Document:

Exhibit 10.18

 

 

SECURED PROMISSORY NOTE

 

 

	$[__________]	March [__], 2014

 

This Secured Promissory Note (“Note”)
is being issued by Enerpulse Technologies, Inc., a Nevada corporation (the “Company”), with principal offices
at 2451 Alamo Ave SE, Albuquerque, New Mexico 87106, to [     ], a
[________] (the “Holder”). [Contemporaneously with the issuance of this Note, the Company is also issuing to
the Holder a warrant to purchase [____] shares of the Company’s common stock, par value $0.001 per share, in the form attached
hereto as Exhibit A.]

 

For value received, the Company promises
to pay to the Holder, its successors or assigns, the principal sum of [ ($_0,000.00)], and to pay simple interest on the unpaid
principal balance from this date at the annual rate of the lower of (i) twelve percent (12.0%) or (ii) the highest rate permissible
by law. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be
due and payable on the earlier of (i) [INSERT DATE THAT IS 60 DAYS FROM ISSUANCE], 2014 (the “Maturity Date”),
or (ii) when, upon the occurrence and during the continuance of an Event of Default (as defined below), such amounts are declared
due and payable by the Holder or made automatically due and payable, in each case, in accordance with the terms hereof.

 

This Note is secured to the extent and in
the manner set forth in the form of Security Agreement attached hereto as Exhibit B.

 

Accrued interest shall be payable on the
Maturity Date, when all accrued but unpaid interest and the unpaid principal balance shall be paid in full.

 

The Company may at any time, without penalty,
prepay in whole or in part the unpaid balance of this Note. Each payment shall be credited first to accrued but unpaid interest
and the balance to principal, and interest shall cease to accrue on the amount of principal so paid.

 

Interest shall be computed on the basis
of a year of 365 days for the actual number of days elapsed.

 

All payments under this Note shall be made
in lawful currency of the United States of America to the Holder at [ADDRESS], or at such other address as the Holder shall have
furnished to the Company in writing.

 

The occurrence of any of the following shall
constitute an “Event of Default” under this Note:

 

(a)          The
Company shall fail to pay when due any principal or interest payment on the due date hereunder and such payment shall not have
been made within thirty (30) days of the Company’s receipt of written notice to the Company of such failure to pay; or

 

(b)          The
Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of
all or a substantial part of its property, (ii) make a general assignment for the benefit of its or any of its creditors,
(iii) be dissolved or liquidated, (iii) commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief
or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced
against it, and not discharged within one hundred eighty (180) days of commencement.

 

    	1

    	 

    

 

Upon the occurrence of any Event of Default
and at any time thereafter during the continuance of such Event of Default, the Holder may, by written notice to the Company, declare
all unpaid outstanding principal and accrued interest payable by the Company hereunder to be immediately due and payable without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein
to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event
of Default, the Holder may exercise any other right power or remedy permitted to it by law, either by suit in equity or by action
at law, or both.

 

The Company agrees to reimburse the Holder
for all costs of collection or enforcement of this Note (including, but not limited to, reasonable attorneys' fees) incurred by
the Holder. Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, by a party
to this Note without the other party’s prior written consent, which the other party may withhold in its sole discretion.
The rights and obligations of the Company and the Holder under this Note shall be binding upon and benefit their respective permitted
successors, assigns, heirs, administrators and transferees.

 

This Note shall be governed by and construed
under the internal laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed
entirely within Delaware, without reference to principles of conflict of laws or choice of laws.

 

EXECUTED at Enerpulse Technologies, Inc.,
2451 Alamo Ave SE, Albuquerque, New Mexico 87106.

 

 

	 	Enerpulse Technologies, Inc.
	 	 
	 	By: 	 
	 	Name: Joseph E. Gonnella
	 	Title: Chief Executive Officer

 

	Agreed to and accepted by:	 
	 	 
	[HOLDER]	 

 

	By:	 	 
	Name: 	 
	Title: 	 

  

    	2

    	 

    

 

EXHIBIT A

 

FORM OF WARRANT

 

    	 

    	 

    

 

NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE
OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

ENERPULSE
TECHNOLOGIES, INC.

 

WARRANT

 

	Warrant No. 	Original Issue Date:  [               ]

 

Enerpulse Technologies, Inc., a Nevada
corporation (the “Company”), hereby certifies that, for value received, [_______] or its registered assigns
(the “Holder”), is entitled to purchase from the Company up to a total of [ ] shares of Common Stock (each such
share, a “Warrant Share” and all such shares, the “Warrant Shares”), at any time and from
time to time from and after the Original Issue Date and through and including [     ], 2019 (the “Expiration Date”),
and subject to the following terms and conditions:

 

1.          Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1.

 

“Affiliate” means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144.

 

“Business Day” means
any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State
of New York are authorized or required by law or other governmental action to close.

 

“Common Stock” means
the common stock of the Company, $0.001 par value per share, and any securities into which such common stock may hereafter be reclassified
or for which it may be exchanged as a class.

 

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

 

“Exercise Price” means
$3.75, subject to adjustment in accordance with Section 9.

 

“Fundamental Transaction”
means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another Person, (2)
the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) any tender
offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted
to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification of the
Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property.

 

    	 

    	 

    

 

“Delaware Courts” means
the state and federal courts sitting in Wilmington, Delaware.

 

“Original Issue Date”
means the Original Issue Date first set forth on the first page of this Warrant.

 

“Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Rule 144” means Rule
144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially the
same effect as such Rule.

 

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

 

“Subsidiary” means any
“significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange Commission
under the Exchange Act.

 

“Trading Day” means (i)
a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading Market,
a day on which the Common Stock is quoted in the over-the-counter market as reported by the OTC Markets Group, Inc. (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market” means
whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital
Market, OTC Bulletin Board, or the OTC Markets Group, Inc. OTCQX or OTCQB tier on which the Common Stock is listed or quoted for
trading on the date in question.

 

“Warrant Shares” means
the shares of Common Stock issuable upon exercise of this Warrant.

 

2.          Registration
of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

3.          Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant
(any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued
to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued
to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

 

4.          Exercise
and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time from
and after the Original Issuance Date and through and including the Expiration Date. At 5:30 p.m., Mountain time on the Expiration
Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may not call
or redeem any portion of this Warrant without the prior written consent of the affected Holder.

 

    	 

    	 

    

 

5.            Delivery
of Warrant Shares.

 

(a)          To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant
Shares represented by this Warrant is being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the
Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise
Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but
in no event later than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate
for the Warrant Shares issuable upon such exercise. The Company shall, upon request of the Holder and subsequent to the date on
which a registration statement covering the resale of the Warrant Shares has been declared effective by the Securities and Exchange
Commission, use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust &
Clearing Corporation or another established clearing corporation performing similar functions, if available, provided, that,
the Company may, but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Shares
electronically through the Depository Trust Corporation. A “Date of Exercise” means the date on which the Holder
shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed
and duly signed and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.

 

(b)          If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)          If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant Shares, the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company
shall (1) pay in cash to the Holder the amount by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares
that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of
the Common Stock on the Date of Exercise and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In.

 

(d)          The
Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation
or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

6.          Charges,
Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

    	 

    	 

    

 

7.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.          Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

9.          Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into
a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination.

 

(b)          Fundamental
Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder shall have
the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate
Consideration”). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. At the Holder’s option and request, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions
and evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise
thereof. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such
successor or surviving entity to comply with the provisions of this paragraph (b) and ensuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

    	 

    	 

    

 

(c)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

 

(d)          Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise
of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the
Holder and to the Company’s Transfer Agent.

 

(f)          Notice
of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any
capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding
up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions
of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public information
to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably
necessary in order to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

10.         Payment
of Exercise Price. The Holder may pay the Exercise Price in one of
the following manners:

 

(a)          Cash
Exercise. The Holder may deliver immediately available funds; or

 

(b)          Cashless
Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise, in which event
the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the
Holder.

 

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

 

A = the average of the daily volume weighted average
price for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

    	 

    	 

    

 

For purposes of Rule 144 promulgated under the Securities Act,
it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to
have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date
this Warrant was originally issued.

