to time and the advantage conferred by the granting of an Option may not be guaranteed. Accordingly, each person who
              has been granted an Option must decide, in accordance with his own estimate and financial situation, if it is appropriate to exercise any Option granted under this Plan. The decision to exercise or to not exercise an Option shall not affect
              in any way the status of the option holder within the Corporation or its subsidiaries. 

            
	 	 
	 	The following capitalized terms used herein shall have the meanings ascribed thereto as follows: 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (i) 

              

            	“Affiliate” shall have the meaning ascribed thereto in the Securities Act (Ontario) and regulations and instruments published and
              adopted pursuant thereunder; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (ii) 

              

            	“Black Out Period” means the period during which the Corporation has imposed trading restrictions on its insiders and certain other
              persons pursuant to its insider trading and disclosure policies; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (iii) 

              

            	“Board” means the Board of Directors of the Corporation; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (iv) 

              

            	“Code” means the United States Internal Revenue Code of 1986, as amended. 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (v) 

              

            	“control” and “controlled” shall have the meanings ascribed thereto in the Securities Act (Ontario); 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (vi) 

              

            	“Common Shares” means the common shares in the capital of the Corporation; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (vii) 

              

            	“Compensation Plans” means this Plan, the DSU Plan and the SU Plan; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (viii) 

              

            	“Disability” means any disability with respect to a Participant which the Board, in its sole and unfettered discretion, considers likely
              to prevent permanently the Participant from: 

            
	 	 	 	 
	 	 	(a) 

            	being employed or engaged by the Corporation, its subsidiaries or another employer, in a position the same as or similar to that in which he was last employed or engaged by the Corporation or its
              subsidiaries; or 

            
	 	 	 	 
	 	 	(b) 

            	acting as a director or officer of the Corporation or its subsidiaries; 

            
	
               

            	
               

            	 	
               

            
	
               

            	
              (ix) 

              

            	“DSU Plan” means the Deferred Share Unit Plan of the Corporation effective as of May 29, 2019; 

            
	
               

            	
               

            	 	
               

            
	 	(x) 

            	“Eligible Assignee” means, in respect of a Participant, that person’s spouse, minor children or minor grandchildren, Eligible Retirement
              Plan, Eligible Corporation or Eligible Family Trust;  

            

    

    
      
                   

          
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        	 	(xi) 

              	“Eligible Corporation” means, in respect of a Participant, a corporation controlled by that person and all the shares of which are
                held by that person and/or Eligible Assignees of that person; 

              
	 	 	 	 
	 	(xii) 

              	“Eligible Family Trust” means, in respect of a Participant, a trust of which the Eligible Person is a trustee and of which all
                beneficiaries are that person and/or Eligible Assignees; 

              
	 	 	 	 
	 	(xiii) 

              	“Eligible Retirement Plan” means, in respect of a Participant in Canada, a registered retirement savings plan or registered retirement
                income fund established by that person or under which the beneficiary or annuitant is that person; 

              
	 	 	 	 
	 	(xiv) 

              	“Exchange” means the Toronto Stock Exchange and/or such other stock exchange upon which the Common Shares may become listed; 

              
	 	 	 	 
	 	(xv) 

              	“Incentive Stock Option” means an Option that qualifies an Incentive Stock Option under section 422 of the Code. 

              
	 	 	 	 
	 	(xvi) 

              	“Insider” means a “reporting insider” (as such term is defined in National Instrument 55-104 – Insider

                  Reporting Requirements and Exemptions) and “associates” and “affiliates” thereof (as such terms are defined in the rules of the Exchange or where they are not so defined, as such terms are defined in the Securities Act (Ontario)); 

              
	 	 	 	 
	 	(xvii) 

              	“Insider Participation Limit” means the number of Common Shares: 

              
	 	 	 	 
	 	 	(a) 

              	issued to Insiders, within any one year period, and 

              
	 	 	 	 
	 	 	(b) 

              	issuable to Insiders, at any time, 

              
	 	 	 	 
	 	 	under this Plan, and when combined with the SU Plan, DSU Plan and all of the Corporation’s other security based compensation arrangements (if any), do not exceed 15% of the
                Corporation’s total issued and outstanding common shares. 

              
	 	 	 
	 	(xviii) 

              	“Nonqualified Stock Option” means an Option that is not an Incentive Stock Option.  

              
	 	 	 	 
	 	(xix) 

              	“Option Period” shall mean the period during which an Option may be exercised;  

              
	 	 	 	 
	 	(xx)  

              	“Options” shall mean options to purchase Common Shares granted under this Plan and includes Incentive Stock Options and Nonqualified
                Stock Options;  

              
	 	 	 
	 	(xxi)  

              	“Participant” shall have the meaning ascribed to in Section 6(a);  

              
	 	 	 
	 	(xxii)  

              	“Service Providers” shall mean persons engaged by the Corporation or by any Affiliate of the Corporation to provide services (i) where
                the person is in the United States, on a continuous basis for an initial, renewable or extended period of twelve months or more and, in the United States, shall only include those persons who may participate in an “Employee Benefit Plan” as
                set forth in Rule 405 of the U.S. Securities Act, or (ii) where the person is outside the United States, the said person meets the definition of a “consultant” as such term is defined in National Instrument 45-106 – Prospectus Exemptions; provided that such persons are natural persons, provide bona fide services to the Corporation and such services are not in connection with the offer or sale of securities in a
                capital-raising transaction and do not directly or indirectly promote or maintain a market for the Corporation’s securities; 

              

        

        
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            	(xxiii) 

            	“SU Plan” means the Share Unit Plan of the Corporation effective as of May 29, 2019; 

            
	 	 	 	 
	 	(xxiv) 

            	“U.S. Securities Act” means the United States Securities Act of 1933, as amended; and 

            
	 	 	 	 
	 	(xxv) 

            	“U.S. Participant” means a Participant who is a citizen of the United States or a resident of the United States, in each case as defined
              in section 7701(a)(30)(A) and section 7701(b)(1) of the Code, and such other Participant to the extent their Options awarded under the Plan are subject to U.S. federal income tax under the Code. 

            
	 	 	 	 
	 	(xxvi)

            	“VWAP” means the volume weighted average trading price of the Common Shares on the Exchange, calculated by dividing the total value by
              the total volume of Common Shares traded for the relevant period. 

            

      

      

      	2. 