 

11.         Limitations
on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by
the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure
that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder
and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued and outstanding shares of
Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order
to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction
as contemplated in Section 9 of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained
in this Warrant, (a) no term of this Section may be waived by any party, nor amended such that the threshold percentage of ownership
would be directly or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived by any
subsequent holder hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab
initio.

 

12.         No
Fractional Shares. No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant. In
lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the closing price of one Warrant Share as reported by the applicable Trading Market on the date of exercise.

 

13.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (Mountain time) on a Trading Day,
(ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number specified in this Section on a day that is not a Trading Day or later than 5:30 p.m. (Mountain time) on any Trading Day,
(iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the
Company, to 2451 Alamo Ave. SE, Albuquerque, NM 87106, Attn: Chief Executive Officer, or to Facsimile No.: [    ] (or such other
address as the Company shall indicate in writing in accordance with this Section), or (ii) if to the Holder, to the address or
facsimile number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company
in accordance with this Section.

 

14.         Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

15.         Miscellaneous.

 

(a)          This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions on
waivers and amendments set forth in Section 11 of this Warrant.

 

    	 

    	 

    

 

(b)          All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and
the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
Affiliates, employees or agents) shall be commenced exclusively in the Delaware Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the Delaware Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any Delaware Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto 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 Warrant or the transactions
contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such Proceeding.

 

(c)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)          Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Shares.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	 	ENERPULSE TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXERCISE
NOTICE

ENERPULSE TECHNOLOGIES, INC.

WARRANT DATED [             ] 

 

The undersigned Holder hereby irrevocably elects to purchase_____________
shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in the Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares pursuant to the Warrant.

 

		(2)	The holder shall pay the sum of $____________ to the Company in accordance with the terms of the Warrant.

 

		(3)	Pursuant to this Exercise Notice, the Company shall deliver to the holder _______________ Warrant Shares in accordance with
the terms of the Warrant.

 

		(4)	By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the
exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of this Warrant to
which this notice relates.

 

	Dated:___________________, ________	Name of Holder:

 

	 	(Print)	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

 

    	 

    	 

    

Warrant Shares Exercise Log

 

	Date	 	Number of Warrant Shares 

Available to be Exercised	 	Number of Warrant Shares 

Exercised	 	Number of 

Warrant Shares 

Remaining to be 

Exercised
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF SECURITY AGREEMENT

 

    	 

    	 

    

 

SECURITY AGREEMENT

 

THIS SECURITY
AGREEMENT ( as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”)
is made as of March __, 2014 (“Effective Date”) by and between [_________] (the
“Agent”), in its capacity as collateral agent hereunder (the “Collateral Agent”) for the purchasers (each
a “Secured Party” and collectively, the “Secured Parties”) party to the Purchase Agreement
(as defined below) and Enerpulse Technologies, Inc., a Nevada corporation (the “Company”).

 

RECITAL

 

A.           The
Company and the Secured Parties entered into a Note Purchase Agreement dated as of March 3, 2014 (the “Purchase Agreement”)
pursuant to which the Secured Parties purchased, and the Company issued, Secured Promissory Notes (the “Notes”)
to the Secured Parties dated as of the Effective Date evidencing the Company’s obligation to repay the Secured Parties certain
funds on the terms and conditions set forth in the Notes.

 

B.           The
parties have agreed that the Company’s obligations under the Notes will be secured by the Company’s grant to the Collateral
Agent for the benefit of the Secured Parties of a security interest in and to certain Collateral (as defined below), pursuant to
the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, and the representations, warranties, covenants and conditions set forth below, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

1.           COLLATERAL
AGENT.

 

1.1           Appointment
of Collateral Agent. Appointment of Collateral Agent. Each of the Secured Parties appoints, designates and authorizes [__________]
as the Collateral Agent for all Collateral, and the Collateral Agent hereby agrees to act as Collateral Agent for the Secured Parties
pursuant to the terms of this Agreement. Each Secured Party hereby authorizes the Collateral Agent, and the Collateral Agent agrees,
to take such action on its behalf under the provisions of this Agreement and each Note and to exercise such powers and perform
such duties as are expressly delegated to it by the terms of this Agreement, the Purchase Agreement or any Note, together with
such powers as are reasonably incidental thereto, including to execute and enter into this Agreement, the Purchase Agreement and
any other instruments relating to this Agreement and the Notes (the “Purchase Documents”). Notwithstanding any
provision to the contrary contained elsewhere in any Purchase Document, the Collateral Agent (which term used in this sentence,
and in Section 1.2 and Section 1.5 shall include reference to its affiliates, and its own and its affiliates' officers, directors,
employees and agents) shall not have any duties or responsibilities, other than the duty to perform its express obligations under
this Agreement and the other applicable Purchase Documents in accordance with their respective terms, subject in all events to
the provisions of this Agreement limiting the responsibility or liability of the Collateral Agent hereunder, nor shall the Collateral
Agent have or be deemed to have any fiduciary relationship with any Secured Party under this Agreement, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Purchase Document
or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term
"agent" herein and in the Purchase Agreement or any Note with reference to the Collateral Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. By acceptance of the benefits of this Agreement (whether by execution hereof or under the terms of the Purchase
Agreement), each Secured Party that is not a party to this Agreement shall be deemed to have consented to the appointment and authorization
set forth in the first two sentences of this subsection and the other provisions of this Section 1.

 

1.2           Liability
of Collateral Agent. Neither the Collateral Agent nor any of its affiliates, officers, directors, employees, agents or attorneys
in fact shall (i) be liable for any action taken or omitted to be taken by it or any such person under or in connection with this
Agreement or any other Purchase Document or the transactions contemplated hereby or thereby (except for its own bad faith, gross
negligence or willful misconduct (provided that the foregoing shall not limit any liability the Collateral Agent may have arising
solely in respect of its capacity as a Secured Party)), or (ii) responsible in any manner to any Secured Party for any recital,
statement, representation or warranty made by the Company, or any officer thereof, contained in this Agreement or any other Purchase
Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral
Agent under or in connection with, any Purchase Document, or the validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any Purchase Document, or for any failure of the Company to perform its obligations hereunder or thereunder.

 

    	 

    	 

    

 

1.3           Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex,
teletype or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine
and correct and to have been signed, sent or made by the proper person or persons, and upon advice and statements of legal counsel,
independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing
or refusing to take any action under this Agreement, the Purchase Agreement or any Note unless it shall first receive such advice
or concurrence of the Secured Parties.

 

1.4           Failure
to Act. No provision of this Agreement or the Purchase Agreement shall require the Collateral Agent to take any action that
it reasonably and in good faith believes (based on the written advice of counsel) to be contrary to a law or to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties thereunder (unless reasonable assurance
has been provided for the reimbursement of such funds or liability).

 

1.5           Indemnification.
Each Secured Party shall, based on its pro rata share of the Indebtedness, severally indemnify the Collateral Agent and its successors,
assigns, agents and employees, from and against any and all losses, claims, damages, penalties, liabilities, and related reasonable
out-of-pocket expenses imposed on incurred by or asserted against the Collateral Agent, or its successors, assigns, agents and
employees, in any way directly relating to or arising out of this Agreement and any other Purchase Document, or the ownership,
delivery, possession, use, condition, or disposition of any Collateral, other than any such losses, claims, damages, penalties,
liabilities or expenses arising out of the gross negligence or willful misconduct of the Collateral Agent (acting in such capacity).

 

2.           Security.

 

2.1           Grant
of Security Interest. As security for the prompt and punctual payment and performance of all Indebtedness (as defined below)
of the Company to the Secured Parties when and as due under the Notes, the Company hereby grants to the Collateral Agent for the
benefit of the Secured Parties a security interest in the Collateral (as defined below). For purposes of this Agreement,
“Indebtedness” means all obligations and liabilities of the Company to the Secured Parties under the Notes.

 

2.2           Collateral
Defined. As used in this Agreement, the term “Collateral” means, collectively, any and all of the Company’s
accounts receivable and equipment, whether now owned by the Company or hereafter acquired, and all proceeds thereof.

 

2.3           Collateral
Agent and Secured Party Rights. Collateral Agent is hereby authorized to file one or more UCC-1 Financing Statements with the
Secretary of State of the State of Nevada or any other applicable filing office evidencing and providing notice of the security
interest granted to Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in the Collateral.