            	Purpose 

            
	 	 
	 	The purpose of this Plan is to advance the interests of the Corporation by encouraging the directors, officers and employees of the Corporation and Service Providers retained
              by the Corporation to acquire Shares, thereby: (i) increasing the proprietary interests of such persons in the Corporation; (ii) aligning the interests of such persons with the interests of the Corporation’s shareholders generally; (iii)
              encouraging such persons to remain associated with the Corporation and (iv) furnishing such persons with an additional incentive in their efforts on behalf of the Corporation. 

            
	 	 
	3. 

            	Administration 

            
	 	 	 	 
	 	(a) 

            	This Plan shall be administered by the Board. 

            
	 	 	 	 
	 	(b) 

            	Subject to the terms and conditions set forth herein, the Board is authorized to provide for the granting, exercise and method of exercise of Options, all on such terms (which
              may vary between Options granted from time to time) as it shall determine.  In addition, the Board shall have the authority to: (i) construe and interpret this Plan and all option agreements entered into hereunder; (ii) prescribe, amend and
              rescind rules and regulations relating to this Plan and (iii) make all other determinations necessary or advisable for the administration of this Plan.  All determinations and interpretations made by the Board shall be binding on all
              Participants (as hereinafter defined) and on their legal, personal representatives and beneficiaries and permitted assignees hereunder. 

            
	 	 	 	 
	 	(c) 

            	The Board’s authority to make amendments to this Plan without shareholder approval shall be in accordance with Section 19 below. 

            
	 	 	 	 
	 	(d) 

            	Notwithstanding the foregoing or any other provision contained herein, the Board shall have the right to delegate the administration and operation of this Plan, in whole or in
              part, to a committee of the Board or to the Chief Executive Officer or any other officer of the Corporation.  Whenever used herein, the term “Board” shall be deemed to include any committee or officer to which the Board has, fully or
              partially, delegated responsibility and/or authority relating to the Plan or the administration and operation of this Plan pursuant to this Section 3. 

            
	 	 	 	 
	 	(e) 

            	Options shall be evidenced by (i) an agreement, signed on behalf of the Corporation and by the person to whom an Option is granted, which agreement shall be in such form as the
              Board shall approve, or (ii) a written notice or other instrument, signed by the Corporation, setting forth the material attributes of the Options. 

            

    

    

    
      
        
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      	 	(f) 

            	The Board shall not grant Options to residents of the United States unless such Options are registered under the U.S. Securities Act or are issued in compliance with an
              available exemption from the registration requirements of the U.S. Securities Act. 

            
	 	 	 	 
	4. 

            	Shares Subject to Plan
	 	 	 
	 	(a) 

            	Subject to Section 16 below, the securities that may be acquired by Participants upon the exercise of Options shall be deemed to be fully authorized and issued Common Shares. 
              Whenever used herein, the term “Common Shares” shall be deemed to include any other securities that may be acquired by a Participant upon the exercise of an Option the terms of which have been modified in accordance with Section 16 below. 

            
	 	 	 
	 	(b) 

            	The aggregate number of Common Shares reserved for issuance under this Plan and all of the other Compensation Plans of the Corporation, shall not, at the time of the stock
              option grant, exceed fifteen percent (15%) of the total number of issued and outstanding Common Shares (calculated on a non-diluted basis) unless the Corporation receives the permission of the stock exchange or exchanges on which the Shares
              are then listed to exceed such limit. 

            
	 	 	 
	 	(c) 

            	If any Option granted under this Plan shall expire or terminate for any reason without having been exercised in full, any un-purchased Common Shares to which such Option
              relates shall be available for the purposes of the granting of Options under this Plan. 

            
	 	 	 	 
	5.  

            	Maintenance of Sufficient Capital  

            
	 	 
	 	The Corporation shall at all times during the term of this Plan ensure that the number of Common Shares it is authorized to issue shall be sufficient to
              satisfy the Corporation’s obligations under all outstanding Options granted pursuant to this Plan. 

            

    

    
      
        	 	 	 
	6. 

              	Eligibility and Participation   

              
	 	 	 	 
	 	(a) 

              	The Board may, in its discretion, select any of the following persons to participate in this Plan and to receive Options under this Plan: 

              
	 	 	 
	 	 	(i) 

              	directors of the Corporation and of any Affiliate of the Corporation; 

              
	 	 	 	 
	 	 	(ii) 

              	officers of the Corporation and of any Affiliate of the Corporation; 

              
	 	 	 	 
	 	 	(iii) 

              	employees of the Corporation and of any Affiliate of the Corporation; and 

              
	 	 	 	 
	 	 	(iv) 

              	Service Providers; 

              
	 	 	 	 
	 	 	(any such person having been selected for participation in this Plan by the Board is herein referred to as a “Participant”). 

              
	 	 	 	 
	 	(b) 

              	The Board may from time to time, in its discretion, grant an Option to any Participant, upon such terms, conditions and
                limitations as the Board may determine, including the terms, conditions and limitations set forth herein, provided that Options granted to any Participant shall be approved by the shareholders of the Corporation if the rules of any stock
                exchange on which the Shares are listed require such approval. 

              
	 	 
	7. 

              	Exercise Price 

              
	 	 
	 	The Board shall, at the time an Option is granted under this Plan, fix the exercise price at which Common Shares may be acquired upon the exercise of
                such Option provided that such exercise price may not be lower than the greater of (i) the VWAP of the Common Shares on the Exchange over the period of five days immediately preceding the date of the
                grant, and (ii) the closing price of the Common Shares on the Exchange on the last trading day preceding the date of grant. In addition, the exercise price of an Option must be paid in cash.  Disinterested shareholder approval shall be
                obtained by the Corporation prior to any reduction to the exercise price if the affected Participant is an Insider. 

              

      

    

    

    
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      	8. 

            	Number of Optioned Shares 

            
	 	 	 	 
	 	The number of Common Shares that may be acquired under an Option granted to a Participant shall be
                determined by the Board as at the time the Option is granted, provided that the aggregate number of Shares reserved for issuance to any one Participant under this Plan or any other plan of the Corporation, shall not exceed five percent (5%)
                of the total number of issued and outstanding Common Shares (calculated on a non-diluted basis) in any 12-month period. 

            
	 	 
	 	This Plan limits the number of Options which may be granted to Insiders to the Insider Participation Limit except in circumstances
              where the Corporation has obtained disinterested shareholder approval for grants of Options to Participants who are Insiders where any such grant or grants would result in the Insider Participation Limit being exceeded. 

            
	 	 
	9. 

            	Term 

            
	 	 
	 	The Option Period shall be determined by the Board at the time that the Option is granted, subject to any vesting limitations which
              may be imposed by the Board in its sole and unfettered discretion at the time that such Option is granted and Sections 11, 12 and 16 below, provided that: 

            
	 	 	 
	 	(a) 

            	no Option shall be exercisable for a period exceeding ten (10) years from the date that the Option is granted unless the Corporation receives the required approval of the stock
              exchange or exchanges on which the Common Shares are then listed and as specifically provided by the Board and as permitted under the rules of any stock exchange or exchanges on which the Shares are then listed; 

            
	 	 	 
	 	(b) 

            	no Option in respect of which shareholder approval is required under the rules of any stock exchange or exchanges on which the Common Shares are then listed shall be
              exercisable until such time as the Option has been approved by the shareholders of the Corporation; 

            
	 	 	 
	 	(c) 

            	the Board may, subject to the receipt of any necessary regulatory approvals, in its sole discretion, accelerate the time at which any Option may be exercised, in whole or in
              part; and 

            
	 	 	 
	 	(d) 

            	
              notwithstanding the expiration date applicable to any Option, if an Option would otherwise expire during a Black Out Period or during the period of ten business days immediately following the last day of a Black Out Period, the
                expiration date of such Option shall be the tenth business day following the expiration of the Black Out Period, provided that in no event shall the period during which said Option is exercisable be extended beyond 10 years from the date
                such Option is granted to the Participant. 

              

            

    

    

    

    	10. 

          	Method of Exercise of Option 

          
	 	 	 
	 	(a) 

          	Except as set forth in Sections 11 and 12 below or as otherwise determined by the Board, no Option may be exercised unless the holder of such Option is, at the time the Option is exercised,
            a director, officer, employee or Service Provider of the Corporation or an Eligible Assignee. 

          

    

      
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        	 	(b) 

              	Options that are otherwise exercisable in accordance with the terms thereof may be exercised in whole or in part from time to time. 

              
	 	 	 
	 	(c) 

              	Any Participant (or his legal, personal representative) or Eligible Assignee wishing to exercise an Option shall deliver to the Corporation, at its principal office in the
                City of Toronto, Ontario: 

              
	 	 	 	 
	 	 	(i) 

              	a written notice expressing the intention of such Participant (or his legal, personal representative) or Eligible Assignee to exercise the Option and specifying the number of Common Shares in respect of
                which the Option is exercised; and 

              
	 	 	 	 
	 	 	(ii) 

              	a cash payment, certified cheque or bank draft, representing the full purchase price of the Common Shares in respect of which the Option is exercised. 

              
	 	 
	 	(d)

              	Upon the exercise of an Option as aforesaid, the Corporation shall use reasonable efforts to forthwith deliver, or cause the registrar and transfer agent of the Common Shares
                to deliver, to the relevant Participant (or his legal, personal representative) or to the order thereof, a certificate representing the aggregate number of fully paid and non-assessable Common Shares in respect of which the Option has been
                duly exercised. 

              
	 	 	 
	 	(e) 

              	No Option holder who is resident in the United States may exercise Options unless the Common Shares to be issued upon exercise are registered under the U.S. Securities Act or
                are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

              
	 	 	 
	 	(f) 

              	The Corporation shall be entitled to take all steps necessary to ensure that sufficient funds are provided to the Corporation by the Participant or Eligible Assignee to
                enable the Corporation to satisfy all withholding tax and other source deduction requirements in respect of the exercise of an Option by the Participant or Eligible Assignee that are imposed by any applicable law, including: 

              

        

        

        	 	 	(i) 

              	deducting and withholding any amount from any payments made to the Participant or Eligible Assignee, whether hereunder or otherwise; 

              
	 	 	 	 
	 	 	(ii) 

              	requiring from the Participant or Eligible Assignee a cash payment, certified cheque or bank draft in the amount specified by the Corporation; and 

              
	 	 	 	 
	 	 	(iii) 

              	requiring that the Participant or Eligible Assignee enter into a same-day sale in respect of some or all of the Common Shares received on the exercise of an Option, with a portion of the sale proceeds being
                remitted directly to the Corporation. 

              
	 	 
	11. 

              	Ceasing to be a Director, Officer, Employee or Service Provider 

              
	 	 
	 	Unless the Board otherwise determines: 

              
	 	 	 
	 	(a) 

              	if a Participant is dismissed for cause as a director, officer or employee of, or Service Provider to, the Corporation or one of its subsidiaries, all unexercised Option
                rights of that Participant or such Participant’s Eligible Assignee (where the Participant has assigned the Option to such Eligible Assignee) under this Plan shall immediately become terminated and shall lapse notwithstanding the original
                term of the Option granted to such Participant under this Plan; and 

              
	 	 	 
	 	(b) 

              	if any Participant shall cease to hold the position or positions of director, officer, employee or Service Provider of the Corporation (as the case may be) as a result of (i)
                retirement at the normal retirement age prescribed by the Corporation, if any; (ii) resignation; or (iii) termination other than for cause; such Participant or such Participant’s Eligible Assignee (where the Participant has assigned the
                Option to such Eligible Assignee) shall have the right for a period to be determined by the Board not exceeding 90 days, or such longer period determined by the Board at its discretion in respect of a specific Option on a date after such
                Option is granted notwithstanding an earlier determination by the Board, from the date of the Participant ceasing to be a director, officer, employee or Service Provider to exercise his Options under this Plan with respect to all Common
                Shares issuable thereunder to the extent that the Options were exercisable on the date of such Participant ceasing to hold any such position with the Corporation, or until the normal expiry date of the Option, whichever is earlier. Upon the
                expiration of such period, all unexercised Option rights of that Participant and any Eligible Assignee thereof under this Plan shall immediately become terminated and shall lapse notwithstanding the original term of the Option granted to
                such Participant under this Plan. 

              

        

      

    

    

    
      
        
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    	 	For greater certainty, the termination of any Options held by the Participant or his Eligible Assignee, and the period during which the Participant or his
            Eligible Assignee may exercise any Options, shall be without regard to any notice period arising from the Participant’s ceasing to hold the position or positions of director, officer, employee or Service Provider of the Corporation (as the case
            may be).   

          
	 	 	 	 
	 	Neither the selection of any person as a Participant nor the granting of an Option to any Participant under this Plan shall: (i) confer upon such Participant
            any right to continue as a director, officer, employee or Service Provider of the Corporation, as the case may be; or (ii) be construed as a guarantee that the Participant will continue as a director, officer, employee or Service Provider of
            the Corporation, as the case may be.   