 

2.4           Release
of Collateral. Upon the full and final discharge of all of the Indebtedness, the Collateral Agent and the Secured Parties will
execute and deliver such documents as may be reasonably necessary and requested by the Company to release the Collateral from the
security interest granted to the Collateral Agent for the benefit of the Secured Parties in this Agreement.

 

2.5           Termination.
When all the Indebtedness has been paid in full and discharged, this Agreement and the security interest granted to the Collateral
Agent for the benefit of the Secured Parties hereunder will terminate and a UCC-3 Termination Statement shall be filed by the Collateral
Agent indicate the termination of the security interest created hereby.

 

    	 

    	 

    

 

3.           Representations
and Warranties of the Company. The Company hereby represents and warrants to the Collateral Agent and the Secured Parties
that the statements contained in the following paragraphs of this Section 2 are all true and correct immediately prior to the execution
of the Notes.

 

3.1           Title.
The Company owns all right, title and interest in and to the Collateral.

 

3.2           Right
to Grant Interest. The Company has the right to grant the security interest under this Agreement to Collateral Agent for the
benefit of the Secured Parties in the Collateral.

 

3.3           No
Bankruptcy. The Company is not subject to any bankruptcy case or insolvency proceedings before any court in any jurisdiction.
In the ninety (90) days preceding the date of this Agreement, the Company has not received any threat from any third party to subject
the Company to any involuntary bankruptcy or insolvency proceeding.

 

4.           Covenants
of the Company. So long as any of the Company Indebtedness to the Secured Parties has not been fully satisfied, the
Company covenants and agrees with the Collateral Agent and the Secured Parties that:

 

4.1           Payment
of Indebtedness. The Company will pay all Indebtedness when due under the Notes.

 

4.2           Condition
of Collateral. The Company will maintain the Collateral in good condition and repair.

 

4.3           Further
Assurances. The Company will execute and deliver such documents as Secured Parties deems necessary to create, perfect and continue
the security interests granted by this Agreement.

 

4.4           Taxes.
The Company will pay all taxes due and owing by the Company at such time as they become due.

 

4.5           No
Sale or Transfer. The Company will not to sell, offer to sell, or otherwise transfer the Collateral, except in the ordinary
course of business.

 

4.6           Books
and Records. The Company will keep, in accordance with accounting principles consistently applied, complete and accurate books
and records regarding all Collateral.

 

4.7           Inspection.
The Company will permit the Collateral Agent and/or the Secured Parties and their designees at all reasonable times to inspect
the Collateral and Company’s books and records relating to Collateral, and to audit and make copies or extracts from such
books and records.

 

5.           Rights
and Remedies Upon Event of Default.

 

5.1           General
Remedies. In the event of an occurrence and continuation of an Event of Default, in addition to exercising any other rights
or remedies the Collateral Agent may have on behalf of the Secured Parties under the Notes, at law or in equity, or pursuant to
the provisions of the Uniform Commercial Code, the Collateral Agent, at the written direction of any Secured Party, shall, and
without demand first made, exercise any one or all of the following rights and remedies: (i) collect the Collateral and its
proceeds; (ii) proceed with the foreclosure of the security interest in the Collateral granted herein and the sale or endorsement
and collection of the proceeds of the Collateral in any manner permitted by law or provided for herein; (iii) collect payments
directly from the account debtors; (iv) institute a suit or other action against the Company for recovery on the Notes or
to effect a sale of the Collateral; (v) exercise any rights and remedies of a secured party under the Uniform Commercial Code;
and/or (vi) offset, against any payment due from the Company to the Secured Parties, the whole or any part of any Indebtedness
of the Secured Parties to the Company.

 

    	 

    	 

    

 

5.2           No
Election of Remedies. The election by any Secured Party of any right or remedy will not prevent any Secured Party from exercising
any other right or remedy against the Company.

 

5.3           Proceeds.
If an Event of Default occurs, all proceeds and payments with respect to the Collateral will be retained by the Collateral Agent
for the benefit of the Secured Parties (or if received by the Company will be held in trust and will be forthwith
delivered by the Company to the Collateral Agent in the original form received, endorsed in blank) and held by the Collateral Agent
for the benefit of the Secured Parties as part of the Collateral or applied by Collateral Agent for the benefit of the
Secured Parties to the payment of the Indebtedness as provided in Section 5.5 below.

 

5.4           Sales
of Collateral. Any item of Collateral may be sold for cash or other value at public or private sale or other disposition and
the proceeds thereof collected by the Collateral Agent as provided in the Uniform Commercial Code or under other applicable law.
The Company agrees to promptly execute and deliver, or promptly cause to be executed and delivered, such instruments, documents,
assignments, waivers, certificates and affidavits and supply or cause to be supplied such further information and take such further
action as the Collateral Agent or the Secured Parties may reasonably require in connection with any such sale or disposition. The
Secured Parties will have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, acting collectively or individually, to purchase the whole or any part of the Collateral so sold, free of any right
or equity of redemption in the Company, which right or equity is hereby waived or released. If any notice of a proposed sale or
other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten
(10) days before such sale or other disposition. The Collateral Agent agrees to give the Company ten (10) days’ prior written
notice of any sale or other disposition of Collateral (or any part thereof) by the Collateral Agent for the benefit of the Secured
Parties.

 

5.5           Application
of Proceeds. The proceeds of all sales and collections in respect of the Collateral, the application of which is not otherwise
specifically herein provided for, will be applied as follows: (i) first, to the payment of the costs and expenses of such sale
or sales and collections and the actual attorneys’ fees and out-of-pocket expenses incurred by the Collateral Agent and the
Secured Parties relating to costs of collection; (ii) second, any surplus then remaining will be applied to the payment of all
unpaid Indebtedness, based on the pro rata amount outstanding in favor of each Secured Party; and (iii) third, any surplus
then remaining will be paid to the Company.

 

6.           GENERAL
PROVISIONS.

 

6.1           Survival
of Warranties. The representations, warranties and covenants of the Company and the Secured Parties contained in or made pursuant
to this Agreement shall survive the execution and delivery of this Agreement and shall in no way be affected by any investigation
of the subject matter thereof made by or on behalf of any of the Secured Parties or the Company, as the case may be.

 

6.2           Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties.

 

6.3           Governing
Law. This Agreement shall be governed by and construed under the internal laws of the State of Delaware as applied to agreements
entered into and to be performed entirely within Delaware, without reference to principles of conflict of laws or choice of laws
and, to the extent applicable, by federal law.

 

6.4           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

6.5           Headings.
The headings and captions used in this Agreement are used only for convenience and are not to be considered in construing or interpreting
this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided,
refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated
herein by this reference.

 

    	 

    	 

    

 

6.6           Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given (i) at the time of personal delivery, if delivery is in person; (ii) one (1) business day after deposit
with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside
of the United States, with proof of delivery from the courier requested; or (iii) three (3) business days after deposit in
the United States mail by certified mail (return receipt requested) for United States deliveries when addressed to the party to
be notified at the address indicated for such party on the signature page hereto, or, or at such other address as any party or
the Company may designate by giving ten (10) days’ advance written notice to all other parties.

 

6.7           Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms.

 

6.8           Further
Assurances. From and after the date of this Agreement, upon the request of the Secured Parties or the Company, the Company
and the Secured Parties shall execute and deliver such instruments, documents or other writings as may be reasonably necessary
or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

5.9           Waiver
and Amendment. Any of the terms and provisions of this Agreement may be waived at any time by the party that is entitled to
the benefit thereof, but only by a written instrument executed by such party. This Agreement may be amended only by an agreement
in writing executed by the parties.

 

5.10         Delay
or Omission. No delay or omission to exercise any right, power or remedy accruing to any party hereto shall impair any such
right, power or remedy of such party nor be construed to be a waiver of any such right, power or remedy nor constitute any course
of dealing or performance hereunder.

 

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this SECURITY AGREEMENT to be executed and delivered as of the date first above written.

 

	COLLATERAL AGENT:	 
	 	 
	By:	 	 
	[COLLATERAL AGENT]	 
	 	 
	COMPANY:	 
	 	 
	ENERPULSE TECHNOLOGIES, INC.	 

 

 

	By:	 	 
	 	Joseph E. Gonnella	 
	 	Chief Executive OfficerExhibit 10.01

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) dated March 14, 2014 (the “Effective Date”) by and between Tonix
Pharmaceuticals Holding Corp., a company incorporated under the laws of Nevada (the “Company”), and Bruce Daugherty,
an individual (the “Executive”) with reference to the following facts:

 

WHEREAS, Executive
currently serves as the Chief Scientific Officer of the Company which is engaged in the business of developing innovative prescription
medications for challenging disorders of the central nervous system; and

 

WHEREAS, the Company
and Executive previously entered into an employment agreement, dated April 1, 2012, as amended October 15, 2013 (the “Prior
Agreement”); and

 

WHEREAS, the parties
wish to enter into this Agreement directly between the Executive and the Company in its entirety, on the terms and conditions contained
in this Agreement, which will supersede the Prior Agreement (and which Prior Agreement will terminate simultaneously with the execution
of this Agreement) and all prior agreements and understandings between the Executive and the Company, oral or written with respect
to its subject matter. Executive will continue to serve as Chief Scientific Officer and option awards and vesting of options granted
to Executive will not be affected by the termination of the Prior Agreement.

 

NOW THEREFORE, in consideration
of the foregoing facts and mutual covenants contained herein, the parties, intending to be legally bound, agree as follows:

 

1.             Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

(a)           “Board”
means the Board of Directors of the Company.

 

(b)           “Cause”
means any of the following:

 

		(i)	the commission of an act of fraud, embezzlement or dishonesty by Executive, or the commission of
some other illegal act by Executive (other than traffic violations or other offenses or violations outside of the course of Executive’s
employment), that has a demonstrable material adverse impact on the Company or any successor or affiliate thereof;

 

		(ii)	a conviction of, or plea of “guilty” or “no contest” to, a felony by Executive;

 

		(iii)	any unauthorized use or disclosure by Executive of confidential information or trade secrets of
the Company or any successor or affiliate thereof that has, or may reasonably be expected to have, a material adverse impact on
any such entity;

 

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		(iv)	Executive’s gross negligence, failure to follow a material, lawful and reasonable request
of the CEO or material violation of any duty of loyalty to the Company or any successor or affiliate thereof, or any other demonstrable
material misconduct on the part of Executive;

 

		(v)	Executive’s ongoing and repeated failure or refusal to perform or neglect of Executive’s
duties as required by this Agreement, which failure, refusal or neglect continues for thirty (30) days following Executive’s
receipt of written notice from the Company stating with specificity the nature of such failure, refusal or neglect; or

 

		(vi)	Executive’s breach of any Company policy or any material provision of this Agreement;

 

provided, however,
that prior to the determination that “Cause” under this Section 1(b) has occurred, the Company shall (A) provide to
Executive in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (B) only with
respect to clause (vi), afford Executive a reasonable opportunity to remedy any such breach, (C) provide the Executive an opportunity
to be heard prior to the final decision to terminate the Executive’s employment hereunder for such “Cause” and
(D) make any decision that such “Cause” exists in good faith.

 

The foregoing definition
shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge or dismiss
Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement,
to constitute grounds for termination for Cause.

 

(c)           “Change
in Control” means and includes each of the following:

 

		(i)	a transaction or series of transactions (other than an offering of the Company’s common stock
to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, an
employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of securities of the Company possessing forty percent
(40%) or more of the total combined voting power of the Company’s securities outstanding immediately after such acquisition;
or

 

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		(ii)	the consummation by the Company (whether directly involving the Company or indirectly involving
the Company through one or more intermediaries) of (A) a merger, consolidation, reorganization, or business combination or
(B) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series
of related transactions or (C) the acquisition of assets or stock of another entity, in each case other than a transaction:

 

		(1)	which results in the Company’s voting securities outstanding immediately before the transaction
continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person
that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially
all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor
Entity”)) directly or indirectly, at least sixty percent (60%) of the combined voting power of the Successor Entity’s
outstanding voting securities immediately after the transaction, and

 

		(2)	after which no person or group beneficially owns voting securities representing forty percent (40%)
or more of the combined voting power of the Successor Entity; provided, however, that no person or group
shall be treated for purposes of this clause (2) as beneficially owning forty percent (40%) or more of combined voting power
of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

 

Notwithstanding the
foregoing, a transaction shall not constitute a “Change in Control” if: (i) its sole purpose is to change the
state or Country of the Company’s incorporation; (ii) its sole purpose is to create a holding company that will be owned
in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction;
(iii) it constitutes the Company’s initial public offering of its securities; or (iv) it is a transaction effected primarily
for the purpose of financing the Company with cash (as determined by the Board in good faith and without regard to whether such
transaction is effectuated by a merger, equity financing or otherwise).

 

(d)           “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other interpretive guidance
issued thereunder.

 

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(e)           “Enterprise
Value” means in the case of a Change in Control in which consideration is payable to the Company in respect of its assets
or business, the total cash and non-cash (including, without limitation, the assumption of debt) consideration received by the
Company, net of any fees and expenses in connection with the transaction; or in the case of a Change in Control in which consideration
is payable to the Company’s stockholders, the total cash and non-cash (including, without limitation, the assumption of debt)
consideration payable to the Company’s stockholders net of any fees and expenses in connection with the transaction. “Enterprise
Value” shall also include, if applicable, any cash or non-cash consideration payable to the Company or to the Company’s
stockholders on a contingent, earnout or deferred basis. To the extent that any consideration in a transaction is not received
in cash upon the consummation of the Change in Control, the value of such non-cash consideration for purposes of calculating the
Enterprise Value will be determined by the Board prior to the Change in Control in good faith. In the event that less than 100%
of the stock or assets of the Company is purchased in the Change in Control transaction, the Enterprise Value shall be extrapolated
from the percentage of the Company’s capital stock or assets impacted in such Change in Control transaction to determine
if the Enterprise Value Threshold (as hereinafter defined) was met, but the Sale Bonus (as hereinafter defined) shall be calculated
based on the actual consideration received by the Company or shareholders, as the case may be.

 

(e)           “Good
Reason” means the occurrence of any of the following events or conditions without Executive’s written consent:

 

		(i)	a material reduction of Executive’s title, authority, duties or responsibilities, or the
assignment to Executive of duties materially inconsistent with Executive’s positions with the Company as stated in Section
2(a) hereof, provided, however, that Executive agrees that a change in title to Senior Vice President of Operations, or other similar
title/function, as determined by the Company in good faith, shall not be deemed Good Reason;

 

		(ii)	a material diminution in Executive’s base compensation, unless a similar reduction is imposed
across-the-board to senior management of the Company;

 

		(iii)	a material change in the geographic location at which Executive must perform his or her duties
(and the parties acknowledge that a relocation of the Company’s principal executive offices to a location more than fifty
(50) miles from the Company’s then-current offices (excepting reasonable travel on the Company’s business) shall constitute
a material change for purposes of this clause (iii));

 

		(iv)	any other action or inaction that constitutes a material breach by the Company or any successor
or affiliate of its obligations to Executive under this Agreement; or

 

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		(v)	the Company’s delivery of a Non-Renewal Notice (as hereinafter defined).

 

Executive must provide
written notice to the Company of the occurrence of any of the foregoing events or conditions without Executive’s written
consent within ninety (90) days of the occurrence of such event. The Company or any successor or affiliate shall have a period
of thirty (30) days to cure such event or condition after receipt of written notice of such event from Executive.

 

(f)           “Involuntary
Termination” means (i) Executive’s Separation from Service by reason of Executive’s discharge by the Company
other than for Cause, or (ii) the Executive’s Separation from Service by reason of Executive’s resignation of employment
with the Company for Good Reason. Executive’s Separation from Service by reason of Executive’s death or discharge by
the Company following Executive’s Permanent Disability shall not constitute an Involuntary Termination. Executive’s
Separation from Service by reason of resignation from employment with the Company for Good Reason shall be an “Involuntary
Termination” only if such Separation from Service occurs within six (6) months following the initial existence of the act
or failure to act constituting Good Reason.

 

(g)           “Permanent
Disability” of Executive shall be deemed to have occurred if Executive shall become physically or mentally incapacitated
or disabled or otherwise unable fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or
for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period. The existence of Executive’s
Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company, and the Company reserves
the right to have Executive examined by such physician chosen by the Company at the Company’s expense.

 

(h)           “Separation
from Service,” with respect to Executive, means Executive’s “separation from service,” as defined in
Treasury Regulation Section 1.409A-1(h).    