          
	 	 	 	 
	12. 

          	Death or Disability of a Participant 

          
	 	 
	 	In the event of the death of a Participant, any Option previously granted to him shall be exercisable
              until the end of the Option Period or until the expiration of 12 months after the date of death of such Participant, whichever is earlier, and then only: 

          
	 	 
	 	(a) 

          	by the person or persons to whom the Participant’s rights under the Option shall pass by the Participant’s will or applicable law; and 

          
	 	 	 
	 	(b) 

          	to the extent that he was entitled to exercise the Option as at the date of his death. 

          
	 	 	 
	 	Notwithstanding Section 11, in the event of the Disability of a Participant, any Option previously granted to him shall be exercisable until the end of the
            Option Period or until the expiration of 12 months after the determination by the Board of the Disability, whichever is earlier. 

          
	 	 	 
	13. 

          	Incentive Stock Options Awarded to U.S. Participants  

          
	 	 
	 	U.S. Participants may be awarded Incentive Stock Options or Nonqualified Stock Options.  Notwithstanding anything to the contrary in this Plan, the following
            provisions in this Section 13 will apply to Incentive Stock Options. 

          
	 	 	 
	 	(a) 

          	Each agreement or notice evidencing the grant of an Option as contemplated by Section 3(e) of the Plan shall specify whether the related Option is an Incentive Stock Option or a
            Nonqualified Stock Option.  If no such specification is made, the Option will be a Nonqualified Stock Option. 

          

     

    

    
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    	 	(b)  

          	Notwithstanding any other provision of this Plan to the contrary, the aggregate number of Common Shares available for Incentive Stock Options is 9,455,713 subject to adjustment pursuant
            to Section 16 of this Plan and subject to the provisions of Sections 422 and 424 of the Code.  For clarity, the foregoing sentence in this sub-Section 13(b) shall not be interpreted to limit the number of Nonqualified Stock Options that the
            Corporation may grant (and the number of Common Shares that may be issuable thereunder), at the discretion of the Board, pursuant to this Plan. 

          
	 	 	 
	 	(c)  

          	The exercise price per Common Share payable upon exercise of an Incentive Stock Option will be not less than one hundred percent (100%) of the fair market value of a Common Share on the
            applicable grant date; provided, however, that the exercise price per common Share payable upon exercise of an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder (within the
            meaning of Code Sections 422 and 424) on the applicable grant date will be not less than one hundred ten percent (110%) of the fair market value of a Common Share on the applicable grant date. 

          
	 	 	 
	 	
            (d)  

            

          	No Incentive Stock Option may be granted more than ten (10) years after the earlier of (i) the date on which this Plan is adopted by the Board or (ii) the date on which this Plan is
            approved by the shareholders of the Corporation. 

          
	 	 	 
	 	(e)  

          	An Incentive Stock Option will terminate and no longer be exercisable no later than ten (10) years after the applicable grant date; provided, however,
            that an Incentive Stock Option granted to a U.S. Participant who is a 10% Shareholder (within the meaning of Code Sections 422 and 424) on the applicable grant date will terminate and no longer be exercisable no later than five (5) years after
            the applicable grant date. 

          
	 	 	 
	 	(f)  

          	The aggregate fair market value of the Common Shares (determined as of the applicable grant date) with respect to which Incentive Stock Options are exercisable for the first time by any
            U.S. Participant during any calendar year (pursuant to this Plan and all other plans of the Corporation and of any parent or subsidiary of the Corporation, as defined under Code Section 424(e) and (f)) will not exceed one hundred thousand
            United States dollars (US$100,000) or any other limitation subsequently set forth in Section 422(d) of the Code.  To the extent that an Option that is designated as an Incentive Stock Option becomes exercisable for the first time during any
            calendar year for Common Shares  having a fair market value greater than US$100,000, the portion that exceeds such amount will be treated as a Nonqualified Stock Option. 

          
	 	 	 
	 	(g)  

          	An Incentive Stock Option granted to a U.S. Participant may be exercised during such U.S. Participant’s lifetime only by such U.S. Participant. 

          
	 	 	 
	 	(h)  

          	An Incentive Stock Option granted to a U.S. Participant may not be transferred, assigned, pledged, hypothecated or otherwise disposed of by such U.S. Participant, except by will or by
            the laws of descent and distribution. 

          
	 	 	 
	 	(i)  

          	In the event the Plan is not approved by the shareholders of the Corporation in accordance with the requirements of Section 422 of the Code within twelve (12) months of the date of
            adoption of the Plan, Options otherwise designated as Incentive Stock Options will be Nonqualified Stock Options. 

          

    
             

        
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            	(j)	The Corporation shall have no liability to a U.S. Participant or any other party if any Option (or any part thereof) intended to be an Incentive Stock Option is not an
              Incentive Stock Option.
	 	 	 
	 	(k) 

            	An Incentive Stock Options shall be exercisable in accordance with its terms under the Plan and the applicable agreement or certificate awarding the Option and related exhibits
              and appendices thereto, if any.  However, in order to retain its treatment as an Incentive Stock Option for United States federal income tax purposes, the Incentive Stock Option must be exercised  within the following time periods (to the
              extent it otherwise is exercisable during such period pursuant to the terms of the Option): 

            
	 	 	 
	

            	

            	(i)	For Incentive Stock Option treatment, if a U.S. Participant who has been granted an Incentive Stock Option ceases to be an Employee due to the disability of such U.S. Participant (within the meaning
              of Code Section 22(e)), such Incentive Stock Option must be exercised (to the extent such Incentive Stock Option was exercisable on the date of disability) by the date that is one year following the date of such disability (but in no event
              beyond the end of the Option Period of such Option). 

            
	

            	

            	

            
	

            	

            	(ii)	For Incentive Stock Option treatment, if a U.S. Participant who has been granted an Incentive Stock Option ceases to be an employee for any reason other than the death or disability(within the
              meaning of Code Section 22(e)) of such U.S. Participant, such Incentive Stock Option must be exercised (to the extent such Incentive Stock Option was exercisable on the date of termination) by such U.S. Participant within three months
              following the date of termination (but in no event beyond the end of the Option Period of such Option). 

            
	

            	

            	

            
	

            	

            	(iii)	purposes of this Section 13(g), the employment of a U.S. Participant who has been granted and Incentive Stock Option will not be considered interrupted or terminated upon (a) sick leave, military
              leave or any other leave of absence approved by the Corporation that does not exceed ninety (90) days in the aggregate; provided, however, that if reemployment upon the expiration of any such leave is guaranteed by contract or applicable law,
              such ninety (90) day limitation will not apply, or (b) a transfer from one office of the Corporation (or of any parent or subsidiary of the Corporation as defined in Code Sections 424(e) and (f)) to another office of the Corporation (or of
              any such parent or subsidiary) or a transfer between the Corporation and any such parent or subsidiary. 