 

(i)           “Stock
Awards” means all stock options, restricted stock and such other awards granted pursuant to the Company’s stock
option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof.

 

2.             Services to
Be Rendered.

 

(a)           Duties and
Responsibilities. Executive shall continue to serve as Chief Scientific Officer of the Company. In the performance of such
duties, Executive shall report directly to and shall be subject to the direction of the Company’s chief executive officer
(“CEO”). In the event of the CEO’s incapacity or unavailability,
Executive shall be subject to the direction of the President or other person so designated by the Board.  Executive
shall be employed by the Company on a full-time basis. Executive hereby consents to serve as an officer and/or director of the
Company or any subsidiary or affiliate thereof without any additional salary or compensation. Executive’s primary place of
work shall be the Company’s executive offices in New York, New York, or such other location within the New York City area
as may be designated by the CEO from time to time. Executive shall also render services at such other places within or outside
the United States as the CEO may direct from time to time. Executive shall be subject to and comply with the policies
and procedures generally applicable to senior executives of the Company to the extent the same are not inconsistent with any term
of this Agreement.

 

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(b)           Exclusive Services.
Executive shall at all times faithfully, industriously and to the best of his ability, experience and talent perform all
of the duties to the satisfaction of the Company that may be assigned to Executive hereunder and shall devote substantially all
of his productive time and efforts to the performance of such duties. Executive agrees that he will not join any boards, other
than community and civic boards (which do not interfere with his duties to the Company), without the prior approval of the Company.
Except as provided below, the Company shall be entitled to all benefits, profits or other issues arising from or incidental to
all work, services and advice performed or provided by Executive. Provided that the activities listed below do not interfere with
the duties and responsibilities under this Agreement, nothing in this Agreement shall preclude Employee from devoting reasonable
periods required for:

 

			

		(i)	Serving as a member or owner of any organization involving no conflict of interest with the Company,
provided that Executive must obtain the prior approval of the Board;

 

		(ii)	Serving as a consultant in his area of expertise to government, commercial and academic panels
where it does not conflict with the interests of the Company; and

 

		(iii)	Managing his personal investments, including owning shares of companies whose securities are publicly
traded, so long as such securities do not constitute more than five percent (5%) of the outstanding securities of any such company.

 

3.             Compensation
and Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights
set forth in this Section 3.

 

(a)           Base Salary.
The Company shall pay to Executive a base salary of $220,000 per year, payable in accordance with the Company’s usual pay
practices (and in any event no less frequently than monthly). Executive’s base salary shall be subject to review annually
by and at the sole discretion of the Board and/or the Compensation Committee or its designee.

 

(b)           Annual Bonus.
Executive shall be entitled to participate in any bonus plan that the Board or its designee may approve for the senior executives
of the Company. Any bonus awarded under this Section 3(c) shall be calculated following the close of the fiscal year to which the
bonus relates and paid in a lump sum no later than two and one-half (2 1⁄2) months following the end of the fiscal year in
which such bonus award is earned provided that Executive remains employed on the date of payment (and has not given notice of resignation.)

 

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(c)           Benefits.
Executive shall be entitled to participate in benefits under the Company’s benefit plans, and arrangements, including, without
limitation, any employee benefit plan or arrangement made available in the future by the Company to its senior executives, subject
to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. The Company
shall have the right to amend or delete any such benefit plan or arrangement made available by the Company to its senior executives
and not otherwise specifically provided for herein.

 

(d)           Expenses.
The Company shall reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the performance
of his duties hereunder, subject to (i) such policies as the Company may from time to time establish, (ii) Executive
furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures,
and (iii) Executive receiving advance approval from the CEO in the case of expenses (or a series of related expenses) in excess
of $5,000.

 

(e)           Vacation.
Executive shall have the right to four weeks of vacation during each successive one year period of his employment by the Company,
which vacation time shall be taken at such time or times in each such one year period so as not to materially and adversely interfere
with the performance of his responsibilities under this Agreement. Executive shall not be entitled to carry over any unused vacation
time from one year to the next and any accrued but unused vacation time will be waived. In addition, Executive shall be entitled
to additional paid time off in accordance with the policies of the Company applicable to senior management personnel from
time to time.

 

(f)           Withholding.
The Company shall be entitled to withhold from amounts payable or benefits accorded to Executive under this Agreement all federal,
state and local income, employment and other taxes, as and in such amounts as may be required by applicable law.

 

(g)           Equity Awards.
Executive shall be entitled to participate in any equity or other employee benefit plan that is generally available to senior executive
officers, as distinguished from general management, of the Company. Except as otherwise provided in this Agreement, Executive’s
participation in and benefits under any such plan shall be on the terms and subject to the conditions specified in the governing
document of the particular plan. Except as modified by Section 5, any Stock Award agreements to which the Company and Executive
are bound on the date hereof shall remain in effect in accordance with their respective terms.

 

(h)           Change in Control
Bonus. In consideration of Executive’s prior service to the Company and the service to be provided hereunder, in the
event the Company consummates a Change in Control transaction where the Enterprise Value equals or exceeds a minimum value of $50
million (the “Enterprise Value Threshold”), the Executive shall be entitled to a cash bonus in the amount of
1.6% of the Enterprise Value (the “Sale Bonus”). The Sale Bonus shall be payable ninety-one (91) days after
the completion of the Change in Control transaction, provided, however, that Executive shall not be entitled to receive the Sale
Bonus unless Executive remains employed by the Company for the ninety (90) days following the completion of the Change in Control
transaction unless Executive’s employment is Involuntarily Terminated in which case the Sale Bonus would be payable immediately.
Notwithstanding anything else to the foregoing, the Sale Bonus pursuant to this Section 3(h) will terminate upon the Company granting
the Executive long-term incentive compensation mutually agreed to by the Board and the Executive pursuant to a new Company equity
incentive plan. The Executive shall remain entitled to receive the Sale Bonus if (i) an Involuntary Termination occurs and (ii)
(A) a Change in Control transaction meeting the Enterprise Value Threshold occurs within one hundred twenty (120) days after the
date of Involuntary Termination or (B) on the date of Involuntary Termination, the Company is a party to a binding agreement, which
may include a binding letter of intent, that would constitute a Change in Control transaction with a value that equals or exceeds
the Enterprise Value Threshold, and the Company subsequently consummates the Change in Control transaction.

 

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4.             Employment
Term.  The term of this Agreement (as it may be extended by the following sentence or terminated earlier pursuant to Section
5, the “Employment Term”) shall begin on the Effective Date and end on the close of business on March 13, 2015.
The Employment Term shall be automatically extended for additional one-year periods unless, at least sixty (60) days prior
to the end of the expiration of the Employment Term, Executive or the Company notifies the other party in writing (a “Non-Renewal
Notice”) that it does not wish to extend such Employment Term. Executive’s employment hereunder shall be coterminous
with the Employment Term, unless sooner terminated as provided in Section 5.

 

5.             Termination;
Severance. Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section
5:

 

(a)           General.
Either the Company or Executive may terminate Executive’s employment hereunder, for any reason, at any time prior to the
expiration of the Employment Term, as appropriate, upon thirty (30) days prior written notice to the other party. Upon termination
of Executive’s employment hereunder for any reason, Executive shall be deemed simultaneously to have resigned from any other
position or office he may at the time hold with the Company or any of its affiliates. In addition, upon termination of Executive’s
employment hereunder for any reason, including, without limitation, expiration of the Employment Term, the Company shall (i) reimburse
the Executive for any expenses properly incurred under Section 3(d) and which have not previously been reimbursed as of the
effective date of the termination, (ii) pay Executive for any accrued, but unused, vacation time as of the effective date
of the termination, (iii) pay Executive for any accrued and unpaid base salary through and including the effective date of
termination, and (iv) pay Executive any earned by not paid bonus for the year prior to the year in which the effective date of
termination occurs (collectively, the “Accrued Compensation”). The Accrued Compensation will be paid in a lump
sum on the first regularly scheduled payroll date following the effective date of the termination of Executive’s employment
with the Company.