            

      

      

      	14.	Rights of Participants
	

            	 
	

            	No person entitled to exercise any Option granted under this Plan shall have any of the rights or privileges of a shareholder of the Corporation in respect of any Common Shares
              issuable upon exercise of such Option until such Common Shares have been paid for in full and issued to such person.
	

            	 
	15.	Proceeds from Exercise of Options
	

            	 
	

            	The proceeds from any issuance of Common Shares upon the exercise of Options shall be added to the general funds of the Corporation and shall thereafter be used from time to time for such corporate
              purposes as the Board may determine and direct. 

            

      

    

    

    
      9

      
        

    

    
      
         

          

        	16. 

              	Adjustments  

              
	 	 	 
	 	(a) 

              	The number of Common Shares subject to the Plan shall be increased or decreased proportionately in the event of the subdivision or consolidation of the outstanding Common
                Shares of the Corporation, and in any such event a corresponding adjustment shall be made to the number of Common Shares deliverable upon the exercise of any Option granted prior to such event without any change in the total price
                applicable to the unexercised portion of the Option, but with a corresponding adjustment in the price for each Common Share that may be acquired upon the exercise of the Option.  In case the Corporation is reorganized or merged or
                consolidated or amalgamated with another corporation, appropriate provisions shall be made for the continuance of the Options outstanding under this Plan and to prevent any dilution or enlargement of the same. 

              
	 	 	 
	 	(b) 

              	Adjustments under this Section 16 shall be made by the Board, whose determination as to what adjustments shall be made, and the extent thereof, shall be final, binding and
                conclusive.  No fractional Common Shares shall be issued upon the exercise of an Option following the making of any such adjustment. 

              
	 	 	 	 
	17. 

              	Change of Control  

              
	 	 
	 	Notwithstanding any vesting restrictions otherwise applicable to the relevant Options, in the event of a sale by the Corporation of all or substantially
                all of its assets or in the event of a change of control of the Corporation, each Participant or his Eligible Assignee shall be entitled to exercise, in whole or in part, the Options granted to such Participant hereunder, either during the
                term of the Option or within 90 days after the date of the sale or change of control, whichever first occurs. 

              
	 	 
	 	For the purpose of this Plan, “change of control of the Corporation” means and shall be deemed to have occurred upon: 

              
	 	 	 	 
	 	(a)  

              	the acceptance by the holders of Common Shares of the Corporation, representing in the aggregate, more than 50 percent (50%) of all issued Common Shares
                of the Corporation, of any offer, whether by way of a takeover bid or otherwise, for all or any of the outstanding Common Shares of the Corporation; or 

              
	 	 	 
	 	(b) 

              	the acquisition, by whatever means, by a person (or two or more persons who, in such acquisition, have acted jointly or in concert or intend to exercise
                jointly or in concert any voting rights attaching to the Common Shares acquired), directly or indirectly, of beneficial ownership of such number of Common Shares or rights to Common Shares of the Corporation, which together with such
                person’s then owned Common Shares and rights to Common Shares, if any, represent (assuming the full exercise of such rights to voting securities) more than fifty percent (50%) of the combined voting rights of the Corporation’s then
                outstanding Common Shares; or 

              
	 	 	 
	 	(c) 

              	the entering into of any agreement by the Corporation to merge, consolidate, amalgamate, initiate an arrangement or be absorbed by or into another
                corporation; or 

              
	 	 	 
	 	(d) 

              	the passing of a resolution by the Board or shareholders of the Corporation to substantially liquidate the assets or wind-up the Corporation’s business
                or significantly rearrange its affairs in one or more transactions or series of transactions or the commencement of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement is part of a bona fide
                reorganization of the Corporation in circumstances where the business of the Corporation is continued and where the shareholdings remain substantially the same following the re-arrangement); or 

              
	 	 	 
	 	(e) 

              	individuals who were members of the Board immediately prior to a meeting of the shareholders of the Corporation involving a contest for or an item of
                business relating to the election of directors, not constituting a majority of the Board following such election. 

              

        

        
          10

          
            

        

      

    

     

    
      
         

          

        	18. 

              	Transferability 

              
	 	 	 
	 	(a) 

              	Subject to sub-Section 18(b), all Options and all benefits, interests and rights accruing to any Participant (or such Participant’s Eligible Assignee) in accordance with the
                terms and conditions of this Plan may only be exercised by the Participant (or such Participant’s Eligible Assignee) during the lifetime of a Participant and shall be non-transferrable and non-assignable and may not be made subject to
                execution, attachment or similar process, save and except with the prior written permission of the Board, or in the event of the death of a Participant, by the person or persons to whom the Participant’s rights under the Option pass by the
                Participant’s will or applicable laws of descent and distribution. 

              
	 	 	 
	 	(b) 

              	Notwithstanding sub-Section 18(a) but subject to obtaining any necessary approvals in advance from the Corporation and from each Exchange on which the Common Shares are
                listed and which reserves the right to approve such assignments, a Participant may assign Options granted to him under the Plan to Eligible Assignees and Eligible Assignees may, in turn, assign such Options to the original Participant or to
                other Eligible Assignees of the original Participant.  Notwithstanding any such assignment, (i) all Options granted under the Plan shall be deemed to be the Option of the original Participant for the purposes of applying the rules and
                policies of the Exchange on which the Common Shares are listed and (ii) the Corporation shall continue to treat the original Participant as the holder of the assigned Options unless and until such time as the Corporation is provided with
                notice in writing from the original Participant or its legal representative and the Eligible Assignee, together with such other documentation as the Corporation may require, confirming that the assignee is an Eligible Assignee. 

              
	 	 	 	 
	19. 

              	Amendment and Termination of Plan 

              
	 	 
	 	The Board may also, at any time, amend or revise the terms of this Plan, subject to the receipt of all necessary shareholder, Exchange and regulatory
                approvals, and any such amendment or revision shall apply to any Options theretofore granted under this Plan. 