 

(b)           Separation
from Service by Death or Following Permanent Disability. Subject to Sections 5(f) and 9(p) and Executive’s continued
compliance with Section 6, in the event of Executive’s Separation from Service as a result of Executive’s death or
discharge by the Company following Executive’s Permanent Disability, Executive or Executive’s estate, as applicable,
shall be entitled to receive his base salary through the end of the month in which Executive’s Separation from Service occurs
as a result of Executive’s death or Permanent Disability, full vesting of all Stock Awards, and a payment equal to six (6)
months of Executive’s base salary.

 

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(c)           Severance upon
Involuntary Termination. Subject to Sections 5(f) and 9(p) and Executive’s continued compliance with Section 6, if Executive’s
employment is Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive
may otherwise be entitled under any severance plan or program of the Company, the benefits provided below, which, with respect
to clause (ii) and the last sentence of clause (iii) (if applicable) will be payable in a lump sum within ten (10) days following
the effective date of Executive’s Release (as hereinafter defined):

 

		(i)	the Company shall pay to Executive his fully earned but unpaid base salary, when due, through the
date of Executive’s Involuntary Termination at the rate then in effect (without regard to any reduction in salary that gave
rise to an event of Good Reason), plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred
compensation plan, equity award plan or agreement, health benefits plan or other Company group benefit plan to which Executive
may be entitled pursuant to the terms of such plans or agreements at the time of Executive’s Involuntary Termination;

 

		(ii)	Executive shall be entitled to receive severance pay in an amount equal to the base salary payable
to Executive under Section 3(a) of this Agreement from the date of Executive’s Involuntary Termination until the one year
anniversary of such Involuntary Termination (the “Severance Period”);

 

		(iii)	During the Severance Period (or, if earlier, until the date on which the applicable continuation
period under COBRA expires), the Company shall arrange to provide Executive and his eligible dependents who were covered under
the Company’s health insurance plans as of the date of Executive’s Involuntary Termination with health (including medical,
dental and vision) insurance benefits substantially similar to those provided to Executive and his dependents immediately prior
to the date of such Involuntary Termination. If any of the Company’s health benefits are self-funded as of the date of Executive’s
Involuntary Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A (as
defined below) or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health
Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to Executive
an amount equal to (A) the number of months from the date of Executive’s Involuntary Termination until the end of the Employment
Term, as appropriate multiplied by (B) the monthly premium Executive would be required to pay for continuation coverage pursuant
to COBRA for Executive and his eligible dependents who were covered under the Company’s health plans as of the date of Executive’s
Involuntary Termination (calculated by reference to the premium as of the date of Involuntary Termination); and

 

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		(iv)	That portion of the Stock Awards that would have vested over the Severance Period shall be automatically
accelerated so as to be immediately vested as of the date of Involuntary Termination and any vested options or similar award (e.g.,
a stock appreciation right) may be exercised at any time during the Severance Period (subject to earlier termination (A) in connection
with a recapitalization or similar transaction pursuant to the Company’s equity incentive plans governing such Stock Awards
or (B) the contractual term of the Stock Award), or if longer, through the date such vested options or similar award are exercisable
under the terms of the applicable Stock Award.

 

(d)           Termination
for Cause or Voluntary Resignation Without Good Reason. In the event of Executive’s termination of employment as a result
of Executive’s discharge by the Company for Cause or Executive’s resignation without Good Reason (other than as a result
of Executive’s death or Separation from Service by reason of discharge by the Company following Executive’s Permanent
Disability), the Company shall not have any other or further obligations to Executive under this Agreement (including any financial
obligations) except that Executive shall be entitled to receive the Accrued Compensation. In addition, in the event of Executive’s
Separation from Service as a result of Executive’s discharge by the Company for Cause or Executive’s resignation without
Good Reason (other than as a result of Executive’s death or Separation from Service by reason of discharge by the Company
following Executive’s Permanent Disability), all vesting of Executive’s unvested Stock Awards previously granted to
him by the Company shall cease and none of such unvested Stock Awards shall be exercisable following the 90th day following
the date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies
which may be available to the Company under the circumstances, whether at law or in equity.

 

(e)           Termination
in Connection with a Change in Control Event. Subject to Sections 5(f) and 9(p) and Executive’s continued compliance
with Section 6, if Executive’s employment is Involuntarily Terminated within twelve (12) months after consummation of a Change
in Control transaction or within ninety (90) days prior to the consummation of a Change in Control or if terminated after an agreement
has been executed that contemplates the consummation of an Change in Control but before it closes, Executive shall be entitled
to receive, in lieu of (A) any severance benefits to which Executive may otherwise be entitled under any severance plan or program
of the Company or (B) pursuant to Section 5(c) hereof, the benefits provided below, which, with respect to clause (ii) and the
last sentence of clause (iii) (if applicable) will be payable in a lump sum within ten (10) days following the effective date of
Executive’s Release:

 

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		(i)	an amount equal to one and one-half (1 1⁄2) times Executive’s then current base salary
(without regard to any reduction in base salary that gave rise to an event of Good Reason), provided, however, that
so long as Executive is still entitled to receive the Sale Bonus, the amount shall equal three-quarters (3⁄4) times Executive’s
then current base salary (without regard to any reduction in base salary that gave rise to an event of Good Reason);

 

		(ii)	the Company shall arrange to provide, for a period of twelve (12) months from the date of Executive’s
Involuntary Termination, Executive and his or her eligible dependents who were covered under the Company’s health insurance
plans as of the date of Executive’s Involuntary Termination with health (including medical, dental and vision) insurance
benefits substantially similar to those provided to Executive and his or her dependents immediately prior to the date of such Involuntary
Termination, provided, however, that so long as Executive is still entitled to receive the Sale Bonus, the period of coverage shall
be six (6) months. If any of the Company’s health benefits are self-funded as of the date of Executive’s Involuntary
Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A (as defined below)
or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health Service Act),
instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to Executive an amount
equal to (A) twelve (12) months (or six (6) months if Executive is still entitled to receive the Sale Bonus) multiplied by (B)
the monthly premium Executive would be required to pay for continuation coverage pursuant to COBRA for Executive and his eligible
dependents who were covered under the Company’s health plans as of the date of Executive’s Involuntary Termination
(calculated by reference to the premium as of the date of Involuntary Termination); and

 

		(iii)	the vesting and/or exercisability of any outstanding unvested portions of such Stock Awards shall
be automatically accelerated so as to be immediately vested and exercisable as of the date of Involuntary Termination and shall
remain exercisable through the Severance Period (subject to earlier termination (A) in connection with a recapitalization or similar
transaction pursuant to the Company’s equity incentive plans governing such Stock Awards or (B) the contractual term of the
Stock Award).

 

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(f)           Release.
As a condition to Executive’s receipt of any post-termination benefits pursuant to Sections 5(b), (c) or (e) above, Executive
(or, in the event of Executive’s incapacity as a result of his Permanent Disability, Executive’s legal representative)
shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in a form
reasonably acceptable to the Company. In the event the Release does not become effective within the fifty-five (55) day period
following the date of Executive’s Separation from Service, Executive shall not be entitled to the aforesaid payments and
benefits.

 

(g)           Exclusive Remedy.
Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights
to salary, severance pay, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s
employment shall cease upon such termination. In the event of Executive’s termination of employment with the Company, Executive’s
sole remedy shall be to receive the payments and benefits described in this Section 5. In addition, Executive acknowledges and
agrees that he is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments
and benefits received by Executive pursuant to this Section 5, including, without limitation, any excise tax imposed by Section
4999 of the Code.

 

(h)           No Mitigation.
Executive shall not be required to mitigate the amount of any payment provided for in this Section 5 by seeking other employment
or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any compensation earned
by Executive as the result of employment by another employer or self-employment or by retirement benefits; provided, however,
that loans, advances or other amounts owed by Executive to the Company may be offset by the Company against amounts payable to
Executive under this Section 5.

 

(i)           Return of the
Company’s Property. In the event of Executive’s termination of employment for any reason, the Company shall have
the right, at its option, to require Executive to vacate his offices prior to or on the effective date of separation and to cease
all activities on the Company’s behalf. Upon Executive’s termination of employment in any manner, as a condition to
Executive’s receipt of any severance benefits described in this Agreement, Executive shall immediately surrender to the Company
all lists, books and records of, or in connection with, the Company’s business, and all other property belonging to the Company,
it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. Executive
shall deliver to the Company a signed statement certifying compliance with this Section 5(i) prior to the receipt of any severance
benefits described in this Agreement.

 

(j)           Waiver of the
Company’s Liability. Executive recognizes that his employment is subject to termination with or without Cause for any
reason and therefore Executive agrees that Executive shall hold the Company harmless from an against any and all liabilities, losses,
damages, costs and expenses, including but not limited to, court costs and reasonable attorney’s fees, which Executive may
incur as a result of Executive’s termination of employment. Executive further agrees that Executive shall bring no claim
or cause of action against the Company for damages or injunctive relief based on a wrongful termination of employment. Executive
agrees that the sole liability of the Company to Executives upon termination of this Agreement shall be that determined by this
Section 5. In the event this covenant is more restrictive than permitted by laws of the jurisdiction in which the Company seeks
enforcement thereof, this covenant shall be limited to the extent permitted by law.

 

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6.             Certain Covenants.

 

(a)           Noncompetition.
The Executive hereby covenants and agrees that during the Employment Term and for a period of one year following the end of the
Employment Term (the “Restricted Period”), the Executive will not, without the prior written consent of the
Company, directly or indirectly, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage
in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity
or other entity (whether as a shareholder, agent, joint venture, security holder, trustee, partner, executive, creditor lending
credit or money for the purpose of establishing or operating any such business, partner or otherwise) with any Competing Business.
For the purpose of this Section 6(a), "Competing Business" means any biotechnology or pharmaceutical company,
any contract manufacturer, any research laboratory or other company or entity (whether or not organized for profit) that has, or
is seeking to develop, one or more products or therapies that is related to (A) treatment of disorders of the central nervous system,
including fibromyalgia, post-traumatic stress disorder, headaches (B) any other disorders that are addressed by the Company’s
pipeline programs and intellectual property portfolio. Passive ownership of less than 5% of a public company shall not be a violation
of this Section 6(a).

 

(b)           Confidential
Information. Executive recognizes and acknowledges that by reason of Executive's employment by and service to the Company before,
during and, if applicable, after the Employment Term, Executive will have access to certain confidential and proprietary information
relating to the Company's business, which may include, but is not limited to, unique business strategies, theories and concepts,
information regarding plans, strategies, opportunities, processes, ideas, research and know-how developed by or for the Company,
trade secrets, patents, other intellectual property, clinical studies, regulatory dossiers, manufacturing, marketing, personnel,
financial data, technical information, methods, processes, formulae and information which Company has obtained from third parties
(collectively referred to as “Confidential Information”). Executive acknowledges that such Confidential Information
is a valuable and unique asset of the Company and Executive covenants that he will not, unless expressly authorized in writing
by the Company, at any time during the course of Executive's employment use any Confidential Information or divulge or disclose
any Confidential Information to any person, firm or corporation except in connection with the performance of Executive's duties
for the Company and in a manner consistent with the Company's policies regarding Confidential Information. Executive also covenants
that at any time after the termination of such employment, directly or indirectly, he will not use any Confidential Information
or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public
domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent
jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential Information
(including, without limitation, in any computer or other electronic format) which comes into Executive's possession during the
course of Executive's employment shall remain the property of the Company. Except as required in the performance of Executive's
duties for the Company, or unless expressly authorized in writing by the Company, Executive shall not remove any written Confidential
Information from the Company's premises, except in connection with the performance of Executive's duties for the Company and in
a manner consistent with the Company's policies regarding Confidential Information. Upon termination of Executive's employment,
the Executive agrees to return immediately to the Company all written Confidential Information (including, without limitation,
in any computer or other electronic format) in Executive's possession. As a condition of Executive's continued employment with
the Company and in order to protect the Company's interest in such proprietary information, the Company shall be allowed to require
Executive's execution of a confidentiality agreement and/or proprietary information and inventions agreement, as reasonably requested
by the Company.

 

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(c)             Solicitation
of Employees. During the Restricted Period, Executive shall not directly or indirectly, solicit or encourage to leave the employment
of the Company or any of its affiliates, any employee of the Company or any of its affiliates.

 

(d)             Solicitation
of Consultants and other Third Parties. During the Restricted Period, Executive shall not directly or indirectly, hire, solicit
or encourage to cease work with the Company or any of its affiliates any consultant, distributor, licensee or third party partner
then under contract with the Company or any of its affiliates within one year of the termination of such consultant’s engagement
by the Company or any of its affiliates.

 

(e)             Rights and
Remedies Upon Breach. If Executive breaches or threatens to commit a breach of any of the provisions of this Section 6
(the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights
and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:

 

		(i)	Specific Performance. The right and remedy to have the Restrictive Covenants specifically
enforced by any court having equity jurisdiction, by way of a temporary restraining order, preliminary injunction, permanent injunction
or other equitable remedy, all without the need to post a bond or any other security or to prove any amount of actual damage or
that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach
may cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; and

 

		(ii)	Accounting and Indemnification. The right and remedy to require Executive (A) to account
for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by
Executive or any associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (B) to
indemnify the Company against any other losses, damages (including special and consequential damages), costs and expenses, including
actual attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such breach
or threatened breach of the Restrictive Covenants.

 

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(f)           Severability
of Covenants/Blue Penciling. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without
regard to the invalid portions. If any court determines that any of the Restrictive Covenants, or any part thereof, are unenforceable
because of the duration of such provision or the area or scope covered thereby, such court shall have the power to reduce the duration,
area or scope of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. Executive
hereby waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their scope
or the length of their term.

 

(g)           Enforceability
in Jurisdictions. The Company and Executive intend to and do hereby confer jurisdiction to enforce the Restrictive Covenants
upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions
hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of
the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided
above in the courts of any other jurisdiction within the geographical scope of such covenants, as to breaches of such covenants
in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into
diverse and independent covenants.

 

(h)           Definitions.
For purposes of this Section 6, the term “Company” means not only Tonix Pharmaceuticals Holding Corp., but also
any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Tonix
Pharmaceuticals Holding Corp.

 

7.             Limitation
on Benefits.

 

(a)           Notwithstanding anything contained in this Agreement to the contrary, if any payment, benefit or distribution of any type
to or for the benefit of Executive by the Company or any of its affiliates, whether paid or payable, provided or to be provided,
or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Total Payments”)
would be subject to the excise tax imposed under Section 4999 of the Code (the “Parachute Tax”), then if a reduction
in the Total Payments shall result in Executive receiving a greater after tax payment than if he paid the Parachute Tax, at the
election of Executive, the Total Payments shall be reduced (but not below zero) so that the maximum amount of the Total Payments
(after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the Parachute
Tax. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction in the Total Payments
if such a reduction is required, which notice shall be consistent with the requirements of Section 409A to avoid the imputation
of any tax, penalty or interest thereunder, such reduction shall occur in the following order: (A) by first reducing or eliminating
the portion of the Total Payments which are not payable in cash and are not attributable to equity awards (other than that portion
of the Total Payments subject to clause (C) hereof), (B) then by reducing or eliminating cash payments (other than that portion
of the Total Payments subject to clause (C) hereof), (C) then by reducing or eliminating the portion of the Total Payments which
are not payable in cash and are attributable to equity awards, and (D) then by reducing or eliminating the portion of the Total
Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor
thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.
This Section 7 shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s
rights and entitlements to any benefits or compensation.

 

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(b)           Any determination that Total Payments to the Executive must be reduced or eliminated in accordance with this Section 7 and
the assumptions to be utilized in arriving at such determination, shall be made by the Board in the exercise of its reasonable,
good faith discretion based upon the advice of such professional advisors it may deem appropriate in the circumstances. Such determinations
shall take into account the value of any reasonable compensation for services related to prior services provided in connection
with the Prior Agreement and to be provided by Executive pursuant to this Agreement, including the non-competition provisions applicable
to Executive under this Agreement, provided, however, that (i) no portion of the Total Payments the receipt or enjoyment of
which the Executive shall have effectively waived in writing prior to the date of payment of the Total Payments shall be taken
into account, (ii) no portion of the Total Payments shall be taken into account, which in the opinion of the Board and its professional
advisors does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the
Total Payments shall be reduced only to the extent necessary so that the Total Payments (other than those referred to in the immediately
preceding clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the
meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the
professional advisors to the Company; and (iv) the value of any non-cash benefit or any deferred payment or benefit included
in the Total Payments shall be determined by the Company’s independent registered public accounting firm based on Sections
280G and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority within the meaning
of Section 6662 of the Code. Executive and the Company shall cooperate in the valuation pursuant to this Section 7(b), including
the non-competition provisions.