              
	 	 
	 	The Board has the discretion to make amendments to this Plan which it may deem necessary, without having to obtain shareholder approval including, without
                limitation: 

              
	 	 	 	 
	 	(a) 

              	minor changes of a “housekeeping nature”; 

              
	 	 	 
	 	(b) 

              	amending Options under this Plan, including with respect to the Option Period (provided that the period during which an Option is exercisable does not
                exceed 10 years from the date the Option is granted and that such Option is not held by an Insider), vesting period, exercise method and frequency, subscription price (provided that such Option is not held by an Insider) and method of
                determining the subscription price, assignability and effect of termination of a Participant’s employment or cessation of the Participant’s directorship; 

              
	 	 	 
	 	(c) 

              	changing the class of Participants eligible to participate under this Plan; 

              
	 	 	 
	 	(d) 

              	accelerating the vesting of any Option; 

              
	 	 	 
	 	(e) 

              	extending the expiration date of any Option provided that the period during which an option is exercisable does not exceed 10 years from the date the
                Option is granted and provided that such Option is not held by an Insider, and where such Option is held by an Insider in such case, shareholder approval shall be obtained in connection with the extension; 

              

        

        
          11

          
            

        

      

    

     

    
      
         

          

        	 	(f) 

              	changing the terms and conditions of any financial assistance which may be provided by the Corporation to Participants to facilitate the purchase of Common Shares under this Plan; and 

              
	 	 	 
	 	(g) 

              	adding a cashless exercise feature, payable in cash or securities, which provides for a full deduction of the number of underlying Common Shares from this Plan reserve. 

              

         

        

        	 	Shareholder approval will be required in the case of: (i) any amendment to the amendment provisions of this
                  Plan; (ii) any increase in the maximum number of Common Shares issuable under this Plan; (iii) any reduction in the exercise price or extension of the Option Period benefiting an insider of the Corporation; and (iv) any amendment to
                  remove or exceed the Insider Participation Limit, in addition to such other matters that may require shareholder approval under the rules and policies of the Exchange. 

              
	 	 
	20. 

              	Necessary Approvals 

              
	 	 
	 	The obligation of the Corporation to issue and deliver Common Shares in accordance with this Plan and
                  Options granted hereunder is subject to applicable securities legislation and to the receipt of any approvals that may be required from any regulatory authority or stock exchange having jurisdiction over the securities of the
                  Corporation.  If Common Shares cannot be issued to a Participant upon the exercise of an Option for any reason whatsoever, the obligation of the Corporation to issue such Common Shares shall terminate and any funds paid to the Corporation
                  in connection with the exercise of such Option will be returned to the relevant Participant (or his Eligible Assignee) as soon as practicable. 

              
	 	 
	21. 

              	Stock Exchange Rules 

              
	 	 
	 	This Plan and any option agreements entered into hereunder shall comply with the requirements from time to time of the Exchange. 

              
	 	 
	22. 

              	Market Fluctuations 

              
	 	 
	 	No amount will be paid to, or in respect of, a Participant (or any Eligible Assignee) under the Plan to compensate for a downward fluctuation in the price of
                Common Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant (or any Eligible Assignee)  for such purpose. 

              
	 	 
	 	The Corporation makes no representations or warranties to Participants (or any Eligible Assignee) with respect to the Plan or the Options whatsoever.
                Participants (and any Eligible Assignees) are expressly advised that the value of any Options in the Plan will fluctuate as the trading price of Common Shares fluctuates. 

              
	 	 
	 	In seeking the benefits of participation in the Plan, a Participant (and each Eligible Assignee) agrees to exclusively accept all risks associated with a decline
                in the market price of Common Shares whether before or after the exercise of Options and all other risks associated with participation in the Plan. 

              
	 	 
	23. 

              	Right to Issue Other Shares 

              
	 	 
	 	The Corporation shall not by virtue of this Plan be in any way restricted from declaring and paying stock dividends, issuing further Common Shares, varying or
                amending its share capital or corporate structure or conducting its business in any way whatsoever. 

              

      

    

    

    
      12

      
        

    

    
      
         

          

        	24. 

              	Notice 

              
	 	 
	 	Any notice required to be given by this Plan shall be in writing and shall be given by registered mail,
                  postage prepaid or delivered by courier or by facsimile transmission addressed, if to the Corporation, at its principal address in Toronto, Ontario (Attention: Chief Financial Officer); or if to a Participant (or to an Eligible Assignee),
                  to such Participant at his address as it appears on the books of the Corporation or in the event of the address of any such Participant not so appearing then to the last known address of such Participant; or if to any other person, to the
                  last known address of such person. 

              
	 	 
	25. 

              	Gender 

              
	 	 
	 	Whenever used herein words importing the masculine gender shall include the feminine and neuter genders and
                  vice versa. 

              
	 	 
	26. 

              	Interpretation 

              
	 	 
	 	This Plan will be governed by and construed in accordance with the laws of the Province of Ontario.
                

              
	 	 
	 	This Plan is subject to the approval of the stock exchange or exchanges on which the Common Shares are listed and, if applicable, of the shareholders of the
                Corporation. 

              
	 	 
	27. 

              	Effective Date of Plan 

              
	 	 
	 	This amended and restated Plan was adopted by the Board on September 22, 2014, it became effective on the date of its initial approval by shareholders of the
                Corporation on June 9, 2015, it was further amended and restated effective – 

              

        

        	 	 	(iv) 

              	with further approval by the Board, on March 14, 2018, 

              
	 	 	 
	 	 	(v) 

              	with shareholder approval, on May 29, 2019, and 

              
	 	 	 
	 	 	(vi) 

              	with further approval by the Board, on July 15, 2020. 

              

      

    

     

    

    

    

  

  13Exhibit
10.1

 

217
W. Main Street

Somerville,
New Jersey 08876

 

July
21, 2020

 

Akers
Biosciences, Inc.

201
Grove Road

Thorofare,
New Jersey 08086

 

Mr.
Bill J. White:

 

In
order to document the understanding between as to the scope of the work that Brio Financial Group will perform, as well as certain
other matters, we are entering into this Agreement with Akers Biosciences, Inc. (“you” or the “Company”).
To avoid any misunderstandings, this Agreement defines the services we will perform for you as well as your responsibilities.

 

SCOPE
OF WORK

 

Macro
Level Services:

 

●
We will provide an Interim Chief Financial Officer (“ICFO”) to the Company. The named ICFO will be Stuart Benson.
The ICFO is part of a team of Brio Financial Group (“Brio”) employees that will be responsible for:

 

	 	●	Oversee
    the accounting close process which includes being onsite two-days per week at the West Deptford, NJ location,
	 	 	 
	 	●	Work
    with Company’s management, accounting and finance teams to document and formalize accounting policies and procedures,
	 	 	 
	 	●	Work
    with Company’s management, accounting and finance teams to establish, improve upon and document internal controls over
    financial reporting,
	 	 	 
	 	●	Develop
    a weekly and monthly management reporting package (both financial information and key performance indicators) that will be
    presented to management monthly,
	 	 	 
	 	●	Assist
    in developing a corporate consolidation file, and on a quarterly basis, ensuring that Form 10Qs and the annual Form 10K prep
    is complete and oversee and manage the audit function,

 

    	 

     

    

 

	 	●	Provide
    strategic advice relating to future development of the finance team. Assist in defining a future development vision and
    legal structure for the finance function based on initial findings with senior management,

 

		●	Take
                                         responsibility to sign Forms 10-Q and 10-K (and the related certifications), as well
                                         as other financially oriented filings with the SEC (such as registration statements),
                                         as the Company’s ICFO and Principal Financial and Accounting Officer.Finance function
                                         overview and support for the following:

 

	 	●	Coordinating
    of proxy mechanics with Broadridge, etc. and proxy solicitor,
	 	●	Coordination
    with transfer agent for 144 requests, stock issuances, preferred stock conversions and warrant exercises,
	 	●	Assistance
    with financial disclosures for financings (i.e., prospectuses), reviewing reps and warranties in the purchase agreement for
    management, and preparation of disclosure schedules,
	 	●	Maintenance
    of stock options and warrant ledgers,
	 	●	General
    coordination of board and management signatures,
	 	●	Assist
    with Nasdaq filings in terms of stock info,
	 	●	Coordination
    of whistleblower requirements (i.e., coordinating putting a hotline in place),
	 	●	Liaising
    with management and the board for general communications,
	 	●	Coordination
    of press releases.

 

Monthly
Services:

 

●
On a monthly basis, the ICFO team will be responsible for:

 

	 	●	Work
    with the accounting team to ensure a timely financial close for the Company.  The Company is responsible for entering
    all operating transactions and performing ledger reconciliations,
	 	 	 
	 	●	Review
    of the monthly financial close and related reports,
	 	 	 
	 	●	Manage,
    mentor and work with the finance and accounting teams,
	 	 	 
	 	●	Update
    the headcount file and analyze payroll related costs (oversight of human resources),
	 	 	 
	 	●	Assist
    in accounting for complex financial instruments and other complex accounting transactions, such as the valuation, recognition,
    reporting and disclosure of all equity transactions. Brio will prepare and document this analysis so that the Company can
    provide the work papers to its auditors,
	 	 	 
	 	●	Ensure
    governance activities are kept up to date in legal entities, such as maintenance of Board meeting minutes,

 

    	 

     

    

 

	 	●	Act
    as the Company liaison with the EDGAR Filing agent,
	 	 	 
	 	●	Maintenance
    of bonus and option programs,
	 	 	 
	 	●	Assist
    management in the maintenance of group insurance programs,
	 	 	 
	 	●	Work
    with management in preparing for potential debt and equity capital raises for the Company,

 

Quarterly
Services:

 

●
We will assist you with preparing your 2020 annual financial statements (“Balance sheet, Income Statement, Statement of
Cash Flows, and Statement of Shareholders’ Equity”), including the accompanying notes, in accordance with Generally
Accepted Accounting Principles (GAAP) as applied by the Company. The Company is responsible for entering all operating transactions
and performing ledger reconciliations. We will coordinate this effort with Company personnel and the Company’s independent
auditor. 

 

●
We will assist you with preparing your 2020 quarterly financial statements (“Balance sheet, Income Statement, Statement
of Cash Flows, and Statement of Shareholders’ Equity”), including the accompanying notes, in accordance with Generally
Accepted Accounting Principles (GAAP) as applied by the Company. The Company is responsible for entering all operating transactions
and performing ledger reconciliations. We will coordinate this effort with Company personnel and the Company’s independent
auditor. 

 

●
On a quarterly basis, we will prepare all debt and equity rollforwards, and all material audit workpapers. Various workpapers
will be the responsibility of the Company’s internal accounting department, but Brio will review such workpapers and sign-off
on such workpapers prior to the delivery to the independent audit firm. 

 

●
On a quarterly basis, we will draft all complex accounting memos detailing accounting positions taken by the Company during each
quarterly accounting close process.

 

●
On a quarterly basis, we will be the liaison with the Company’s securities counsel, independent audit firm and the EDGAR
providers. We will maintain the working draft of the quarterly and annual filings and will work with the entire professional team
to ensure timely filing.

 

●
We will review your general ledger trial balance on a monthly and quarterly basis and, if we become aware of any adjustments that
may be appropriate, we will itemize these adjustments, provide supporting documentation and present the adjustments for management
approval. We will maintain an internal stock ledger and internal stock purchase warrants and stock option ledgers, utilized for
accounting valuation and disclosure purposes. 

 

    	 

     

    

 

●
We will assist you in the accounting of complex financial instruments and other complex accounting transactions, such as the valuation,
recognition, reporting and disclosure of all equity transactions and complex financial instruments. We will prepare and document
our analysis so that you can provide the analysis to your independent auditors. 

 

●
We will assist in the preparation of the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
portion of any quarterly and annual reports of the Company. You further acknowledge that we do not render legal advice.

 

●
You acknowledge that it is the responsibility of the Company to make and keep books, records, and accounts, which, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, and that our responsibility
is assisting you with the bookkeeping, the preparation of GAAP financial statements using management’s books, records, and
accounts. We are not being engaged to file 1099’s or other tax compliance returns.

 

●
We will assist the Company’s in evaluating the Company’s internal controls over financial reporting. 

 

●
At your request we will be available for conference calls with management and your Board of Directors or the Audit Committee of
your Board of Directors. We will prepare a board package containing supplemental financial information and key performance indicators
for each meeting of the Board of Directors.

 

Pricing

 

We
will perform the services for an initial retainer fee of $7,500, due upon the execution of this Agreement. Going forward,
we will perform the monthly services at a fixed monthly rate of $13,500, billed and payable on the Fifteenth of every month,
commencing August 15, 2020. The Company will also be billed for travel and other out-of-pocket costs, such as report production,
postage, etc.