 

(c)           As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by
the Board hereunder, it is possible that Total Payments to the Executive which will not have been made by the Company shall have
been made (“Underpayment”) or that Total Payments to the Executive which were made should not have been made
(“Overpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid
by the Company to or for the benefit of the Executive. In the event of an Overpayment, then the Executive shall promptly repay
the Company the amount of any such Overpayment together with interest on such amount (at the same rate as is applied to determine
the present value of payments under Section 280G of the Code or any successor thereto), from the date the reimbursable payment
was received by the Executive to the date the same is repaid to the Company.

  

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8.             Insurance; Indemnification.

 

(a)           Insurance.
The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive,
in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall
assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing
information and data required by insurance companies.

 

(b)           Indemnification.
Executive will be provided with indemnification against third party claims related to his work for the Company to the maximum extent
permitted by Nevada law pursuant to the Prior Agreement or this Agreement. The Company shall provide Executive with directors and
officers liability insurance coverage at least as favorable as that which the Company may maintain from time to time for other
executive officers.

 

9.             General Relationship;
Representations and Warranties of Executive.

 

(a)           Relationship.
Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations
including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident,
labor and taxes.

 

(b)           Representations
and Warranties of Executive. Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance
of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any agreement, contract
or instrument to which Executive is a party or any judgment, order or decree to which Executive is subject, (b) Executive is not
a party to or bound by any employment agreement, (c) Executive is not party to or bound by any consulting agreement, non-compete
agreement, confidentiality agreement or similar agreement with any other person or entity that would affect the Company or the
obligations of Executive hereunder and (d) upon the execution and delivery of this Agreement by the Company and Executive, this
Agreement will be a valid and binding obligation of Executive, enforceable in accordance with its terms.

 

10.           Miscellaneous.

 

(a)           Modification;
Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof,
supersedes all existing agreements between them concerning such subject matter, including, without limitation, the Prior Agreement.
For the sake of clarity, any Stock Awards agreements to which the Company and Executive are bound on the date hereof shall remain
in effect in accordance with their respective terms, except as modified by Section 5. This Agreement may be amended or modified
only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification
will be effective under any circumstances whatsoever.

 

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(b)           Assignment;
Assumption by Successor. The rights of the Company under this Agreement may, without the consent of Executive, be assigned
by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time,
whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of
the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially
all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however,
that no such assumption shall relieve the Company of its obligations hereunder.  As used in this Agreement, the “Company”
shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law or otherwise, except as otherwise defined in Section 6(g).

 

(c)           Survival.
The covenants, agreements, representations and warranties contained in or made in Sections 3(g), 3(h), 5, 6, 7, 8 and 10 of
this Agreement shall survive any termination of Executive’s employment.

 

(d)           Third-Party
Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person
not a party to this Agreement.

 

(e)           Waiver.
The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall
in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of
any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.

 

(f)           Section Headings.
The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and are not a part
of and are not intended to govern, limit or aid in the construction of any term or provision hereof.

 

(g)           Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given
as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;
(iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified
or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to Executive at the address listed
on the Company’s personnel records and to the Company at its principal place of business, or such other address as either
party may specify in writing.

      

(h)           Severability.
All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be
invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained
herein.

 

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(i)             Governing Law.
This Agreement shall be governed by, and construed in accordance with and subject to, the laws of the State of New York applicable
to agreements made and to be performed entirely within such state without regard to its conflicts of law rules.

 

(j)             Jurisdiction
and Venue.

 

		(i)	The Company and Executive hereby irrevocably and unconditionally submit, for themselves and their
property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in
the City of New York and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or for recognition or enforcement of any judgment, and the Company and the Executive hereby irrevocably and unconditionally agree
that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to
the extent permitted by law, in such federal court. The Company and Executive irrevocably waive, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. The Company and
Executive agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Executive and Company agree not to commence a claim or proceeding
hereunder in a court other than a New York State court or federal court located in the City of New York, except if such claim or
proceeding in such New York State court or federal court located in the City of New York, and such court or courts have denied
jurisdiction over such claim or proceeding.

 

		(ii)	The Company and Executive irrevocably and unconditionally waive, to the fullest extent they may
legally and effectively do so, any objection that they may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any New York State court or federal court of the United States of America
sitting in the City of New York and any appellate court from any thereof.

 

		(iii)	The parties further agree that the mailing by certified or registered mail, return receipt requested
to both (x) the other party and (y) counsel for the other party (or such substitute counsel as such party may have given written
notice of prior to the date of such mailing), of any process required by any such court shall constitute valid and lawful service
of process against them, without the necessity for service by any other means provided by law. Notwithstanding the foregoing, if
and to the extent that a court holds such means to be unenforceable, each of the parties’ respective counsel (as referred
to above) shall be deemed to have been designated agent for service of process on behalf of its respective client, and any service
upon such respective counsel effected in a manner which is permitted by New York law shall constitute valid and lawful service
of process against the applicable party.

 

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(k)          Non-transferability
of Interest. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be
assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death
of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in
the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void.

 

(l)           Gender.
Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular
shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or
other form of association.

 

(m)         Counterparts.
The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that
signed it, and both of which together constitute one agreement. The signatures of both parties need not appear on the same counterpart.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(n)          Construction.
The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly
for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that
such party was responsible for drafting this Agreement or any part thereof.

 

(o)          Withholding
and other Deductions. All compensation payable to Executive hereunder shall be subject to such deductions as the Company is
from time to time required to make pursuant to law, governmental regulation or order.

 

(p)          Code Section
409A.

 

		(i)	The provisions of Section 5 of this Agreement are not intended to provide for any deferral of compensation
subject to Section 409A of the Code, and, accordingly, the severance payments payable under Sections 5(c)(ii) and (iii) and 5(e)(i),
(ii) and (iii) shall be paid in accordance with such provisions, but in no event later than the later of: (A) the fifteenth (15th)
day of the third month following Executive’s first taxable year in which such severance benefit is no longer subject to a
substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of the Company
in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Code Section
409A and any Treasury Regulations and other guidance issued thereunder. To the extent applicable, this Agreement shall be interpreted
in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.

 

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		(ii)	If the Executive is a “specified employee” (as defined in Section 409A of the Code),
as determined by the Company in accordance with Section 409A of the Code, on the date of the Executive’s Separation from
Service, to the extent that the payments or benefits under this Agreement are subject to Section 409A of the Code and the delayed
payment or distribution of all or any portion of such amounts to which Executive is entitled under this Agreement is required in
order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this
Section 9(p)(ii) shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six (6) months
following Executive’s Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted
under Section 409A of the Code. Any remaining payments due under the Agreement shall be paid as otherwise provided herein.

 

		(iii)	To the extent applicable, this Agreement shall be interpreted in accordance with the applicable
exemptions from Section 409A of the Code. If Executive and the Company determine that any payments or benefits payable under this
Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the Code, Executive
and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary
or appropriate, to comply with the requirements of Section 409A of the Code and the Treasury Regulations thereunder (and any applicable
transition relief) while preserving the economic agreement of the parties. To the extent that any provision in this Agreement is
ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner that no payments payable
under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.

  

		(iv)	Any reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in
accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s
taxable year following the taxable year in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind
benefits payable in one year shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable
year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or
exchange for any other benefit.

 

		(v)	In the event that the amounts payable under Sections 5(c)(ii) and (iii) and 5(e)(i), (ii) and (iii)
are subject to Section 409A of the Code and the timing of the delivery of Executive’s Release could cause such amounts to
be paid in one or another taxable year, then notwithstanding the payment timing set forth in such sections, such amounts shall
not be payable until the later of (A) the payment date specified in such Section or (B) the first business day of the taxable year
following Executive’s Separation from Service.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the undersigned, intending
to be legally bound, have executed this Agreement as of the date first written above.

 

	EXECUTIVE:	 	TONIX PHARMACEUTICALS HOLDING CORP.
	/s/ BRUCE DAUGHERTY	 	/s/ SETH LEDERMAN
	Bruce Daugherty	 	Name: Seth Lederman
	 	 	Title: Chief Executive Officer

 

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