 

Additional
work not expressly provided for in this Agreement, such as work for due diligence reviews for potential acquisitions, current
reports on Form 8-K, analysis for additional debt and equity raises, and additional travel for attendance in person at Board of
Director or other meetings are not included in the above estimate. Services such as these will be billed at our standard hourly
rates ($110/hour for staff accountant, $225/hour for Director level, and $295/hour for Managing Member) unless an additional engagement
letter and pricing scheme is in place. Please note that if there is a significant change in the company’s business or number
of transaction, the fixed monthly rate will need to be re-negotiated and a new agreement will need to be put into place prior
to additional work being performed by Brio Financial Group.

 

In
accordance with our usual procedures, we will present invoices on a monthly basis with payments due by end of month. We reserve
the right to suspend services whenever an invoice remains unpaid for more than 45 days.

 

    	 

     

    

 

E-mail
Communication

 

In
connection with this engagement, we may communicate with you or others via e-mail transmission. As e-mails can be intercepted
and read, disclosed, or otherwise used or communicated by an unintended third party, or may not be delivered to each of the parties
to whom they are directed and only to such parties, we cannot guarantee or warrant that e-mails from us will be properly delivered
and read only by the addressee. Therefore, we specifically disclaim any liability or responsibility whatsoever for interception
or unintentional disclosure or communication of e-mail transmissions, or for the unauthorized use or failed delivery of e-mails
transmitted by us in connection with the performance of this engagement. In that regard, you agree that we shall have no liability
for any loss or damage to any person or entity resulting from the use of e-mail transmissions, including any consequential, incidental,
direct, indirect, or special damages, such as loss of revenues or anticipated profits, or disclosure or communication of confidential
or proprietary information.

 

Compelled
Disclosure

 

In
the event that we or any of its affiliates, or any of its or their members, managers, partners, directors, officers and employees
are requested or become legally compelled (by oral questions, interrogatories, request for information or documents, subpoena,
civil investigative demand or similar process) to disclose any information regarding the Company or the services provided hereunder,
the Company (to the extent permitted) will be provided with prompt written notice thereof, so that the Company may seek a protective
order or other appropriate remedy at its own option and expense. The Company shall reimburse us for all costs and expenses, including
attorneys’ fees, which we and its affiliates, and its and their members, managers, partners, directors, officers and employees
incur in connection with such requested or compelled disclosure, whether or not any such protective order or other remedy is sought
or obtained.

 

Indemnification

 

The
Company shall defend, indemnify, and hold us and its affiliates, and its and their members, managers, partners, directors, officers
and employees, harmless from and against all claims asserted by a third party (or parties) and related damages, losses, or expenses,
including, but not limited, to attorneys’ fees arising out of or resulting from any and all acts or omissions of the Company
or its affiliates, including, but not limited to acts or omissions in the maintenance of the Company’s books, records, and
accounts, in the preparation or use of the Company’s financial statements, in the timely filing of reports, statements,
and other documents with the U.S. Securities and Exchange Commission, and in the design and maintenance of disclosure controls
and procedures and internal control over financial reporting.

 

Limitation
on Liability

 

Our
maximum liability hereunder for any reason shall be limited to the aggregate amount of the fees paid by the Company to us for
the twelve months immediately preceding the date of the applicable claim, except to the extent that it is finally determined that
the Company has incurred actual direct damages that have resulted from the gross negligence or willful misconduct of us, in which
case our maximum liability hereunder shall be limited to such actual direct damages. UNDER NO CIRCUMSTANCES SHALL WE BE LIABLE
FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL LOSS OR DAMAGE RELATING TO THIS AGREEMENT. This limitation
on liability provision shall apply to the fullest extent of the law, whether any claims are based in contract, statute, tort,
or otherwise.

 

    	 

     

    

 

Waiver

 

The
failure of any party to this Agreement at any time to require the performance of any provision of this Agreement shall in no manner
affect the right to enforce the same, and no waiver by any party to this Agreement of any provision of this Agreement (whether
by conduct or otherwise) shall be deemed or construed as a further or continuing waiver of such provision or any other provision
of this Agreement.

 

Third-Party
Rights

 

No
provision of this Agreement shall in any way inure to the benefit of any third person (including the public at large) so as to
make any such person a third-party beneficiary of this Agreement or of any one or more of the terms hereof, or otherwise give
rise to any cause of action in any person not a party hereto.

 

Severability

 

If
any provision of this Agreement, as applied to any party or to any circumstances, shall be found by a court of competent jurisdiction
to be void, invalid, or unenforceable, the same shall in no way affect any other provision of this Agreement, the application
of any such provision in any other circumstances, or the validity or enforceability of this Agreement.

 

Entire
Agreement

 

This
Agreement contains the entire understanding of the parties hereto relating to the subject matter of this Agreement and supersedes
all prior and collateral agreements, understandings, statements, and negotiations of the parties.

 

Governing
Law

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without regard to any laws
that might otherwise govern under applicable principles of conflicts of laws.

 

Dispute
Resolution

 

If
any dispute arises among the parties, they agree to try first in good faith to settle the dispute by mediation administered by
the American Arbitration Association (AAA) under its Commercial Mediation Rules. All unresolved disputes shall then be decided
by final and binding arbitration in accordance with the Commercial Arbitration Rules of the AAA. In agreeing to arbitration, we
both acknowledge that in the event of a dispute over fees, each of us is giving up the right to have the dispute decided in a
court of law before a judge or jury and instead we are accepting the use of arbitration for resolution. In any litigation, arbitration,
or other proceeding by which one party either seeks to enforce its rights under this Agreement (whether in contract, tort, or
both) or seeks a declaration of any rights or obligations under this Agreement, the prevailing party shall be awarded its reasonable
attorney fees, and costs and expenses incurred.

 

    	 

     

    

 

Term

 

This
Agreement will commence on the date hereof and will continue in effect until June 30, 2021. It is understood that either party
may terminate this Agreement at any time, for any reason, within 10 days of written notice to the other party. It is understood
that any unpaid services that are outstanding at the date of termination are to be paid in full within 10 days from the date of
termination. Any and all financial and other information in Brio Financial’s possession at the time of termination must
be turned over to the Company, including but not limited to quarterly and annual financial statements, accompanying footnotes,
ledgers, workpapers, MD&A, proposed adjustments with supporting documentation, any other work product prepared by Brio Financial
on behalf of the Company.

 

We
would like to take this opportunity to express our appreciation for the opportunity to offer our services to your organization.

 

Very
truly yours,

Brio
Financial Group

 

Acceptance:

 

This
letter correctly sets forth the understanding of Akers Biosciences, Inc.

 

	/s/
    Chris Schreiber	 
	Chris
    Schreiber, Executive Chairman	 
	 	 
	7/21/2020	 
	Date

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